Spring Festival Cash Crunch

China's financial system isn't headed for another cash crunch at Spring Festival (31 Jan), but SHIBOR always shoots up around Spring Festival because many migrant workers drain their accounts and move money home. Also, China's still very cash economy sees a surge in spending around the holiday. Long story short, banks that are in financial straits are still having to offer huge interest rate enticements, as we saw in December and earlier cash crunches, to stay liquid.

民生、招商、平安等行春节前资金压力较大

Minsheng, Merchants Bank, Ping An, and more face financial pressure ahead of Spring Festival

21st Century Business Herald last year is, inter-bank lending rates have begun to fall, to Shibor 1W (Shanghai interbank interest rates one week), for example, the price went from a high point of 23 December whereabouts of 8.8430% to 8 January of 4.126%.

Reflecting the tightness of the interbank funding market prices Although stable, but the expected return rate of short-term bank financing seems to be still high.

In order to understand the recent yield of bank financing, the current statistical period of 3 months and subsisting in the sale of financial products included in the statistical category.

Expected return rate is still "high"

According Flush iFinD data show recent sales and duration of short-term financial products of 775, of which a total of 76 banks 481 financial products, the highest expected annual yield (the expected rate of return) of over 6%, the total number of issued of 62.06%, while the expected yield of 14 financial products more than 7%.

At the same time, the weighted average expected return rate of 775 financial products 5.92%, while the median expected rate of return of 6%, with the former difference 8 BP, which means more income than bank financing weighted average yield, showing that the recent short-term bank financing is still high rate of return, or it means that the funding tensions between the banks did not get along with greater ease and New Year's Eve.

It is worth mentioning that the top two highest statistical expected annual yield of structured products, namely China Merchants Bank - Focus Equity Index Series performance linkage linkage (CSI 300 Index Closing bidirectional continuous touch with the terms) financial planning and Agricultural Bank of China - "Golden Key wishful combination" 2013 Section 15 bearish CSI 300 Index, the expected rate of return of 15% and 8.2%, respectively.

However, due to the effective yield of such products linked to the Index conditions, the reaction of the price of capital is low, without considering these two products, the recent short-term financial returns expected in the range between 2.7% -7.2% .

Chinese New Year effect is obvious livelihood, investment, financial pressure or a larger peace

It is worth noting that the recent financial gains the high or the upcoming Spring Festival effect is not without relevance.

Statistics show that before the expected rate of return financial products ranked 100, with more than half the number of days within 45 banking days, and most financial beginning on Jan. 2 or Jan. 3. Visible, its maturity located just around the Spring Festival.

"Generally speaking, banks often have to face two rounds of funding pressures, one is natural, the other is the Chinese New Year." Between an inter-bank market, traders said, "Nature is often deposit ratio of the annual assessment of factors point , and the Spring Festival is to try to ensure that there is sufficient cash. "

In the trader seems to happen at the end of the Spring Festival this year in January, which will exacerbate the impact of funds festive effect. "Spring Festival falls on the end, which branches of some banks may be more affected." The trader said.

On the other hand, the statistics are expected to yield lower portion of financial products are showing a short term character. For example, the expected rate of return of less than 4% of financial products to six days, seven days, such as ultra-short-term-oriented financial products - "Minsheng Bank - Zhou Zengli extraordinary asset management plan" (hereinafter referred to as Zhouzeng Li plans) accounted for a relatively large scale.

Statistics show that a total of 19 products expected rate of return is under 4 percent, Minsheng Bank, "Zhou Zengli plan" had 14, these products are expected to yield at between 3.2% -3.55%.

In fact, their lower earnings, or its short duration and maturity from the time of the Chinese New Year are still relevant, statistics show that the current 14 "Zhou Zengli plan" maturities until January 18, while the Chinese New Year on the eve of the possibility of such products is expected to rise in yields is still large.

It is worth mentioning that not all ultra-short-term financial gains are due before the holiday are low, Minsheng Bank more than just "extraordinary asset management bamboo" income products to more than 5%.

The recent short-term financial situation is expected to yield specific to banks, performance is not the same.

Statistics show that the expected rate of return of more than 6% of the 481 financial products, in addition to the Bank of China, Construction, labor, delivery, agriculture, financial products are four lines in his column, issue number was 116, 24, 24 and 21 only.

