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China is now the first large-scale factory to close down due to the financial turmoil. 2008-10-1617: 35, two factories of Hejun group, one of the largest toy contract manufacturers in the world, closed down, and 6,500 employees were facing unemployment! This is the biggest case in which an entity enterprise in China closed down due to the financial crisis. Some experts pointed out that "from the perspective of influence and popularity, this can be said to be the first case in which the US financial crisis affected the collapse of China's real economy enterprises." Yesterday's paper announcement pushed Hejun Group to the forefront. Among the top five toy brands in the world, Hejun is the manufacturer of three brands. Why did the factory of such a big company close down?

Zhangmutou has two factories with about 6,500 employees. Hejun also has a large factory in Qingyuan, Guangdong; Hejun is a Hong Kong-funded listed company, which plays an important role in the toy industry. Hejun is a manufacturer of three of the top five toy brands in the world. How could the factory of such a big company suddenly close down?

Hejun Zhangmutou Toy Factory closed down.

Yesterday at noon, a BBS named "Sunshine Community" suddenly posted a clear picture, and a piece of paper "notice" on this picture was particularly dazzling. "There are dark clouds in the sunshine" and "the tide of bankruptcy swept through Dongguan", and the contents of the announcement attracted a voice of regret from netizens.

The notice was signed by "Zhangmutou Town People's Government" and "20081October15th", and the content was aimed at "all employees of Hejun Factory": "The enterprise was closed due to poor management of the enterprise operator. At present, the town government has set up a special working group to do its best to solve your salary problem. "

According to sources, employees of Zhangmutou and Jun Toy Factory, which have been closed, went on strike the day before yesterday to get back their wages in August. I paid my salary in August that afternoon, but the salary in September and June was 65438+ 10. The above-mentioned publicity commitment: "Deal with and solve the problem within three days."

"National Business Daily" confirmed yesterday from a person in the government office of Zhangmutou Town, Dongguan that Zhangmutou Hejun Toy Factory has indeed closed down.

According to the analysis of senior figures in toy industry, the global economic slowdown has been hit by the financial crisis. Although the technology and scale of this enterprise are in the leading position in the industry, in the face of this crisis that has spread widely to China's export manufacturing industry, Hejun Group has also "failed to avoid the problems brought by the industry and business environment"

In the toy industry, Hejun Group is well known. As the representative of the world's largest toy foundry, Hejun Group mainly manufactures and sells toys by OEM, including providing OEM services for Mattel, the world's largest toy manufacturer. Well-known OEM products include Mattel and Hasbro.

The financial turmoil has swept the world, and China's economic transformation is imperative.

Source: Xinhuanet

The financial tsunami swept the world, and people hoped that China, the fastest growing economy in the world, could cushion the crisis. Can China survive the economic miracle of the past 30 years?

China's leadership has repeatedly expressed its confidence in this. China's central bank cut interest rates twice in a month, and the State Council temporarily exempted interest tax, indicating that policy makers are fully prepared for the complex challenges faced by continuing this "miracle".

Economists at home and abroad are optimistic about the future of China's economy, but the premise is that China must find new impetus, export less and invest more.

Economic transformation is imperative.

"According to the current model, there is little possibility of China's modernization," said Wang, an economist in Beijing, in an exclusive interview with Xinhua. "To make the possibility of success greater than 50%, we must change our development strategy."

After 30 years of reform and opening up, China's economy has maintained an average annual growth rate of nearly 10%, and even reached 10.6% in the last five years, much higher than the average annual growth rate of the world economy of about 3.3% in the same period.

Wang believes that the driving force of China's development in the past 30 years-the international competitive advantage of labor-intensive industries in coastal areas is disappearing. At the same time, the capital-intensive heavy chemical industry, which has promoted a new round of growth in China since 2002, is increasingly restricted by bottlenecks such as resources, energy and environment.

"This round of growth in China relies too much on foreign investment and real estate," Wang said. "The characteristics of getting rich quickly in real estate have broken the balance of the whole macro-capital allocation and reduced the funds that should have flowed to technological innovation, energy conservation and consumption reduction."

Louis Kooie, a senior economist of the World Bank, said in an exclusive interview with reporters that a major driving force for China's extraordinary achievements in the past 30 years is that China's investment and domestic financing levels are much higher than those of other countries due to its stimulating fiscal and taxation policies, relatively good infrastructure and the quality of workers.

