According to Citigroup report, in Sep, Tianjin, Foshan, Changzhou, and Changsha is exceeding 100% of house voluume turnover. Citigroup said although Chinese real estate industry is in a huge bubble, but the international economy is also facing the same bubble. Current city governments’ restriction on real estate is a positive signal that government is trying to change this situation. Jianlin Wang of Wanda said the biggest problem now is the fast growing in 1st and 2nd tier cities but decreasing price in small cities. The rate of houing vacancy is to high.
Geraci on CCTV Dialogue calls for a European Union to stick to economic cooperation only and to re-think grand plans for momentary and political integration. That is break up of the Euro. He also hopes that Angela Merkel loses elections next year. Today,Pope Francesco proclaimed the International Day of Peace and Geraci reminded CCTV audience that the life of an Italian, a German, a Chinese are all equally worthy regardless of religion, colour and nationalitynglish language.
Geraci on CCTV Dialogue calls for a European Union to stick to economic cooperation only and to re-think grand plans for momentary and political integration. That is break up of the Euro. He also hopes that Angela Merkel loses elections next year. Today,Pope Francesco proclaimed the International Day of Peace and Geraci reminded CCTV audience that the life of an Italian, a German, a Chinese are all equally worthy regardless of religion, colour and nationality.
Geraci on CCTV Dialogue discusses the importance of enhancing mutual understanding of cultures in order to enhance China-EU relationship. He strongly emphasised the need for cross cultural learning to start at early age, high school or even earlier. Without such early exposure, university students fail to grasp the differences and the challenges. In other words, starting at University is too late.
When Michele Geraci was interviewed by CRI, he showed great appreciation for the “Innovation growth model”, which is proposed in G20, at Hangzhou, China. “The introduction of innovation in the agenda of G20 is a very positive thing, and it is the first time that we put it in the foreground of the G20, and also, it is very important that this time the G20 is held in China. It is China that is taking the lead at this meeting, and it is China that needs to change its development model and base it more on innovation.
The RMB is now officially part of the SDR basket. Until couple of years ago, many people in China, including finance experts, had never heard of SDR. The big question is now, “What is the direction of causality between RMB Internationalisation and importance of SDR”. In other words, will the accession to SDR push for more reforms so that RMB internationalization may progress faster? Or, could it be that, since even the RMB is in the basket, the importance of the SDR will be declining, from already pretty much insignificant levels? Geraci was guest on CCTV Dialogue to discuss with issues, together with Xiang Songzuo.
Michele Geraci was invited to participate in China Global Enterprises Forum, which was hosted mainly by Ningbo Government and Center for China and Globalization (CCG). He discussed the role of finance in contributing to China’s sustainable growth. He said: “Finance is like a tiger: once it is out of the cage, it cannot be tamed again. For China: Reforms should slow down. China is good at manufactory and that why I am shoot about made in china 2025.”
Hangzhou is following Xiamen and Suzhou’ policy on restriction of non-local residents purchasing houses. Non-local residnets is becoming the main force of house purchasing since 2016. After G20, the oursiders purchase rate accounts for 39.3%, and among them, 25.4% purchase two houses.
Economist claims that in a short period, purchasing house is contributing to decrease inventory policy, but in a long period, it will drive up house price. Surrounding cities’ house price may also increase because of Hangzhou’s policy.