In addition, a total of 11 banks to issue more than 10 is expected to yield no less than 6% of financial products, in addition to the aforementioned big firms, but also includes people's livelihood, investment, peace, SPD four joint-stock banks and Nanjing, Hankou, Jiangsu three city firm.

Among them, the Minsheng Bank issued the expected rate of return of not less than 6% of the number of large financial, reaching 41, shares the peace line, two investment banks to issue number was 23 and 20. This may mean that the three stock funds or face greater pressure on banks around the Spring Festival.

Signs of Inflation in Japan: Vending Machine Prices Going Up For First Time in 15 Years

Coca-Cola to hike vending machine prices in Japan

The Coca-Cola group will raise prices on some vending machine offerings in Japan by about 10 yen (9 cents) when the consumption tax rises to 8% this April.

The beverage giant controls 28% of the soft-drink market in Japan and about 40% of vending machines here. Its move will have a major impact on the industry, likely prompting Suntory Beverage & Food and others to follow suit.

China Kills 75% of Solar Firms

China hands 'death sentence' to 75% of solar cell makers

The Ministry of Industry and Information Technology has announced a list of 134 producers of silicon materials, solar panels and other components of photovoltaic systems as meeting certain conditions, as measured by 2012 production, capacity utilization and technical standards.

In a sector said to have more than 500 companies, the ministry's move means that three-quarters didn't make the cut -- including the core subsidiary of Suntech Power, which went bankrupt in March, and Jiangsu Shungfeng Photovoltaic Technology, Suntech's startup rescuer.

These firms will not be able to get credit lines from financial institutions and thus will have a tough time borrowing, according to industry insiders. They will also no longer be eligible for refunds of export tariffs, a huge blow to companies that depend on overseas business. On the home front, it will be difficult for them to participate in state-run utilities' auctions, sharply curtailing their opportunities to win orders.

"This will help eliminate the industry's excess capacity," says Jian Xie, chief operating officer of leading cell maker JA Solar. "The list will be reviewed every six to 12 months based on business development and technology standards."

Chinese Banks Dump Bad Debts

Chinese banks holding bad-loan fire sales

It is believed that more Chinese banks are bundling and selling off their bum loans.

The Shandong Province branch of the Agricultural Bank of China in September sold 2.26 billion yuan worth of packaged bad debt; 97 companies had taken out the loans.

Bulk liquidation of bad debt is also gaining traction among small and midsize regional banks.

Leshan City Commercial Bank, in Sichuan Province, on Dec. 27 sold a package of loans that had a 1.84 million yuan book value. Most of the loans were taken out by nonbank financial institutions in the province. The bank has been selling off similar bundles since summer.

According to the China Banking Regulatory Commission, Chinese banks' aggregate outstanding bad debt stood at 563.6 billion yuan at the end of September, a roughly 40% increase from two years earlier.

Despite the sharp growth, the overall bad-debt ratio rose only marginally, to 0.97% from the 0.9% at the end of September 2011. Both domestic and foreign investors suspect there is actually much more bad debt; bank management and Chinese authorities, after all, have discretion over how to categorize sour loans.

Against the University

The Outlaw Campus

2. Faculty exploitation. The abuse of lecturers, part-timers, and graduate students is institutionalized. In a word, the university is the most exploitative institution operating at present in the United States, protected by the notion that it is progressive and that its protocols cannot possibly be understood by the ordinary public. Temporary and adjunct faculty members often have degrees as good as those of their tenured betters. Often their teaching records and publications are comparable, if not superior. They may teach the same classes as permanent faculty do, and yet often receive about half the compensation. Were Wal-Mart or a coal mine to operate under such protocols, it would earn Labor Department sanctions. At some public universities, nearly half of the curriculum is taught by part-time faculty — in effect a subsidy that allows the tenured caste to teach smaller and less-in-demand classes, where less time is needed for preparation and grading. Worse still, universities knowingly turn out too many PhDs in the humanities, which ensures a glut of job applicants, which, again, ensures a continued supply of cheap temps to sustain tenured privilege.

When the social mood wave completes, the universities will once again be very cheap, but also once again very elite. There will be far fewer of them and the standards will be far higher.

Trouble Continues to Brew in France and Italy

I previously posted on The Right Ascendant in France. In that was made mention of an anti-Semitic comedian, now this: French anti-Semitic comedian’s show nixed at last moment

As dueling rulings by French authorities sowed widespread confusion, riot police carrying shields blocked access to the Zenith theater in the western city of Nantes, where thousands of stunned ticket-holders in the nearly sold-out show milled around.


