When cold war wais over , IT improves to alter from day to day , transnational direct investments advances by leaps and bounds since the nineties,freedom to trade and capital flows liberty become the themes of the times , global economy integration becomes irresistible new century tidal current. Asian financial crisis never thinking of , happening in summer in 1997, not only ever more flourishing asian economy is stirred getting a complete mess, and, one wheel of international idle fund catches one wheel impingement, crisis is spreading in course of to Russia and Latin America , is watching helplessly even being going Europe (by Russia and Eastern Europe) and USA (by Asia and Latin America) to be rolled up coming in, reunion puts up front futile global economy Great Depression. Economic aid of the International Monetary Fund does not help matters almost light does oil at the furthest end of , but. The country and region suffering disaster one by one and suffering disaster imminently can only choose that the individual certainly sweeps snow in front of the door , the government interferes with and gets involved in marketplace operation numerously and confusedly directly, put foreign exchange control into practice even simply. Liberalization of global economy integration reforms open rose color view , the “financial crisis endless one , has no way over “scribbles such that being not as it was before.
One, opposes Malaysian foreign exchange control of machine-made government intervention of free market: Enter country internal affair for preventing international organization and foreign force from adulterating work, Malaysia has refused to IMF organize a loan having additional condition in one try of beginning , the strength trying to be based self on deals with crisis. Huge sum international idle fund impingement has been in fact very big and powerful but, has been that one trifling small country is able to withstand on one’s own? 2 horses have no way to keep a field within limits continuing gliding yuan with stock market , force Prime Minister Mahathir to have chosen foreign exchange control ultimately. The content controlling includes the entry-exit being not that resident’s currency exchanges , offshore registered permanent residence transfers accounts , buying roll out , overseas investment , import and export settlement and cash selling stock gains. Briefly speaking , remove from game, close not having played. Announce foreign exchange control measure’s basic conversion rate of horse had risen by 7.2% in that very day. 3 the Hong Kong banker fate and thirty style increasing by “seven move of friction”: Face International speculator on stocks destroying nature attack , Hong Kong authority one wheel “according to “dyadic new of cash dispenser being at the end of one’s forbearance , enter the city , the pen doing over-bought, Hong Kong dollar , buy stock , buy futures directly. A day , Hong Kong stock market close a deal on August 28 79 billion Hong Kong dollar, establish the history tidemark. The special administrative region government collects large amount of the hang seng index share selling at low prices , throws a number collecting a number according to Shan Quan , be of great the posture not stinting nationalization “hang seng index share enterprise.
Debut “seven immediately next to the government, courting thirty style “. “Seven moves among them “are seven new measure of item of Hong Kong finance administration bureau , aim at strengthening issue of bank notes bureau system and the operating funds increasing bank system , cut down Hong Kong dollar interest rate being the chance controlling by person. “Thirty style “is five bureaux respectively specifically for Hong Kong allying self with exchange , futures exchange , the bond and futures affair supervise a committee , central authority settles the company , government finance and economics affair organization, brings forward new discipline or reaffirms a few trading rules, reinforce the inspection throwing empty space to stock. These technicality measure , the drawings “procedure being to stir-fry for International speculator on stocks in the last analysis interpose an obstacle , increase friction, dodge to stir-fry a family made a profit to money , retreated before the impossible so easily. System is invariable though connection exchange rate issues a bureau, not only these restrictive measure entangling the foot stir-frying a family between nations on peculiar significance, be that international capital flow getting in and out in Hong Kong has increased friction at the same time also on general significance.
