The invading forces

I spot a dancing group at the pool after the match. It’s pretty secluded area. Many neighbors and neighborhoods in China complained about them for the noisy and turf. (Dalian and Beijing). Now they bring that to US as well. It’s inexpensive – cost nothing, except the speakers and when they wear uniforms. The monks are all over New York …

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SVA

Can’t believe nowadays catalog is still in use, when nearly everyone (at least students!) has access to Internet. This is a nicely produced book.

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The child labor

2016-08-22This 2014 Time article is about 73% parents are supporting their adult children. With the help of a chart, it shows adult children live at home much longer nowadays … and goes on to write:

… Little more than a century ago there was no such thing as adolescence. You were a child to 13, and then you went to work. …

Child labor was acceptable at that time in US. No one talked about human right and child right as people do now. Perhaps, people who had advanced a lot faster should look at other countries with understanding, that, they too, need time to develop.

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‘Gangster grannies’ and China’s shadow banking world “中国大妈”和影子银行世界

BBC, 18 August 2016

Karishma Vaswani, Asia business correspondent

Think of the words shadow banking, and you’ll probably conjure up an image of a slick-suited, smooth-talking mafia-esque character who will most likely be found in seedy bars or night clubs.

But in China, sometimes it could be a 60-year-old woman running the show, and that may have serious consequences.

This week, state media reported that a clampdown on shadow banking in China uncovered $30bn (£23bn) worth of illegal banking activity. It may seem a staggering figure, but analysts say this is just the tip of the iceberg.

So what is shadow banking?

Michael Pettis from Peking University has described it as “the financial activity that exists outside the formal banking sector”.

In its most basic form, it includes pawn-shops, the man on the street offering you ready credit at exorbitant rates, and attractive but risky investment schemes.

It also encompasses unregulated wealth management products offered by legitimate financial institutions.

But a substantial part of the sector also includes individuals or informal networks with no financial licence or regulation.

How did it grow so fast?

Informal lending has always existed in China’s economy, but shadow banking really took off post the global financial crisis in 2008/2009.

These unregulated lenders offered alternative options for small and medium-sized businesses and real estate developers to get access to loans during what could have been a crippling credit crunch.

Chinese policeman
Image copyrightAFD

Image captionAuthorities have long been reluctant to stop shadow banking

Chinese authorities turned a blind eye to them at the time, because they were arguably helping the economy to keep growing.

But as with many industries in China – such as the internet, for example – things only start getting regulated when they get very big and start getting noticed. And that’s exactly what’s happened with shadow banking.

How do they work: The ‘gangster granny’ case study

Amongst those arrested in China recently as part of what has become an ongoing crackdown on illegal banking is a woman named only as Sun.

The Shanghai Daily says Mrs Sun is 60 years old, although other media outlets haven’t said how old she is.

She reportedly led a local gang and provided shadow banking services to about 100 customers who wanted to buy real estate abroad or pay for their children’s school fees in foreign countries.

Police reportedly said it was the largest illegal banking operation found in Shanghai in years.

And here’s how it appears to have worked: Mrs Sun’s customers sent her money transfers in Chinese yuan. She and her network of agents then transferred an equivalent amount in foreign currencies to their foreign accounts, or wherever else the money needed to go, through a remittance channel that operated outside the official banking networks.

The authorities suspect there could be many more such financial illusionists.

So who would turn to shadow banking?

Because it is an unregulated industry, it’s hard to say definitively who uses them, but it appears that Chinese companies, corrupt officials looking to move their money overseas, local governments interested in higher returns and the Chinese middle classes have all invested in the shadow banking sector.

Part of the problem is that if you’re looking to grow your investments in China, there’s not much you can do these days.

Chinese stock board
Image copyrightGETTY IMAGES

Image captionTrust in the stock market has taken a serious hit earlier this year

There aren’t that many financial products the Chinese can invest in. Authorities are trying to develop China’s financial sector, but it’s still a relatively new and young market, and investors don’t have that much financial knowledge yet.

So what options are you left with?

Well, the stock market – but it crashed last year, and although it’s on its way up again, many investors have been burned.

The property sector – it also crashed, so people are understandably nervous. Plus you need a large amount of money to start investing, and it’s an illiquid investment.

Saving your money in banks – interest rates have been cut frequently so you’re not going to get very good returns.

So shadow banking which offers much higher returns is appealing – but it is risky, because it is unregulated.

