Happiness
close when the baby's mother's Breast Lips
printed return when his father's eyes when the children smile
river soar, after all, the sea calm
When the snow cover in summer re-blossoming flower is the flower of happiness through Hongyan
while maintaining the calm of the day and night of the dead
worked with you but in an instant with the wrong
left intently looked back
Happiness is a note bearing eyes
revealing the glory of life is still shining crystal
sweat tears away dust excited to spend the night
pregnant liquor also Qing Song dancers swaying
< br> happy piece of my heart ah
Bodhi leaves will take root there are the splendid lily flower
even as thy seen
small Laoer always thought that God brought us painful fact is that we find a shortcut to happiness! as there is no other way to get our Buddhist to make our soul to happiness and peace. life really can not afford it, such as feather light volume, such as thoughts on the gates of hell We are generally thought to thought! happy've never been away from your heart.
Monday, February 28, 2011
Sunday, February 27, 2011
Chapter III defeat
Dwarf days a few days, the invaders were killed on the number of people to come back several times, this play into the hands
middle dwarf king.
This time the intruders were full to four hundred people, arrogance on the natural and very different from the past.
class people out of the silence of the forest, the forest outside the election of a slightly higher-lying hills logging camp, this time actually came also
dozen horses transported ! they are still the same cunning and insidious, just one out of the silence of the forest, to a large number of staff deployed around the search
dwarves. dwarves who had not been anticipated family moves so quickly, was arrested a dozen dwarf
sentry .
a glimpse of all the animals are.
King's Chamber in the dwarf sitting a dozen dwarves belongs to eye in the sky.
dwarf majestic voice sounded: land, to inform the giants do
preparation, mobilization of miners, opened up a camp behind the channel leading to the intruder! capture them? I mean, the exchange wine recipe. are as tasteless as water.
Hill Bangshui, the best of the terrain, all
to have to change it built a tall, no dead ends every angle.
but dwarves can be different with people fighting the war within the family, is one family underground dead.
far Terran base, watching the dwarf king, confident smile.
intruder inside is not monolithic, in the central camp, Paulus Rogge, who is working with the fierce contention with
tactics feasibility. The last time the battle to lure the enemy, even the elite knight gold lion killed four, and five people
wounding, so that Paulus distressed, but the hands of Roger, and Jing Ge casualties but also heavy, so he did not thoroughly
before the end of attacks, but this did not reduce his vile man Rogge dislike this insidious, he said more than once, be sure to back
to Rogge's actions after exactly adults to report that Ophelia Rock.
but formidable enemy, Paulus not ignore the general interest of the people, or even still a very brilliant tactician.
family in dealing with people, he is a regular warfare will not small, as long as the war plan was determined that he is to execute every effort to make
heart.
Terran third day of the camp under the bar.
feel the wind in the early morning hours a trace of sentinel atmosphere of tension, change it seems In shivered slightly, slice
sentinel moment this is not the illusion found, change it, indeed shake, and the range is growing.
soon discovered sentinel to the source of vibration, numerous dwarf soldiers marching in step came out from the morning fog, their team in his
Central, there are three tall frightening figure.
when h if h if h, they desperately beat Sentinel the alarm.
at the array.
this time he has come to five hundred elite Terran soldier, and three hill giants, there are over three hundred soldiers for the sick because
reason the city was left in the ground, but the five hundred soldiers At least eight hundred people have enough people to deal with military families
team, not to mention the match for five hundred people present.
a Terran Warhammer Yang Wang, a nearly five-meter high hill toward a giant sounding. He held a disc Size
stone, like carrying a ball, as he roar, like a meteor-like cast stone, who hit the wooden wall
family camp. encircle one suddenly logs lined the walls were smashed open a big hole
.
wall on the Terran flurry, apparently did not expect people to mobilize so many ethnic army.
little while, and business wide open, and they filed out of the Terran invaders began to array, the number one family was shocked to
dwarf king, It was not four hundred people, obviously there are seven or eight hundred people. But think of is to open dig,
ready to attack the six miners and junior soldiers, three fireballs,
accurately hit the air the rock, to smash volley.
hill giants continue to cast stones, but always crushed, people do not know how many families to the total
magician. but not testing the waters of Long Hill giants, a dozen rounds of throwing the shot, the three hills giant has
weakness exposed. war on children that they are still the main force.
Then he raised his hammer high again, taking advantage of the human race has not been a good battle out, Scream out: .
Terran invaders soon a good battle out the gold lion knight in the center, the dragon and the knights in the post-beauty,
Jing Ge's capture slave warriors guarding the two wings of the shadow killer Benjamin dispersion in the array, the black Warrior Knights is the same with the gold lion standing sounding
.
three hills with the dwarf king of the giant bear, 冲在最前面.
Dwarf King , along with the deafening roar, Warhammer bitter blow
, a flame waves tens of meters across the room, sprang to the Terran camp, and shortly will be a golden lion
a black knight and warrior swallowed, the giants also voted out of the hands of the stones, smashing a dozen people turned out,
then stick out behind the huge, heaving a position toward the human race.
Xianshibumiao, Paul Luce sword went up to the dwarf king, Jing Ge, Kate, and two were stopped by three security
a hill giant.
Dwarf Battalion then immediate concern, the play suddenly burst melee.
war Among the Golden Lion Knight formed a small party of a team, facing a wave of shock dwarves
step is a non-refundable. turn on the front of a dozen dwarf warrior fell to the Golden Lion in front of surprise , the Dragon and the Knights face the elite beauty
dwarf Knight actually did not strive. Anyway, the money masters, is a major arms dealers, Rogge
all equipped with a heavy shield men, guns, axes and hand crossbow, which is specifically designed to deal with dwarves. rifles
hand ax hand gun, not so much killing the enemy, as it is deliberately alienate the dwarves, they are constantly wrestling with the dwarf warrior
with. dwarves days short-legged short-hand, but also love to use Tomahawk, by these long guns live, where to get one cut.
sudden dwarf elite soldiers actually do nothing to take the dragon and the knight beauty.
but dwarves no way, does not mean Dragon and Knight were also no way to beauty, and beauty as a dragon knight standard
standard configuration, the hand crossbow played an unexpected great power. such a short distance, the hand of God of War Hammer of the refined enough
crossbow Shot through the chain of a dwarf warrior, although the bolt into the meat is not deep, but enough. You know, there is no such
Wei Du, when the truth? and are fed the poison is Fuluo Ya body specifically for dwarf The allocation of only
live on to try to grasp, this time just to feed the local anesthetic effects.
Kate giant Dudou and hills make a few rounds, it was a giant can not match the strong hills shook the mouth flow < br> blood. But Kate desperately muster a grudge fight to the death not refundable. He knows that he if a retreat, behind the war will be
be chaos. Kate Light enveloped my body, apart from the blood spatter, in the hands of steel gun battle also live in the hill giant who
wounds.
Roger Summons a huge sword spider, also called a couple of skeleton warriors. With his magic
Undead understanding of the community, now called the skeletons out of the skeleton is already fully equipped soldiers, and now he is just missing
strong soul and therefore can not study more powerful undead.
Rogge also used later give yourself a short spell holding the bastion of an active war.
strong as dwarves are thwarting, Roger is simply killing as unhindered, spiders and
skeleton sword fighters escort Roger'd do fear for their safety, but began to worry about their future financial security to the production
.
him the fainted.
soldiers are vulnerable to even a hundred years, the other dwarves what to be afraid of? Rogge more and more confident.
Tomahawk before that, cut down one, the handle extension, and hit Halo one is not even kicked a back
the will. As for the occasional cut in the dwarf warrior, it is difficult to Chennai, struggling, so the horse rushed. Kate meet with him for many years, the heart
consonance, yell, a strong grudge into the Light. giant eyes of a blind, followed by a cry of Tong Hu,
jump up. Rogge, since the latter had stabbed the giant ax, the ax did not tip into it, only because of the height
reasons, this ax is a giant thorn in the flesh the thickest ass body. hilly giant rump The thick, far beyond the imagination of Romania
grid. foot-long ax sharp thorn into the whole, or not actually touch the bone.
wounded giant once made a mad, waving a stick over the battlefield to kill his scumbag attack, but under the quasi-Wei
anger is not a good head, accidentally injure a lot of dwarves.
At this time, the melee there is a sudden moment of battle seems to have the time to pause.
I do not know when it would have a clear sky filled with the dark clouds, the clouds if life in general, still in all directions to
gathered incredible speed.
clouds soon formed the Central with a huge vortex, whirlpool lightning flashing, thunder is not a huge
stop coming. all from the game slow down both hands, afraid to look at the vision of heaven and earth.
a red robe of a magician from the Terran female camp flew up into the sky. her long hair flying, his chest a ball floating
strong red light. Rogge on the battlefield only a few people through red light, see the ball of light, there is a pattern
strange little tripod is slowly turning.
Fuluo Ya cool, melodious sound from the air misty Chung curse down.
together, the entire battlefield to life like on the ground in general, began to slowly creep
move, yet there are bloody slowly began seeping from the earth to.
All efforts to drain rapidly away from his body. had Paul Lo
Adams has been his neck and left branch of the right clumsy, black and blue, this sudden turn of events so that he escaped unharmed immediately.
human race took a deep breath, attempt to re-set the energy transport, but found almost become part of his life force flame
actually have disappeared without a trace.
This must be heaven doing that witch, that damned . dwarf polar
Wang anger roared to the sky, stare week between the years only to find themselves all Yaoyao Yu fallen soldiers. He suddenly found
shake shake shake to drink it all day, two small barrels of whiskey!
while, regret, anger, the king's heart filled with dwarves, but because the responsibility of being king, he can not this fall into guilt among
. No, although the soldiers are subject to high a curse, but do not lose this war.
ground forces will soon break through.
sky's Fuluo Ya still sing spell, a short spell after the completion of her next geotropism means,
clear and spit like nine days Fengming the words:
Fu Luoya repeatedly tap the hand, finger place, the ground is a violent fluctuations.
, desperate to escort the body unable to withdraw to the underground dwarf king
City.
to chase.
, the surface is a rare serious.
Rogge was furious, shouted: Rogge, a thorn in the ass on the axes, Weng Weng gas sound replied: br> Roger suddenly secretive smile: , within a radius of several hundred meters
thunderbolt suddenly becomes a forest. optic presents an unusual dark green. from time to time and fire, the dwarves were hit
blink of an eye to the whole body covered with tiny green sparks , fell to the ground twitching.
just a few hundred meters away, the vast majority of dwarf warriors left behind by Lei Yusen Lin.
extremely angry giant hill, shouted and rushed forward to Rogge over. sneer about Rogge, horse went up,
> giant issued a howling cry of pain, broken stick into the hands of two sections, one Xue Jian Biao
out immediately from the chest.
Roger rode back, staring at the ground not breathe giant.
giant struggling to break the hills: on the wood that break up the root
value of a coin, but at least the value of r l tied to the soul of ten thousand gold coins. compete with a thousand silver coins of gold
result is what you get! But of course you do not understand these , is not it? It does not matter, in the spirit of r l tied in plenty of time for you to think about! King fled to the underground city of dwarves.
see settled, Chung Fu Luoya light spell, a small tripod becomes crystal clear, not into her chest. If
has informed the presence of the old magician , must recognize the origins of this little tripod: Artifact Crime
the country! sector in the artifact holder can display their own original
than the one level above a magical charm, while the artifact itself can also be launching several unique powerful magic.
Lei Yusen Lin is the of the country, is that the wide spectrum of areas to spell success without finish the long march highlight one or two, and none of ten.
artifact also has high and low good or bad, very powerful artifact, defeated
below it, These spices have been no drugs, but the and the Luo Ya have to face the irrational Roger and Benjamin
the.
a return to the underground city, dwarves, was told the king of all mountains tunnels leading to the setting sun are just
algorithm of fault earthquake the. Because dislocation formation, the entire block of rock tunnel in the original position, once again open up the pit
Road is estimated it may take two months. Jingnu Cross dwarf king immediately escorted their attendants to make the ; the door of the abyss voice low and calm.
a century soldiers look solemn, silent in the face shows the unyielding determination.
of them said, not to mention the five years of life, is going to die tomorrow, how? for Defence of this home, health
protect their women and children, they are willing to pay any price!
eye in the sky secretly sigh, the old wizard, the race's fate early in the foot on this land has been determined to
. Any fight will only apply in the end more tragic bit color only.
the art of Haemophilus cast one by one in the dwarf warriors, dwarves are the treatments of pain on the ground twitching
, guo for a long time, .
little while, and after another dwarf warrior leaps from the ground.
> into a bloodthirsty dwarf the art report of the king eagerly.
is also a giant, has been sleeping giant in more than three years, but he is not a hill giant, but a much larger mountain
powerful giant, the dwarf is a giant underground city leaders. Fury rock enough to have six meters tall, Ming
significantly more than the giant hill. But in the hills giant pale skin, thick body, angry rock is bronze
skin, body symmetry, body.
giant dwarf king and leader of the meeting is simple. < br> old friends, our blood flowing in both
veins the blood of God of War, I will help you, let my people get peace after death, so your family can be re-
people happy in the underground city Life! This time, I was lost in this magic device above!
my friend, I hope you can take your people out of here, back to the mountains to the sunset, to a devil out of the reach where no
. , wake up stronger than before angry rock, I will go
challenge these demons. I can already feel the magic device that piece, which is recovering strength, but also in two days without
method to use, so We should as soon as possible to fight these demons! kill! allies and the rest is not how good, clean battlefield
spent too much time, but this, and picking up gold in the rock pile, as no one will Xianzang Xianlei, in addition to Fuluo Ya.
The war killed more than a hundred dwarf warrior, captured nearly four hundred. Gengrang Rogge happy is floating around on the battlefield
good fighter with the soul of fat beyond worldly insight allows him to understand clearly observed that dwarf
the soul alive, or who even points out what is the family of which the human soul.
Dragon for many years to follow his knights and beauty, Rogge sent their souls hh ah and sent to
Where then? live in heaven God is clearly not appropriate, and these guys went to the underworld more
all kinds of evil will be burning the fire of hell. As for the Devil, that is strong can go. Rogge does not even count themselves
on strong, not to mention these men had. Dragon and beauty Knight excels only mean there is nothing sinister.
after thinking it over, Roger will be more than a dozen killed the dragon and Knight sent the soul of all Americans live in the brothels where the different
sector. As for the shelf growing love affair is not to fancy these people to see their good luck.
Golden Lion Knight of the soul is of course One can not let go, Jing Ge, the batch of men are more players.
attitude in dealing with the soul, Roger has always been only the strength of Heroes, there is no racial discrimination, as long as the soul of a spirit
certain intensity, fat is the generosity, the future is a good test material ah Necro magic.
of course, fat is not to let people know their own soul in the collection. He shuttle them in battle, kind
Each sweep the battlefield to soldiers and said hello. Rogge to call out the names of all, there is no shelf fat
soon won everyone's favor. turn down a lap on the battlefield, ax start again in a layer of white misty light
.
Rogge ax suddenly cut off a small tree, small tree canopy to the naked eye can see down the rate of wilt.
stumbled Rogge When tied soul r l a lot of soul in the store, the Tomahawk strong start automatically attached
curse effect.
course, this is not an evil openly carrying weapons around, we must
out as soon as possible which of the soul.'d try mixing a few good choice undead.
After all, human society, on.
l r tied to the role of natural hiding from the soul as the master of magic Fuluo Ya. but there are very strict Xiao Yaonv their heavy dark
tendency to increase for Rogge strength of this unscrupulous behavior nothing to dislike, to
less fat will not go off by disclosing the secret to. Rogge is now on her toe, very respectful, but temporarily does not need
a secret, but hard to say after the ah.
Roger carrying it to full of evil, freezing cold, dead breath of Tomahawk, trot, wanted sneaked back
their camp in the.
;
Rogge, cold sweats, a look back, Fu Luoya are faint smile at him. fat to tie the soul
r l hide behind Samsam authentic: You know that today the war is hard, yes,
villain more tired, and want to go back and take a break. Ya smile all the eyes.
say fat sweat easily, so it came true, Rogge is now sweating, said: ;
Roger around to the back.
fat face with Roger, Roger defect showing his teeth in pain.
Fu Luoya a soul r the l tie the hands of Qiangliaoxialai from Rogge, but did not expect such a heavy, scared < br> Call soon, ax fell on the ground, punched a pit. by which the next shock, l tie in the soul soul r
restlessness together, the Tomahawk green victory. a Unit Tomahawk Ruoyouruowu flying around the green smoke,
Tomahawk around constantly trying to escape. has always been an invisible force to pull back. l r soul tied to
shaking Weng Weng , it screamed, as the midnight Guiku.
Fu Luoya staring at Roger and smiled flowery Nightmare: actually there is such a heavy ax! is tied to mention the soul of the fixed l r, finally gave up. She looked at Roger with great interest, as one has never been looked at
of Warcraft.
how would there be such a big effort to do? seems to me a lot of things you are hiding it! how, then the way I teach you
little thing! also stunned with what? not fast carrying an ax over your stupid?
middle dwarf king.
This time the intruders were full to four hundred people, arrogance on the natural and very different from the past.
class people out of the silence of the forest, the forest outside the election of a slightly higher-lying hills logging camp, this time actually came also
dozen horses transported ! they are still the same cunning and insidious, just one out of the silence of the forest, to a large number of staff deployed around the search
dwarves. dwarves who had not been anticipated family moves so quickly, was arrested a dozen dwarf
sentry .
a glimpse of all the animals are.
King's Chamber in the dwarf sitting a dozen dwarves belongs to eye in the sky.
dwarf majestic voice sounded: land, to inform the giants do
preparation, mobilization of miners, opened up a camp behind the channel leading to the intruder! capture them? I mean, the exchange wine recipe. are as tasteless as water.
Hill Bangshui, the best of the terrain, all
to have to change it built a tall, no dead ends every angle.
but dwarves can be different with people fighting the war within the family, is one family underground dead.
far Terran base, watching the dwarf king, confident smile.
intruder inside is not monolithic, in the central camp, Paulus Rogge, who is working with the fierce contention with
tactics feasibility. The last time the battle to lure the enemy, even the elite knight gold lion killed four, and five people
wounding, so that Paulus distressed, but the hands of Roger, and Jing Ge casualties but also heavy, so he did not thoroughly
before the end of attacks, but this did not reduce his vile man Rogge dislike this insidious, he said more than once, be sure to back
to Rogge's actions after exactly adults to report that Ophelia Rock.
but formidable enemy, Paulus not ignore the general interest of the people, or even still a very brilliant tactician.
family in dealing with people, he is a regular warfare will not small, as long as the war plan was determined that he is to execute every effort to make
heart.
Terran third day of the camp under the bar.
feel the wind in the early morning hours a trace of sentinel atmosphere of tension, change it seems In shivered slightly, slice
sentinel moment this is not the illusion found, change it, indeed shake, and the range is growing.
soon discovered sentinel to the source of vibration, numerous dwarf soldiers marching in step came out from the morning fog, their team in his
Central, there are three tall frightening figure.
when h if h if h, they desperately beat Sentinel the alarm.
at the array.
this time he has come to five hundred elite Terran soldier, and three hill giants, there are over three hundred soldiers for the sick because
reason the city was left in the ground, but the five hundred soldiers At least eight hundred people have enough people to deal with military families
team, not to mention the match for five hundred people present.
a Terran Warhammer Yang Wang, a nearly five-meter high hill toward a giant sounding. He held a disc Size
stone, like carrying a ball, as he roar, like a meteor-like cast stone, who hit the wooden wall
family camp. encircle one suddenly logs lined the walls were smashed open a big hole
.
wall on the Terran flurry, apparently did not expect people to mobilize so many ethnic army.
little while, and business wide open, and they filed out of the Terran invaders began to array, the number one family was shocked to
dwarf king, It was not four hundred people, obviously there are seven or eight hundred people. But think of is to open dig,
ready to attack the six miners and junior soldiers, three fireballs,
accurately hit the air the rock, to smash volley.
hill giants continue to cast stones, but always crushed, people do not know how many families to the total
magician. but not testing the waters of Long Hill giants, a dozen rounds of throwing the shot, the three hills giant has
weakness exposed. war on children that they are still the main force.