Every country and region government starts getting involved numerously and confusedly , intervenes in markets: The beginning of January , 1998 , the new Taiwan dollar have added U. S. dollar to falling greatly within the three day afterwards as far back as , Taiwan has closed NDF right away immediately (there being no capital forward exchange trades). 9 goes down 4 the fund air raid for guarding against the rope Ross flag at the beginning of the month”, Taiwan finance authority announces with direct mention on sb.’s name, forbid the Taiwan investor to will invest in the rope Ross fund besides the fund converges to leave the country , strictly forbid Taiwan bond merchant to be that the fund goes down Shan business under rope Ross flag. 5 Singapores have revised stock market index then , it truns out that weighting calculation switches over to be that market capitalization is a weighting with price has secretly been schemed against , the messenger has been stir-fried the share earns profit by controlling exponent component degree of difficulty increases by. 6 Russia for defending a rouble, once announced on August restricting commercial banks buying foreign currency, be foreign exchange control in fact. 7 has given up afterwards , result , rouble conversion rate have glided all the way , the rouble has devalued from August 17 to September 9, exceeding 60%, 8 foreign currency business is suspended several times, the bank stops the rouble conversion also again and again. There be information to say lately president Yeltsin thinks in course of in domestic circulating to restrict U. S. dollar. 9 two”capital myth “vanishes into thin air sending economics trade theory authority Bagewa to carry (Jagdish Bhagwati) saying freely , capital liberalization is that the trade liberalization idea extends, but, advocate that The Economists of capital liberalization does not resemble free trade Economists taking out sufficient demonstration analysis like that all along. Large amount of the short-term capital movement factual proof, irregularly and being difficult to control , the gathering place of fish or beasts being a lot of country outburst financial crisis. Both more and more many evidence and logic speculate hold out restricting currency liberty being on the move. That trade liberalization and currency liberalization are completely different is two different matters, and so on. 10 Singapore money political affairs Lee Kuan Yew said Asian cause of disease “is that capital market is untimely open. 11 USA “newsweek ” announces a signed article saying , the whole world capital flows makes national poor economy even more unsteady, benefit having damaged the Fu Guo investor’s at the same time conversely. 12 investment bank Warburg Pincus & Co. Carry out president Rajiv Lall saying: Globalization “and international financial market anastomosing is a “double-edged sword originally “, people is turned out to be believing now benefit meeting greater than disadvantage, has been most probably incorrect. Restricting assuming some aspect to international capital flows, maybe is not a piece of bad thing. 13 has the policy that indication indicates, including International Monetary Fund and seven countries of west to work out person being in the cards changing the consistent attitude opposing the capital flows controlling. Because of are “lower in “new system of the international finance, may require that some specially appointed capital controls measure , deals with special case. 14 hemp provinces professor of institute of technology Kelugeman (Paul Krugman) speaks more direct, Asia every country economy struggle hard , do not have an improvement even a tiny bit, may initiate new one wheel of capital outflows tide and graver crisis at any time. Be foreign exchange control to this , unique method, despite of this is that what many person abstains from mentions. He thinks that China is that there exists very big problem in very good one example , Chinese economy and financial system, safety island in being able to become asian financial turmoil but “, the foreign exchange control by being effective. 15 three, International Monetary Fund can do nothing for sb according to the annual finance report that International Monetary Fund announces , accepting International Monetary Fund aiding a maximum’s is S. Korea , Indonesia and Argentina till financial year in June , 1998 in June , 1997. 16 IMF organizes self for this purpose, already appearing financial crisis, hope that U.S. Congress approves 18 billion U. S. dollar allocation of funds as soon as possible. International Monetary Fund subsidiary implementation president Fischer is estimated , may be used for the section of an article in a legal document aiding till 9 billion U. S. dollar 50 being left only now. 17 sisters organization World Bank also send out a warning , the country provides a great quantity to suffering disaster aiding a loan, stability having already affected World Bank assets’s, unless the shareholder pours a fund in again, World Bank will have no way to continue to problematic country Shi to aid. By now, World Bank has already provided 8,400,000,000 us dollar loan to asian countries with Russia, to take up but to offer the loan forehead degree 77.7%. And 18 International Monetary Fund contribute money making efforts , the liberalization reformation opens a scheme further for the recipient country brings forward one big cover , the country who requires that those need badly stimulate the economy prosperity tight money policy , improves interest rate , strict control financial deficit, can not put currency bureau system into practice. 19 result, accepts the country that International Monetary Fund aids , one so far can not extricate oneself from a predicament. Kelugeman said That plan of the International Monetary Fund does not rescue Asia out in secondary crisis not only, makes condition get worse and worse on the contrary. Though 20 theory having a variety of free flow of capital and financial market opening to the outside world, provide a loan of people’s International Monetary Fund “finally as every country, can do nothing for sb already before gigantic destructive power of international idle fund.
