Economy

In September, the fiscal income increased 4.9%. Both public budget revenue and local budget increased. From Jan to Sep, national tax income has increased 6.6%, where value added tax increased 23.8% and business tax increased 24.7%.
PBoC is calling for restriction on mortgage on houses, on the meeting hold yesterday. It said the investigation on the qualification of mortgage requests has to be very careful. To examine the citizens' downpayment check and enhance the check on income testification. PBoC also asked for local banks to change asset structuure and ensure the structural reform on supplyy-side demand.
October, Geraci participated in 2016 China-UK Financial talent education advanced training course. Geraci discussed how the existence of the euro is taking away flexibility from the individual countries to adjust the monetary policy according to their needs. October, Geraci participated in 2016 China-UK Financial talent education advanced training course. Geraci discussed how the existence of the euro is taking away flexibility from the individual countries to adjust the monetary policy according to their needs REPEAT.
After RMB joining SDR, the CNY exchange rate started to decline and by 20:00 on 11th Oct, the rate is below 6.71. PBoC claims this decline after Nationanl Holiday is probably because of a serious of news happened during seven days. JPY increased, Britain left EU agenda was made. However, PBoC still think this decline is normal since the devaluation of RMB is less than other emerging economic entities.
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.

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