I was professionally involved in Shanghai and took the opportunity with local people on China's economy in general and monetary policy to speak in particular.
Shanghai as a city is really impressive. The people, the infrastructure and of course the rapid Development. You can tell just the energy and growth at every step. Shanghai wins but increasingly as a financial center in importance, especially since the Chinese government wants to relax some restrictive conditions on the stock exchange. Although trading in shares (A shares) is currently limited to both Hungarians and the use of resources to China, but there are first serious indication that this should change soon. This would slowly catch up to his sister Shanghai Hong Kong and more interesting as a market place for international firms.
Of course I was interested in China as well as dealing with the credit crisis and was able to very informative discussions mit Unternehmer vor Ort führen. Während wir in Europa noch über die Ausdehnung des europäischen Schutzschirmes diskutieren und die Notenbank in Amerika und Europa Schrottanleihen ankaufen, steuert die chinesische Notenbank schon aktiv der Geldvermehrung entgegen. So wurde nicht nur der staatlich fixierte Zinssatz für Kredit angehoben, sondern es wurde auch die Geldmenge, die verliehen werden kann, reduziert. Nachdem das Finanzsystem im staatlichen Besitz ist, wurden die Banken in allen Kantonen angehalten, die Kredite nicht nur an Private sondern auch an Firmen einzuschränken und damit die im Umlauf befindliche Geldmenge zu reduzieren. Damit kann die chinesische Regierung sehr effektiv die Geldmenge steuern.
Wie in set out my book, it is particularly important now that pumped money into the economy to suck again, otherwise we are threatened, as has occurred once in the 90 years of the next tsunami. The Chinese government seems to have recognized this and I think will emerge from the crisis after all.
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