Four, Euro faces grave challenge
On January 1 , 1999, 11 countries of European Union start Euro formally. But, should be all till originating country currency in July , 2002, quiting the historical stage. The transition period , Reichsmark , currency such as French franc , Italy lira coexist with Euro in this for 3 years , at the same time, issue and circulate. Such “double-track pricing system transition period, has been that the international stir-fries the central bank making use of Euro and poolicy orientation deviation , weak link choosing crush one by one in every country between the central bank , has provided a golden opportunity. Representative lessons drawn from others’ mistakes is pound sterling in 1992 “blocking action “. Europe exchange rate stabilized system (ERM) middle at that time , the weak power currency pound sterling added mark currency value being partial to height obviously. United Kingdom (high-interest , will shake off an economic downturn again now that essential points maintains currency currency value maintaining), unique way out is to require that Germany reduces interest. But, Germany is juat now unified , the exchange rate according to one to one united as one Westmark with East Germany mark, can not reduce interest not only for the pressure big and powerful that the bring down the inflation storm rises, need to increase interest on the contrary. Thereupon, the weak power pound sterling becomes the speculator pen buying the empty space attack target. One hard fighting is come down , the pound sterling is shown Europe exchange rate by international idle fund stabilizing system. Rope Ross is complacent , earn 1 billion pound sterlings greatly, United Kingdom property is covered with dust all over the face each other , is forced to resign. 21 participates in 11 country of European Union middle of Euro now, economic development of every country is very unbalanced , poolicy orientation is neither consistent. These democratic state government , politics elected by people must obey a ballot ticket , crucial moment formulates a policy, can only set off from benefit of homeland constituency, common advance and retreat very easy can not to on monetary policy. Euro challenges U. S. dollar , is that a gang of the alliance conspiring against each other and a unified giant big and powerful fight , the prospect makes people be anxious for. Can not say the hereafter in 1999 if 22 the pound sterling and the Italy lira can be stabilized system (ERM) quilt showing Europe exchange rate consecutively in 1992,other Euro area currency, for instance , Reichsmark, may not become the congenial target of international idle fund. Now, Germany checks the Muscovite huge sum problem getting a loan already may pound German bank system. 23 concerns close eastern european countries with plain East Germany with Russia economical , directness accepting the Russia crisis gets into trouble, in national currency such as Poland , Czech , Hungary already having been got along fluttering about in the storm. 24 Germany suggests using Euro to rescue Russia , hopes the collective action self is rolled up from this in Eastern Europe and Russia benefit fully grown European Union. Affect currency and economic policy arriving at German if 25 Russia and Eastern Europe condition worsen,the poolicy orientation bringing about Germany and other European Union country inconformity, is logical , can not remove mark being confronted with pound sterling unfavourable situation in 1992 possibility. Euro system is shown even if mark undergoes forceful impact,Euro, tests even prospect of entire European Union will be confronted with austerity unprecendented.
Since five, the Period of Warring States of global economy integration cold war is over, the whole world enters the tide reforming and opening , the subject is economy liberalization. Reducing customs duties , trade liberalization , capital by a wide margin being on the move freely , opening telecommunication market , transnational direct investments and enterprise merger , attract foreign funds , various economy of developing country Bund building-up , European Union to the outside world unifying from customs union to trade liberalization to currency and so on, is be that the country government intensity to economic activity direct under the control of is one by one small with interfering with range more and more all these nature. With Asian financial crisis and the crisis infestation to South America , Muscovite,liberalization reform and openness tidal current has begun to reverse a trend obviously.
Before long, the “Asia pattern “becomes a target of public criticism. Academic circles agrees with one consent: The Asian financial crisis cause is that the government is excessive interfere with economy , brings about bubble economy. Now, crisis spreads to Russia “outside “Asia pattern with South America every country. That the former puts into effect is the west “shock therapy praising highly extremely”the latter processes a base by that debt crisis almost becomes American hereafter. This makes people be deepened by gradually to the crisis understanding , begins to inversion happened and. Since the practice what is called, becoming worse “, facing is financial crisis,governments of all countries in the world draws to the economic activity controlling interfering with having reinforced greatly. Hong Kong is celebrated for that the government is stop interfering with an economic activity but all the time in the world. Result , authority have to banker fate”bury body hand-to-hand fight in person and international idle fund “, thirty are dyadic immediately next to “seven moves promulgating an effectuation “, become the classic documentation becoming worse from liberalization to interfering with greatly but interfering with specially. The country carries out Asian financial crisis early phase , International Monetary Fund in receiving aid going a step further liberalization reformation , result invalidate, and add to the misfortunes of a man who is already unfortunate , meet with common criticism not only, classic documentation being another direction. Reformation that Chinese rmb capital projects but liberty exchanges after financial crisis,remove from the logic choice space reforming further nearly, be that one is a classic documentation. Malaysia puts the foreign exchange control success into practice , it seems that one kind in being to deal with a lot of means of crisis chooses , has peculiar historic significance in fact. No freely convertible principle is same as RMB logically, liberty flows as long as shortage capital is unable , homeland central bank prosperity measures, be therefore likely to produce a marked effect in homeland range inner high limit field. Malaysia economy prosperity in other words, going over, is that Mahathir and rope Ross carry weight together , the inflow outflow may by international idle fund because of any central bank prosperity policy counteracts or enlarges. After putting foreign exchange control into practice, the Malaysian economy prosperity has become Mahathir one people right away carrying weight. Within Malaysia country range, the central bank can produce a marked effect in the condition distance of time of high limit that international idle fund rinses not or seldom “face to face. Certainly, price is gigantic , the effect does not admit ignoring especially to foreign merchant long range direct investments being defeated. 26 puts foreign exchange control all right into practice bluntly , the Hong Kong “seven court thirty style “all right , Taiwan forbids rope Ross to march into the arena with direct mention on sb.’s name all right, be to increase friction for international capital liberty flows on the character. If Rangsuo Ross does not come, self changes Luosuosi , Sisuoluo or rope Ross the name wants to come too , the Taiwan authorities can continue to increase the name list forbidding exiting , the impingement intensity always increasing to international idle fund is weakened to agreeable degree. If having had “seven to court thirty dyadic friction, international idle fund comes to pound fetching money , Hong Kong authority can continue to increase forty “eight moves style “, the impingement intensity always increasing to international idle fund is weakened to agreeable degree. These policy stipulates that in other words , therefore , that purpose all is to need to be that international capital flows creates friction, until rubbing greater than capital flows kinetic energy, makes to may bring about the capital hurting till being able to not be on the move freely. Putting into effect in fact all is foreign exchange control therefore, whether announcing foreign exchange control politically or not is one thing,degree the difference is lain in controlling. Because of even if being to announce effectuation foreign exchange control, draw concretely to how to controlling what degree to control to, self has a lot of clauses right away in capital item and the trade account,a lot of restricting to varying degrees and loosening dealing with different people in different ways. Since the purpose that various policy stipulates all is in this sense use the capital flows friction greater than capital flows kinetic energy,we are saying the different form (announce and do not announce) and foreign exchange control to varying degrees , are indicating inversion.
