This is a landmark move for China, to partially open the door in its capital account. The significance of this, in my opinion, is perhaps greater than the exchange rate reform in July.
More Quotes from Dong Tao:
The month-on-month numbers are just totally useless unless the seasonal factor has been applied.Dong Tao
Will the government really hit the brakes I doubt it. Much of the investment is following government instructions. It's in second- and third-tier cities. This is what the government wants. They've regained solid control over inflation.
Dong Tao
Within the investment data, government-sponsored infrastructure investment projects are in full swing. But the real story is the sharp rebound in the real-estate sector. The rise of property prices in second-tier cities has now evolved into a national event.
Dong Tao
The Taiwan issue is miles ahead of any other agenda, as far as China is concerned. A reiteration of the one-China policy would be the minimum expectation from China. Any comments against the current movement would be considered a breakthrough.
Dong Tao
The biggest beneficiary of all this is the United States. Look, a Barbie doll costs 20 but China only gets about 35 cents of that.
Dong Tao
This is clearly not what the government expected.
Dong Tao
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