Gao said: "Today, the China government thinks that this kind of encouraging industrial development is a bit excessive, and this mode of economic expansion is unsustainable." .

The challenge of the gap between the rich and the poor is also increasingly severe. Gao said that the industrial growth rate of China in the past 10 years was amazing, but the increase of urban employment was relatively lagging behind, which meant that the economic growth driven by capital and industry could not provide enough employment demand.

Solve the problem of transformation

Facing the imminent economic transformation, China's economy has just suffered the harshest global financial cold current since the Great Depression in 1930s. In Louis Kooie's view, China's ample domestic liquidity, together with capital controls and relatively closed financial markets, effectively protected China's banks from the direct impact of the global financial tsunami, but the indirect impact was inevitable.

Since the beginning of this year, China's economic growth rate has gradually declined. In the second quarter, the GDP increased by 10. 1%, down by 2.5 percentage points.

Tang Min, Deputy Secretary-General of China Development Research Foundation, pointed out that China's high dependence on international trade and openness determined that China could not be immune to such a big world financial storm, and the decline in economic growth was inevitable, but "bad things may also be good things".

"The deterioration of the external environment just reveals that China's economic structure and growth model that relied too much on foreign trade in the past are unsustainable, and now you must make a transformation," he told reporters. "It will force China to accelerate its shift from over-reliance on external demand and investment to comprehensive dependence on domestic demand and investment."

Tang Min's view coincides with that of many economists. "We have seen a lot of important progress, but unfortunately, the implementation of the Eleventh Five-Year Plan has been more than half, and China has not taken a decisive step in transforming the mode of economic growth." Gao said.

Policy coordination to maintain competitive advantage

"It is not easy for China to achieve economic transformation," said Louis Cuy. A key challenge for policy makers in China is to consider whether and when to adopt a moderately stimulating macroeconomic policy, although the contradiction between high inflation and sharp economic slowdown in China has been greatly eased compared with four or five months ago.

At the same time, in his view, China's pragmatic reform method, that is, the method of piloting first, and then gradually promoting according to the effect, and the effective incentive mechanism for local governments have played a great role in the past 30 years, and will continue to help China's economic reform in the future. In the next 30 years, the continuation of reform and opening up and another change in development strategy will help China continue its miracle.

Wang used an image metaphor: China's modernization is like entering the sprint stage of the Olympic Marathon. No one can improve the speed in the sprint stage, but more is to maintain the advantages accumulated before.

The financial turmoil has hit four major variables in the domestic fund industry.

Source: shanghai securities news.

Dark clouds are crushing the city, and the financial crisis originating from Wall Street hit Europe and the Asia-Pacific region last week. It seems that the global financial community has fallen. At this time, China's fund industry has also found that its role is no longer a spectator, and the global financial crisis is directly or indirectly impacting the domestic fund industry.

Fund QDII: Residual Geometry of Safe-haven Value

Last week, the financial turmoil swept the world, making QDII, a fund that went out to sea, teetering in the storm, and it was difficult to find a "safe haven".

In the shadow of the US subprime mortgage crisis, the world's major stock markets have fallen sharply recently, especially last Wednesday. On the same day, the Japanese stock market fell sharply, with a late decline of 9.38%, the biggest one-day decline in 2 1 year. South Korea's stock market plunged 5.8%, hitting a 26-month closing low; Due to panic selling, Indonesia's stock market suspended trading for the first time in eight years. In addition, Hong Kong's Hang Seng Index made up its losses after the market opened last Wednesday, plunging more than 1300 points, the lowest since July 2006.

"Before the outbreak of the financial crisis, the fund QDII generally held heavy positions in the financial industry." Bian Xiaoning, an overseas analyst at Galaxy Securities Fund Center, said, "QDII, the fund department, did not expect the financial crisis to break out so quickly and in such a wide range."

When the financial crisis broke out on Wall Street and Lehman filed for bankruptcy protection, the decision-makers of QDII did not expect that the financial crisis would quickly "invade the world" and spread to other industries. When talking about how to avoid the financial risks of Wall Street, a QDII fund manager said that QDII's asset allocation will tend to be in emerging markets and developed markets such as Europe and Japan with strong resilience and good liquidity.