Then he raised his hammer high again, taking advantage of the human race has not been a good battle out, Scream out: .
Terran invaders soon a good battle out the gold lion knight in the center, the dragon and the knights in the post-beauty,
Jing Ge's capture slave warriors guarding the two wings of the shadow killer Benjamin dispersion in the array, the black Warrior Knights is the same with the gold lion standing sounding
.
three hills with the dwarf king of the giant bear, 冲在最前面.
Dwarf King , along with the deafening roar, Warhammer bitter blow
, a flame waves tens of meters across the room, sprang to the Terran camp, and shortly will be a golden lion
a black knight and warrior swallowed, the giants also voted out of the hands of the stones, smashing a dozen people turned out,
then stick out behind the huge, heaving a position toward the human race.
Xianshibumiao, Paul Luce sword went up to the dwarf king, Jing Ge, Kate, and two were stopped by three security
a hill giant.
Dwarf Battalion then immediate concern, the play suddenly burst melee.
war Among the Golden Lion Knight formed a small party of a team, facing a wave of shock dwarves
step is a non-refundable. turn on the front of a dozen dwarf warrior fell to the Golden Lion in front of surprise , the Dragon and the Knights face the elite beauty
dwarf Knight actually did not strive. Anyway, the money masters, is a major arms dealers, Rogge
all equipped with a heavy shield men, guns, axes and hand crossbow, which is specifically designed to deal with dwarves. rifles
hand ax hand gun, not so much killing the enemy, as it is deliberately alienate the dwarves, they are constantly wrestling with the dwarf warrior
with. dwarves days short-legged short-hand, but also love to use Tomahawk, by these long guns live, where to get one cut.
sudden dwarf elite soldiers actually do nothing to take the dragon and the knight beauty.
but dwarves no way, does not mean Dragon and Knight were also no way to beauty, and beauty as a dragon knight standard
standard configuration, the hand crossbow played an unexpected great power. such a short distance, the hand of God of War Hammer of the refined enough
crossbow Shot through the chain of a dwarf warrior, although the bolt into the meat is not deep, but enough. You know, there is no such
Wei Du, when the truth? and are fed the poison is Fuluo Ya body specifically for dwarf The allocation of only
live on to try to grasp, this time just to feed the local anesthetic effects.
Kate giant Dudou and hills make a few rounds, it was a giant can not match the strong hills shook the mouth flow < br> blood. But Kate desperately muster a grudge fight to the death not refundable. He knows that he if a retreat, behind the war will be
be chaos. Kate Light enveloped my body, apart from the blood spatter, in the hands of steel gun battle also live in the hill giant who
wounds.
Roger Summons a huge sword spider, also called a couple of skeleton warriors. With his magic
Undead understanding of the community, now called the skeletons out of the skeleton is already fully equipped soldiers, and now he is just missing
strong soul and therefore can not study more powerful undead.
Rogge also used later give yourself a short spell holding the bastion of an active war.
strong as dwarves are thwarting, Roger is simply killing as unhindered, spiders and
skeleton sword fighters escort Roger'd do fear for their safety, but began to worry about their future financial security to the production
.
him the fainted.
soldiers are vulnerable to even a hundred years, the other dwarves what to be afraid of? Rogge more and more confident.
Tomahawk before that, cut down one, the handle extension, and hit Halo one is not even kicked a back
the will. As for the occasional cut in the dwarf warrior, it is difficult to Chennai, struggling, so the horse rushed. Kate meet with him for many years, the heart
consonance, yell, a strong grudge into the Light. giant eyes of a blind, followed by a cry of Tong Hu,
jump up. Rogge, since the latter had stabbed the giant ax, the ax did not tip into it, only because of the height
reasons, this ax is a giant thorn in the flesh the thickest ass body. hilly giant rump The thick, far beyond the imagination of Romania
grid. foot-long ax sharp thorn into the whole, or not actually touch the bone.
wounded giant once made a mad, waving a stick over the battlefield to kill his scumbag attack, but under the quasi-Wei
anger is not a good head, accidentally injure a lot of dwarves.
At this time, the melee there is a sudden moment of battle seems to have the time to pause.
I do not know when it would have a clear sky filled with the dark clouds, the clouds if life in general, still in all directions to
gathered incredible speed.
clouds soon formed the Central with a huge vortex, whirlpool lightning flashing, thunder is not a huge
stop coming. all from the game slow down both hands, afraid to look at the vision of heaven and earth.
a red robe of a magician from the Terran female camp flew up into the sky. her long hair flying, his chest a ball floating
strong red light. Rogge on the battlefield only a few people through red light, see the ball of light, there is a pattern
strange little tripod is slowly turning.
Fuluo Ya cool, melodious sound from the air misty Chung curse down.
together, the entire battlefield to life like on the ground in general, began to slowly creep
move, yet there are bloody slowly began seeping from the earth to.
All efforts to drain rapidly away from his body. had Paul Lo
Adams has been his neck and left branch of the right clumsy, black and blue, this sudden turn of events so that he escaped unharmed immediately.
human race took a deep breath, attempt to re-set the energy transport, but found almost become part of his life force flame
actually have disappeared without a trace.
This must be heaven doing that witch, that damned . dwarf polar
Wang anger roared to the sky, stare week between the years only to find themselves all Yaoyao Yu fallen soldiers. He suddenly found
shake shake shake to drink it all day, two small barrels of whiskey!
while, regret, anger, the king's heart filled with dwarves, but because the responsibility of being king, he can not this fall into guilt among
. No, although the soldiers are subject to high a curse, but do not lose this war.
ground forces will soon break through.
sky's Fuluo Ya still sing spell, a short spell after the completion of her next geotropism means,
clear and spit like nine days Fengming the words:
Fu Luoya repeatedly tap the hand, finger place, the ground is a violent fluctuations.
, desperate to escort the body unable to withdraw to the underground dwarf king
City.
to chase.
, the surface is a rare serious.
Rogge was furious, shouted: Rogge, a thorn in the ass on the axes, Weng Weng gas sound replied: br> Roger suddenly secretive smile: , within a radius of several hundred meters
thunderbolt suddenly becomes a forest. optic presents an unusual dark green. from time to time and fire, the dwarves were hit
blink of an eye to the whole body covered with tiny green sparks , fell to the ground twitching.
just a few hundred meters away, the vast majority of dwarf warriors left behind by Lei Yusen Lin.
extremely angry giant hill, shouted and rushed forward to Rogge over. sneer about Rogge, horse went up,
> giant issued a howling cry of pain, broken stick into the hands of two sections, one Xue Jian Biao
out immediately from the chest.
Roger rode back, staring at the ground not breathe giant.
giant struggling to break the hills: on the wood that break up the root
value of a coin, but at least the value of r l tied to the soul of ten thousand gold coins. compete with a thousand silver coins of gold
result is what you get! But of course you do not understand these , is not it? It does not matter, in the spirit of r l tied in plenty of time for you to think about! King fled to the underground city of dwarves.
see settled, Chung Fu Luoya light spell, a small tripod becomes crystal clear, not into her chest. If
has informed the presence of the old magician , must recognize the origins of this little tripod: Artifact Crime
the country! sector in the artifact holder can display their own original
than the one level above a magical charm, while the artifact itself can also be launching several unique powerful magic.
Lei Yusen Lin is the of the country, is that the wide spectrum of areas to spell success without finish the long march highlight one or two, and none of ten.
artifact also has high and low good or bad, very powerful artifact, defeated
below it, These spices have been no drugs, but the and the Luo Ya have to face the irrational Roger and Benjamin
the.
a return to the underground city, dwarves, was told the king of all mountains tunnels leading to the setting sun are just
algorithm of fault earthquake the. Because dislocation formation, the entire block of rock tunnel in the original position, once again open up the pit
Road is estimated it may take two months. Jingnu Cross dwarf king immediately escorted their attendants to make the ; the door of the abyss voice low and calm.
a century soldiers look solemn, silent in the face shows the unyielding determination.
of them said, not to mention the five years of life, is going to die tomorrow, how? for Defence of this home, health
protect their women and children, they are willing to pay any price!
eye in the sky secretly sigh, the old wizard, the race's fate early in the foot on this land has been determined to
. Any fight will only apply in the end more tragic bit color only.
the art of Haemophilus cast one by one in the dwarf warriors, dwarves are the treatments of pain on the ground twitching
, guo for a long time, .
little while, and after another dwarf warrior leaps from the ground.
> into a bloodthirsty dwarf the art report of the king eagerly.
is also a giant, has been sleeping giant in more than three years, but he is not a hill giant, but a much larger mountain
powerful giant, the dwarf is a giant underground city leaders. Fury rock enough to have six meters tall, Ming
significantly more than the giant hill. But in the hills giant pale skin, thick body, angry rock is bronze
skin, body symmetry, body.
giant dwarf king and leader of the meeting is simple. < br> old friends, our blood flowing in both
veins the blood of God of War, I will help you, let my people get peace after death, so your family can be re-
people happy in the underground city Life! This time, I was lost in this magic device above!
my friend, I hope you can take your people out of here, back to the mountains to the sunset, to a devil out of the reach where no
. , wake up stronger than before angry rock, I will go
challenge these demons. I can already feel the magic device that piece, which is recovering strength, but also in two days without
method to use, so We should as soon as possible to fight these demons! kill! allies and the rest is not how good, clean battlefield
spent too much time, but this, and picking up gold in the rock pile, as no one will Xianzang Xianlei, in addition to Fuluo Ya.
The war killed more than a hundred dwarf warrior, captured nearly four hundred. Gengrang Rogge happy is floating around on the battlefield
good fighter with the soul of fat beyond worldly insight allows him to understand clearly observed that dwarf
the soul alive, or who even points out what is the family of which the human soul.
Dragon for many years to follow his knights and beauty, Rogge sent their souls hh ah and sent to
Where then? live in heaven God is clearly not appropriate, and these guys went to the underworld more
all kinds of evil will be burning the fire of hell. As for the Devil, that is strong can go. Rogge does not even count themselves
on strong, not to mention these men had. Dragon and beauty Knight excels only mean there is nothing sinister.
after thinking it over, Roger will be more than a dozen killed the dragon and Knight sent the soul of all Americans live in the brothels where the different
sector. As for the shelf growing love affair is not to fancy these people to see their good luck.
Golden Lion Knight of the soul is of course One can not let go, Jing Ge, the batch of men are more players.
attitude in dealing with the soul, Roger has always been only the strength of Heroes, there is no racial discrimination, as long as the soul of a spirit
certain intensity, fat is the generosity, the future is a good test material ah Necro magic.
of course, fat is not to let people know their own soul in the collection. He shuttle them in battle, kind
Each sweep the battlefield to soldiers and said hello. Rogge to call out the names of all, there is no shelf fat
soon won everyone's favor. turn down a lap on the battlefield, ax start again in a layer of white misty light
.
Rogge ax suddenly cut off a small tree, small tree canopy to the naked eye can see down the rate of wilt.
stumbled Rogge When tied soul r l a lot of soul in the store, the Tomahawk strong start automatically attached
curse effect.
course, this is not an evil openly carrying weapons around, we must
out as soon as possible which of the soul.'d try mixing a few good choice undead.
After all, human society, on.
l r tied to the role of natural hiding from the soul as the master of magic Fuluo Ya. but there are very strict Xiao Yaonv their heavy dark
tendency to increase for Rogge strength of this unscrupulous behavior nothing to dislike, to
less fat will not go off by disclosing the secret to. Rogge is now on her toe, very respectful, but temporarily does not need
a secret, but hard to say after the ah.
Roger carrying it to full of evil, freezing cold, dead breath of Tomahawk, trot, wanted sneaked back
their camp in the.
;
Rogge, cold sweats, a look back, Fu Luoya are faint smile at him. fat to tie the soul
r l hide behind Samsam authentic: You know that today the war is hard, yes,
villain more tired, and want to go back and take a break. Ya smile all the eyes.
say fat sweat easily, so it came true, Rogge is now sweating, said: ;
Roger around to the back.
fat face with Roger, Roger defect showing his teeth in pain.
Fu Luoya a soul r the l tie the hands of Qiangliaoxialai from Rogge, but did not expect such a heavy, scared < br> Call soon, ax fell on the ground, punched a pit. by which the next shock, l tie in the soul soul r
restlessness together, the Tomahawk green victory. a Unit Tomahawk Ruoyouruowu flying around the green smoke,
Tomahawk around constantly trying to escape. has always been an invisible force to pull back. l r soul tied to
shaking Weng Weng , it screamed, as the midnight Guiku.
Fu Luoya staring at Roger and smiled flowery Nightmare: actually there is such a heavy ax! is tied to mention the soul of the fixed l r, finally gave up. She looked at Roger with great interest, as one has never been looked at
of Warcraft.
how would there be such a big effort to do? seems to me a lot of things you are hiding it! how, then the way I teach you
little thing! also stunned with what? not fast carrying an ax over your stupid?
Thursday, February 24, 2011
Constellations and Greek mythology
Constellations and Greek mythology
(Zhuantie)
mm Constellation Star seasons with the Greek mythology (a)
telling stories, it is necessary to brief you on the Star seasons.
A year Start spring with a lot of particularly bright stars stars. northern sky hung the most familiar constellation Ursa Major, the Little Dipper and Big Dipper, Little Dipper and the tail parallel to the horizon. where the North Star Little Dipper constellation of three stars and The Bear ( Ancient China say that Tianshu, Pier and shake light) are a rare bright star. except the three constellations, as well as W-North days, the days of the long seat and Draco. in the Northwest is the air The Auriga and Perseus. In due west, Orion and the Aries zodiac, Taurus share the Sky, and just south of the Sagittarius zodiac stands alone four boats in the South, crows, and other small constellation Crater the middle. is The most striking is the Oriental zodiac Libra. and the zenith at this time is a very brilliant Leo, Virgo and Bootes, the constellation of these three have a bright star, which together form the Spring Triangle.
summer Star is very interesting, because people can clearly see the rising of the Milky Way. Milky Way on both sides of Lyra and Aquila, respectively, which is the day the two blocks north of the arrows and Ophiuchus. slowly swim across the river beautiful Cygnus Henan west end of the zodiac Scorpio, and Sagittarius is moving to the center of the galaxy. zenith is the Hercules and Bootes mm although far less exciting then the top of the spring days, but the stars are due west and due east of the zodiac constellations occupied. west of the lion, the virgin and the scales, the east is the newly emerging Capricorn, Aquarius and Cancer, which is very rare. Scorpio a star of rare. The ancient Chinese texts recorded in the Beehive Cluster in Cancer is the are located in Tian Qin, Aquila and Cygnus, a large triangle can be comparable with the spring, while the piano from the Eagle and the days that were our two stars Altair and Vega called.
in the autumn sky, the Milky Way from northeast to southwest through the Sky. in the East is emerging Aries and Pisces. Aside from these two zodiacal constellations, there are a series of royal constellation east of the Star: Sandra King, Cassiopeia, fairies, Perseus and Pegasus: they the name of all from the same role in Greek mythology. In the south, is Aquarius, Capricorn and Phoenix Tower. from the zenith to the southwest in order of priority with the swans, Sagittarius and Aquila. autumn sky bright little star, there is no seemed more deserted. in the east of Orion and the pull of the big dogs and puppy, along with Taurus, Gemini rising Charioteer and the new. Southwest is Aquarius, the north is the re-emergence of the Cubs and Draco, and Aries is zenith hung alone. The only bright spot in the winter sky is the re-emergence of the star in brightness of -1.42, it is called Sirius.
and Bear constellation Ursa Major constellation and Greek mythology mm (b)
in ancient Greek mythology, there is a gentle and beautiful girl called Card Force Stowe, Artemis is the goddess of hunting around the best of a hunter, carrying a king of the gods Zeus, Hera-day fall in love with her. Soon, the card edge Stowe pregnant, she is no longer as before ran to chase the beast, but always silent walk in the team final. Artemis found this out, regardless of card edge Stowe pleaded, to her out of the hunting team. At this time Zeus do not know gone.
card Stowe was the goddess of power out of the hunting team, the lonely places in the jungle among the secluded. Later, the card edge Stowe had a lovely boy and named Arcas . Zeus and the combination of card edge Stowe, the birth of Arcas, and ultimately failed to outwit the gods Hera, she went to the woods to look for card edge Stowe, use magic to punish her, to diarrhea heart of anger. Card Force Story cried declare his innocence, but where to listen go Hera mm Suddenly, the beautiful Stowe card edge into a big mother bear.
instant fifteen years later, Askar Sri Lanka has been fifteen years old, had grown into a handsome and brave young man, he and his mother, just as a great hunter. One day, God saw Hera Arcas, hearts are not happy, in turn come up with a vicious plan. After a few days, Arcas hunting in the woods, I suddenly saw a big bear appeared in front of him, outstretched claw leap out. So this is the card edge Stowe, she wanted to embrace their children. arcas do not know the bear was his mother, his back a few steps, brought Lee spear aimed at Bear's chest, ready for a spear in the past. to the impending tragedy, when Zeus saw the situation, condemned as conscience will Arcas into a bear. Arcas into a bear then, immediately recognized the face of the mother, then nestling in her arms and ran.
(Zhuantie)
mm Constellation Star seasons with the Greek mythology (a)
telling stories, it is necessary to brief you on the Star seasons.
A year Start spring with a lot of particularly bright stars stars. northern sky hung the most familiar constellation Ursa Major, the Little Dipper and Big Dipper, Little Dipper and the tail parallel to the horizon. where the North Star Little Dipper constellation of three stars and The Bear ( Ancient China say that Tianshu, Pier and shake light) are a rare bright star. except the three constellations, as well as W-North days, the days of the long seat and Draco. in the Northwest is the air The Auriga and Perseus. In due west, Orion and the Aries zodiac, Taurus share the Sky, and just south of the Sagittarius zodiac stands alone four boats in the South, crows, and other small constellation Crater the middle. is The most striking is the Oriental zodiac Libra. and the zenith at this time is a very brilliant Leo, Virgo and Bootes, the constellation of these three have a bright star, which together form the Spring Triangle.
summer Star is very interesting, because people can clearly see the rising of the Milky Way. Milky Way on both sides of Lyra and Aquila, respectively, which is the day the two blocks north of the arrows and Ophiuchus. slowly swim across the river beautiful Cygnus Henan west end of the zodiac Scorpio, and Sagittarius is moving to the center of the galaxy. zenith is the Hercules and Bootes mm although far less exciting then the top of the spring days, but the stars are due west and due east of the zodiac constellations occupied. west of the lion, the virgin and the scales, the east is the newly emerging Capricorn, Aquarius and Cancer, which is very rare. Scorpio a star of rare. The ancient Chinese texts recorded in the Beehive Cluster in Cancer is the are located in Tian Qin, Aquila and Cygnus, a large triangle can be comparable with the spring, while the piano from the Eagle and the days that were our two stars Altair and Vega called.
in the autumn sky, the Milky Way from northeast to southwest through the Sky. in the East is emerging Aries and Pisces. Aside from these two zodiacal constellations, there are a series of royal constellation east of the Star: Sandra King, Cassiopeia, fairies, Perseus and Pegasus: they the name of all from the same role in Greek mythology. In the south, is Aquarius, Capricorn and Phoenix Tower. from the zenith to the southwest in order of priority with the swans, Sagittarius and Aquila. autumn sky bright little star, there is no seemed more deserted. in the east of Orion and the pull of the big dogs and puppy, along with Taurus, Gemini rising Charioteer and the new. Southwest is Aquarius, the north is the re-emergence of the Cubs and Draco, and Aries is zenith hung alone. The only bright spot in the winter sky is the re-emergence of the star in brightness of -1.42, it is called Sirius.
and Bear constellation Ursa Major constellation and Greek mythology mm (b)
in ancient Greek mythology, there is a gentle and beautiful girl called Card Force Stowe, Artemis is the goddess of hunting around the best of a hunter, carrying a king of the gods Zeus, Hera-day fall in love with her. Soon, the card edge Stowe pregnant, she is no longer as before ran to chase the beast, but always silent walk in the team final. Artemis found this out, regardless of card edge Stowe pleaded, to her out of the hunting team. At this time Zeus do not know gone.
card Stowe was the goddess of power out of the hunting team, the lonely places in the jungle among the secluded. Later, the card edge Stowe had a lovely boy and named Arcas . Zeus and the combination of card edge Stowe, the birth of Arcas, and ultimately failed to outwit the gods Hera, she went to the woods to look for card edge Stowe, use magic to punish her, to diarrhea heart of anger. Card Force Story cried declare his innocence, but where to listen go Hera mm Suddenly, the beautiful Stowe card edge into a big mother bear.
instant fifteen years later, Askar Sri Lanka has been fifteen years old, had grown into a handsome and brave young man, he and his mother, just as a great hunter. One day, God saw Hera Arcas, hearts are not happy, in turn come up with a vicious plan. After a few days, Arcas hunting in the woods, I suddenly saw a big bear appeared in front of him, outstretched claw leap out. So this is the card edge Stowe, she wanted to embrace their children. arcas do not know the bear was his mother, his back a few steps, brought Lee spear aimed at Bear's chest, ready for a spear in the past. to the impending tragedy, when Zeus saw the situation, condemned as conscience will Arcas into a bear. Arcas into a bear then, immediately recognized the face of the mother, then nestling in her arms and ran.
