Caijing
http://en.wikipedia.org/wiki/Caijing
From Wikipedia, the free encyclopedia
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| Founder | Hu Shuli |
|---|---|
| Year founded | June 1998 |
| Country | People's Republic of China |
| Website | caijing.com.cn |
Contents |
History
Caijing (Finance Magazine) was started in June 1998 by Hu Shuli, a former reporter and editor of the Chinese paper Worker's Daily, as a monthend edition of Capital Week (a weekly magazine specialized in China's capital market) ; the magazine is a pioneer in its field in China. Caijing was established and is managed by the Stock Exchange Executive Council (SEEC)[1] (中国证券市场研究设计中心(联办)), and is published on the 5th and 20th of every month. SEEC also owns Capital Week[2] (The Integrated Version and The Market Version), Business Post[3] and New Real Estate.In September 2009, apparent disagreement between Hu Shuli and the SEEC over editorial policy and financial control led first to rumours that Hu was about to leave and start her own publication. The magazine denied this and threatened legal action against anyone who repeated the 'rumours'. However, around 11 October, resignations were submitted by over two-thirds of the 100 or so employees in the business department, including Caijing general manager Daphne Wu Chuanhui and eight of her nine business directors. Speculation was rife that either the magazine is being sold, or that Hu is starting a new magazine.[4]
On 9 November 2009, Hu Shuli resigned from Caijing Magazine, along with the majority of her editorial staff. According media expert Yuen-ying Chan, Caijing "would not even be a shadow of its former self" without Hu.[5]
Style
Caijing's guiding principles include an "independent standpoint," "exclusive coverage," and a "unique perspective."Its unique perspective and sharp writing have led to it receiving enthusiastic responses from financial industry experts and casual individual investors alike. The Wall Street Journal called Caijing "The Leading Finance Publication in China".
The articles "Financial Inside Story" and "Yinguangxia Trap" helped Caijing to make its name and earn its financial investigative reputation. The magazine's knack for exposing the darkside of the financial world has helped it to carve out a niche as a financial magazine. Although many magazines try to copy the style of Caijing, these imitations only find brief, fleeting success. Caijing is the only magazine that has continued to strengthen its reputation solely through investigative reporting.
Incentive structure
Caijing is China's most profitable financial magazine, with annual advertising income of more than 200 million yuan.[4]The magazine's pay structure contributes greatly to its success. Most Chinese media, especially publications specializing in the business sector, are not funded well. Reporters and writers for the majority of publications receive kickbacks from businesses at conventions and conferences. These "gifts," handed simply in little unmarked envelopes, entreat the writers to be kind in their writeups of the companies.
Secondly, Caijing's primary funding adds to its success. Government affiliation of most Chinese publications translates into little freedom for writing articles that can be best-sellers - and profit-makers. Caijing has circumvented this cyclical problem by securing financial backing free from advertising and government influence. Backed by the SEEC, Caijing operates with great latitude compared to its competitors. Despite the SEEC's government backing, the institute is in reality a group of private investors. These free market-minded investors only benefit from the blunt honesty of Caijing and therefore don't act as censors. Independent funding has freed Caijing from pandering to special interests.
Content
The Periodical China has expectations of Caijing becoming a magazine focusing on economical and political issues, similar in vein to The Economist. So far the topics covered by Caijing are usually financial, e.g. news about micro and macroeconomics, capital and money markets. However, some important social issues are reported and sometimes find themselves in the headlines of the magazine. These social issues have ranged from SARS to flooding to accidents in China.One in-depth example would be coverage of SARS.[6] Caijing had published a nine-page report about SARS in February 2003, reports about Hong Kong and the mainland starting from April 2003, and a commentary calling for transparency on SARS in 20 April 2003 issue - the same day that the original Minister of Health and Beijing mayor were fired. Caijing then sent most of its reporters all over the mainland to cover SARS by this juncture.
The most famous investigative story, according to Periodical China, was a story about the problems in investment funds,[7] published in 2000. These funds then made their own statements criticizing the report. Hu Shuli was even named as the "most dangerous woman" in the China securities market as a result. In a true "transparent" fashion, Caijing rebutted with a responding statement.[8][9]
As well as news reports, there are also commentaries from Hu Shuli (called Shuli's Observation) and other well known journalists and economists, such as Jonathan Anderson and Wang Dingding.
Caijing's English language section, "Newsletter",[10] has been published to summarize the most important and informative stories and sidebars from each issue of the print version.