The tug-of-war over comic Dieudonne M’Bala M’Bala involved a multitude of French authorities: the Council of State, the country’s highest administrative body; the city of Nantes; a court in Nantes and Interior Minister Manuel Valls.

Valls wants Dieudonne, as he is known, kept off all stages in France, denouncing what he calls the “mechanics of hate” relayed by the comic.

While the comic is anti-Semitic, he also is anti-establishment and its not altogether clear which is more important for his support.

Meanwhile, in December, Italy saw mass protests.

Italian government feels fury of disaffected as 'Pitchfork' protesters march on Rome

Thousands of people, many of them waving the Italian flag, gathered in Piazza del Popolo, one of the city’s most beautiful squares, which has as its centre-piece a massive ancient Egyptian obelisk.

Amid a heavy security presence, with squads of riot police on standby, members of the grass-roots movement sang the national anthem and held up banners describing Italian politicians, including the coalition government of Enrico Letta, as “parasites”, “thieves” and “criminals”.

“Italy is rising up”, read one placard, while another said: “They don’t let us work, they don’t let us study, because an ignorant population is easier to govern.”

......The Pitchfork movement was founded by disgruntled farmers and truck drivers in Sicily two years ago but has burst onto the national scene this month, holding rallies, blocking roads and railways and calling for the government to resign.

The loosely-knit movement has attracted diverse groups, from pensioners and the unemployed to students, struggling business owners and far-Right groups.

They have railed against not only the Italian government, rising joblessness, zero economic growth and high taxes but also the European Union, the euro and austerity policies.

'Pitchfork' protests rattle Italian government

"There is a violent face (to the movement) that has broken the law: we understand the social unease, but at the same time we do not have any hesitation in saying that we intend to defend the liberty and security of citizens," Mr Alfano told parliament.

In Sicily, one of the protest leaders, Mariano Ferro, said it was unfortunate that some rallies elsewhere in the country had descended into violence, and he blamed right-wing elements for the trouble.

"We are a movement of farmers and lorry drivers who have been calling for years for government intervention against the social hardships wrought by the recession," Mr Ferro said.

"Unfortunately our movement is being associated with hooligans and subversives. We have nothing to do with them and we vehemently dissociate ourselves from the violence occurring in other parts of our country," he told Italy's Ansa news agency.

It has been almost three years since the European debt crisis flared up (ignoring the Cyprus episode that was contained). Mood has only drifted lower since then and the public in Italy isn't going to accept another EU-IMF selected government. In the next round of crisis, the eurozone may very well break apart.

More Tensions in the South China Sea

Beijing Shows Resolve in South China Sea Claims

In a broadening campaign to enforce its territorial claims, China says it's beefing up its police powers in the disputed South China Sea and requiring foreign fishermen to ask Beijing's permission to operate within most of the vast, strategic waterway.

The move, which took effect this month, comes on the heels of the late November announcement of a new air defense zone requiring foreign planes to notify Beijing of flights over a huge swath of the East China Sea, where China is locked in a bitter territorial dispute with Japan.

The steps are prompting concerns that President Xi Jinping's push to assert China's role as a regional power could spark a confrontation with neighbors.

Taiwan rejects China's new South China Sea fishing rules

Ministry spokeswoman Anna Kao said the four archipelagos in the South China Sea are the inherent territory of the Republic of China -- the official name of Taiwan -- in terms of history, geography and international law.

"The Republic of China government does not recognize any unilateral move taken or statement issued by any country," she said.

China has ordered foreign vessels fishing or surveying in waters of its Hainan administration zone in the South China Sea to obtain approval from Chinese authorities.

Violators could face severe punishments, including having their catch or boats confiscated or their crew prosecuted under Chinese law.

Hainan's New Fishing Rules: A Preliminary Analysis

To start, the new measures do not contain any new language regarding foreign fishing vessels in waters that China claims. In fact, the Hainan rules simply repeat almost verbatim Section Two, Article 8 of China’s 2004 fisheries law, which states that foreign fishing vessels operating in sea areas administered by China should receive approval from relevant State Council departments. That is, the new Hainan rules affirmed the application of the 2004 national law to Hainan’s waters (which were already covered by the 2004 law). Importantly, the recent Hainan rules do not outline or articulate a new policy position regarding foreign fishing vessels in Chinese claimed waters.