As the crisis spread from Wall Street to Europe and the Asia-Pacific region in just a few weeks, the stock markets in the relevant regions suffered a "free fall". The performance of the BRIC market that QDII fund managers are optimistic about is even more frightening. India's stock market hit a two-year low last Wednesday, while Brazil's stock market fell as much as 6.3%.

The net value of fund QDII is also inevitably hit hard. As of last Thursday, China's global net worth was 0.527 yuan, South China's global net worth was 0.533 yuan, and Harvest's overseas net worth was 0.428 yuan. The net value of Shanghai Investment Asia Pacific is as low as 0.4 18 yuan, which is close to the lowest net value of A-share funds.

From a certain point of view, the decline in net value is not the worst result of fund QDII. Due to the deep cooperation between Huaan QDII Fund and Lehman, Huaan International Allocation Fund may encounter survival problems due to the bankruptcy of Lehman. Although the incident has been well resolved, it has aroused widespread concern of QDII funds in the market.

Some insiders believe that the financial crisis will make QDII, a domestic fund, adjust its strategic decision and re-examine the market allocation of its products, so as to effectively avoid market risks and minimize the losses of investors.

Will overseas turmoil affect joint venture funds?

When European and American financial institutions have to seek to sell their shares because of the financial crisis, mainland fund companies play a role not only as spectators, but also as joint venture fund companies. The financial crisis may mean that the actual controllers of foreign shareholders of these companies have changed.

Take the financial institutions that suffered heavy losses in this financial crisis as an example. Fortis Bank, American International Group, Societe Generale and Credit Suisse all directly or indirectly hold shares in China Joint Venture Fund Company.

A senior executive of a joint venture fund company in Shenzhen recently confirmed to the reporter of shanghai securities news that the regulatory authorities have asked the joint venture fund company to pay attention to the impact of the subprime mortgage crisis on overseas shareholders and their operations through e-mail.

According to relevant sources, the regulatory authorities require the joint venture fund company to pay close attention to the operation of its foreign shareholders, and report to the management as soon as possible after the National Day the impact and influence of its foreign shareholders in this crisis and the possible impact on the joint venture fund company.

In view of the current operating conditions of foreign shareholders of fund companies, the above-mentioned fund companies told reporters that the capital adequacy ratio of foreign shareholders of the company is currently in the forefront of the same industry and is expected to be profitable next year. "The most difficult time for foreign shareholders has passed." He further explained that because foreign shareholders disclosed in advance that the company would be affected by the subprime mortgage crisis, the unfavorable factors have been advanced in advance, and the shareholders of the company are currently operating in good condition, which will not adversely affect domestic cooperative fund companies, and the fund companies are currently operating normally in management and investment.

"The change of foreign shareholders has limited influence on joint venture fund companies." Bian Xiaoning, an overseas analyst of Galaxy Securities Fund, told shanghai securities news that the main measure to save financial institutions in Europe and America is nationalization, and the government takeover will largely stabilize the development and operation of relevant financial institutions, so it is less likely to have an adverse impact on mainland fund companies.

However, it is not unnecessary for regulators to worry about the impact of the financial crisis on the domestic fund industry. At present, among the 60 domestic fund companies, joint venture fund companies account for half of the country. AIA Huatai Fund Company was "a false alarm" because of the overseas financial crisis. Among the shareholders of AIA Huatai Fund, foreign shareholder AIGGIC holds 49%. Among them, AIG (American International Group), the parent company of foreign shareholder AIGGIC, was on the verge of bankruptcy recently due to liquidity problems, which once caused panic among domestic investors.

In the end, AIG was rescued by the US government and said that it would not make any changes to its Asian business, which dispelled many doubts. As a domestic partner of AIG, AIA Huatai Fund Company also told investors in time that the incident would not have any impact on fund investment.

Is it a curse or a blessing for Wall Street talents to reduce their salaries and return overseas?

Bankruptcy, mergers and acquisitions, layoffs and salary cuts of a large number of financial institutions are the first bad thing no matter where they are placed, but they are the only "ray of sunshine" in the gloomy world of China fund industry.

