英文要目

Anniversary of Pilot Operation of Property Tax

After one year of the pilot operation of property tax in Chongqing and Shanghai started on January 28th of 2011， some experts told the Economy and Nation Weekly that part of the expected results has been acquired. However， no consistent conclusion is formed yet about to what kind of extent the real estate market has been affected by the new tax. There is a lot of guess and controversy about the next step of property tax policy， as recent declarations by relevant official departments show the signal that the property tax will be advanced steadily.

No Need to Worry About Capital Outflow from Emerging Markets

We are facing the fact that some capital is leaving the emerging markets as a result of the change of external environment and the lowered expectation for their economic growth. However， there is no need to worry about it as the capital outflow will not bring substantial impact on the real economy. At present， it is important for emerging markets to pay attention to the volatility of capital flows in order to avoid fluctuations.

Changes Expected in IPO Inquiry System

First State Cinda Fund Management Co. Ltd and Fortune SG Fund Management Co. Ltd announced in early 2012 to suspend participation in the IPO inquiry， which may accelerate the reform of the present IPO inquiry system. Many investors have been bothered by unreasonably high stock prices that were raised during the IPO inquiry process.

Beijing’s New Engines for Economic Growth

Technological innovation industry and cultural innovation industry are defined as the two future engines for Beijing’s sustainable development， replacing the real estate and the automotive industries， according to an official report released in January. Data from the report show that the contribution made by the real estate and the automotive industries to Beijing’s economic growth has significantly reduced in 2011， while the innovation industries have achieved rapid growth in recent years. Some experts said that the monopoly of resources by some state-owned sectors is a big barrier for future development of the innovation industries.