Wednesday, February 23, 2011
Awe of nature through the curse of heaven (2)
Cover for two reasons: a previous blog article forwarded the water, attracting 109G retort, water Bo article is to refute refute; two 109G of the end of the article will be Bo and I tied on a lesson from the water, like also immune to hide.
reading this, dear reader, must have some mental preparation: 109G Mr. Bo Mr. and water longer than the article, and inside a little professional, there might be boring to read a sense, but , hard to read, or interesting.
I sincerely adhering to the professional knowledge of water, Mr. Bo courage and spirit. notes, in a number of people over the years by way of demonizing hydropower industry disinformation, deliberately creating confusion to China's energy strategy , the water, Mr. Bo was a courage and knowledge of the soldier, a gifted writer, is worth a thousand Mauser elite.
109G of the man President, I also feel respect, because the article in the fight against water Bo in, 109G writing seriously, and the text simple, Mr., not arrogant like Zhu Xueqin were unrestrained flow also Zoran's message to those just above the curse.
order to facilitate analysis and comparison of all, I would 109G is also attached to the back of the article by Mr. , it is the end of the text, some fine products.
Light say, ignorance; times and light have said that contempt of science; further down, I could not bear to point more clearly, readers can try to infer what.
mm if the will of a spiritual nature, independent, different from humans, stronger than the human mm In fact, the Nature does not wreak havoc on the people? Wenchuan earthquake not Xiushui Li, do not build the dam, can avoid the earthquake it? no transformation of human nature, the ancient power of the flood story of Noah's Ark Bible mm background mm Is did not happen? No one on the moon, nature is not still in the top left of the crater dense it? In fact, the earthquake causes unrelated to human activities, , to scare people, just to plug stuff stolen, there is no means of reasoning.
carefully observed, China Mobile card, installed in a , extreme fear of nature under the concept of environmental protection school, and often can give some examples of environmental destruction to explain ; nature of the retaliation, However, ; the idea is harmful, however, and focus areas of the harm and by the very obvious, is in politics; logically justified: the Chinese people after tentatively Then, Hurricane Katrina, the United States, but also what causes curse it? Southern California earthquake, and from what? the tsunami in Southeast Asia but also from what? 911 and from what? hh
Finally, in recognition of over Mr. 109G. The reason why repeated recognition, an important reason is that, 109G dare to stand up again and again, Mr. to the point and is one of the debates (not will Liangmingshenfen), but not like dumb Arse Professor Zhu carry dead.
plain truth, the same Chinese people, why have so much to understand the gap? In addition to understanding the reasons, we can only point of interest to find, which is the end, Mr. 109G turned a deaf ear when the very understand (I could not help but recognize the once again) mm people, altruistic people, but assumed a profound and learned of the things are very complicated. there is water, Mr. Bo, since that time priority is to enchant the ignorance of the people, the next Acme Friends of Mr. Sima Nan, a blog in their own escort. the first to write a poem, made clear its obsession with cause, spectators and police users, not criticize them; then essays a citation, praised Mr. Bo expansive water upright, knowledgeable to is its name. a large Yin, etc. I want to educate, how can we treat lightly? but a careful reading, but it felt like bone stuck in my throat, to speak out.
account by text, text origin, is that after the earthquake New York Times published an article , but because from the resonance, We talked about narcissism of traditional culture and ancient civilization, propaganda, and in this extreme under the guise of environmental protection under the banner of the prevailing status quo, is not some kind of obstacles have played a role in scientific development? Mr. South and his masterpiece the quotation in the title of Mr. Bo country, shame the family of Mr. Bo water, water, and their anger, Mr. Bo fight, but retreat reflection of the poor people there is a substantial ancient cheek dry wind, want to come true gentleman, let me see the water, Mr. Bo reflect on anything for?
First, water the New York Times quoted Mr. Bo seismograph on the ridicule, and added its seen a quasi no seismograph. We also talked about the year 2000 after the self-satisfaction. No wonder the Americans would be subjected to ridicule. Fortunately, earthquake prediction is now the world's problems are not overcome, there is no way to ascertain the Americans, is not because we Zhang Heng seismograph superstition and touted the excessive influence of China's earthquake research. long as it is a little hard on the primary and secondary schools, will not use it wrong, Mr. Bo, not to worry about water professionals will rely on earthquake seismograph earthquake prediction. As for the water they saw Mr. Bo seismograph , earthquake, no direction appearance, internal parts of the name, just did not leave their work. so for a long time to copy the model seismograph can only display appearance. Until 2005, only Mr. Feng Rui column made all its internal use of the overhang should be placed principle, to replicate the success with features seismograph.
water, Mr. Bo distant school history by his own vague impression of class and structure was wrong, the letter I say the principle is equivalent seismograph inverted bottle, can also be regarded ignorance, fear; even though we can see the water, Mr. Bo rich living in the information age, things outside his profession studied under at least repeat itself. Water, Mr. Bo that this is a very simple and ancient inventions, it is not worth relish after 2000, narcissism, so that should be scorned. But Mr. Bo can be reversed if a water bottle in the premise has not felt the earthquake in Gansu, Henan, measured, then the water, Mr. Bo can narcissism, we are willing to Jin-Jin Le Road, while others do not intend to tolerate gratuitous ridicule of your invention. initially invention of human civilization is very simple, simple simple ignition? stone axes tied to the Shu Chashang Jane made simple? wheels Jane simple invention? Columbus eggs upright on the table the way we all now know, he did not demonstrate a simple mm is not easy before, at least for those who present themselves as highly intelligent is not easy for the Spanish aristocracy.
years ago for a 2000 earthquake in the direction of the determination of invention, insists it did not have the added function of forecasting earthquakes, and then fasten the charge of scientific research, which is a logic in that? If the earthquake prediction has not been the problem in a timely manner, then the water, Mr. Bo also said, the result is not forecast, then the prediction of this matter does not seem any responsibility seismograph. If that is determined after the earthquake, now in China measured the earthquake epicenter sector, strength, damage intensity, aftershock area, These both are done for. Moreover, no such determination of the earthquake department, or are they just rely on seismograph to measure, or the process used in the determination of the compass geomancy, Chaizi mercy, please cents Fuji and the like mysterious tactics, intoxicated people can be identified in the ancestral tradition from the simple invention by blind exaggerated, given a theoretical knowledge and modern instruments, and all these are where also willing to use the seismograph to record earthquake, play.
attacks in the words do not convey complete seismograph, the water began to return to the water, Mr. Bo Bank, began to attack the Dujiangyan. This time the water Mr. Bo speaking as a professional, want no confusion of the bar. water Mr. Bo is defined to Dujiangyan: ditch. half the devastating earthquake casualties and damage because of too much praise and even propaganda to mislead the people of Dujiangyan caused.
water, Mr. Bo jumping really mind the general reader can not keep up, but the water Bo This type of allegation, Mr. final word really is shocking, let me see the water, Mr. Bo Dujiangyan why go to war again it?
turned out to be the earthquake, the media published an article entitled What?! , unscrupulous, secret operations and ideological distortions. This article reproduced in the network issued and after, it is caused by a number of Internet users in the resonance. is what this article, contact the water, Mr. Bo Ni Lin, denounced by the water, Mr. Bo only human, Li Gu Yi However, he in the end is wrong with it?
water, Mr. Bo pointed out: first high-rise buildings in different seismic standards and ditches. This is true, but do not think that Mr. water for those who blog prefabricated wire in the hand that is breaking off pieces of concrete, steel and turn a blind eye has shrunk significantly, to openly earthquake collapsed the arrogance of those shoddy construction, he said, is through the generation of high-rise buildings, the latter will soon see the water, Mr. Bo What is the object of the defense in the end.
then, Mr. Bo clarified water r and other damage to the collapse of the generator room of the danger it? Shujun Li Bing, prefect of the building mid-thought: the mountain rivers and the special terrain, the water clock, water potential, the momentum profit guidance, no diversion dam, gravity irrigation, so that dike, watershed, flood, sediment, flow control interdependence, for a total system to ensure that the flood control, irrigation, water and social benefits of water fully integrated. and, with the completion of natural forces, extension and construction of intelligent creativity. harmonization Mr. puts it, break, so Engineering. significance of Water . taking into account the intensity of the earthquake, Dujiangyan City, suffered the tragic destruction of the urban areas, the damage is difficult to avoid this. but since the water is so obsessed with Mr. Bo traditional and modern sense, to compare it indispensable to compare out, the fact is, in the traditional sense The main structure of Dujiangyan, the word dyke, Diamond embankment Baopingkou so safe, modern river outside the gate, hoist beams, underground control rooms, and so there is a problem.
look at the water, Mr. Bo said The Temple Le Dan stele, evidence. Even if the heritage area was completely destroyed, search the Internet search is a bunch of photos. Dujiangyan principle of operation and function of wrong? riding boot, gravity irrigation, no dam water is not a fact? dikes, watershed , flood discharge, sediment, flow control is not true? flood control, irrigation, water transport and the overall efficiency of water use is not a social fact? in acid rain, water shortages, soil erosion, desertification, dust storms and other terms have been frequent in my other side, when the call to respect Nature, in harmony with nature, what is unacceptable? no matter from which side, > Water, Mr. Bo labeling approach with negative views of others out in the statement of their views when they hesitate to use the tactics mm substituting one concept which we've seen earlier: the Dujiangyan is not a ditch, not a water channel, in your Of course, you have the right mind to it as the ditch or water channel, but discussed it in your structure, function, role, please discuss Dujiangyan their structure, function, role, rather than the door you ditch observers described the experience of the structure and function and role of the ditch; Similarly, in your mind, nothing more than seismograph bottles upside down, but you describe the structure, principle, function, please describe the seismograph, not that the bottle how to be. You know, this simplified fuzzy concept, the methods taken for granted and that in ancient China, but cultivation of specialized knowledge portal, called inquiring. Gezhi is considered a serious impediment to learning in ancient China's development in the natural sciences, Now I am afraid none of your people who have a basic scientific literacy also endorsed this approach, but the cries of science, to save the traditional culture of the people indulging in the water, Mr. Bo, it appears that the traditional cultural heritage to do really well.
So Mr. Bo Dujiangyan Water charges are justified then?
First of all, Mr. Bo obviously do not know the water, even in the seventies of last century, annual maintenance is still needed. Many have been to Dujiangyan before the earthquake, people who travel, know where each of the annual maintenance? Dujiangyan people, including government departments and water conservancy experts are silly? Of course not, just because Mr. Bo criticized by the annual water damage repair is a year of normal operation of the Dujiangyan Water Conservancy Project process, but also Dujiangyan flood control thinking part of it. Dujiangyan received high mountain runoff, to ensure that sediment is not entrained into the irrigation district Neijiang, nor the formation of blockages in the weir area, which is a very important structure in the Po bottle windblown sand next to the weir spillway, fly Shayan above the river bottom, but lower than the height of runoff when the river. When flood season comes, the upper reaches of the river carrying a lot of rolling down the gravel sediment, the sediment in the fish head, it will return in the formation of Aquarius estuary, most of the sand was thrown over Feisha backwater into the spillway weir. When the water further increases, the floods hit, the sandstorm weir would be washed away, then the excess water and sediment directly into the spillway. when the flood season , upper reaches decreased Feisha spillway weir above the river bottom in the anhydrous state, just organized clean-up deposit, while repairing the damage weir Feisha to meet next year's cycle. windblown sand weir design concept similar to the modern pressure cooker or boiler Insurance valve, the destruction is intentional, and it is this unique concept, to ensure that the Chengdu Plain to the fight against floods, access to quality constant water supply. At the same time that the structure must be repaired, but also makes it safe will not lose a moment guard, led the entire overhaul of Dujiangyan, digging, keep history, which is over two thousand years can still be used Dujiangyan, one of the secrets. And even today, still in use Dujiangyan annual maintenance Ma Cha traditional bamboo cages, rather than the Mr. Bo wishful thinking of water, using reinforced concrete building. This is because bamboo cages composed of windblown sand Ma Cha largest flood peak in the arrival of weir, it will be washed away, open the entire spillway. and not in itself indestructible, while filling the flood and gravel Plain old brain child of a rushed irrigation. bamboo cages were destroyed after the Cha Ma restore logs, bamboo and pebbles, will be carried away by water, not into the huge need for a sledgehammer or even reinforced concrete Haituozi explosives. Water Mr. Bo allegations, accusations similar to a layman should not use electrical fuse, and the use of thick wire instead of, expert guidance is purely layman mm, however, professionals in the water, but Mr. Bo ah!
en er, Dujiangyan role in the end how much water Mr. Bo made a judge, but we do not know who the water, Mr. Bo, under the attribute of his direct solution can not accept, we take a look at the information: , Qin Warring States period of China Shujun Li Bing, prefect and the sub-mobilize a large water conservancy projects built, is the world so far, the oldest age of the only preserved, characterized by a non-grand diversion dam hydraulic .2200 Over the years, still play a huge benefit, Li Bing and flood control in the contemporary era, will benefit future generations, is worthy of the great masterpieces of the civilized world, to benefit the people of the great water conservancy project. Dujiangyan canal head works mainly with fish head diversion dam, spillway weir Feisha, Po three parts constitute the inlet mouth of the bottle, the scientific solution to automatically divert the river, automatic flushing, control water flow problems, eliminate the flooding, the western Sichuan Plain into a . At present irrigated area has reached more than 40 counties, more than a thousand acres in 1998. UNESCO World Heritage Committee's evaluation of Dujiangyan fully consistent with the Chinese Ministry of Water Resources website.
1000 mu of irrigated area, Sichuan Province, 30% of irrigated area, cultivated land area of 24.9%, 28.3% of total grain output, 5.9% land area , the problem of feeding 27.5%, 44.3% of GDP to restore the loss of 560 million kg of grain, to restore the loss of 200 yuan per capita. The above is one for the Think back to times before the jet openings.
water, Mr. Bo laborious to find a pile of records to prove Dujiangyan Guanxian disasters can not be after the completion of flood and drought prevention, land of abundance is an exaggeration. It is also very confusing, because he said losses can only be reduced to a minimum. Dujiangyan Chengdu Plain in the absence of prior year are subject to flooding, erosion, entrainment, but a large number of floods from the mountains of sand, according to statistics Minjiang 13 million tons of annual sediment load (equivalent to 6.5 million cubic meters) , where the sediment is not all sand soil, but contains a lot of gravel, silt repeated flooding. So even for agricultural development in Sichuan for living is considerably limited, Bing led the people to build the weir, the Dujiangyan flood sediment, drainage, irrigation , had just created a name rich in Sichuan later. China's Li Bing, the most respected place without too Sichuan, and Sichuan, Li Bing, or even the most revered temple to worship the water was cited by Mr. Bo Dujiangyan City). because we all understand, although all floods, but this flood is different from He floods, where all work well. no one will default to a Zigudaojin, a paradise on earth never floods and droughts Eritrea as a benchmark. No wonder the press after the earthquake in Dujiangyan City, an interview with the affected people, a lot of people did not forget to sigh, , water, Mr. Bo can have the heart to do degree. The Chengdu Plain is exaggerated as a land of abundance, water, Mr. Bo was so much noise should remember that last year there were numerous new Tianfu selection, the whole country Couchu Tianfu thirty-one candidate, the last day said the government is still falling back to the Chengdu Plain. Even if the water never accept external information, Mr. Bo is now the Internet search, the information is a lot a lot, I will not quote lists.
say that this anti-dam dam dispute , Mr. Bo anti-dam water, so people gear, and even extended to the point where people need awakened. But what of those anti-dam to dam construction has not? Although the opposition of a wave after wave, but the construction of the dam or a Block up, not only before the public knew, even before the adoption of national approval, the dam has been built up. dam has reached the point where arbitrary, and the water, Mr. Bo that this is not enough, just listen to people opposed to very harsh. built for the dam was, not only do not oppose the dam, and said no? and said not to be an accident? Mr. Bo was prone to water science and technology for the righteous cause of the birthright, the traditional culture as the label anti-dam people, then I also like to ask a: It is not just water, or water into electricity and water only is the scientific professional? the anti-dam people in environmental, biological, immigration, climate, cultural, shipping, geology, hydrology, sustainable development's point of view, argument, data is not a science. is not opposed to water, against the construction of the dam can easily give the label against science? The so-called science, I understand the nature of absolute truth is that there is no default label, but by empirical amendment of its theory. And since the illusion of absolute truth, negative views of all heretical, it is not science but religion. such as the Church burned Bruno, the persecution of Galileo, but also because they say nothing more than sub- the truth of the church, but this is Science? probably down to under science, may be generating dams mm mm profitable to consider some more, right? That being so, of course, oppose the dam and take away the food of my mouth, then the matter is academic point of view, the statistics speak, or holding a compass, mercy please God opposition, are all deducted a glance, weird smells, Wufei professional, but keep worrying about the merits, there are workers reflect, worship, read, in no hurry curse the king good at curse, I pray for fortunes mixed feelings, This text is to be criticized, but also advance to the reader users labeled ; slander r on the green line figures, but also a variety of media frequently lie. Add infringement reputation? While you applaud for you friends, Mr. Sima Nan, you master of the law, but many users you read these words in black and white, master of the law does not mean you have the legal immunity. have behaved, do not impose on others, do not want people to call you, but you had wantonly Kuangpen it is no wonder that Mr. Sima Nan Shantie blog these days too late! learn some of my other, more than ten thousand words I write now not to call you one. to apply the words of the year, President Jiang act crazy and irrational, this conqueror, who led the human posture and continuously push new stage of development, because forgetting to respect ecological laws of nature, but also to bring ecological balance and ecological catastrophe. Large There is also a spiritual nature, to withstand the ravages of too much abuse, returns to human beings only revenge, but not know, do not want to care about human compassion, mutual care. opinions cited in his paper again, I'm afraid to be quoted here again, gone through all this after the earthquake, may indeed we need to look at this passage.
Finally, want to feed Bo, Sima Nan gentlemen say two lines: the two gentlemen, you the performance, the timing is wrong; view is extreme; logic is confusing; way is rough; your values and emotions, and most people are out of tune , you gain a number of objections is as it should be. qualitative words, you as the role of a completely unqualified endorsement. Now a living is not easy, gentlemen, long before the road side, Jun the efforts!
project Life Forum me109g
reading this, dear reader, must have some mental preparation: 109G Mr. Bo Mr. and water longer than the article, and inside a little professional, there might be boring to read a sense, but , hard to read, or interesting.