In addition, the 2013 rules do not mark the first time that Hainan has sought to regulate the activities of foreign fishing vessels in its waters. In previous editions of the implementing measures issued for China’s national fisheries law in 1993 and 1998, Hainan’s legislature also required that foreign fishing vessels receive permission to operate in the province’s waters.

Likewise, apart from Article 35, the other forty articles in the newly issued rules discuss rather mundane fishing issues and not the policing of Hainan’s waters. Various topics include fish-farming, fishing methods, the protection of fish stocks and so forth. One rule, for example, sets the minimum length for the catch of various species (e.g., 18 centimeters for lobsters). In other words, the main purpose of the implementing measures appears to be strengthening the regulation of fishing for an island province with a large fishing industry, not further bolstering China’s claims to fishing rights in the South China Sea.

Finally, the 2013 Hainan implementing measures do not state how the province intends to regulate the presence of foreign fishing vessels.

Cement Growth in China

Forget bank loans and electricity. What matters in China is cement.

China cement industry update

According to the National Development and Reform Commission, China saw a 9.2% y/y increase in cement production in 2013, reaching a total of 2.2 billion tpa. Cement inventories at major producers witnessed a 7.5% decrease y/y, totalling 15.45 million t at the end of November 2013.

If cement production drops, then you know there is a problem.

Where Do Bad Debts Go When They Die?

China's Toxic Debt Doctors Prepare for Surgery

Regulators eager to resolve China's local government debt conundrum are setting standards for an emerging class of asset management companies (AMCs) responsible for settling bad loans without Beijing's help.

One standard, issued in early-December by the China Banking Regulatory Commission (CBRC), set the floor for each local AMC's registered capital at 1 billion yuan. It was the first financial parameter of its kind since CBRC and the Ministry of Finance started promoting these debt restructuring vehicles in May 2012.

Also in December, CBRC spelled out management staff requirements and corporate governance rules for AMCs.

Every province, autonomous region and municipality in the country is being encouraged to form a single AMC to take over and restructure non-performing assets held by local banks and local government financing vehicles.

The good news is the government is being proactive and getting ahead of the collapse. The bad news is

Exactly how much debt might fall into local AMC laps is subject to debate. The central government's National Audit Office said direct liabilities held by all local governments totaled 10.9 trillion yuan as of July 1. About 45 percent of that amount was supposed to come due before the end of this year, although it's likely much of this debt could be rolled over.

State-owned banks have shouldered the bulk of this bad debt. According to the CBRC, non-performing loans on the books and ratios of non-performing-to-total outstanding loans rose slightly in the third quarter 2013 from the second quarter. Other sources, however, call these recent increases substantial.

As of October 1, CBRC said, banks were saddled with 563 billion yuan in bad debts, up 24 billion yuan from the end of the second quarter. The country's Big Five banks – Industrial and Commercial Bank of China, China Construction Bank, Bank of Communications, Agricultural Bank of China and Bank of China – finished the third quarter with a combined toxic debt balance of 336.5 billion yuan, the banking regulator said.

The entire banking industry's ratio of non-performing loans to total outstanding loans was 0.97 percent as of October 1, up 0.01 percentage points from the previous quarter, CBRC said. The ratio for the Big Five was 0.98 percent

Non-performing loans surge when the economy weakens; the number almost always looks good until it doesn't.

Study Links Stock Market and Illness

Did they see what it looks like on the days before the crash......

A study has found that declines in the stock market may put your health at risk.

Two U.C. San Diego finance professors conducted the study with 30 years worth of California hospital admission records and correlated them with the ups and downs of the stock market.

Professors Joseph Engelberg and Christopher Parsons found from 1983 to 2011 that hospital admissions increased following stock market drops, KMBZ reported. People admitted complained especially of anxiety, depression or other conditions of mental or emotional stress.

Study: Stock Market Declines May Be Deadly

Ballot Initiative to Break California Into Six States

The secession meme keeps picking up speed.

BREAK UP: Will California splinter into 6 states? Voters, Congress could soon decide

Venture capitalist Tim Draper of Silicon Valley has filed paperwork for a November ballot measure that would divide California into six states, calling the Golden State as presently constituted “too big and bloated.”