Another compelling reason is that mainland residents can only change up to $50,000 worth of foreign currency per year, which makes it tricky if you’re looking to fund a big purchase overseas.

And then there’s the greed and envy factor. China’s become a rich country in a pretty short space of time. And everyone wants to keep up with the Joneses.

You know how it goes. Your mate, let’s call her Tina, gets a raise. She starts investing some of her savings. Then she takes you out for a drink and shows off her brand-new watch and tells you all about the holiday home she’s buying – and the fantastic new investments scheme that’s paying her some ridiculous return that’s allowing her to do this.

And you get sucked in. That’s how shadow banking can take off.

Beijing's forbidden city 
Image copyrightGETTY IMAGES

Image captionAuthorities have now zoomed in on the illegal banking

Why crack down on the sector now?

Chinese authorities are in the midst of a concerted effort to clamp down on individuals and organisations that are trying to take money out of the country, because of concerns over capital outflows and the weakening of the Chinese yuan.

But in turning a blind eye over the last decade, China has allowed the creation of a financial monster that many warn is out of control.

Moody’s Investors Service says that the shadow banking system continues to expand rapidly, with assets held by these less regulated banks totalling some 78% of China’s GDP.

And in its annual review of the Chinese economy, the International Monetary Fund recently said that almost half of the shadow banking products that have fuelled China’s credit boom carry “an elevated risk of default”.

Notwithstanding that China’s economy is managed differently from that of other countries and that the government can step in and bail the sector out, if it comes to that, this is still very worrying.

This isn’t just a problem for the Chinese authorities. It’s a problem for the “gangster grannies”, the doting grannies, China’s middle classes and all the rest of us.

Because if China’s credit boom can’t be relied on, that means China’s economic growth is at risk – and that’s bad news for us all.

“中国大妈”和影子银行世界  (谷歌·翻译)

说起影子银行,有可能在破旧的酒吧或夜总会中找到一个你可能会联想到衣冠楚楚夸夸其谈(侃侃而谈)的黑手党式的人物的形象。
但在中国,有时运行者很可能是一个60岁的女人,和可能产生严重的后果。
这一周,官方媒体报道,在中国的影子银行取缔破获300亿$(£230亿),值得一非法银行活动。这似乎是一个惊人的数字,但分析师表示,这仅仅是冰山的一角。
那么,什么是影子银行?
来自北京大学迈克尔佩蒂斯已经将其形容为“存在的正规银行部门之外的金融活动”。
在其最基本的形式,它包括典当商店,街道上的人以过高的价格,和有吸引力的但有风险的投资计划为您提供准备的功劳。
它还包括通过合法的金融机构提供的不受监管的理财产品。
但该行业的很大一部分还包括没有金融牌照或法规的个人或非正式的网络。
它是如何成长得这么快?
民间借贷一直在中国经济中存在,但影子银行真正起飞后,全球金融危机在2008/2009。
这些不受监管的贷款人提供的为小型和中小型企业和房地产开发商备选方案获得中什么可能是一个沉重的信贷紧缩获得贷款。

当局长期以来一直不愿停止影子银行
中国当局在当时视而不见给他们,因为他们可以说是帮助经济保持增长。
但是,与许多行业在中国 – 如互联网,例如 – 东西,只有当他们得到非常大的,并开始开始得到监管越来越注意到。而这正是与影子银行发生了。
他们如何工作:“黑帮老太的案例研究
在那些在中国被捕最近在什么已经成为非法银行正在进行的打击部分是唯一的命名为太阳的女人
上海日报说,孙太太60岁,虽然其他媒体没有说她有多大。
据报道,她带领一个地方帮派以及约100客户谁想要到国外购买房地产或支付在国外他们的孩子的学费提供了影子银行服务。
据报道,警方说,这是多年来在上海发现的最大的非法银行业务。
下面是它如何出现已经奏效:孙太太的客户给她发了汇款的中国人民币。她和她的代理网络,然后转移外币等值的其外地户口,或任何其他地方去,通过官方的银行网络之外运营的汇款渠道所需要的资金。
当局怀疑可能有更多的这样的金融魔术师。
那么,谁将会转向影子银行?
因为它是一个不受管制的行业,这是很难说明确谁使用它们,但现在看来,中国的企业,贪官寻找向海外转移他们的资金,有志于更高的回报和中国的中产阶级地方政府都投资于影子银行部门。
问题的部分原因是,如果你正在寻找在中国发展你的投资,有没有什么可以做的这些日子。