I sincerely adhering to the professional knowledge of water, Mr. Bo courage and spirit. notes, in a number of people over the years by way of demonizing hydropower industry disinformation, deliberately creating confusion to China's energy strategy , the water, Mr. Bo was a courage and knowledge of the soldier, a gifted writer, is worth a thousand Mauser elite.
109G of the man President, I also feel respect, because the article in the fight against water Bo in, 109G writing seriously, and the text simple, Mr., not arrogant like Zhu Xueqin were unrestrained flow also Zoran's message to those just above the curse.
order to facilitate analysis and comparison of all, I would 109G is also attached to the back of the article by Mr. , it is the end of the text, some fine products.
Light say, ignorance; times and light have said that contempt of science; further down, I could not bear to point more clearly, readers can try to infer what.
mm if the will of a spiritual nature, independent, different from humans, stronger than the human mm In fact, the Nature does not wreak havoc on the people? Wenchuan earthquake not Xiushui Li, do not build the dam, can avoid the earthquake it? no transformation of human nature, the ancient power of the flood story of Noah's Ark Bible mm background mm Is did not happen? No one on the moon, nature is not still in the top left of the crater dense it? In fact, the earthquake causes unrelated to human activities, , to scare people, just to plug stuff stolen, there is no means of reasoning.
carefully observed, China Mobile card, installed in a , extreme fear of nature under the concept of environmental protection school, and often can give some examples of environmental destruction to explain ; nature of the retaliation, However, ; the idea is harmful, however, and focus areas of the harm and by the very obvious, is in politics; logically justified: the Chinese people after tentatively Then, Hurricane Katrina, the United States, but also what causes curse it? Southern California earthquake, and from what? the tsunami in Southeast Asia but also from what? 911 and from what? hh
Finally, in recognition of over Mr. 109G. The reason why repeated recognition, an important reason is that, 109G dare to stand up again and again, Mr. to the point and is one of the debates (not will Liangmingshenfen), but not like dumb Arse Professor Zhu carry dead.
plain truth, the same Chinese people, why have so much to understand the gap? In addition to understanding the reasons, we can only point of interest to find, which is the end, Mr. 109G turned a deaf ear when the very understand (I could not help but recognize the once again) mm people, altruistic people, but assumed a profound and learned of the things are very complicated. there is water, Mr. Bo, since that time priority is to enchant the ignorance of the people, the next Acme Friends of Mr. Sima Nan, a blog in their own escort. the first to write a poem, made clear its obsession with cause, spectators and police users, not criticize them; then essays a citation, praised Mr. Bo expansive water upright, knowledgeable to is its name. a large Yin, etc. I want to educate, how can we treat lightly? but a careful reading, but it felt like bone stuck in my throat, to speak out.
account by text, text origin, is that after the earthquake New York Times published an article , but because from the resonance, We talked about narcissism of traditional culture and ancient civilization, propaganda, and in this extreme under the guise of environmental protection under the banner of the prevailing status quo, is not some kind of obstacles have played a role in scientific development? Mr. South and his masterpiece the quotation in the title of Mr. Bo country, shame the family of Mr. Bo water, water, and their anger, Mr. Bo fight, but retreat reflection of the poor people there is a substantial ancient cheek dry wind, want to come true gentleman, let me see the water, Mr. Bo reflect on anything for?
First, water the New York Times quoted Mr. Bo seismograph on the ridicule, and added its seen a quasi no seismograph. We also talked about the year 2000 after the self-satisfaction. No wonder the Americans would be subjected to ridicule. Fortunately, earthquake prediction is now the world's problems are not overcome, there is no way to ascertain the Americans, is not because we Zhang Heng seismograph superstition and touted the excessive influence of China's earthquake research. long as it is a little hard on the primary and secondary schools, will not use it wrong, Mr. Bo, not to worry about water professionals will rely on earthquake seismograph earthquake prediction. As for the water they saw Mr. Bo seismograph , earthquake, no direction appearance, internal parts of the name, just did not leave their work. so for a long time to copy the model seismograph can only display appearance. Until 2005, only Mr. Feng Rui column made all its internal use of the overhang should be placed principle, to replicate the success with features seismograph.
water, Mr. Bo distant school history by his own vague impression of class and structure was wrong, the letter I say the principle is equivalent seismograph inverted bottle, can also be regarded ignorance, fear; even though we can see the water, Mr. Bo rich living in the information age, things outside his profession studied under at least repeat itself. Water, Mr. Bo that this is a very simple and ancient inventions, it is not worth relish after 2000, narcissism, so that should be scorned. But Mr. Bo can be reversed if a water bottle in the premise has not felt the earthquake in Gansu, Henan, measured, then the water, Mr. Bo can narcissism, we are willing to Jin-Jin Le Road, while others do not intend to tolerate gratuitous ridicule of your invention. initially invention of human civilization is very simple, simple simple ignition? stone axes tied to the Shu Chashang Jane made simple? wheels Jane simple invention? Columbus eggs upright on the table the way we all now know, he did not demonstrate a simple mm is not easy before, at least for those who present themselves as highly intelligent is not easy for the Spanish aristocracy.
years ago for a 2000 earthquake in the direction of the determination of invention, insists it did not have the added function of forecasting earthquakes, and then fasten the charge of scientific research, which is a logic in that? If the earthquake prediction has not been the problem in a timely manner, then the water, Mr. Bo also said, the result is not forecast, then the prediction of this matter does not seem any responsibility seismograph. If that is determined after the earthquake, now in China measured the earthquake epicenter sector, strength, damage intensity, aftershock area, These both are done for. Moreover, no such determination of the earthquake department, or are they just rely on seismograph to measure, or the process used in the determination of the compass geomancy, Chaizi mercy, please cents Fuji and the like mysterious tactics, intoxicated people can be identified in the ancestral tradition from the simple invention by blind exaggerated, given a theoretical knowledge and modern instruments, and all these are where also willing to use the seismograph to record earthquake, play.
attacks in the words do not convey complete seismograph, the water began to return to the water, Mr. Bo Bank, began to attack the Dujiangyan. This time the water Mr. Bo speaking as a professional, want no confusion of the bar. water Mr. Bo is defined to Dujiangyan: ditch. half the devastating earthquake casualties and damage because of too much praise and even propaganda to mislead the people of Dujiangyan caused.
water, Mr. Bo jumping really mind the general reader can not keep up, but the water Bo This type of allegation, Mr. final word really is shocking, let me see the water, Mr. Bo Dujiangyan why go to war again it?
turned out to be the earthquake, the media published an article entitled What?! , unscrupulous, secret operations and ideological distortions. This article reproduced in the network issued and after, it is caused by a number of Internet users in the resonance. is what this article, contact the water, Mr. Bo Ni Lin, denounced by the water, Mr. Bo only human, Li Gu Yi However, he in the end is wrong with it?
water, Mr. Bo pointed out: first high-rise buildings in different seismic standards and ditches. This is true, but do not think that Mr. water for those who blog prefabricated wire in the hand that is breaking off pieces of concrete, steel and turn a blind eye has shrunk significantly, to openly earthquake collapsed the arrogance of those shoddy construction, he said, is through the generation of high-rise buildings, the latter will soon see the water, Mr. Bo What is the object of the defense in the end.
then, Mr. Bo clarified water r and other damage to the collapse of the generator room of the danger it? Shujun Li Bing, prefect of the building mid-thought: the mountain rivers and the special terrain, the water clock, water potential, the momentum profit guidance, no diversion dam, gravity irrigation, so that dike, watershed, flood, sediment, flow control interdependence, for a total system to ensure that the flood control, irrigation, water and social benefits of water fully integrated. and, with the completion of natural forces, extension and construction of intelligent creativity. harmonization Mr. puts it, break, so Engineering. significance of Water . taking into account the intensity of the earthquake, Dujiangyan City, suffered the tragic destruction of the urban areas, the damage is difficult to avoid this. but since the water is so obsessed with Mr. Bo traditional and modern sense, to compare it indispensable to compare out, the fact is, in the traditional sense The main structure of Dujiangyan, the word dyke, Diamond embankment Baopingkou so safe, modern river outside the gate, hoist beams, underground control rooms, and so there is a problem.
look at the water, Mr. Bo said The Temple Le Dan stele, evidence. Even if the heritage area was completely destroyed, search the Internet search is a bunch of photos. Dujiangyan principle of operation and function of wrong? riding boot, gravity irrigation, no dam water is not a fact? dikes, watershed , flood discharge, sediment, flow control is not true? flood control, irrigation, water transport and the overall efficiency of water use is not a social fact? in acid rain, water shortages, soil erosion, desertification, dust storms and other terms have been frequent in my other side, when the call to respect Nature, in harmony with nature, what is unacceptable? no matter from which side, > Water, Mr. Bo labeling approach with negative views of others out in the statement of their views when they hesitate to use the tactics mm substituting one concept which we've seen earlier: the Dujiangyan is not a ditch, not a water channel, in your Of course, you have the right mind to it as the ditch or water channel, but discussed it in your structure, function, role, please discuss Dujiangyan their structure, function, role, rather than the door you ditch observers described the experience of the structure and function and role of the ditch; Similarly, in your mind, nothing more than seismograph bottles upside down, but you describe the structure, principle, function, please describe the seismograph, not that the bottle how to be. You know, this simplified fuzzy concept, the methods taken for granted and that in ancient China, but cultivation of specialized knowledge portal, called inquiring. Gezhi is considered a serious impediment to learning in ancient China's development in the natural sciences, Now I am afraid none of your people who have a basic scientific literacy also endorsed this approach, but the cries of science, to save the traditional culture of the people indulging in the water, Mr. Bo, it appears that the traditional cultural heritage to do really well.
So Mr. Bo Dujiangyan Water charges are justified then?
First of all, Mr. Bo obviously do not know the water, even in the seventies of last century, annual maintenance is still needed. Many have been to Dujiangyan before the earthquake, people who travel, know where each of the annual maintenance? Dujiangyan people, including government departments and water conservancy experts are silly? Of course not, just because Mr. Bo criticized by the annual water damage repair is a year of normal operation of the Dujiangyan Water Conservancy Project process, but also Dujiangyan flood control thinking part of it. Dujiangyan received high mountain runoff, to ensure that sediment is not entrained into the irrigation district Neijiang, nor the formation of blockages in the weir area, which is a very important structure in the Po bottle windblown sand next to the weir spillway, fly Shayan above the river bottom, but lower than the height of runoff when the river. When flood season comes, the upper reaches of the river carrying a lot of rolling down the gravel sediment, the sediment in the fish head, it will return in the formation of Aquarius estuary, most of the sand was thrown over Feisha backwater into the spillway weir. When the water further increases, the floods hit, the sandstorm weir would be washed away, then the excess water and sediment directly into the spillway. when the flood season , upper reaches decreased Feisha spillway weir above the river bottom in the anhydrous state, just organized clean-up deposit, while repairing the damage weir Feisha to meet next year's cycle. windblown sand weir design concept similar to the modern pressure cooker or boiler Insurance valve, the destruction is intentional, and it is this unique concept, to ensure that the Chengdu Plain to the fight against floods, access to quality constant water supply. At the same time that the structure must be repaired, but also makes it safe will not lose a moment guard, led the entire overhaul of Dujiangyan, digging, keep history, which is over two thousand years can still be used Dujiangyan, one of the secrets. And even today, still in use Dujiangyan annual maintenance Ma Cha traditional bamboo cages, rather than the Mr. Bo wishful thinking of water, using reinforced concrete building. This is because bamboo cages composed of windblown sand Ma Cha largest flood peak in the arrival of weir, it will be washed away, open the entire spillway. and not in itself indestructible, while filling the flood and gravel Plain old brain child of a rushed irrigation. bamboo cages were destroyed after the Cha Ma restore logs, bamboo and pebbles, will be carried away by water, not into the huge need for a sledgehammer or even reinforced concrete Haituozi explosives. Water Mr. Bo allegations, accusations similar to a layman should not use electrical fuse, and the use of thick wire instead of, expert guidance is purely layman mm, however, professionals in the water, but Mr. Bo ah!
en er, Dujiangyan role in the end how much water Mr. Bo made a judge, but we do not know who the water, Mr. Bo, under the attribute of his direct solution can not accept, we take a look at the information: , Qin Warring States period of China Shujun Li Bing, prefect and the sub-mobilize a large water conservancy projects built, is the world so far, the oldest age of the only preserved, characterized by a non-grand diversion dam hydraulic .2200 Over the years, still play a huge benefit, Li Bing and flood control in the contemporary era, will benefit future generations, is worthy of the great masterpieces of the civilized world, to benefit the people of the great water conservancy project. Dujiangyan canal head works mainly with fish head diversion dam, spillway weir Feisha, Po three parts constitute the inlet mouth of the bottle, the scientific solution to automatically divert the river, automatic flushing, control water flow problems, eliminate the flooding, the western Sichuan Plain into a . At present irrigated area has reached more than 40 counties, more than a thousand acres in 1998. UNESCO World Heritage Committee's evaluation of Dujiangyan fully consistent with the Chinese Ministry of Water Resources website.
1000 mu of irrigated area, Sichuan Province, 30% of irrigated area, cultivated land area of 24.9%, 28.3% of total grain output, 5.9% land area , the problem of feeding 27.5%, 44.3% of GDP to restore the loss of 560 million kg of grain, to restore the loss of 200 yuan per capita. The above is one for the Think back to times before the jet openings.
water, Mr. Bo laborious to find a pile of records to prove Dujiangyan Guanxian disasters can not be after the completion of flood and drought prevention, land of abundance is an exaggeration. It is also very confusing, because he said losses can only be reduced to a minimum. Dujiangyan Chengdu Plain in the absence of prior year are subject to flooding, erosion, entrainment, but a large number of floods from the mountains of sand, according to statistics Minjiang 13 million tons of annual sediment load (equivalent to 6.5 million cubic meters) , where the sediment is not all sand soil, but contains a lot of gravel, silt repeated flooding. So even for agricultural development in Sichuan for living is considerably limited, Bing led the people to build the weir, the Dujiangyan flood sediment, drainage, irrigation , had just created a name rich in Sichuan later. China's Li Bing, the most respected place without too Sichuan, and Sichuan, Li Bing, or even the most revered temple to worship the water was cited by Mr. Bo Dujiangyan City). because we all understand, although all floods, but this flood is different from He floods, where all work well. no one will default to a Zigudaojin, a paradise on earth never floods and droughts Eritrea as a benchmark. No wonder the press after the earthquake in Dujiangyan City, an interview with the affected people, a lot of people did not forget to sigh, , water, Mr. Bo can have the heart to do degree. The Chengdu Plain is exaggerated as a land of abundance, water, Mr. Bo was so much noise should remember that last year there were numerous new Tianfu selection, the whole country Couchu Tianfu thirty-one candidate, the last day said the government is still falling back to the Chengdu Plain. Even if the water never accept external information, Mr. Bo is now the Internet search, the information is a lot a lot, I will not quote lists.
say that this anti-dam dam dispute , Mr. Bo anti-dam water, so people gear, and even extended to the point where people need awakened. But what of those anti-dam to dam construction has not? Although the opposition of a wave after wave, but the construction of the dam or a Block up, not only before the public knew, even before the adoption of national approval, the dam has been built up. dam has reached the point where arbitrary, and the water, Mr. Bo that this is not enough, just listen to people opposed to very harsh. built for the dam was, not only do not oppose the dam, and said no? and said not to be an accident? Mr. Bo was prone to water science and technology for the righteous cause of the birthright, the traditional culture as the label anti-dam people, then I also like to ask a: It is not just water, or water into electricity and water only is the scientific professional? the anti-dam people in environmental, biological, immigration, climate, cultural, shipping, geology, hydrology, sustainable development's point of view, argument, data is not a science. is not opposed to water, against the construction of the dam can easily give the label against science? The so-called science, I understand the nature of absolute truth is that there is no default label, but by empirical amendment of its theory. And since the illusion of absolute truth, negative views of all heretical, it is not science but religion. such as the Church burned Bruno, the persecution of Galileo, but also because they say nothing more than sub- the truth of the church, but this is Science? probably down to under science, may be generating dams mm mm profitable to consider some more, right? That being so, of course, oppose the dam and take away the food of my mouth, then the matter is academic point of view, the statistics speak, or holding a compass, mercy please God opposition, are all deducted a glance, weird smells, Wufei professional, but keep worrying about the merits, there are workers reflect, worship, read, in no hurry curse the king good at curse, I pray for fortunes mixed feelings, This text is to be criticized, but also advance to the reader users labeled ; slander r on the green line figures, but also a variety of media frequently lie. Add infringement reputation? While you applaud for you friends, Mr. Sima Nan, you master of the law, but many users you read these words in black and white, master of the law does not mean you have the legal immunity. have behaved, do not impose on others, do not want people to call you, but you had wantonly Kuangpen it is no wonder that Mr. Sima Nan Shantie blog these days too late! learn some of my other, more than ten thousand words I write now not to call you one. to apply the words of the year, President Jiang act crazy and irrational, this conqueror, who led the human posture and continuously push new stage of development, because forgetting to respect ecological laws of nature, but also to bring ecological balance and ecological catastrophe. Large There is also a spiritual nature, to withstand the ravages of too much abuse, returns to human beings only revenge, but not know, do not want to care about human compassion, mutual care. opinions cited in his paper again, I'm afraid to be quoted here again, gone through all this after the earthquake, may indeed we need to look at this passage.
Finally, want to feed Bo, Sima Nan gentlemen say two lines: the two gentlemen, you the performance, the timing is wrong; view is extreme; logic is confusing; way is rough; your values and emotions, and most people are out of tune , you gain a number of objections is as it should be. qualitative words, you as the role of a completely unqualified endorsement. Now a living is not easy, gentlemen, long before the road side, Jun the efforts!
project Life Forum me109g
Tuesday, February 22, 2011
Lucheng blessing Branch, 2009, the new design team!
Good busy for a while recently, the media continue to interview and asked him and hands in the operation of many projects, and the establishment of good EBEY largest branch is my project this year. With a range of normal operation of the branch in a The establishment of an improved, very pleased and happy. Lucheng design of the new team in 2009, hopes the team can be farther initial good! thank all the partners and new colleagues to join our unique and easy to become a hundred, easy family are gradually expanding. Lucheng companies are starting to get into a good state, according to the idea easy to hundred and practices and corporate culture to mature. Lucheng Nanxi Road branch is located in Wenzhou City, Garden Home Villa 14, choose elegant environmental area is better for the team office, long-term efforts in the field of interior space and cultural hundred people work hard and easy. Welcome to the future more easily a hundred family!
know Site Expansion in
EBEY Branch Manager Mr. Lin Zhengzhi Lucheng, graduated from Beijing University of Posts and Telecommunications, nine sales and management experience, five years working in Hangzhou Eastern Communications company, is responsible for marketing management and provincial representatives. determination and General Manager Feng Yi Yi Jin together to create a hundred to the future, will be joining with the headquarters of a unified and easy hundred corporate culture and business philosophy, to better serve the local decoration. His sales, marketing, business management, team building, corporate strategy, employee motivation such a wealth of experience. the future of the industry outside of its advanced management mode implanted into the decoration industry, politics, JUST IN TIME forest management into the management of site construction decoration is easily a hundred in the domestic first introduced to the Six Sigma decoration and construction quality management, and integration into the
know Site Expansion in
EBEY Branch Manager Mr. Lin Zhengzhi Lucheng, graduated from Beijing University of Posts and Telecommunications, nine sales and management experience, five years working in Hangzhou Eastern Communications company, is responsible for marketing management and provincial representatives. determination and General Manager Feng Yi Yi Jin together to create a hundred to the future, will be joining with the headquarters of a unified and easy hundred corporate culture and business philosophy, to better serve the local decoration. His sales, marketing, business management, team building, corporate strategy, employee motivation such a wealth of experience. the future of the industry outside of its advanced management mode implanted into the decoration industry, politics, JUST IN TIME forest management into the management of site construction decoration is easily a hundred in the domestic first introduced to the Six Sigma decoration and construction quality management, and integration into the
Monday, February 21, 2011
Dr. Gao Shanwen 2009 Macroeconomic Analysis
China Merchants Bank, have the opportunity today to China Merchants Bank, and we communicate about the future of our second half, or longer period of time changes in economic trends and market trends in some of the views, the place does not speak, but also criticism please correct me. I probably use 70-80 minutes to start my statement, and then there are still about half an hour to do an interactive and communication. Next to enter the contents of my formal statement today.
the content of my presentation today, including that of several two aspects: first, the view of the economy. Second, the capital of view. Third, the views of market trends. Fourth, some thoughts on inflation.