“Six Californias is an opportunity, an opportunity for Californians to get a fresh start, an opportunity for Californians to build new platforms for growth and prosperity,” Mr. Draper said at a Dec. 23 live-streamed press conference. “An opportunity to be awesome.”

The article mentions that majorities of Democrats and Republicans oppose the idea, but Mr. Draper says he will spend what it takes to put it on the ballot.

The important point here is that if the issue goes on the ballot, it will become a hot topic in California and all across the United States, if not the world. If people are talking about an idea, it means they are thinking about an idea.

When social mood turns negative, it is the established political movements that can seize the opportunity. Not only does a movement require supporters, but it also needs the general public to be familiar with its ideas.

In the future, there will come a day when California's political interests are at each others' throats because the state is headed for bankruptcy. When that day comes, instead of a total victory by one side over the other, voters may instead choose peaceful exit.

The Results of the Cash Crunch Are In: Small and Medium Businesses Hit; Services PMI Reaches Level of Last Global Panic Period

From Friday:
China December services PMI falls to four-month low

The official purchasing managers' index (PMI) for the non-manufacturing sector dropped to 54.6 in December from November's 56, the National Bureau of Statistics said on Friday.

Monday:
China HSBC Dec Service PMI Falls To 50.9 Vs 52.5 Nov

The latter number includes more medium and small businesses. The latter number is at the lowest level since August 2011, the peak of the European debt crisis/U.S. debt ceiling/China slowdown brouhaha.

Chinese Copycat Skills

I found these photos online. I also found some of the real brands, such as for Coca-Cola, Pepsi and a couple of Chinese brands,  so you can see what the copycats changed.

找亮点：听说这是个名牌，估计效果很不错哦

你们的5S都弱爆了！！

肯德基老爷爷终于找到了失散多年的老伴

The real brand is 361, the fake is 367. 这是一双好鞋子,367度

新买了台苹果笔记本，总感觉被坑了.

 

好强大的山寨

什么绿箭，白箭的都弱爆了。这个拿岀来才有面子嘛

要不要做得这么逼真啊...

Pepsi translated literally would be : 100 things cola. The copy cat below has the name: 10,000 things cola.

百事，你爷爷万事可乐来了

山寨威武啊

不是每一种特仑苏都是牛奶

湾出的酒，这酒厂一定是有后台的

我擦，这才是真正的KFC！

Sometimes the fakes are so real that one cannot even call them fakes anymore. This phone appears to allow the user to choose among 7 different operating systems.

山寨无敌，一台顶N台，真正的神之利器来了(我曾经很想买一部来的)  

他们终于在一起了...

红牛算神马

好销魂的牌子 Li Ren（屌丝专用吗？？？）

一哥们买的鞋子，据说是个大名牌！

山寨威武，都变成红娘了！

王老菊

苦逼康

网上买的乔丹鞋终于到货了...总觉得哪里不对

Here is Coca-Cola's China logo:

Below the copycats changed the 口 to 日.

可日可乐汽水

坑爹啊，这洗衣粉汰贵了啊！（汰贵用不起.....）

王老先生个头好高啊

这年头没文化连个山寨都看不懂

This is a weird hybrid: Chrysanthemum cola designed to look like Coke, though the character changes are more than the prior one.

菊花味口渴可乐（菊花味。。那还能喝吗。。。）

不是所有牛奶都叫特仑苏，还有一种叫特伦特

六味地黄丸弱爆了

这种奇药是真的存在的

This is a popular DIY milk tea in China. The photo below it is the fake.

今天买了杯奶茶，仔细一看，真的屌爆了！

Here is the real brand Midea. Below it is the fake. Notice the second character in the first photo below. Now look at the photo below it: they broke the second character into two separate characters (and they are both real characters). 

买了个美的牌电风扇，仔细一看…

朋友送了件衣服，据说是名牌！

Unaffordable Health Insurance Act Rollout Continues

How The Obamacare Rollout Is Really Being Experienced

2014 Gold Investment Guide from Phoenix New Media

Translated by Google. Not new for gold investors because it's mainly a summary of foreign sources.

2014 Gold Investment Guide

2014黄金投资指南

Today Was Relax Day for Chinese Banks

The last three quarter ends have produced cash crunches; September's was hidden by central bank preventative action, but the size of the intervention was on par with June and December. Bulls will say the worst is past; I predict we'll see it again possibly as early as February when Chinese New Year hits, more likely in March at the end of Q1.