All the content of Caijing is available on its own website, caijing.com.cn, where archives of the magazine are kept. However, some of the online articles are for subscribers only.
Assessments
Periodical China has suggested 3 key factors that have made Caijing successful. The first is investigative reports, the second is the unique perspective of commentaries, the third is Caijing's three guiding principles-independence, uniqueness and exclusiveness.Other reasons for Caijing's success are, according to Periodical China, the semi-official background of the investors, the news principles of Hu Shuli, her leadership and social networks, the separation of editorial staff and management, guaranteed funding, and focus on editorial integrity and planning.
At the same time, however, because Caijing focuses on investigating the fraud and deception that damage China’s stock markets, it is inevitable that Caijing could face pressure from the Chinese Central Government. Some foreign reporters, such as Dan Slater, have asked how long Caijing can survive.[11] For instance, after the editors of Caijing ignored official bans and printed an expose of the recent real estate/loan scandal involving Shanghai magnate Zhou Zhengyi and others, Chinese officials soon ordered the blocking of its distribution for the month of June.[12] So exactly how much freedom exists in the current Chinese press market for a magazine with such liberal reporting remains questionable.
Also at issue is whether the magazine will be sued due to so-called "false reports." According to the academic paper "Media Defendants in the Chinese Courts" by Professor Zhiwu Chen, specializing in finance at the Yale School of Management, judges in China tend to put protection of people's reputation as a top priority. So facing any court case with accusations of false reporting, if Caijing could not prove that its entire article was true, then the judge would most likely treat the article as false and side with the plaintiff. Caijing has already lost one trial with Shiji Xinyuan (世纪星源), a listed company, following this judicial line of reasoning. A report in Caijing claimed the company manipulated its financial statements to hide financial weaknesses. Shiji Xinyuan then sued Caijing and won because a small part of the article was "false," though the majority was true.
Some claim another of Caijing's potential liabilities is how much it is influenced by the personal style of Hu Shuli. According to Periodical China, Caijing's evolution has been closely tied to Hu, and if Hu leaves the magazine in the future, Caijing's future could be greatly affected.
Also under fire has been whether the investors of Caijing have adequate capital to support the magazine. SEEC operates several other magazines, and it has been questioned whether it can support its many projects.
Circulation and readership
Caijing has grown into a glossy bi-weekly with a staff of more than 180. It has an estimated circulation of 220,000 copies per issue, according to the information given in a website.[13] Caijing is available in the major cities of China and in some Hong Kong bookstores.According to market research survey in April 2001, over 70% of Caijing's demographic are professionals that have a final say in the decisions made within their companies' operations. Most of the readers are male (82.4%), aged 30 to 40. 65% of readers have received post-secondary education. Readership looks at Caijing "frequently" and 50% of readers have over 100,000 yuan in annual income.[14]
SEEC Media Group Limited
The SEEC Media Group has become the sole advertising operator of Caijing since November 2002 and is listed on the Hong Kong Stock Exchange (Stock Code HK205).Fellowship
Established in 1998, Caijing Fellowship is organized by The China Center of Economic Research at Peking University and is funded by Caijing.The Fellowship provides funding for training in economic and management theory, as well as financial news reporting. Each year 10 journalists and editors from financial media in China are able to receive the fellowships.
References
- ^ http://www.seec-media.com.hk
- ^ Capital Week
- ^ Business Post
- ^ a b Guo, Al (12 October 2009). "Magazine's business chiefs resign". SCMP (Hong Kong). Retrieved 12 October 2009.
- ^ "Future of top China magazine in doubt after exodus". Guardian.co.uk. 15 October 2009. Retrieved 2 January 2010.