信托在股市今年早些时候已经采取了严重的打击
有没有那么多的金融产品,中国可以投资。当局正努力开发中国的金融业,但它仍然是一个相对较新的年轻的市场,投资者没有那么多的金融知识呢。
所以,你留下了什么样的选择?
那么,股市 – 但它在去年遭受重创,虽然它的道路上再次,不少投资者已经被烧毁。
物业部门 – 它也应声,这样的人是可以理解的紧张。另外,您需要一大笔资金开始投资,而且它是流动性不足的投资。
节省你的钱在银行 – 利率已频频下调所以你不会得到很好的回报。
因此,影子银行它提供了更高的回报是吸引人 – 但它是有风险的,因为它是不受监管的。
另一个引人注目的原因是,内地居民只能改变高达$价值50,000每年外币,这使得它非常棘手,如果你正在寻找海外基金大量购买的。
再有就是贪婪和嫉妒的因素。中国已经成为一个富有的国家在一段很短的空间。人人都想跟上攀比。
你知道如何去。你的伴侣,让我们叫她蒂娜,得到了加薪。她开始投资她的一些积蓄。然后,她带你出去喝一杯,并显示了她崭新的手表,告诉你所有关于放假回家,她的购买 – 这是她付出有些可笑回报的允许她这样做了梦幻般的新的投资方案。
你会得到吸入。这就是影子银行如何能起飞。

目前当局已放大的非法银行
为什么现在对行业打击?
中国当局在齐心协力打击个人和组织正试图,因为在资本外流的担忧和中国人民币的疲软拿钱出来的国家,之中。
但是,在过去的十年里不管不问,中国已经允许金融怪兽,许多警告失控的创建。
穆迪投资者服务公司表示,影子银行体系持续快速扩大,这些管制较少的银行共计中国的国内生产总值的78%,持有的资产。
并在其对中国经济的年度审查,国际货币基金组织(IMF)日前表示,几乎已经推动中国的信贷热潮矣“违约高风险”的影子银行产品的一半。
尽管中国的经济正从其他国家和政府能够介入,出保释部门不同的方式管理,如果涉及到的是,这还是很令人担忧。
这不仅是中国政府的一个问题。这对“强盗婆”,溺爱阿妈,中国的中产阶级和我们的所有其他问题。
因为如果中国的信贷热潮,不能靠,这意味着中国的经济增长正处于危险之中 – 这对我们来说都是坏消息。

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Buddhist monks in New York

They’re fake, of course. They’re everywhere in New York’s touristy spots (yes, I do think New Yorkers are smarter … not easily fooled …). They even fight within, for a better spot to work/cheat. High Line Park is one of their favorite spotsI caught this monk working in May. This sign is posted at the low end of the park (the Gansevoort Street, next to Whitney Museum). New York Times in 2016 and NY Post in 2015, have reported. They’re in Central Park too.

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3some

I got them from Trader Joe’s – shows how pro I’m -:). The tall one is an exotic orchid – how ‘exotic’ I don’t know but it certainly looks different.

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Spotlight

A well acted and written movie, on Boston Globe reporting on 6% Roman Catholic priests molesting boys. The influence of the churches in Boston is very strong that they can make court documents disappear; they can tell the well regarded journalist that “… Marty Baron (his boss, the editor) will move away … (and you’ll remain here) … that Boston is a small world …”

2016-07-14In the end, Cardinal Law who knew the abusive priests but chose to ignore the problem, by assigning them to another church “resigned, and was eventually promoted to the Basilica di Santa Maria Maggiore in Rome, one of the biggest churches in the world.”

A few should be burned in hell.

Is there a justice in this world?  Yes and NO: 100 shades of grey.

Most wars … are because of different religions. I’m not judging, but stating a fact.

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A cardinal

A lovely red bird – cardinal (?) is resting in the backyard. Left is taken with t2i and right is with iPhone – the size of pictures is different?

IMG_3235 red bird t2i image iPhone bird

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A midsummer night

Fire, wine and laughs on a gorgeous night.

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IMG Wimbledon blocked my video on Youtube

imageWhy is my video on youtube being blocked? – Copyright claim by IMG Wimbledon

The link to my video doesn’t work any more but judging from the title The Match Point, it must be a match I went to at Wimbledon in 2010, and took this video for a few minutes or less of a match when one player had the match point.