Bank's Bitter Month at Year End

Today is the first working day of 2014, but for the domestic banks, large and small branch president who, it is really able to relax in the day because starting today their "red point" action finally come to an end. Beijing Youth Daily reporter learned that, in order to make it better at the end of the report, a state-owned big firms recently negotiated deposit interest rate has reached a level of 8%, while some small banks give to 9-10%.

Fund "on behalf of small savers" to negotiate terms with the bank

IT company to work on the balance of Bao Xiao Wu is a big fan of those days, he found himself PayPal account balance at the end of last year, the daily income increased a lot. In fact, the day 弘增利 treasure currency and the "balance of treasure" 7-year yield at the end of five consecutive days remained above 6% in the last year, the last day of the 7th annual yield of 6.696% has been reached.

Analysts pointed out that the recent market funds face tensions will continue until 2014 before the Spring Festival, the IMF are expected to maintain a higher yield level, the end of the investment phase of the Fund can share a high income. For Xiao Wu, who, they largely results from high-yield fund with the bank negotiations.

Insiders told the Beijing Youth Daily reporter, in recent days, a substantial increase in deposit rates for the agreement of large deposits, many funds are now talking about the condition of the bank, hoping to get a more favorable agreement deposit rates. BYD reporter learned that a state accusing him of recent agreements have to actually deposit rates by 8% level, and some small banks give to 9-10%.

100,000 dollars earn 101 yuan a night

In week two of the last trading day of 2013, the reverse repo rate exchange bonds fluctuate significantly. Overnight Treasury repo rate highest bid and lowest offer the Shanghai Stock Exchange and the Shenzhen Stock Exchange difference a few times.

This thrilling turbulent market has staged on Monday. One day reverse repurchase bonds shot up to 37 percent in intraday trading, but closed in the subsequent half-hour avalanche fell, or a maximum of about 77% in the fall to become 64% last close at 7.16 percent. Shenzhen overnight repo rate is also finished lower, one day suddenly pulled up sharply reverse repurchase bonds rose sharply from 15% to 25%. If investors traded at 37% level, 10 million dollars will be able to earn 101 yuan a night.

Market participants pointed out that in recent days Exchange intraday abnormal rise in the repo rate, the main point affected by factors such as, two days actually melt out of the funds should go to overnight after January 2, 2014 can turn out the equivalent of a New Year's Eve capital financing. Since the end of banking institutions and venture capital occupancy factors, the basic pledge not to accept credit debt financing, non-bank institutions can only turn to the exchange financing, money supply in the venue itself is relatively limited, exacerbated exchange market funds are tight.

Banks want to look better Statements December 31 of

Reverse repurchase bonds equivalent to investors in accordance with the agreed interest rates to lend money to people who hold government bonds. Each other to exchange the bonds secured by the exchange brokered transactions, so basically no risk. Treasury reverse repo sounds complicated, but as long as there is a securities account of the investors can participate, but time is very important. Every end of the month, end of the quarter, year-end, higher interest rates banks are pulling prescribe short-term deposits. This time, the national debt will follow the reverse repo rate rose.

In fact, the banks in order to punch December 31, 2013 this point, has been ahead of the end of November or early December to start fighting. Ordinary savers who feel the most obvious is to improve the short-term expected rate of return financial products New Year's Eve, is currently expected annual yield of more than 6.5% of the financial products abound, even in the capital of workers and peasants hesitate to issue, but they are generally in a period a couple of months.

Over the years, the assessment of commercial banks is carried out around the point, banks want to Dec. 31 report that day, deposit size, loan size and other indicators look great.

"Red point" is difficult to reverse banking culture

"De assessment tired like everyone crying, laughing together fight to end of the quarter point shots photo, and then cried tired to continue," the person in charge of a state-owned big firms once described "red point" "I do not think that point what significance, only that people like to see the report of photos rather than the movie: Because the photo is a moment of static performance of the bank's assessment that point in time, and the film reflects a time of joy, anger dirge, like the daily dynamic assessment. "

BYD reporter learned that, beginning in 2009, the CBRC has repeatedly called on commercial banks to strengthen positions in management, optimize the structure of assets and liabilities, contain "red point" imprudent behavior, strengthening the monthly average daily indicators for monitoring. In recent years, many banks also improved assessment methods, but because of "red point" is a long-established banking culture, indeed a number of objective indicators to measure time point, it is difficult to completely reverse the short term.