First, we answer on the economy some basic judgments. From a macroeconomic point of view of the trend, I think if three months ago, six months ago, the market of public opinion are quite general pessimism, and there are enormous differences in economic trends, with the second quarter disclosure of data after another on economic trends in the second quarter, we achieved a high degree of consensus. China's economy has indeed been achieved V-reversal, the bottom of the first quarter of this year reached about, and now V-economic growth has been in the right side, very fast rebound and climb channel in. Last June, we have been stressing this wave of adjustments in the short term China is likely to end V-trend, although the possibility of W-type movements in the earlier time is difficult to exclude, but the trend is a big V-probability event. We more confidence now that economic development has been fully realized V-reversal. and from the perspective of economic growth, economic growth will continue to climb at least the first half of next year, next year, economic growth in the second half for some reason there may be some decline , fall down, the level of economic growth rate may be between 9-10, the growth rate compared with the annual growth rate 2005,2007 may be slightly lower, so we say that V-right shoulder is lower than the left shoulder However, the growth rate of nearly 10% of the Chinese economy is a very satisfactory level, at this level, the various resources, coal, electricity, infrastructure support capabilities, ability to support the labor supply point of view, not to the macro-economic zone to enormous pressure.
support economic rebound in the strength of V-type long ago we are very clear, from the second quarter economic data, determine the reversal of V-economic data in the second quarter can be largely verified. V inversion strength so far, mainly large-scale fiscal stimulus and business inventory adjustment, inventory adjustment end. This is regardless of study or investigation of fixed-asset investment growth in fixed assets investment in the industry composition, regardless of study of industrial production changes in composition or changes in industrial production, we see very clearly that the fiscal stimulus associated with many industries, such as transport equipment, steel, building materials, cement and so many industries in February to enter the fast climb stage, and this climb so far appears to be no end. about the future from the May, we see a lot of industries, including textile industry, computer and information equipment sectors, electrical machinery industry, and their relatively rapid growth rate also appears increased, the rise and companies inventory and to replenish stocks ended a relationship. Even if we know that a few months ago to promote the V-reverse stock end of the main forces and large-scale fiscal stimulus. A few months ago we suspect that the impact of inventory and the impact of fiscal stimulus medium to long term can not be sustained. from the fourth quarter of fiscal stimulus and the impact of inventory adjustments will boost economic growth dropped substantially, a few months ago was widely suspected question is in this context, the economy may be a secondary probe the end of the pressure, W-type movements may occur. The situation now, though concerns remain that, but the risk has been greatly reduced, because we can at least see the power of three has the rise in the fourth quarter of this year, or both rising , the power of three will take over the baton to support economic rebound. three forces at the grassroots level is also very easy to see, first, the overall increase in investment in real estate development. There is no doubt dependent on the real estate market in sales aspects of pressure to eliminate reverse and real estate stocks, which is at least first-tier cities across the country are generally seen within. With the real estate stocks fell, we saw the real estate cash flow improvement, lower inventory and compare the real estate business active participation in land auctions and subscription, of such a relatively clear trend in real estate development and investment means that the reversal is just a matter of time, but from the time point of view, the turning point of this reversal should not be later than the fourth quarter of this year. From the second quarter of this year in terms of real estate development and investment data, the real estate development and investment seems to have started from a relatively low level upwards, if we are to observe the new construction area, observe the completion of the construction area or area of observed cases, real estate development investment has been fully point increase in new construction area, or to determine a number of physical quantities such indicators, has not been very well recognized. real estate new construction area and in the construction area growth is a matter of time, and the next few months we are sure to see this turning point. and we know the real estate development and investment has been accounted for the entire Chinese economy is about 9% of GDP, a level near that in this context, a comprehensive real estate development investment on the economic impact of reversal will be global in nature. along its production chain, we can see more than 40 industries, directly or indirectly affected by the real estate development and investment. And from the perspective of the real estate purchase and consumption, the real estate sales growth will lead to a lot of related products, sales growth, such as buildings decoration materials, furniture, household appliances, etc., and this positive change, with real estate sales pick up, we have generally seen. and such a support role is largely self-sustaining, and will promote economy in the medium term to maintain a relatively high growth level. we have seen, and there are relatively large to grasp the power to judge is the second major exporter of appointment from time to stabilize in the coming months, and from gradual recovery later this year, growth in the fourth quarter. Now we can not expect, and exports are expected to be less likely to return to 2007 an average of 25% growth rate before and even harder to return to the year 2002 the average growth rate of 15%, but exports from this year in the fourth quarter during the gradual return to positive growth is entirely possible even close to double-digit growth. to promote the strength of a rebound in exports is relatively clear, from the macro and micro level, we think we can have three aspects of evidence to support such a decision: the first From now on the growth of global manufacturing, global manufacturing is now a leading indicator from the point of view, the end of this year, the global manufacturing industry will resume positive growth, although in terms of trend is still relatively weak, but the global economy to return to growth track, on China's export growth is raised to at least the interval. The second aspect of the force in the end of last year, since late last year, in order to steady expansion of exports, central authorities have introduced a series of policy measures, from credit facilities to offer export tax rebate adjustment, but also other supportive measures. These measures should help to gradually achieve results. The third reason is that it? China's export industries, especially the export sector to adjust the low end in particular about the second half of 2007 so far So far about market pressure and spontaneous adjustment has been going on for two years, in the past few months, in the context of the dollar, in fact, the RMB exchange rate in 2008, under enormous pressure has been greatly reduced, the pressure on the exchange rate basket improvement, coupled with grass-roots level about the export sector has been very close to 2 years to adjust the depth, this adjustment means that in the not too distant future, the industry's adjustment at a relatively low level should have been ended, has stabilized, and gradually upward into a positive growth track. Because these three aspects of development, we are confident that the larger the fourth quarter of this year, China's exports resumed growth, and this growth will affect the output of export industries, will affect the export sector employment and investment, which has the overall economic impact.
economic rebound in the fourth quarter of this year, in fact, has already played some strength in recent months. The third force is the non-residential areas to some extent, private investment has resumed . from the first quarter of this year, situation, or situation from the fourth quarter of last year, a huge risk factor, a huge area of uncertainty in a wide range of private sector investment is almost at a standstill, we do not know what will happen tomorrow, we do not know this disaster there will be more serious in a very wide range of areas, private sector investment almost at a standstill. But over the past few months, as the government adopted a series of stimulus measures to gradually bear fruit, as the global financial market to gradually stabilize With a wide range of risk reduction, private sector investment in the frozen state at very low gradually restored, so that the recovery in the sector constitute a level of investment in fixed assets within a certain range we can see, we can see that the recovery of investment . particularly from the perspective of private equity investment in environmental protection, new energy, electric vehicle, and many other related fields, in fact, has become quite active in investment activities, and these changes mean that non-residential areas, at least in some industries or some sector, investment activities are gradually becoming active again, but such a change on economic growth in the medium term there are still significant supporting role.
mainly due to these reasons, we can speak even though short-term economic V inversion strength is mainly short-term, including financial incentives, inventory adjustment, but in the medium term, with the rise of residential investment, with private investment from the state of very low and gradually began to recover, and with the gradual recovery of export growth, the economy climb up the recovery process will become more and more to maintain. And from the perspective of economic growth, economic growth rate of the first half of next year, more than 11% should not be too surprised. next year to achieve annual economic growth level of 10% next year second half of the economic growth rate reached 9% level. This means that the momentum of last year's adjustment has been checked. in the context of rapid increase in economic growth, we can expect now at the grassroots level, you can gradually see more and more industries More and more cyclical industry profitability and earnings growth has been reversed or will soon climb to appear very quickly, such as iron and steel, non-ferrous metals, petroleum refining, construction machinery and so the field, we have seen or will be gradually see the reversal and recovery. If the economic growth process, or at least the first half of next year before the end of next year, and its recovery is sustainable, profitable growth and recovery in the same range is basically maintained. This is from an economic growth perspective.
Second, After discussing the situation of economic growth, we also want to specifically discuss the point of liquidity from the capital or from the point of view, this is an important aspect of the reasons why liquidity changes on stock market, real estate market trends will have a profound impact on the other hand, lies in the current economic environment, changes in flow or reversal of the trend of economic growth will also have a huge impact and even direction, in this context we consider Whether economic growth point of view from the observation, or from the observation of the capital market or the basic trend of the real estate market perspective, to grasp the fluidity of the basic trends and patterns are very important. from the liquidity perspective, I personally tend to Judgement is in the Chinese real economy, the most lenient when liquidity is over. when liquidity should be the most liberal in the first half of this year, and probably the second quarter of this year, from the third quarter, China has entered a state of liquidity loose an irreversible and sustained decline and weaken the process. mobility corresponding to what is loose? mobility corresponding to the loose capital markets and real estate market is rising faster, more profound level of liquidity easing, stock market, real estate market rise faster. If the shortage of liquidity into the state, the basic process will end up, and turned down. easing liquidity to support economic recovery has a very significant impact, especially in the current economic context.
From the trend, the first half of 2009 the Chinese economy appears loose liquidity, it should be a degree unprecedented, unprecedented liquidity loose in this context, we see the market rise in the Chinese capital market ten-speed is not seen in history. But into the second half of this year, this process has been transferred and the weakening trend irreversible. liquidity into the decline and weakening trend in itself is not very scary, very scary is that this decline and weakening trend in the future will be swept over a critical point of the day, re-tension into the shortage and, if a future day, that day may be next year, maybe two years later, however, will be to. liquid critical point when inundated , re-transferred to shortages and tension, we almost have to conclude that so far the stock market rise, the real estate market rise will replay it again backwards. on the future of mobility is critical, very important challenge is to predict, When liquidity will be the turning point, if the inflection point, what can we confirm the inflection point appears. If in the future liquidity of the critical point has been submerged or are near the critical point, how do we know that liquidity is at a turning point near? we can observe three aspects of indicators, these three indicators can be cross-validation, we can almost confirm that flow has reached a turning point, if only one hand, these three indicators index is confirmed, we will have a very high alert, confirm if the two indicators I personally think that is almost certain. If all three indicators confirm that no need to doubt this. The first indicator is the interest rate. from the official credit market, the weighted interest rate of credit to the private capital lending rates, bills discount rate, these areas if we seen in a very broad range, a sustained rise in interest rates, from South to North, from East to South China, Northwest, from the official credit market has been to the private lending market, if the relatively large range we observed a general increase in interest rates, which will is a very dangerous signal, very dangerous that liquidity is likely to have a turn at a turning point probably at least nearby. The second area targets what is it? If we look at China's capital on the balance of payments account, in part under the capital account, capital flows easily explained, such as foreign direct investment, excluding foreign direct investment in the future, in the capital account, there are some unexplained capital flows. If it is difficult to explain capital flows abnormal period of time, a large number of net inflow of the situation, pay attention to a net inflow, not the net outflow, if there is a large net inflow of the situation, we also need to be vigilant about liquidity is not a problem. The third evidence is that we observed in the spectrum of a broad spectrum of assets market, while observing the stock, real estate, Poole tea, mahogany furniture, stamps, coins, and so the market, if the spectrum in such assets, the majority of asset classes on the market, the market also showed downward pressure on prices, That is the stock market to adjust itself, but the coins are still rising, coins in the adjustment, but the real estate market on the rise, if a very large range of prices in these markets also showed downward pressure, which will also be a very dangerous signal. three aspects of the signal being, if you see a light is yellow, I'm afraid we must be very vigilant, and if two lights are yellow, we will deploy to retreat. If the three lights are yellow, would not have considered the basic, you need fled. the market has basically concluded that reversed. so the first indicators of economic theory from some of the basic derived indicators, with indicators such verification market CBBC conversion, in our to examine the most of the time can be applied to .2007 by the end of the beginning of 2008, the market down 6,000 points from before and after diving, we saw a substantial increase in private lending interest rates, we see the bill was pulled to 10% discount rate the level of , under the capital account, we see a lot of net capital inflow of hard to explain. in the stock market turn down, we see the real estate market into a freeze, we see the market in Beijing, commemorative coins, commemorative coins prices also diving, evidence of three simultaneous, so that while economic mobility appears clear that the major problems. The major problems of economic mobility to some extent, with the tightening of monetary policy are closely related. Since then, we see the market collapse downwards, the market rate of decline and magnitude beyond our expectations, the market fell into a trend is not surprising in itself.
we see the end of 2008 to early 2009, the end of November to December this time we have seen bills discounted market, the official credit market, the private lending market, a wide range of interest rates began to decline. in the level of capital flows, we begin to see large net capital outflow of hard to explain. in the stock market showed a slight upward trend, we see a very strange coin prices are also rising rapidly, coins, stamps markets are also becoming active again. evidence of at least three 2-2.5 is a clear recognition of liquidity is likely to have turning point, it is in this context, although the trend of the economy many people still look very bad, but we have the need to raise this issue, that is a bear market is over, the bull market is fast approaching, it is such judgments are based on 16 November last year, I wrote the article said that the Chinese market participants need to consider whether the bear market has ended the problem. comprehensive mobility shift trends, we believe that the bear market may have ended, in several months later, standing on the level of 3300 points, all on such a decision may have been not much doubt, but the problem is until last month 11,12 1,2 months of this year, in fact, for such a decision we will have a lot of controversy. controversial stand on the stock market is the core of the stock point of view, many problems should be obscure. Last night I was discussing the issue with a friend, that if from now on has been more liquidity into the established decline and weakening trend, judging from the future is concerned, we are only facing a critical judge, is to escape the top of the key judgments, which is not a bull market, is not a rising trend, which has been without controversy, what controversy is turning point time to come. We know that this turning point will come, but the problem is the turning point comes when, what methods we use to judge the top. discussion, he was questioned, he said that if I have several aspects of the evidence cited in the history of CBBC convert most for China to determine the future are still applicable? This is only afterwards that, in advance do not know. My personal view is that tendency, if I have been advocating from the assets of the logic in theory see, I have just cited evidence of several aspects of flight in the future to determine a turning point in judging the top and CBBC, the evidence principle still applies. such a decision is correct, we will see clearly after a few years.
Then we discuss a problem, we Why determine the liquid has been transferred to weakening trend .2008 why such a big market decline, the market fell through in 2008, almost everyone desperate, a significant majority of people believe that this life would never see 6000. even many people think that the market fell 75% after the bubble, not a generation, the market can not be transferred to the bull market. because the need for a generation to forget the pain, forget the memories, you need to market participants, after 70 from now, after 60 After the main age 80,90 in turn, we forget the pain later, the market can blow a new bubble, these views are from experience, from intuition, from the point of racking our brains come to the conclusion, but a few months to see, this view too pessimistic. because now the market has blown bubble. Why such a big market in 2008 fell through, a few months time, there is such a strong recovery. This is also the issue we discuss next, we discuss the the issue is not to say every point of this transition process are used to grasp well. But we need at least a relatively consistent and logical theory to explain all of these processes, the consistency of these explanations can avoid or minimize the mistakes of our future opportunities. from the perspective of liquidity supply, top-down view, from the perspective of liquidity supply, the source of supply of liquidity is actually very simple and very clear about the supply of liquidity are only three sources a source of credit creation from the banks or credit or credit growth. The second source is from the trade surplus, trade surplus continue to accumulate, and the third from a net inflow of capital flows or capital, from the perspective of liquidity supply problem, the other in principle, there may be some very small supply of liquidity, but the supply of the entire economy at the macroeconomic level, there is no significant impact, we can almost ignore the existence of these factors. From the perspective of liquidity needs problem, simply, why do you need money? liquidity demand from the point of view, my personal view is that bias caused by changes in demand for liquidity are two very key factor, a key factor is the name of the economy and the nominal amount total growth rate. The reason is that money is very important functions is the media transaction process, whether you buy a house or buy a cola, a restaurant, all of these transactions must be through the medium of currency, the greater the trading volume, the greater the amount of the transaction, the need more money. of liquidity is the key to the name of the total economy. The second key factor is it? the private sector for the expected future investment returns. If the primary is expected to build a private sector steel company, built coal mines, construction vehicles manufacturers can make a lot of money, this time around he will be financing, access to credit from banks, to obtain loans from abroad, taking the funds from the stock market out of the savings mobilized, all for the construction of steel mills, coal, automobile manufacturers . but this is expected to dominate the balance sheet adjustments under the act also created a demand for and consumption of liquidity. With the supply of liquidity and liquidity needs to judge to judge, it is easy to know so many years stood in terms of funding to promote , the market could happen so many very violent oscillations and fluctuations .2008 what happened in China? occur most important change is the significant decline in the trade surplus. Second, credit control and credit growth down. Whether the trade surplus decline in the amount of credit control or credit growth led to decline in mean decline in the supply of liquidity. From the perspective of liquidity needs in 2008, the most striking changes occurred in what is it? The most striking change was due to international commodity prices, and other factors, on behalf of the entire Chinese economy growth rate in a very short period of time there is a sharp rise in .2004,2005,2006,2007, China's nominal economic growth rate of about 15% level. from 95 years later, there is no break in nominal economic growth rate over this range, but the 2-3 quarter of 2008, nominal economic growth rate climbed to nearly 22% level. nominal growth of the economy climbed to nearly 22% level, even if transaction demand for money perspective, the transaction demand for money growth rate will probably take 22-25%, and this background, we see that money supply growth rate decreased by 15% or even lower levels. this enormous flow of of the gap, resulting in severe liquidity shortage. The severe shortage of liquidity in the stock market collapse of the market performance, the performance in the real estate market, the market freeze, in the coin market, prices on the performance of diving, in the civil the performance of the market interest rate loans surged dramatically. In the month of last year's 8,9, rumors from the very grass-roots civil society level data show the private sector at the time when the highest lending rates to monthly interest rate of 8 points, annual rate of nearly 100% In this context we can understand the market very quickly in 2008 in the first half fell .2009 What happened? liquidity supply and demand very different direction to go. liquidity demand perspective, we see that nominal economic growth rate collapse in 2009, 1,2-quarter economic growth rate of only 4% of the nominal, within six months dropped by 18 percentage points. At the same time we see this time, the private sector is very low expected return on investment, private sector investment is almost in a frozen state, which further reduce the liquidity of the real economy and aspirations of absorptive capacity, while the supply from the liquidity perspective, we see the explosive growth of credit, a period of time we also see the trade surplus increased significantly, the one hand, a sharp rise in liquidity provision, on the one hand the demand for liquidity quickly dried up, so we see a lot of turning point in the private lending market, we see that the lowest interest rates in January of this year, when 4,5 from last year monthly interest rate of 8% down to 4,5 months of this year when the lowest less than 10%. Again this context that we see the real estate market in the general confusion, the general pessimism of the sudden start, and is a great volume rise, with prices quickly pulled up, and the market's rise key to enter into the 4,5 month in the upscale residential, and into a house that needs some rigid contact is not very close part of the market. And the stock market in general doubts, pessimism and even despair in the atmosphere, almost no decent market adjustment, continuous sharp rise. If we look at the price of commemorative coins, the situation is the same as last November, coins began to perk up the market, almost synchronization with the rising stock market. Why do we know that liquidity has been transferred to the decline and weakening trend? because from the perspective of supply and demand, we are about to see a very negative changes. now such a high amount of credit, credit growth is bound to be difficult to maintain. credit growth down the process into a matter of time, and is expected to begin soon.'s trade surplus dropped substantially, in the second quarter is already a very established fact, the problem is the long-term trade surplus will decline the so-called long-term, to continue at least until the end of next year or even longer, from the perspective of capital flows, although the second quarter we saw a net inflow of capital to some extent, but I personally think that this trend can not be a net capital inflow maintained. net capital inflows to the relatively low level, even out to some extent, will be the norm in the future we see. At the same time, demand from the liquidity perspective, we can say on behalf of China's economic growth for the third quarter of this year will turn up. can be asserted that private investment is expected with a very low level and gradually improved, so bring a level of liquidity needs, but also into the rising channel. the liquidity supply and demand are moving in the direction of relative disadvantage, So almost certain liquidity equilibrium state has been gradually easing from the extreme decline. the future is inevitable there will be such a process, liquid from the extremely liberal to moderately easy, moderately easy to basic loose from then to moderate stress, extreme stress, we into this trend is inevitable, but we do not know when this trend to the critical point, but we know some day will surely come this critical point, the critical point comes, we can judge it with a lot of evidence, the evidence confirmed that the critical point when , we can do only two words, is the point of view, can be used to judge just said. extends to the decline in 2004,2005, or extends to the second half of 2002 to the rise in the first quarter of 2004, this analysis does not need adjustment in the strict. We only need to the various data on the economic framework, we can get to market trends more consistent and reasonable explanation. Such an interpretation is logically appropriate to look back, but that does not mean that every inflection point near the location at an early stage that we are able to reasonable grasp of inflection point. from the history of the past so many years, we have 6,000 points at the top of the grasp of the inflection point is very successful, and why? because a lot of data very difficult to get at the time. until we get all the data from official credit rate, bills discounted rate, all data collection complete, the time has grown to 20 February 2008, until all data have been put together, we recognize that when the market into a downward trend, when the market has dropped 4300 points Many people think that turning point in the space of late 4300, looking back, even then cobble together all the data and then make judgments on the trend, is not too late. Therefore, we first turn last year and more, we turn more than in October, in theory, mobility of loose assertion soon. from grasp the trend point of view, last October the temptation to turn a very large number. According to this reason, in January last year, 10,11, we turn more decisively, from that time has been emphasizing on the market liquidity influence continues to the present. but also based on this framework, the market rose during 2006, we are in March 2006 when the market rose by 1250 when the firm began to turn more. and this continued until 2008, turning more in February. on the decline in early 2008, we turned around at this turning point in more than enough time, mainly because the data appeared to track a certain lag. but that does not mean that we are to analyze and grasp the logic of the market is problems. If all the data in early 2008 to put together in early 2008, the market can make judgments about the downward trend. the future, we are not sure, we will turn left empty, because we are not sure that all data collected, but we are sure the position earlier in the right turn empty, because the right side of the data acquisition much easier.