Does sport events could forbid a spectator from taking a video and post it on Youtube?

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Country of birth 出生国

IMG_2148Last Sunday Beijing Foreign Language University 北京外国语大学 held a seminar to commemorate centenary of one of my relatives, Mr. Zhou Jueliang 纪念周珏良先生百年诞辰研讨会. His daughter who’s also a professor made this post.

One of the attendees, is Isabel Crook who’s one year older than Mr. Zhou. At 101, she looks remarkably well. She’s accompanied by two of her three sons who were all born in China.

I’ve met Paul (in blue, above) in 2014 in Frankfurt and even earlier at one of BBC functions, which I only recalled recently. Automatically, we would say, Paul the English. In fact, his mom, Isabel is a Canadian. Should we consider Paul as a Chinese? The same goes with, a US born Chinese, in most people’s eyes, is still a Chinese.

Here is a fun: Walter H. Brattain (1902, Amoy, China – 1987, Seattle, USA) won a Nobel Prize in Physics 1956 while working in Bell Telephone Laboratories, Murray Hill, NJ, USA. Wiki defined him as an American, because his parents were Americans. As of today, Nobel list by country, China has 11 laureates, includes Walter.

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In EB-5 program, the applicant is handled by country of birth 出生国, instead of current nationality 国籍.

The world is becoming increasingly flat, where one was born seems less important. And each country may choose to define it differently: as in USA, no matter what, if you are born in this land, you’re an American and eligible to run for president. Although I was born in Beijing but I’m less certain what and who can be Chinese.

This wiki article explains “Chinese nationality is usually obtained either by birth when at least one parent is of Chinese nationality or by naturalization.”

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What do they see?

Looking at the map of China, each profession within the finances see differently.

  • 行研:  行业研究 Industry Research
  • 投行: 投资银行 Investment Banking (中国大陆称为券商)
  • 基金经理: Fund/Money Manager

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10

imageI came home from a month-long trip and find my two orchids are about to flower again.

Re blooming during my absent should have taught me a lesson – to stay away from them. But, guess I never learnt. And as I’m fussing with this colorful one – try to get it to stand upright – I broke it -:( You could image how mad I was!

It has been resting in the small re-cycled jar since. And doing just fine. After I cut the dead flowers, the stem is crying – please stay away from me!

The unbroken one, thank lord, has 10 bulbs and I hope they would fully bloom, one by one. The #6 begins to bloom on Father’s Day, #8 on Sunday June 26; #9 on July 1st., and the #10 blossomed on July 4th.

image image 06-10 image image 06-17 image 06-19 on Fathers Day IMG_2152 #7 06-22 image 2016-06-26 #8 image image 07-04 #10 image all 10 on 07-04

I couldn’t get enough of orchids, apparently.

image 2016-06-09 IMG_2412 image #2 06-16 image # 2 n 4 06-19

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Blue bell Bella

imageThey are blue bell but the color is more purple? It’s been planted for a few years, only till now, they began to bloom, perhaps due to lack of sunshine.

The pictures are taken with an iPhone. Recently, a Chinese regulator/court faulted Apple for using Baili’s patent covering smartphone design. OMG, this is something new.

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Are they poison ivy?

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  • 06.17, Bloomberg Apple IPhones Found to Have Violated Chinese Rival’s Patent
  • 06.17, wsj Apple’s Challenges in China Underlined by Patent Dispute
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A story of a hydrangea

imageIt all begins when the bush seed grew and bloom in the pot.

I haven’t really paid any attention to the plants … until today when the little thing in the pot blooming in pink and the big bush is blue. I happened to spot this pinkish pic I took in October 2014. Ok, the flowers may change color over the time but how to explain the pink flowers in the pot right now when the big brush is blue? In the picture on the right – my photograph skill is poor, but it’s really blue, almost New York sky blue.

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Haier buys GE

It’s official on Monday June 6: for $5.6b, GE belongs to Haier. … and there isn’t a buzz. No major media coverage. Google haier GE today, no major media coverage. Reuters covered on Jan 15 and WSJ on March 3 (0 comment), and no antitrust issue. Even for the celebration of this big ticket item, it’s quiet. What will China buy next? White House or Pentagon? Not the content but the real estate. Both locations are excellent.

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The plant that opens in the sunlight

The leaves open and close …

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