AGW Epic Fail

The tide has been turning against man-made global warming, but the advocates of the theory powered full speed ahead into a PR nightmare.

Finding Climate Change

It will be interesting to see if the scientists, led by one Chris Turney, is capable of observing that the climate has indeed changed now that the Chinese icebreaker, Snow Dragon, was unable to even get within five miles of the trapped ship. One would assume that if it was possible to reach the camp by sea one hundred years ago, but the camp is no longer accessible due to the expanding ice cap, the obvious conclusion is that the climate has changed for the colder.

I'm afraid it is unlikely, though. One hallmark of modern science is its amazing ability to ignore any observations that don't confirm its hypotheses. The failed mission to the South Pole is only the latest embarrassment for climate science, and appears that more embarrassments will follow because the climate scientists don't seem inclined to abandon their insistence that the Earth is getting warmer no matter how cold it gets.

Global warming scientists forced to admit defeat... because of too much ice: Stranded Antarctic ship's crew will be rescued by helicopter

The expedition is being lead by Chris Turney, a climate scientist, who was hoping to reach the base camp of Douglas Mawson, one of the most famous Antarctic explorers, and repeat observations done by him in 1912 to see what impact climate change had made.

It is thought that the group, which includes scientific researchers and a journalist, will now be able to escape by air after two sea rescues failed.
Australian icebreaker Aurora Australis was unable to reach them because it was not strong enough to break through.

A top-of-the-range Chinese icebreaker, the Snow Dragon ('Xue Long'), was deployed earlier in the week, and hoped to reach the ship by saturday.
However just after midnight on Friday it too got stuck just six nautical miles from the ship.

Scientists trapped in Antarctic ice await dramatic helicopter rescue after week spent ‘singing with the seals’

After a series of rescue efforts repeatedly thwarted by blizzards, the Australian Maritime Safety Authority’s Rescue Centre announced early Thursday local time that weather had sufficiently cleared to allow a Chinese helicopter aboard the icebreaker vessel Xue Long to pick up the 52 passengers. The rescue promised to be a “complex operation involving a number of steps” and dependent on weather, the rescue centre said.

......But the Australasian Antarctic Expedition, which sought to retrace the steps famous Australian Antarctic geologist Douglas Mawson tread 100 years ago to see how the landscape had changed, was also mocked by climate-change deniers making hay of the fact that a group of researchers devoted to tracking global warming would get stuck in ice they claim is melting.

China's Growing Pollution Problem and Social Mood

Mish has a great post up called China's Bill for Cleaning Air Pollution Mounts; State TV Promotes Benefits of Smog. My own take: the number of cars surged in recent years thanks to government subsidies. By some numbers the air is getting cleaner, but my view is that the air became much dirtier in 2013. Another issue is social mood: Chinese are in a negative mood and smog is increasingly a point of anger.

From one linked article in Mish's post

an expert from China’s Ministry of Environmental Protection just claimed that the smog is there to stay for ten to twenty years. Amid the gloomy outlook, however, there’s some silver-lining—CCTV, China’s national broadcaster, has identified five benefits of the smog: first, it has made people more united, because smog is a common enemy everywhere in China. Second, it has made people more equal, because both the rich and the poor have to inhale the same polluted air. Third, it has made the Chinese more clear-headed as to the price that the nation has to pay for becoming the “world’s factory.” Fourth, it has made the Chinese more humorous. Sarcasm abounds when it comes to the topic of smog, and “that sense of humor is the source of strength for defeating the smog.” Fifth, it has made the Chinese more knowledgeable, as people become educated on concepts like PM 2.5, important historical events like the London Great Smog of 1952, and even English words like “haze” and “smog.”

Of course this attempt at spin failed miserably as it only made the public even more unified in their anger.

Chinese reaction here: “5 Surprising Benefits of Smog” Jokes CCTV, Chinese Reactions

嘟嘟美女：

The smog has made historic contributions to realizing the revival of the Chinese nation and the Chinese Dream! lxhguzhang_org

Rookie智：

The smog has made this reporter brain damaged.

welonee：

Among the five major benefits, making Chinese people more equal is indeed true. No matter how much money you have, no matter how much power you have, no matter whether you live in a villa or in a basement, the smog is always there, where you can’t avoid breathing it!