such a framework look back a few questions, 2006,2007 reasons explain the market rally Many, many asset revaluation theory is a theory. In addition to this theory, there are a large number of other theories, such as split share structure reform, golden years, the demographic dividend, saving move. all of these theories face the market fell in 2008 did not explain it. Whether or move the demographic dividend or a savings golden years, including the split share structure reform, are very difficult to explain the decline in 2008. But the asset revaluation process theory can explain the decline in the course of .2008, it is proposed new theory, the Olympic Games when people made up a song, then the black African people, but also black, but the size of Africa. means that the decline is because the size of the non-concentrated market decline caused by lifting of the ban to sell. This view is extremely popular in the market, regulatory departments are also under great pressure, as it almost negates the principle of the split share structure reform. Such an interpretation is very attractive on the surface, so a popular saying at that time called the size of the non-is the industrial capital, who play the stock market is the financial Capital, two valuation methods are not the same capital, industrial capital with the return of the valuation, valuation of financial capital with deposits. industry size of non-GM by 60%, 70% of the chips, the market according to ...
the content of my presentation today, including that of several two aspects: first, the view of the economy. Second, the capital of view. Third, the views of market trends. Fourth, some thoughts on inflation.
First, we answer on the economy some basic judgments. From a macroeconomic point of view of the trend, I think if three months ago, six months ago, the market of public opinion are quite general pessimism, and there are enormous differences in economic trends, with the second quarter disclosure of data after another on economic trends in the second quarter, we achieved a high degree of consensus. China's economy has indeed been achieved V-reversal, the bottom of the first quarter of this year reached about, and now V-economic growth has been in the right side, very fast rebound and climb channel in. Last June, we have been stressing this wave of adjustments in the short term China is likely to end V-trend, although the possibility of W-type movements in the earlier time is difficult to exclude, but the trend is a big V-probability event. We more confidence now that economic development has been fully realized V-reversal. and from the perspective of economic growth, economic growth will continue to climb at least the first half of next year, next year, economic growth in the second half for some reason there may be some decline , fall down, the level of economic growth rate may be between 9-10, the growth rate compared with the annual growth rate 2005,2007 may be slightly lower, so we say that V-right shoulder is lower than the left shoulder However, the growth rate of nearly 10% of the Chinese economy is a very satisfactory level, at this level, the various resources, coal, electricity, infrastructure support capabilities, ability to support the labor supply point of view, not to the macro-economic zone to enormous pressure.
support economic rebound in the strength of V-type long ago we are very clear, from the second quarter economic data, determine the reversal of V-economic data in the second quarter can be largely verified. V inversion strength so far, mainly large-scale fiscal stimulus and business inventory adjustment, inventory adjustment end. This is regardless of study or investigation of fixed-asset investment growth in fixed assets investment in the industry composition, regardless of study of industrial production changes in composition or changes in industrial production, we see very clearly that the fiscal stimulus associated with many industries, such as transport equipment, steel, building materials, cement and so many industries in February to enter the fast climb stage, and this climb so far appears to be no end. about the future from the May, we see a lot of industries, including textile industry, computer and information equipment sectors, electrical machinery industry, and their relatively rapid growth rate also appears increased, the rise and companies inventory and to replenish stocks ended a relationship. Even if we know that a few months ago to promote the V-reverse stock end of the main forces and large-scale fiscal stimulus. A few months ago we suspect that the impact of inventory and the impact of fiscal stimulus medium to long term can not be sustained. from the fourth quarter of fiscal stimulus and the impact of inventory adjustments will boost economic growth dropped substantially, a few months ago was widely suspected question is in this context, the economy may be a secondary probe the end of the pressure, W-type movements may occur. The situation now, though concerns remain that, but the risk has been greatly reduced, because we can at least see the power of three has the rise in the fourth quarter of this year, or both rising , the power of three will take over the baton to support economic rebound. three forces at the grassroots level is also very easy to see, first, the overall increase in investment in real estate development. There is no doubt dependent on the real estate market in sales aspects of pressure to eliminate reverse and real estate stocks, which is at least first-tier cities across the country are generally seen within. With the real estate stocks fell, we saw the real estate cash flow improvement, lower inventory and compare the real estate business active participation in land auctions and subscription, of such a relatively clear trend in real estate development and investment means that the reversal is just a matter of time, but from the time point of view, the turning point of this reversal should not be later than the fourth quarter of this year. From the second quarter of this year in terms of real estate development and investment data, the real estate development and investment seems to have started from a relatively low level upwards, if we are to observe the new construction area, observe the completion of the construction area or area of observed cases, real estate development investment has been fully point increase in new construction area, or to determine a number of physical quantities such indicators, has not been very well recognized. real estate new construction area and in the construction area growth is a matter of time, and the next few months we are sure to see this turning point. and we know the real estate development and investment has been accounted for the entire Chinese economy is about 9% of GDP, a level near that in this context, a comprehensive real estate development investment on the economic impact of reversal will be global in nature. along its production chain, we can see more than 40 industries, directly or indirectly affected by the real estate development and investment. And from the perspective of the real estate purchase and consumption, the real estate sales growth will lead to a lot of related products, sales growth, such as buildings decoration materials, furniture, household appliances, etc., and this positive change, with real estate sales pick up, we have generally seen. and such a support role is largely self-sustaining, and will promote economy in the medium term to maintain a relatively high growth level. we have seen, and there are relatively large to grasp the power to judge is the second major exporter of appointment from time to stabilize in the coming months, and from gradual recovery later this year, growth in the fourth quarter. Now we can not expect, and exports are expected to be less likely to return to 2007 an average of 25% growth rate before and even harder to return to the year 2002 the average growth rate of 15%, but exports from this year in the fourth quarter during the gradual return to positive growth is entirely possible even close to double-digit growth. to promote the strength of a rebound in exports is relatively clear, from the macro and micro level, we think we can have three aspects of evidence to support such a decision: the first From now on the growth of global manufacturing, global manufacturing is now a leading indicator from the point of view, the end of this year, the global manufacturing industry will resume positive growth, although in terms of trend is still relatively weak, but the global economy to return to growth track, on China's export growth is raised to at least the interval. The second aspect of the force in the end of last year, since late last year, in order to steady expansion of exports, central authorities have introduced a series of policy measures, from credit facilities to offer export tax rebate adjustment, but also other supportive measures. These measures should help to gradually achieve results. The third reason is that it? China's export industries, especially the export sector to adjust the low end in particular about the second half of 2007 so far So far about market pressure and spontaneous adjustment has been going on for two years, in the past few months, in the context of the dollar, in fact, the RMB exchange rate in 2008, under enormous pressure has been greatly reduced, the pressure on the exchange rate basket improvement, coupled with grass-roots level about the export sector has been very close to 2 years to adjust the depth, this adjustment means that in the not too distant future, the industry's adjustment at a relatively low level should have been ended, has stabilized, and gradually upward into a positive growth track. Because these three aspects of development, we are confident that the larger the fourth quarter of this year, China's exports resumed growth, and this growth will affect the output of export industries, will affect the export sector employment and investment, which has the overall economic impact.
economic rebound in the fourth quarter of this year, in fact, has already played some strength in recent months. The third force is the non-residential areas to some extent, private investment has resumed . from the first quarter of this year, situation, or situation from the fourth quarter of last year, a huge risk factor, a huge area of uncertainty in a wide range of private sector investment is almost at a standstill, we do not know what will happen tomorrow, we do not know this disaster there will be more serious in a very wide range of areas, private sector investment almost at a standstill. But over the past few months, as the government adopted a series of stimulus measures to gradually bear fruit, as the global financial market to gradually stabilize With a wide range of risk reduction, private sector investment in the frozen state at very low gradually restored, so that the recovery in the sector constitute a level of investment in fixed assets within a certain range we can see, we can see that the recovery of investment . particularly from the perspective of private equity investment in environmental protection, new energy, electric vehicle, and many other related fields, in fact, has become quite active in investment activities, and these changes mean that non-residential areas, at least in some industries or some sector, investment activities are gradually becoming active again, but such a change on economic growth in the medium term there are still significant supporting role.
mainly due to these reasons, we can speak even though short-term economic V inversion strength is mainly short-term, including financial incentives, inventory adjustment, but in the medium term, with the rise of residential investment, with private investment from the state of very low and gradually began to recover, and with the gradual recovery of export growth, the economy climb up the recovery process will become more and more to maintain. And from the perspective of economic growth, economic growth rate of the first half of next year, more than 11% should not be too surprised. next year to achieve annual economic growth level of 10% next year second half of the economic growth rate reached 9% level. This means that the momentum of last year's adjustment has been checked. in the context of rapid increase in economic growth, we can expect now at the grassroots level, you can gradually see more and more industries More and more cyclical industry profitability and earnings growth has been reversed or will soon climb to appear very quickly, such as iron and steel, non-ferrous metals, petroleum refining, construction machinery and so the field, we have seen or will be gradually see the reversal and recovery. If the economic growth process, or at least the first half of next year before the end of next year, and its recovery is sustainable, profitable growth and recovery in the same range is basically maintained. This is from an economic growth perspective.
Second, After discussing the situation of economic growth, we also want to specifically discuss the point of liquidity from the capital or from the point of view, this is an important aspect of the reasons why liquidity changes on stock market, real estate market trends will have a profound impact on the other hand, lies in the current economic environment, changes in flow or reversal of the trend of economic growth will also have a huge impact and even direction, in this context we consider Whether economic growth point of view from the observation, or from the observation of the capital market or the basic trend of the real estate market perspective, to grasp the fluidity of the basic trends and patterns are very important. from the liquidity perspective, I personally tend to Judgement is in the Chinese real economy, the most lenient when liquidity is over. when liquidity should be the most liberal in the first half of this year, and probably the second quarter of this year, from the third quarter, China has entered a state of liquidity loose an irreversible and sustained decline and weaken the process. mobility corresponding to what is loose? mobility corresponding to the loose capital markets and real estate market is rising faster, more profound level of liquidity easing, stock market, real estate market rise faster. If the shortage of liquidity into the state, the basic process will end up, and turned down. easing liquidity to support economic recovery has a very significant impact, especially in the current economic context.
From the trend, the first half of 2009 the Chinese economy appears loose liquidity, it should be a degree unprecedented, unprecedented liquidity loose in this context, we see the market rise in the Chinese capital market ten-speed is not seen in history. But into the second half of this year, this process has been transferred and the weakening trend irreversible. liquidity into the decline and weakening trend in itself is not very scary, very scary is that this decline and weakening trend in the future will be swept over a critical point of the day, re-tension into the shortage and, if a future day, that day may be next year, maybe two years later, however, will be to. liquid critical point when inundated , re-transferred to shortages and tension, we almost have to conclude that so far the stock market rise, the real estate market rise will replay it again backwards. on the future of mobility is critical, very important challenge is to predict, When liquidity will be the turning point, if the inflection point, what can we confirm the inflection point appears. If in the future liquidity of the critical point has been submerged or are near the critical point, how do we know that liquidity is at a turning point near? we can observe three aspects of indicators, these three indicators can be cross-validation, we can almost confirm that flow has reached a turning point, if only one hand, these three indicators index is confirmed, we will have a very high alert, confirm if the two indicators I personally think that is almost certain. If all three indicators confirm that no need to doubt this. The first indicator is the interest rate. from the official credit market, the weighted interest rate of credit to the private capital lending rates, bills discount rate, these areas if we seen in a very broad range, a sustained rise in interest rates, from South to North, from East to South China, Northwest, from the official credit market has been to the private lending market, if the relatively large range we observed a general increase in interest rates, which will is a very dangerous signal, very dangerous that liquidity is likely to have a turn at a turning point probably at least nearby. The second area targets what is it? If we look at China's capital on the balance of payments account, in part under the capital account, capital flows easily explained, such as foreign direct investment, excluding foreign direct investment in the future, in the capital account, there are some unexplained capital flows. If it is difficult to explain capital flows abnormal period of time, a large number of net inflow of the situation, pay attention to a net inflow, not the net outflow, if there is a large net inflow of the situation, we also need to be vigilant about liquidity is not a problem. The third evidence is that we observed in the spectrum of a broad spectrum of assets market, while observing the stock, real estate, Poole tea, mahogany furniture, stamps, coins, and so the market, if the spectrum in such assets, the majority of asset classes on the market, the market also showed downward pressure on prices, That is the stock market to adjust itself, but the coins are still rising, coins in the adjustment, but the real estate market on the rise, if a very large range of prices in these markets also showed downward pressure, which will also be a very dangerous signal. three aspects of the signal being, if you see a light is yellow, I'm afraid we must be very vigilant, and if two lights are yellow, we will deploy to retreat. If the three lights are yellow, would not have considered the basic, you need fled. the market has basically concluded that reversed. so the first indicators of economic theory from some of the basic derived indicators, with indicators such verification market CBBC conversion, in our to examine the most of the time can be applied to .2007 by the end of the beginning of 2008, the market down 6,000 points from before and after diving, we saw a substantial increase in private lending interest rates, we see the bill was pulled to 10% discount rate the level of , under the capital account, we see a lot of net capital inflow of hard to explain. in the stock market turn down, we see the real estate market into a freeze, we see the market in Beijing, commemorative coins, commemorative coins prices also diving, evidence of three simultaneous, so that while economic mobility appears clear that the major problems. The major problems of economic mobility to some extent, with the tightening of monetary policy are closely related. Since then, we see the market collapse downwards, the market rate of decline and magnitude beyond our expectations, the market fell into a trend is not surprising in itself.
we see the end of 2008 to early 2009, the end of November to December this time we have seen bills discounted market, the official credit market, the private lending market, a wide range of interest rates began to decline. in the level of capital flows, we begin to see large net capital outflow of hard to explain. in the stock market showed a slight upward trend, we see a very strange coin prices are also rising rapidly, coins, stamps markets are also becoming active again. evidence of at least three 2-2.5 is a clear recognition of liquidity is likely to have turning point, it is in this context, although the trend of the economy many people still look very bad, but we have the need to raise this issue, that is a bear market is over, the bull market is fast approaching, it is such judgments are based on 16 November last year, I wrote the article said that the Chinese market participants need to consider whether the bear market has ended the problem. comprehensive mobility shift trends, we believe that the bear market may have ended, in several months later, standing on the level of 3300 points, all on such a decision may have been not much doubt, but the problem is until last month 11,12 1,2 months of this year, in fact, for such a decision we will have a lot of controversy. controversial stand on the stock market is the core of the stock point of view, many problems should be obscure. Last night I was discussing the issue with a friend, that if from now on has been more liquidity into the established decline and weakening trend, judging from the future is concerned, we are only facing a critical judge, is to escape the top of the key judgments, which is not a bull market, is not a rising trend, which has been without controversy, what controversy is turning point time to come. We know that this turning point will come, but the problem is the turning point comes when, what methods we use to judge the top. discussion, he was questioned, he said that if I have several aspects of the evidence cited in the history of CBBC convert most for China to determine the future are still applicable? This is only afterwards that, in advance do not know. My personal view is that tendency, if I have been advocating from the assets of the logic in theory see, I have just cited evidence of several aspects of flight in the future to determine a turning point in judging the top and CBBC, the evidence principle still applies. such a decision is correct, we will see clearly after a few years.