With the opening of QDII and the CSRC allowing mainland fund companies to set up branches in Hong Kong, the shortage of overseas talents once became a difficult problem for the development of mainland fund companies. As early as the first wave of subprime mortgage crisis broke out at the end of last year, some fund companies such as Guangfa Fund and southern fund began to recruit talents abroad. The financial crisis broke out and many large financial institutions went bankrupt or laid off employees, which provided a rare historical opportunity for the domestic fund industry.

Statistics on Wall Street show that after Lehman Brothers filed for bankruptcy protection, the number of unemployed people on Wall Street has exceeded 50,000, including a large number of China financial talents. Market participants believe that due to the bankruptcy or huge losses of a large number of financial institutions, it is difficult for a large number of unemployed people to find suitable jobs in Europe and America in the short term. Due to the overall recession in the financial industry, the salary expectations of the financial unemployed have also dropped significantly. "In the past, the asking price of Wall Street talents embarrassed many fund companies, but now the market has completely changed, so fund companies have begun to implement talent headhunting on Wall Street." An industry insider said.

Shortly after the financial crisis broke out, Huaxia Fund posted English recruitment information on its website, and all recruitment positions required management experience of overseas mutual funds or hedge funds, including global markets, emerging markets and American markets. Market participants believe that due to the impact of the Wall Street financial crisis, a large number of financial talents have been laid off, and the timing of the release of Huaxia Fund's English recruitment information and related positions all imply the company's impulse to bargain for Wall Street talents.

In fact, some professional recruitment websites are also aware of the shortage of talents faced by domestic institutions such as funds. After the Wall Street financial crisis broke out, some financial recruitment websites have started to calculate for fund companies. A large domestic financial recruitment website set up a "Wall Street Talent Recruitment Zone" on its homepage. In this regard, Shi Yongming, CEO of the website, said, "Due to the recession of the Wall Street financial market, the return of China people is undoubtedly a huge good news for financial institutions in China."

Although everyone is generally positive about the return of overseas talents, we have to remind that the outbreak of the subprime mortgage crisis was precisely caused by the "cleverness" of some Wall Street people, and the launch of a large number of highly leveraged products led to the final collapse. The return of overseas talents may promote the innovation of domestic fund industry, but handling the relationship between innovation and risk is the key for us to make good use of overseas talents.

How can the sequela of crisis turn into doubt?

The great impact of the Wall Street financial crisis may be further revealed with the evolution of the crisis, and the domestic fund industry may face more uncertainties.

"The financial crisis has left a deep impression on the domestic fund industry, and fund companies may consider risk control more in future overseas product design." An executive of a joint venture fund company in Shenzhen admitted this to the shanghai securities news reporter last week. As the QDII business of domestic fund companies has just started, only a few of the 25 fund companies that have obtained QDII business have started to operate, and their "going out to sea" time was also before the current financial crisis. However, after the outbreak of the financial crisis, how to design QDII products for domestic funds, how to avoid overseas market risks and how to avoid excessive dependence on overseas partners are all urgent problems for fund companies.

What is more noteworthy is that at present, the application for the establishment of a new fund company is made in the form of Sino-foreign joint venture. For example, COFCO chose Morley Fund under Aviva, Ping An chose uob, Minsheng Bank chose Royal Bank of Canada, and Bank of Beijing and Bank of Ningbo also indicated that they would apply for the establishment of a joint venture fund company. The financial crisis has also exposed some weaknesses of joint venture fund companies-overseas financial turmoil may be transmitted through joint venture channels. It is precisely because of this concern that the regulatory authorities have recently paid close attention to joint venture fund companies. Therefore, market participants believe that it is also possible for the regulatory authorities to adopt a stricter examination and approval attitude towards the application for the establishment of joint venture fund companies.

Take Minsheng Canada Fund Company as an example. The new fund company to be established was approved by the China Banking Regulatory Commission on February 28, 2007, and the remaining hurdle is the CSRC. The Fund Law stipulates that the securities regulatory body shall make a decision on whether to approve or disapprove the application for establishing a fund company within six months. Therefore, Minsheng Bank Plus will be a platform to monitor the attitude of the regulatory authorities towards applying for joint venture fund companies in the future.

When will the financial crisis finally subside and what will be its impact? Although there is no unified answer, it must be the existence of risks, the encounter of challenges and opportunities, and the mainland fund industry.