布达拉蛋挞：

Being continuously poisoned/bewitched by CCTV is much more severe than smog.

火星柳叶刀：

That CCTV could think up these five points sure wasn’t easy.

一个晴空的云朵：

Can I say that I want health?

找个烂借口：

I totally don’t have this kind of feeling! Maintaining national unity should not rely on SARS, earthquakes, bird flu and smog. To realize real unity must rely on developing the economy and create a harmonious, open, pluralistic but cohesive concept of culture/civilization ~ angrya_organgrya_organgrya_org

Jenna蛋蛋：

I felt it was quite well said. See, the air quality is better today ~ Only by having hope will the nature treat you well. Only by having faith can we not be flustered. Of course, I also hope the government will introduce more environmentally friendly policies, and also hope that everyone can use a calm state of mind to fight for the opportunity of fresh air. This is the so-called “everything can be settled through discussion” ~ I also believe that the future will be better and better. hearta_org

nabo1982：

Except they did not think of what should be done for accountability and governance.

无-法：

Who will really do their part for [improving] air pollution? Such as quitting smoking and driving their private cars as little as possible? Ultimately, we still have to wait for the country to force losses linked to citizens’ self-interests can true it attract the true attention and concern of everyone.

YAS1993：

To have this kind of media (official media), I too felt an unexpected gain gain/benefit. crycry

子桐在德令哈:

Turns out Chongqing people being united, equal, humorous, and knowledgeable all the time was because they are in smog every winter.

Social Mood in China: 75 Percent of Beijingers Greatly Stressed

Economic gains continue to pile up and the middle class is growing, but people in Beijing feel a lot of stress in their life due to income, housing and education.

75 percent of Beijing residents feel pressure (北京七成五居民感觉压力大)

According to Legal Evening News reported that the Beijing Municipal Federation of psychosocial working today announced the first "Beijing Social Psychology Blue Book." The city's residents to carry out social psychology 2012-2013 survey was 2,517 valid questionnaires.

Survey shows that residents generally stable social mentality is getting better. On life experience, "pressure Alexander" has become the main tone.

15% of respondents said the current residents clearly a lot of pressure, 60.4% of residents said that the next few years will increase the pressure of life. Income, housing and education for their children to become current residents of the three main sources of pressure.

......Cultural mentality, self-confidence and strong and look forward to heritage. Residents on the influence of Chinese culture to give 90.3 points evaluated. However, 65.3 percent of residents said their only broadly understood, 85% of residents said that the content of traditional culture and education should be increased in schools, 92.3 percent of residents believe that it is necessary to promote "benevolence, righteousness, propriety, wisdom and trust" in social life .

On social perception, affirming our achievements, trust deposit crisis. Residents generally considered social stability and harmony, 52.2 percent of residents believe that the social construction progress is very large. But residents of the community in general expressed concern about the current sense of trust, only to 45.1 points.

Now Mexicans Speak of Secession

Given the huge flow of Mexicans into the United States, one overlooked potential shift would be for the United States to take even more of Mexican territory (adding to what it took after the Mexican-American war).

MEXICAN SALES TAX HIKE SEEN AS BOON ON US BORDER

Mexican license plates are common in parking lots of shopping malls in U.S. border cities. They will be even more familiar after Mexico raises its federal sales tax in border regions to match the rest of the country, say merchants and shoppers.

The increase to 16 percent from 11 percent, which takes effect Wednesday, has sparked large protests on the Mexican side of the border.

......The tax increase spawned Facebook pages with renegade slogans for Mexican border states. "Republic of Baja California" has 140,000 likes, and "Republic of Chihuahua" has 36,000 likes.

About 2,500 shoppers signed a petition the weekend before Christmas at a Tijuana shopping mall to seek an injunction against the tax increase, Hernandez said. The Tijuana business group is leading an effort in Mexican border states to submit tens of thousands of signatures to a federal court in Tijuana in early February.

As seen elsewhere when secession is brought up, a region distant from the political center (geographic, ethnic and/or ideological) decides it no longer benefits from political union. The United States does not have an aggressive foreign policy in North America anymore, but given the flow of Mexican immigration, a more aggressive U.S. might try to snatch those border areas from Mexico.