Then we discuss a problem, we Why determine the liquid has been transferred to weakening trend .2008 why such a big market decline, the market fell through in 2008, almost everyone desperate, a significant majority of people believe that this life would never see 6000. even many people think that the market fell 75% after the bubble, not a generation, the market can not be transferred to the bull market. because the need for a generation to forget the pain, forget the memories, you need to market participants, after 70 from now, after 60 After the main age 80,90 in turn, we forget the pain later, the market can blow a new bubble, these views are from experience, from intuition, from the point of racking our brains come to the conclusion, but a few months to see, this view too pessimistic. because now the market has blown bubble. Why such a big market in 2008 fell through, a few months time, there is such a strong recovery. This is also the issue we discuss next, we discuss the the issue is not to say every point of this transition process are used to grasp well. But we need at least a relatively consistent and logical theory to explain all of these processes, the consistency of these explanations can avoid or minimize the mistakes of our future opportunities. from the perspective of liquidity supply, top-down view, from the perspective of liquidity supply, the source of supply of liquidity is actually very simple and very clear about the supply of liquidity are only three sources a source of credit creation from the banks or credit or credit growth. The second source is from the trade surplus, trade surplus continue to accumulate, and the third from a net inflow of capital flows or capital, from the perspective of liquidity supply problem, the other in principle, there may be some very small supply of liquidity, but the supply of the entire economy at the macroeconomic level, there is no significant impact, we can almost ignore the existence of these factors. From the perspective of liquidity needs problem, simply, why do you need money? liquidity demand from the point of view, my personal view is that bias caused by changes in demand for liquidity are two very key factor, a key factor is the name of the economy and the nominal amount total growth rate. The reason is that money is very important functions is the media transaction process, whether you buy a house or buy a cola, a restaurant, all of these transactions must be through the medium of currency, the greater the trading volume, the greater the amount of the transaction, the need more money. of liquidity is the key to the name of the total economy. The second key factor is it? the private sector for the expected future investment returns. If the primary is expected to build a private sector steel company, built coal mines, construction vehicles manufacturers can make a lot of money, this time around he will be financing, access to credit from banks, to obtain loans from abroad, taking the funds from the stock market out of the savings mobilized, all for the construction of steel mills, coal, automobile manufacturers . but this is expected to dominate the balance sheet adjustments under the act also created a demand for and consumption of liquidity. With the supply of liquidity and liquidity needs to judge to judge, it is easy to know so many years stood in terms of funding to promote , the market could happen so many very violent oscillations and fluctuations .2008 what happened in China? occur most important change is the significant decline in the trade surplus. Second, credit control and credit growth down. Whether the trade surplus decline in the amount of credit control or credit growth led to decline in mean decline in the supply of liquidity. From the perspective of liquidity needs in 2008, the most striking changes occurred in what is it? The most striking change was due to international commodity prices, and other factors, on behalf of the entire Chinese economy growth rate in a very short period of time there is a sharp rise in .2004,2005,2006,2007, China's nominal economic growth rate of about 15% level. from 95 years later, there is no break in nominal economic growth rate over this range, but the 2-3 quarter of 2008, nominal economic growth rate climbed to nearly 22% level. nominal growth of the economy climbed to nearly 22% level, even if transaction demand for money perspective, the transaction demand for money growth rate will probably take 22-25%, and this background, we see that money supply growth rate decreased by 15% or even lower levels. this enormous flow of of the gap, resulting in severe liquidity shortage. The severe shortage of liquidity in the stock market collapse of the market performance, the performance in the real estate market, the market freeze, in the coin market, prices on the performance of diving, in the civil the performance of the market interest rate loans surged dramatically. In the month of last year's 8,9, rumors from the very grass-roots civil society level data show the private sector at the time when the highest lending rates to monthly interest rate of 8 points, annual rate of nearly 100% In this context we can understand the market very quickly in 2008 in the first half fell .2009 What happened? liquidity supply and demand very different direction to go. liquidity demand perspective, we see that nominal economic growth rate collapse in 2009, 1,2-quarter economic growth rate of only 4% of the nominal, within six months dropped by 18 percentage points. At the same time we see this time, the private sector is very low expected return on investment, private sector investment is almost in a frozen state, which further reduce the liquidity of the real economy and aspirations of absorptive capacity, while the supply from the liquidity perspective, we see the explosive growth of credit, a period of time we also see the trade surplus increased significantly, the one hand, a sharp rise in liquidity provision, on the one hand the demand for liquidity quickly dried up, so we see a lot of turning point in the private lending market, we see that the lowest interest rates in January of this year, when 4,5 from last year monthly interest rate of 8% down to 4,5 months of this year when the lowest less than 10%. Again this context that we see the real estate market in the general confusion, the general pessimism of the sudden start, and is a great volume rise, with prices quickly pulled up, and the market's rise key to enter into the 4,5 month in the upscale residential, and into a house that needs some rigid contact is not very close part of the market. And the stock market in general doubts, pessimism and even despair in the atmosphere, almost no decent market adjustment, continuous sharp rise. If we look at the price of commemorative coins, the situation is the same as last November, coins began to perk up the market, almost synchronization with the rising stock market. Why do we know that liquidity has been transferred to the decline and weakening trend? because from the perspective of supply and demand, we are about to see a very negative changes. now such a high amount of credit, credit growth is bound to be difficult to maintain. credit growth down the process into a matter of time, and is expected to begin soon.'s trade surplus dropped substantially, in the second quarter is already a very established fact, the problem is the long-term trade surplus will decline the so-called long-term, to continue at least until the end of next year or even longer, from the perspective of capital flows, although the second quarter we saw a net inflow of capital to some extent, but I personally think that this trend can not be a net capital inflow maintained. net capital inflows to the relatively low level, even out to some extent, will be the norm in the future we see. At the same time, demand from the liquidity perspective, we can say on behalf of China's economic growth for the third quarter of this year will turn up. can be asserted that private investment is expected with a very low level and gradually improved, so bring a level of liquidity needs, but also into the rising channel. the liquidity supply and demand are moving in the direction of relative disadvantage, So almost certain liquidity equilibrium state has been gradually easing from the extreme decline. the future is inevitable there will be such a process, liquid from the extremely liberal to moderately easy, moderately easy to basic loose from then to moderate stress, extreme stress, we into this trend is inevitable, but we do not know when this trend to the critical point, but we know some day will surely come this critical point, the critical point comes, we can judge it with a lot of evidence, the evidence confirmed that the critical point when , we can do only two words, is the point of view, can be used to judge just said. extends to the decline in 2004,2005, or extends to the second half of 2002 to the rise in the first quarter of 2004, this analysis does not need adjustment in the strict. We only need to the various data on the economic framework, we can get to market trends more consistent and reasonable explanation. Such an interpretation is logically appropriate to look back, but that does not mean that every inflection point near the location at an early stage that we are able to reasonable grasp of inflection point. from the history of the past so many years, we have 6,000 points at the top of the grasp of the inflection point is very successful, and why? because a lot of data very difficult to get at the time. until we get all the data from official credit rate, bills discounted rate, all data collection complete, the time has grown to 20 February 2008, until all data have been put together, we recognize that when the market into a downward trend, when the market has dropped 4300 points Many people think that turning point in the space of late 4300, looking back, even then cobble together all the data and then make judgments on the trend, is not too late. Therefore, we first turn last year and more, we turn more than in October, in theory, mobility of loose assertion soon. from grasp the trend point of view, last October the temptation to turn a very large number. According to this reason, in January last year, 10,11, we turn more decisively, from that time has been emphasizing on the market liquidity influence continues to the present. but also based on this framework, the market rose during 2006, we are in March 2006 when the market rose by 1250 when the firm began to turn more. and this continued until 2008, turning more in February. on the decline in early 2008, we turned around at this turning point in more than enough time, mainly because the data appeared to track a certain lag. but that does not mean that we are to analyze and grasp the logic of the market is problems. If all the data in early 2008 to put together in early 2008, the market can make judgments about the downward trend. the future, we are not sure, we will turn left empty, because we are not sure that all data collected, but we are sure the position earlier in the right turn empty, because the right side of the data acquisition much easier.
such a framework look back a few questions, 2006,2007 reasons explain the market rally Many, many asset revaluation theory is a theory. In addition to this theory, there are a large number of other theories, such as split share structure reform, golden years, the demographic dividend, saving move. all of these theories face the market fell in 2008 did not explain it. Whether or move the demographic dividend or a savings golden years, including the split share structure reform, are very difficult to explain the decline in 2008. But the asset revaluation process theory can explain the decline in the course of .2008, it is proposed new theory, the Olympic Games when people made up a song, then the black African people, but also black, but the size of Africa. means that the decline is because the size of the non-concentrated market decline caused by lifting of the ban to sell. This view is extremely popular in the market, regulatory departments are also under great pressure, as it almost negates the principle of the split share structure reform. Such an interpretation is very attractive on the surface, so a popular saying at that time called the size of the non-is the industrial capital, who play the stock market is the financial Capital, two valuation methods are not the same capital, industrial capital with the return of the valuation, valuation of financial capital with deposits. industry size of non-GM by 60%, 70% of the chips, the market according to ...
Sunday, February 20, 2011
Beautiful scenery in early summer goods to make clothing in the induction Square
Beautiful scenery in early summer goods to make clothing in the trap with a little cold as the Square
Italy in the spring gradually fade from view, the trend of unrestrained all summer can not wait to take off the jacket, so that the feeling of penetration into the summer day life. day short night, early summer evening, romantic and elegant, but the coexistence of a rare period of time. early summer beauty who does not quickly show the beauty and temperament to do the preparation!
delicate high-heeled shoes high-heeled shoes
has represented a kind of temperament points, whether innocent little girl or a mature OL, the right girl cute high heels for a more cute, sexy lady gift to temptation. exquisite perfection of the high-heeled shoes, and you deserve a pair.
spindly legs spindly legs jeans
Do not ask why the frequency of jeans in the streets has been high, because the sun is willing to show their body type of beauty who, faced with such a simple and quick way to self-cultivation, you can refuse? hot summer hot pants
energy, hot pants, sexy trendy girls who become cool choice. No matter the clothing in the world famous release, or the street of fashion people, can feel from the hot pants the great heat. hot pants to convey is the youth movement, the expression of vibrant fashion, so that made sexy slender legs strong melodies, try?
lure cargo clothing Square, Summer in your most intimate friends.
Keywords: high heels, jeans, cargo shorts in summer induced with
Italy in the spring gradually fade from view, the trend of unrestrained all summer can not wait to take off the jacket, so that the feeling of penetration into the summer day life. day short night, early summer evening, romantic and elegant, but the coexistence of a rare period of time. early summer beauty who does not quickly show the beauty and temperament to do the preparation!
delicate high-heeled shoes high-heeled shoes
has represented a kind of temperament points, whether innocent little girl or a mature OL, the right girl cute high heels for a more cute, sexy lady gift to temptation. exquisite perfection of the high-heeled shoes, and you deserve a pair.
spindly legs spindly legs jeans
Do not ask why the frequency of jeans in the streets has been high, because the sun is willing to show their body type of beauty who, faced with such a simple and quick way to self-cultivation, you can refuse? hot summer hot pants
energy, hot pants, sexy trendy girls who become cool choice. No matter the clothing in the world famous release, or the street of fashion people, can feel from the hot pants the great heat. hot pants to convey is the youth movement, the expression of vibrant fashion, so that made sexy slender legs strong melodies, try?
lure cargo clothing Square, Summer in your most intimate friends.
Keywords: high heels, jeans, cargo shorts in summer induced with
Thursday, February 17, 2011
Chin Stephanie development of an underground affair with speculation suspect (Figure)
Text, wave
saw a news today so I am quite surprised, Chin and Stephanie eating hot pot in Beijing recently the situation has been photographed holding hands. It is understood that they have lost 2 people rush the two Acacia appointments, was photographed holding hands and kiss both hands of the nauseating plot, making this more than a year to maintain the exposure of underground affair.
what? Chin and Stephanie underground affair? Chin said: ) like to sing, the same as our philosophy, we talk about the work you, and I like people, people do not like me. Man can not be good, flowers last forever love, I am really amazed.
In fact, if thin body odor, which is a veritable speculation, both in the entertainment lonely, needy attention, so would like to create some of the topics to blog a bit, attract the eye, so with Xiao Qiang, suspect. Obviously, this is random speculation over the star of gas ---- mess! what small? just means too much vulgar simple !
saw a news today so I am quite surprised, Chin and Stephanie eating hot pot in Beijing recently the situation has been photographed holding hands. It is understood that they have lost 2 people rush the two Acacia appointments, was photographed holding hands and kiss both hands of the nauseating plot, making this more than a year to maintain the exposure of underground affair.
what? Chin and Stephanie underground affair? Chin said: ) like to sing, the same as our philosophy, we talk about the work you, and I like people, people do not like me. Man can not be good, flowers last forever love, I am really amazed.
In fact, if thin body odor, which is a veritable speculation, both in the entertainment lonely, needy attention, so would like to create some of the topics to blog a bit, attract the eye, so with Xiao Qiang, suspect. Obviously, this is random speculation over the star of gas ---- mess! what small? just means too much vulgar simple !
Wednesday, February 16, 2011
Groupon buy flowers refund the difference to consumers, the price is too high
Groupon buy flowers for the launch of activities of FTD
SAN FRANCISCO Feb. 14 noon news, the U.S. has launched a buy site Groupon buy flowers, Valentine's Day activities, price $ 40 only $ 20 flowers Tuangou Jia , but then consumers find the buy price is not affordable, even higher than the store's own price, one after another complaint to make the final decision Groupon refund the difference to consumers.
Groupon wrote in the ad: Buy Now, 14 can be sent on Valentine's Day. Because Groupon site lists websites selling flowers FTD.com FTD.com buy offer seems high for their offer.
It is reported that the website users Groupon wrote: did not discuss to what cheaper. Other consumers also noted, Groupon can not be on Valentine's Day flowers delivered.
Groupon end of the day in advance of the FTD flowers promotions. The company returned to the user sends an e-mail, wrote: will automatically refund the difference to your credit card.
SAN FRANCISCO Feb. 14 noon news, the U.S. has launched a buy site Groupon buy flowers, Valentine's Day activities, price $ 40 only $ 20 flowers Tuangou Jia , but then consumers find the buy price is not affordable, even higher than the store's own price, one after another complaint to make the final decision Groupon refund the difference to consumers.
Groupon wrote in the ad: Buy Now, 14 can be sent on Valentine's Day. Because Groupon site lists websites selling flowers FTD.com FTD.com buy offer seems high for their offer.
It is reported that the website users Groupon wrote: did not discuss to what cheaper. Other consumers also noted, Groupon can not be on Valentine's Day flowers delivered.
Groupon end of the day in advance of the FTD flowers promotions. The company returned to the user sends an e-mail, wrote: will automatically refund the difference to your credit card.
Tuesday, February 15, 2011
The mainstream auto market in the manner and speed car recommended
Many people will feel the shape and dynamics of the pursuit, the car in this area, a competition in the market so that more car makers did her best to please the final consumer, the price allowed space, efforts to shape and design to achieve the ultimate power.
price from the model analysis, the general Obviously consumers will be able to get to see the needs of car, and this is precisely the success of a product the product demand. Specifically, 10 million less than the general model must focus on the main means of transport, and once extended to 15 million price, consumers will immediately request for the product increased by one level. In addition to the basic functions of travel, they want this model can be found in appearance or style or their own eye-catching aesthetic needs, and in dynamic, and then to escape the kind of for everyone in our inventory today's five in the car, the most dynamic in appearance and has done a very good balance.
Recommended models: Sagitar
guide price :13.28-184800 yuan
Recommended reason: power and fuel consumption to achieve a good balance
car to remind: the appearance of moderation, seem to change it a little less money are allocated, the old engine technology designed to make room for a good
Sagitar with 2578 mm of wheelbase, although the wheelbase relative to other similar smaller competitors, but pay attention to driving a car is pure enough. Sagitar is a very balanced Class A design, interior, handling and use of materials are withstand scrutiny. However, after the displacement in the three Sagitar, 1.6L power weaker, 2.0L slightly outdated technology, but it appears a bit 1.8TSI under the wind, 1.4TSI + DSG no doubt enhance the competitiveness of the arrival.
Volkswagen Jetta in North America based on sales of prototype fifth-generation jetta, based on a new generation of Volkswagen PQ35 chassis development, and its position is ; Ashkenazi high-performance sedan. Vehicle: Civic
guide price :12.98-176800 yuan
Recommended reason: nice shape, interior enough to remind the individual
car: power performance in general, not satisfactory for the average woman
driver, Honda CIVIC is a good choice, beautiful design and configuration of all humanity to show Honda CIVIC more comprehensive features. The new Civic's body design is clearly inherited the new Odyssey style, especially the B pillar of the body before the half, almost like a replica of a slight flattening of the Odyssey, on the hexagon grille chrome bar grille section is very three-dimensional shape. Civic interior very dreamy, layered crystal upper and lower instrument panel is also very nice visual effect. And from the side, the Civic's front and rear short and very long train, apparently has a very high space utilization.
but Civic power performance in general, block matching was 5 gearbox, there is not much power output, are not enthusiastic about girls like dynamic performance models, the pursuit of boys certainly not satisfied with the speed of its dynamic performance.
Recommended models: Corolla
guide price :12.78-192800 yuan
Recommended reason: six-speed manual is advanced, quiet
car idling reminder: the appearance of moderation, the brake performance in general
Corolla The exterior design incorporates many of the European style, apart from the addition of generous and fashion mellow a bit, the overall shape of a harmonious stretch, body proportion and harmony. Although the Corolla in appearance injected some fashion elements, but the essence remains the Corolla series of moderate routes. from the exterior to interior, including the power and the driving experience is completely in order to meet domestic use as the goal, not many individual elements, so the overall slightly less, perhaps difficult to grasp the discerning young consumers. cards Laura's relatively low fuel consumption is satisfactory, but as a Japanese car, it is difficult to escape the dynamic performance is not outstanding braking performance in general continuity, 5-speed and 4 speed transmission was somewhat less.
as Toyota Department of highest-selling model worldwide, the Corolla's style is indeed more in line with the Chinese taste, a good choice for the family cars, like if the low pricing again.
Recommended models: guiding prices Sylphy
:12.48-167800 yuan
Recommended reason: the interior space, rear seat comfort
car Reminder: general appearance, suspension too soft, uneven
steering damper as a family car, Hennessy Yi heritage of the appearance of the Nissan cars features, showing as a family car should have affinity with. Sylphy 2700 mm wheelbase has reached a high-class cars in this entry-level, together with Nissan in space design advantage of leeway, as the back seat of the sofa, there is a warm home comfort. It is no exaggeration to say that, with minor addition to the narrow width of the outside inside, whether the head or leg room can feel very spacious. < br> advantage of the new configuration Sylphy 2.0-liter four models, all equipped with automatic air conditioning, electric folding mirrors, side airbags, head curtain airbags (optional), and electrically adjustable front passenger seat, etc. , in addition to a standard AUX interface and a key entry / start system and other practical devices. But the allocation of active safety, some should have and is not equipped with electronic devices is a bit shabby. Sylphy appearance than pity, and not the performance of its space so prominent, high body fat seems to see the Blue Jays then sough heroic; dynamic performance with a CVT gearbox is OK, but the soft suspension and steering damper is uneven not acceptable; In addition, the CVT transmission owners that it is too expensive maintenance later.
Recommended models: Hideo GT
guide price of 189,700 yuan
:13.77-Recommended reason: To compare the Almighty, there is no obvious shortcomings
car reminder: the new car market, shop car color is not very complete, no preferential price.
have grid; side dynamic elegant figure, Emotion mapping out the lines of fashion and able temperament, unusual visual effects; with chrome tail lamp eyebrow design, gives a warm sense of belonging, people feel at home. to Personally, I love the barrel-type instrument panel, with a total feeling of profound mood can bring, there is a taste of sports car. In addition the British Standard Long interior GT sports multifunction steering wheel has been adopted.
its dynamic area is also impressive. the listing Hideo displacement 6 GT Total 3 models available, from 1.6L to 1.8L, naturally aspirated and even the powerful of the 1.6T engine. is to match 6 speed automated manual transmission, power, torque and other data performed better than the same level models have a distinct advantage .1.8 L engine is already familiar with Shanghai GM's star product, do not state how tired Xiaobian; and 1.6T Turbo supercharged engine, for the Turbo Family under the new engine, maximum power is 135Kw, the maximum torque of 235Nm, with our well-known Superboost super propulsion, can be instantly raised to the peak torque of 266Nm, the mean quite some small steel gun .
course, the perfect addition to the appearance and power, Hideo GT body size and large caused by space travel, but also the reason people love it.
Shanghai GM's car but at the moment to compare the fire in the market, fresh see a substantial discount, new car is no concession at all. For this reason I am afraid that many were hesitant Chibidaigou.
price from the model analysis, the general Obviously consumers will be able to get to see the needs of car, and this is precisely the success of a product the product demand. Specifically, 10 million less than the general model must focus on the main means of transport, and once extended to 15 million price, consumers will immediately request for the product increased by one level. In addition to the basic functions of travel, they want this model can be found in appearance or style or their own eye-catching aesthetic needs, and in dynamic, and then to escape the kind of for everyone in our inventory today's five in the car, the most dynamic in appearance and has done a very good balance.