- ^ http://www.caijing.com.cn/sars/sars_caijing.htm
- ^ http://www.caijing.com.cn/mag/preview.aspx?ArtID=1913
- ^ http://www.caijing.com.cn/mag/preview.aspx?ArtID=2191
- ^ http://www.caijing.com.cn/mag/preview.aspx?ArtID=2073
- ^ http://www.caijing.com.cn/english
- ^ http://www.financeasia.com/Articles/247B8199-7DBB-11D6-81E00090277E174B.cfm
- ^ http://www.friedlnet.com/news/03062702/4/
- ^ http://www.hml.com.hk/asia.html
- ^ http://caijing.homeway.com.cn/
External links
- Caijing official website
- SEEC Media Group Limited
- Caijing Fellowship
- The extract of Periodical China
- [1]
http://english.caijing.com.cn/
CAIJING.COM.CN Home Page:
http://english.caijing.com.cn/2012-11-02/112251118.html
HKMA Intervenes Against Influx of "Hot Money"
11-02 14:02 Caijing
Analysts believe the ultimate destination of the "hot money" is the mainland China, driven by the one-way bet on the yuan
Hong Kong Monetary Authority has reacted intensively against
an apparent influx of "hot money" that seemingly bets on appreciations
of the Chinese currency, with the HKMA injecting as much as 4.64 billion
Hong Kong dollars Thursday to the market to alleviate the strong
currency in recent spate of government interventions in the currency
markets.The HKMA has injected a total of around 24.4 Hong Kong billions to market in eight such moves since October 19, and Thursday's reaction was the third consecutive sell of Hong Kong dollars after the Hong Kong dollar hit the upper limit of trading band.
The Hong Kong dollar is pegged at 7.8 to the U.S. dollar but can trade between 7.75 and 7.85 to the U.S. dollar. Under the currency peg, the HKMA is obliged to intervene when the Hong Kong dollar hits 7.75 or 7.85 to keep the band intact.
At a time when the U.S. Federal Reserve is unleashing liquidity in a so-called third-round quantitative easing, interventions from the HKMA are sending an important message that foreign investors have started pouring money into the region. With Hong Kong's stock market and property market awash with liquidity, assets prices have been on the rise.
The Hang Seng index peaked at 21821.87 after recovering from September 5's low of 19145, bringing the total gains in October up by 3.8 percent. In property market, the Centa-City Leading Index (CCL), the main barometer of house prices, has been hitting new highs for five consecutive months to
Emerging markets, especially in Asia Pacific, have become targets of investors who are seeking for somewhere safer to park their money, said Liu Weiming, an analyst at China Citic Bank.
The "China factor" also contributed to the flow of hot money, Liu said, citing expectations of a stronger yuan and a soft-landing scenario in the economy.
On Thursday, the yuan briefly hit the upper limit of cap of 1 percent, or 6.2387 against the dollar, the fifth time in six trading days after it closed at a new high of 6.2372 in the previous trading day.
A one-way bet on the yuan will become a trend in a certain period without significant changes in other forces, according to AgBank chief economist Xiang Songzuo.
Analysts believe the ultimate destination of the "hot money" is the mainland China, driven by the currency bet. Hot money will flow to Chinese mainland through Hong Kong's yuan market, they say.
A report issued by Guangdong Academy of Social Sciences, which traces capital flows in more than 100 underground banks, showed an increasing trend of hot money inflows into the mainland, while predicting that the amount of hot money into Hong Kong and the mainland will surpass that in September, and the trend will continue into the end of the year.
http://english.caijing.com.cn/2012-10-25/112227685.html
Standard &Poor’s Warns Credit Risks from China’s Top 50 Banks
10-25 19:17 Caijing
artificially low deposit rates have prevented the banks from fully nurturing a risk-pricing culture
Standard &Poor’s recently warned that higher credit risks
are emerging in China’s banks as the rating agency released the second
list of China’s Top 50 Banks 5 years following the first one. Massive latent credit risks have been built in the top banks as their net profits in aggregate rose five-fold to RMB955.12 billion by 2011, representing 76.3% of the sector’s total profits, lifted by a lending spree, low credit provisioning costs, and explosive growth in fee income, according to the Standard &Poor’s report.
The protected interest spread under China’s regulated interest rates and unstoppable growth in loan volume served as the primary forces for lifting banks’ profits.
However, artificially low deposit rates have prevented the banks from fully nurturing a risk-pricing culture.
Meanwhile, the damage to their balance sheets, from cheap loans associated with the government’s stimulus package, is about to surface, Standard &Poor’s warned.
Funding and liquidity ratios are sound, but it has become increasingly difficult for banks to keep their loan-to-deposit ratios within the very conservative and arguably outdated regulatory ceiling of 75% when financial disintermediation (is becoming increasingly common.
“The top banks’ credit resilience will be put to the test over the next few years and they will find it tougher to maintain adequate profits as the economy slows and credit losses spiral up,” the report said.
According to the report, market share of the 50 banks has dropped despite a rise in total assets which were renminbi (RMB) 83.3 trillion (US$13.2 trillion) at the end of 2011, representing a compound annual growth rate (CAGR) of 19.7% over the past five years.
The drop in market share reflects faster growth at smaller banks than larger players against the backdrop of rapid expansion of balance sheets across the sector, said Standard &Poor’s.
The rating agency said constantly evolving regulations, macroeconomic volatility and the banks’ expansive growth appetites have led to a dramatic change in the list as more rural commercial banks , particularly those in coastal areas, have gained ground at the cost of city commercial banks based in the capitals of inland provinces.
And for the first time, the top 50 includes four foreign bank subsidiaries.
China’s “big five” state-owned commercial banks, Industrial and Commercial Bank of China Ltd., China Construction Bank Corp., Bank of China Ltd., Agricultural Bank of China Ltd., and Bank of Communications Co. Ltd., once again head the rankings.
http://english.caijing.com.cn/finance_economy/
Finance&Economy»
China Stock Markets Open Higher on QE3 amid Weaker U.S. Job Data
2012-09-14Qu Hongbin said QE3 will bring China more benefits than side effects as a stabilizing U.S. economy will support the country’s exports and ease capital outflow.Finance »
- Banks in Zhejiang Burdened with a New Crop of NPLs
- 2012-11-06
- New NPLs hit more than 30 billion yuan in Zhejiang, and 83 percent of them are in banks in cities of Hangzhou,Ningbo and Wenzhou.
- HKMA Intervenes Against Influx of "Hot Money"
- 2012-11-02
- Analysts believe the ultimate destination of the "hot money" is the mainland China, driven by the one-way bet on the yuan
- Report: Chinese Banks may Embrace Less Than 10Pct Growth in New Bad Loans
- 2012-11-01
- Chinese commercial banks are likely to see their non performing banks grow less than 10 percent from a year ago, with their non-performing loan ratios at 1-2percent
- Chinese Banks Wary of Lending Risks, New Bad Loans at CNY50Bln in Q1-Q3
- 2012-10-31
- Lenders including China Construction Bank, Bank of Communications, China Minsheng Bank, and Ping An Bank are assessing lending risks in major areas in a screening program
- PBoC Conducts CNY39.5Bln Worth of Reverse Repos Tuesday
- 2012-10-30
- It includes CNY290bn 7-day reverse repo and CNY105bn 28-day reverse repo.
- Hot Money Drove up Value of Yuan by 0.75Pct in Oct.
- 2012-10-29
- The Chinese currency has been hitting new highs in October, gaining as much as 0.75 percent so far in the month
- Standard &Poor’s Warns Credit Risks from China’s Top 50 Banks
- 2012-10-25
- artificially low deposit rates have prevented the banks from fully nurturing a risk-pricing culture
Economy »
- China Ranks near Bottom in Melbourne Mercer Global Pension Index 2012
- 2012-10-31
- China was given a D-grade with an overall index of 45.4 which means its pension system has some desirable features, but also has major weaknesses and omissions that need to be addressed.
- Chinese Lawmakers Vow to Clear Gov.'s Role at SOEs
- 2012-10-26
- The government will "solve the problem of overlapping [of roles] between governments and enterprises, and also between governments and capital"
- China Oct. PMI Flash Hit 3-Month High
- 2012-10-24
- China's manufacturing activities have been picking up the slacks as the impact of previous policies kicks in, pointing to a moderate recovery in the fourth quarter of this year
- Sept. FDI Down 6.8Pct on Year, $8.43Bln
- 2012-10-19
- China drew 83.4 billion U.S. dollars in foreign direct investment between January and September
- China Fiscal Revenue Growth Slows to 11.9Pct, Central Revenue Fell
- 2012-10-19
- Central fiscal revenue fell 2.4 percent to 366.4 billion yuan, while revenue collected by local governments rose 26.8 percent to 459.4 billion yuan
- NBS: Local Stimulus "Far Less" than Planned
- 2012-10-18
- More than 10 trillion yuan worth of investment plans have been initiated by donzes of governments.
- China Q3 Growth 7.4Pct, a 14-Quarter Low
- 2012-10-18
- The gross domestic product in the first three quarters rose 7.7 percent from a year ago, the NBS said. Growth was 8.1 percent in the first quarter and 7.6 percent in the second quarter, measured year on year.
- Central Bank Targets Control of Inflation Top Priority
- 2012-10-15
- Open market operations, and reforms of the exchange rate and interest rate are the "three weapons" the central bank should use to rein in inflation, Mr. Yi said
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