Recommended models: Sagitar
guide price :13.28-184800 yuan
Recommended reason: power and fuel consumption to achieve a good balance
car to remind: the appearance of moderation, seem to change it a little less money are allocated, the old engine technology designed to make room for a good
Sagitar with 2578 mm of wheelbase, although the wheelbase relative to other similar smaller competitors, but pay attention to driving a car is pure enough. Sagitar is a very balanced Class A design, interior, handling and use of materials are withstand scrutiny. However, after the displacement in the three Sagitar, 1.6L power weaker, 2.0L slightly outdated technology, but it appears a bit 1.8TSI under the wind, 1.4TSI + DSG no doubt enhance the competitiveness of the arrival.
Volkswagen Jetta in North America based on sales of prototype fifth-generation jetta, based on a new generation of Volkswagen PQ35 chassis development, and its position is ; Ashkenazi high-performance sedan. Vehicle: Civic
guide price :12.98-176800 yuan
Recommended reason: nice shape, interior enough to remind the individual
car: power performance in general, not satisfactory for the average woman
driver, Honda CIVIC is a good choice, beautiful design and configuration of all humanity to show Honda CIVIC more comprehensive features. The new Civic's body design is clearly inherited the new Odyssey style, especially the B pillar of the body before the half, almost like a replica of a slight flattening of the Odyssey, on the hexagon grille chrome bar grille section is very three-dimensional shape. Civic interior very dreamy, layered crystal upper and lower instrument panel is also very nice visual effect. And from the side, the Civic's front and rear short and very long train, apparently has a very high space utilization.
but Civic power performance in general, block matching was 5 gearbox, there is not much power output, are not enthusiastic about girls like dynamic performance models, the pursuit of boys certainly not satisfied with the speed of its dynamic performance.
Recommended models: Corolla
guide price :12.78-192800 yuan
Recommended reason: six-speed manual is advanced, quiet
car idling reminder: the appearance of moderation, the brake performance in general
Corolla The exterior design incorporates many of the European style, apart from the addition of generous and fashion mellow a bit, the overall shape of a harmonious stretch, body proportion and harmony. Although the Corolla in appearance injected some fashion elements, but the essence remains the Corolla series of moderate routes. from the exterior to interior, including the power and the driving experience is completely in order to meet domestic use as the goal, not many individual elements, so the overall slightly less, perhaps difficult to grasp the discerning young consumers. cards Laura's relatively low fuel consumption is satisfactory, but as a Japanese car, it is difficult to escape the dynamic performance is not outstanding braking performance in general continuity, 5-speed and 4 speed transmission was somewhat less.
as Toyota Department of highest-selling model worldwide, the Corolla's style is indeed more in line with the Chinese taste, a good choice for the family cars, like if the low pricing again.
Recommended models: guiding prices Sylphy
:12.48-167800 yuan
Recommended reason: the interior space, rear seat comfort
car Reminder: general appearance, suspension too soft, uneven
steering damper as a family car, Hennessy Yi heritage of the appearance of the Nissan cars features, showing as a family car should have affinity with. Sylphy 2700 mm wheelbase has reached a high-class cars in this entry-level, together with Nissan in space design advantage of leeway, as the back seat of the sofa, there is a warm home comfort. It is no exaggeration to say that, with minor addition to the narrow width of the outside inside, whether the head or leg room can feel very spacious. < br> advantage of the new configuration Sylphy 2.0-liter four models, all equipped with automatic air conditioning, electric folding mirrors, side airbags, head curtain airbags (optional), and electrically adjustable front passenger seat, etc. , in addition to a standard AUX interface and a key entry / start system and other practical devices. But the allocation of active safety, some should have and is not equipped with electronic devices is a bit shabby. Sylphy appearance than pity, and not the performance of its space so prominent, high body fat seems to see the Blue Jays then sough heroic; dynamic performance with a CVT gearbox is OK, but the soft suspension and steering damper is uneven not acceptable; In addition, the CVT transmission owners that it is too expensive maintenance later.
Recommended models: Hideo GT
guide price of 189,700 yuan
:13.77-Recommended reason: To compare the Almighty, there is no obvious shortcomings
car reminder: the new car market, shop car color is not very complete, no preferential price.
have grid; side dynamic elegant figure, Emotion mapping out the lines of fashion and able temperament, unusual visual effects; with chrome tail lamp eyebrow design, gives a warm sense of belonging, people feel at home. to Personally, I love the barrel-type instrument panel, with a total feeling of profound mood can bring, there is a taste of sports car. In addition the British Standard Long interior GT sports multifunction steering wheel has been adopted.
its dynamic area is also impressive. the listing Hideo displacement 6 GT Total 3 models available, from 1.6L to 1.8L, naturally aspirated and even the powerful of the 1.6T engine. is to match 6 speed automated manual transmission, power, torque and other data performed better than the same level models have a distinct advantage .1.8 L engine is already familiar with Shanghai GM's star product, do not state how tired Xiaobian; and 1.6T Turbo supercharged engine, for the Turbo Family under the new engine, maximum power is 135Kw, the maximum torque of 235Nm, with our well-known Superboost super propulsion, can be instantly raised to the peak torque of 266Nm, the mean quite some small steel gun .
course, the perfect addition to the appearance and power, Hideo GT body size and large caused by space travel, but also the reason people love it.
Shanghai GM's car but at the moment to compare the fire in the market, fresh see a substantial discount, new car is no concession at all. For this reason I am afraid that many were hesitant Chibidaigou.
Monday, February 14, 2011
Aoyama is still
Qingchengshan went to, whether to explore the enemy's grave at the expense of a major earthquake.
Strange weather volatile, sometimes rain, sometimes heavy, sometimes hazy. People was hesitant, but fortunately, because keep the first line, after the rain has come to sunny days. tell anything in this day?
way up the mountain, the earthquake Peng kept my thoughts come back to the days of the disaster. far, introspective; close to the heart of the wound is still aching.
long sigh, the only one: God Bless China.
there are still some sections after the collapse of loess, a large stone by the roadside among themselves.
finally arrived at the cemetery. Fortunately, although there is the mountain, but still particularly large number of people, sound of firecrackers. I'm rather strange. The Xi Xi He, not the traditional worship hour ah? asked the administrator, the parties know that this is earthquake victims buried at the medical staff.
things go calm, attributed to dust, attributed to soil.
cemetery opposite the Castle green, the following jian shui roar. ethereal mist the air, touch the rainbow arc, as in the soul of the dead put up a bridge leading to heaven.
to it, go, good journey.
Castle is still there, How Many Suns.
Strange weather volatile, sometimes rain, sometimes heavy, sometimes hazy. People was hesitant, but fortunately, because keep the first line, after the rain has come to sunny days. tell anything in this day?
way up the mountain, the earthquake Peng kept my thoughts come back to the days of the disaster. far, introspective; close to the heart of the wound is still aching.
long sigh, the only one: God Bless China.
there are still some sections after the collapse of loess, a large stone by the roadside among themselves.
finally arrived at the cemetery. Fortunately, although there is the mountain, but still particularly large number of people, sound of firecrackers. I'm rather strange. The Xi Xi He, not the traditional worship hour ah? asked the administrator, the parties know that this is earthquake victims buried at the medical staff.
things go calm, attributed to dust, attributed to soil.
cemetery opposite the Castle green, the following jian shui roar. ethereal mist the air, touch the rainbow arc, as in the soul of the dead put up a bridge leading to heaven.
to it, go, good journey.
Castle is still there, How Many Suns.
Sunday, February 13, 2011
New Deal policies introduced to encourage the State to the power of software and integrated circuits
Year of the Rabbit
the first day of opening, the State Council to further encourage the development of software industry and integrated circuit industries a number of policy (the In addition to the old article 18, inherited the many preferential policies for packaging, the new article 18, further defined in more detailed areas.
release
even behind the industrial development of seven aspects
2000 No. 18 issued in the old text with a series of concessions and incentives to guide and protect the software industry, the first golden years. In the new article 18, the State Council once again clear, the software industry and IC industry is the state's strategic and emerging industries, national economic and social information is an important foundation. A total of 18 sets of new text thirty-one incentives, respectively, from fiscal policy, investment and financing policies, research and development policy, import and export policies, personnel policies, intellectual property policies, market seven aspects of the policy to encourage the development of software and integrated circuits, and clearly proposed tax incentives will continue to implement the software.
the industry have pointed out that the text of the new 18, more preferential policies, the state seeks to promote the software and IC industry to the depth direction.
s
thickening of net business tax concessions
the new provisions of article 18, our country will continue to implement preferential policies for software value-added tax, and further implement and improve the related business tax incentives to qualified software enterprises and integrated circuit design enterprises engaged in software development and testing, information systems integration, consultation and operation and maintenance, integrated circuit design and other services, exempt from sales tax, and simplify the relevant procedures.
this, Hai Tong Securities chief analyst at Computer & Communications Industry Mei wind that software and services for listed companies, value-added tax preferential policies for investors in the continuation of this policy is overdue to dispel the concerns, and more Aspect is the proposal that business tax incentives. Typically, the domestic software business services revenue to be -5% rate of 3% sales tax.
The statistics, 2009, A-share listed company's business software and services tax and an additional proportion of total operating revenue was 1.2%, accounting for about 10.8% share of net profit. Business tax incentives will be seen software and services companies a positive impact on the financial statements. Taking into account the business tax and surcharges included in the taxable amount of VAT based on the attached, business tax free in the assumptions, it is expected class A shares of listed companies software and services to thickening of the overall net profit of 5% -10%.
IC popular attention
TMT
CRE securities industry researcher Ma believes that the new No. 18 paper for a major change is the center of integrated circuit companies have tilted the income tax, which the future development of the integrated circuit industry is very beneficial.
18 under the new text, the integrated circuit line width of less than 0.8 microns (inclusive) of the IC manufacturing enterprises have been determined, the self-profitable year, the first year to second year exemption from enterprise income tax, the first three to five years, the statutory tax rate of 25% enterprise income tax reduced by half; article 18 of the original integrated circuit line width of less than 0.25 microns or investment of over 8.0 billion integrated circuit manufacturing enterprises, have been determined, the reduced rate of 15% income tax, which operate for a period of more than 15 years, since the profitable year, the first year to five-year exemption from corporate income tax, the sixth to the tenth year of the statutory tax rate of 25% half corporate income tax.
newly established within the territory of China IC design companies and qualified software companies, have been determined, the self-profitable year, to enjoy the enterprise income tax of , to meet the conditions of IC packaging, testing, key enterprises as well as special materials, special equipment integrated enterprise income tax benefits related to corporate giving.
Datong Securities Investment Consulting FU Yong Chong believes that this policy is clearly the investment and financing policies for integrated circuits to the central financial support for key projects, and in order to encourage integration of resources and China's IC industry to take bigger and stronger inter- Regional reorganization and acquisition. This series of policies will help the leading independent technology sub-industry, industry of the larger enterprises.
a clear future direction
Ma believes that the new article 18 is clearly another important feature of the national software and integrated circuit research and development direction.
research and development according to the text of the provisions of policy support, basic software, information networks for next-generation high-end software, industrial software, digital content, software, high-end chips, integrated circuits, equipment and technology, key integrated circuits materials, the development of critical applications and important development of technical standards as a major direction; infrastructure software, high-performance computing and general purpose computing platform, integrated circuit process development, critical materials, critical application software and chip design areas such as national key laboratories, National Engineering Laboratory, National Engineering Center and the Enterprise Technology Center into focus.
Fu Yong Chong pointed out that, in addition to domestic and preferential policies, the new article 18 to support software and integrated circuit was first proposed class enterprises Business also specifically instructed the Ministry of Commerce to create conditions for enterprises to expand in emerging markets. This is No. 18 in the old file is not.
mainly because China's current IC packaging and testing companies are mostly for overseas markets, to carry out assembly and test service outsourcing business, the new policy on packaging and testing companies in China will be a big plus.
market
Follower of fashion plate stocks
since the end of last year, 18 for every article with the new media market uncertainties related to the relevant industry's performance in the secondary market is bound to the force, often showing the wonderful blossom pattern, and yesterday was no exception.
yesterday morning, the Shanghai Index and Shenzhen Component Index Change near the line is still undecided, or related software and integrated circuit sector stocks had fashion, the first attack. In ChinaNetCenter, purple stock and other leading stocks led the way ratchet plate, and with the automotive, appliance and other industries to send the broader market rose plate will train side by side. Hot Stock plate during the frequent, Insigma, shock wave software, have intraday trading board, Royal Bank shares, in the end such Reith created the sky with the broader market.
as of yesterday's close, software and integrated circuits associated with two plates - plates and electronic components, electronic information sector rose 3.34%, respectively, and reported 2.68%, which stocks across the board within the electronic information received positive plate, the plate 103 of electronic components the only two stocks declined slightly, including the just Thai Holdings, Royal Bank shares such as stocks, including five daily limit, in the Reith-invasive, long among the biggest gainers of its software.
investment
Select from performance point of view
thickening of the company
Fu Yong Chong
more optimistic about the future development of IC industry. He believes that this new policy of clear support to continue to develop software and integrated circuit industry, the IC design, manufacturing and packaging and testing of these three sub-sectors have a clear policy of support, will help to keep the industry in recent years rapid growth, particularly in relation to sub-chip packaging industry companies, such as Hua-day technology, Changjiang Electronics Technology, Hangzhou Silan Microelectronics and so on.
Mei wind is recommended on the performance of business tax concessions from the thickening of the angle of the intensity select high quality companies.
the one hand, proposes a focus on services, thus accounting for the high proportion of companies with higher sales tax, such as space information, Neusoft Group; the other hand, proposes a focus on infrastructure software company, platform software companies and other technical software companies, because these the company will be the first to benefit from research and development support policy and intellectual property protection policies, such as China's software, hypergraph software.
the first day of opening, the State Council to further encourage the development of software industry and integrated circuit industries a number of policy (the In addition to the old article 18, inherited the many preferential policies for packaging, the new article 18, further defined in more detailed areas.
release
even behind the industrial development of seven aspects
2000 No. 18 issued in the old text with a series of concessions and incentives to guide and protect the software industry, the first golden years. In the new article 18, the State Council once again clear, the software industry and IC industry is the state's strategic and emerging industries, national economic and social information is an important foundation. A total of 18 sets of new text thirty-one incentives, respectively, from fiscal policy, investment and financing policies, research and development policy, import and export policies, personnel policies, intellectual property policies, market seven aspects of the policy to encourage the development of software and integrated circuits, and clearly proposed tax incentives will continue to implement the software.
the industry have pointed out that the text of the new 18, more preferential policies, the state seeks to promote the software and IC industry to the depth direction.
s
thickening of net business tax concessions
the new provisions of article 18, our country will continue to implement preferential policies for software value-added tax, and further implement and improve the related business tax incentives to qualified software enterprises and integrated circuit design enterprises engaged in software development and testing, information systems integration, consultation and operation and maintenance, integrated circuit design and other services, exempt from sales tax, and simplify the relevant procedures.
this, Hai Tong Securities chief analyst at Computer & Communications Industry Mei wind that software and services for listed companies, value-added tax preferential policies for investors in the continuation of this policy is overdue to dispel the concerns, and more Aspect is the proposal that business tax incentives. Typically, the domestic software business services revenue to be -5% rate of 3% sales tax.
The statistics, 2009, A-share listed company's business software and services tax and an additional proportion of total operating revenue was 1.2%, accounting for about 10.8% share of net profit. Business tax incentives will be seen software and services companies a positive impact on the financial statements. Taking into account the business tax and surcharges included in the taxable amount of VAT based on the attached, business tax free in the assumptions, it is expected class A shares of listed companies software and services to thickening of the overall net profit of 5% -10%.
IC popular attention
TMT
CRE securities industry researcher Ma believes that the new No. 18 paper for a major change is the center of integrated circuit companies have tilted the income tax, which the future development of the integrated circuit industry is very beneficial.
18 under the new text, the integrated circuit line width of less than 0.8 microns (inclusive) of the IC manufacturing enterprises have been determined, the self-profitable year, the first year to second year exemption from enterprise income tax, the first three to five years, the statutory tax rate of 25% enterprise income tax reduced by half; article 18 of the original integrated circuit line width of less than 0.25 microns or investment of over 8.0 billion integrated circuit manufacturing enterprises, have been determined, the reduced rate of 15% income tax, which operate for a period of more than 15 years, since the profitable year, the first year to five-year exemption from corporate income tax, the sixth to the tenth year of the statutory tax rate of 25% half corporate income tax.
newly established within the territory of China IC design companies and qualified software companies, have been determined, the self-profitable year, to enjoy the enterprise income tax of , to meet the conditions of IC packaging, testing, key enterprises as well as special materials, special equipment integrated enterprise income tax benefits related to corporate giving.
Datong Securities Investment Consulting FU Yong Chong believes that this policy is clearly the investment and financing policies for integrated circuits to the central financial support for key projects, and in order to encourage integration of resources and China's IC industry to take bigger and stronger inter- Regional reorganization and acquisition. This series of policies will help the leading independent technology sub-industry, industry of the larger enterprises.
a clear future direction
Ma believes that the new article 18 is clearly another important feature of the national software and integrated circuit research and development direction.
research and development according to the text of the provisions of policy support, basic software, information networks for next-generation high-end software, industrial software, digital content, software, high-end chips, integrated circuits, equipment and technology, key integrated circuits materials, the development of critical applications and important development of technical standards as a major direction; infrastructure software, high-performance computing and general purpose computing platform, integrated circuit process development, critical materials, critical application software and chip design areas such as national key laboratories, National Engineering Laboratory, National Engineering Center and the Enterprise Technology Center into focus.
Fu Yong Chong pointed out that, in addition to domestic and preferential policies, the new article 18 to support software and integrated circuit was first proposed class enterprises Business also specifically instructed the Ministry of Commerce to create conditions for enterprises to expand in emerging markets. This is No. 18 in the old file is not.
mainly because China's current IC packaging and testing companies are mostly for overseas markets, to carry out assembly and test service outsourcing business, the new policy on packaging and testing companies in China will be a big plus.
market
Follower of fashion plate stocks
since the end of last year, 18 for every article with the new media market uncertainties related to the relevant industry's performance in the secondary market is bound to the force, often showing the wonderful blossom pattern, and yesterday was no exception.
yesterday morning, the Shanghai Index and Shenzhen Component Index Change near the line is still undecided, or related software and integrated circuit sector stocks had fashion, the first attack. In ChinaNetCenter, purple stock and other leading stocks led the way ratchet plate, and with the automotive, appliance and other industries to send the broader market rose plate will train side by side. Hot Stock plate during the frequent, Insigma, shock wave software, have intraday trading board, Royal Bank shares, in the end such Reith created the sky with the broader market.
as of yesterday's close, software and integrated circuits associated with two plates - plates and electronic components, electronic information sector rose 3.34%, respectively, and reported 2.68%, which stocks across the board within the electronic information received positive plate, the plate 103 of electronic components the only two stocks declined slightly, including the just Thai Holdings, Royal Bank shares such as stocks, including five daily limit, in the Reith-invasive, long among the biggest gainers of its software.
investment
Select from performance point of view
thickening of the company
Fu Yong Chong
more optimistic about the future development of IC industry. He believes that this new policy of clear support to continue to develop software and integrated circuit industry, the IC design, manufacturing and packaging and testing of these three sub-sectors have a clear policy of support, will help to keep the industry in recent years rapid growth, particularly in relation to sub-chip packaging industry companies, such as Hua-day technology, Changjiang Electronics Technology, Hangzhou Silan Microelectronics and so on.
Mei wind is recommended on the performance of business tax concessions from the thickening of the angle of the intensity select high quality companies.
the one hand, proposes a focus on services, thus accounting for the high proportion of companies with higher sales tax, such as space information, Neusoft Group; the other hand, proposes a focus on infrastructure software company, platform software companies and other technical software companies, because these the company will be the first to benefit from research and development support policy and intellectual property protection policies, such as China's software, hypergraph software.
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