Free flow of capital and global finance integration myth, be shattered gradually in foreign exchange control composing in reply a various form of all localities government in every country. Trade liberalization accepts a threat with that. Lately, Bagewa mentions equal wests Economists that capital liberalization and trade liberalization is allotted but is worth it in terms of that, deliberate. Since the eighties powder and the nineties, trade liberalization advances by leaps and bounds development, rapid and intense connection is in the development advancing by leaps and bounds with transnational-rization , transnational direct investments of enterprise together. In peaceful environment being over in cold war, internal trade of multinational corporation the whole world division of work system “Zhan world commerce proportion is more and more big, not only 27 the liberty making import and export customs duties become bring sth. of which there is plenty, and intense request capital item to a great extent flows. On this material foundation, foreign exchange control of every country is as plain as the nose on one’s face to enormous negative transnational direct investments effect. Once transnational global range direct investments slows down down, foreign trade new focal point becoming every country policy surely again arguing about.
Make a general observation of the history that international economy develops at the modern times , have a development of the productive forces to exceed national boundaries and world market taking national country as element decentralize administration contradiction all the time. , Second World War and cold war in the hereafter, face colonial economy , Great War tier in economy , are this contradictious reporting essentially. Come just thinking of , all closing up in every country the door, automobile producing self according to million , millions upon millions population scale in the inside of national boundaries, the american general motors company gives birth to a child for 1 year being close to ten million automobile , can only be in USA , how possible woollen cloth to sell? Before a century, Max had described that United Kingdom machine weaves textile goods be destroyed to India and Chinese small-peasant economy once bloodyly detailedly. In this sense, say the W steam engine evolving out the history that capitalism whole world colonizes , do not draw a farfetched analogy. With the reason, can say in this sense also the cold war exactly being half sustained centuries, world market transnational according to development of the productive forces is demanded , concentrates becoming two big plate of can be transnational dividing the work and relative free trade, has establish the order basis that 50 world economic stabilities many years develop just now.
Now, Third World productivity’s the ability supplying develops. Development of development of the productive forces, is with IT industry as the leading role , gigantic once unparalleled leap happened. For adapting to development of this productivity , being in the eighties long ago,taking the continent as the unit wildly beating gongs and drums right away to such an extent as regional economy across prefecture trade forms an alliance, the field carries out. One ends , the global economy integration tide invests in right away directly in trade cold war,dispatch , medium , all aspect such as commerce , financial market opening to the outside world gigantic but come. If development of development of the productive forces the World War , socialism between imperialist state compose in reply capitalism worlds of two important camp order evolution with colonizing,existence some grow the inner link complementing each other , the global economy integration that technological progress drives, is that up to hundred million population scale what had no way to accommodate by the element country even then more with million , ten million today. On this issue, United Kingdom , France , Germany and four Spain powerful countries cooperate , ability makes up into Airbus, one and USA aviation industry fighting, be that development of the productive forces exceeds the national boundaries classic documentation in the respect of supplying. S. Korea national power and market size with several tens of millions population, develop grave challenge been confronted with by various estate on one’s own , are that development of the productive forces exceeds the very good national boundaries explanation in the field of need.
The global economy integration that development of the productive forces drives, is an irresistible historical trend. But, need being vigilant against, global economy integration does not imply justice and fairness even a tiny bit. History of elephant in the past has been the same , the global economy integration that development of the productive forces demands has fused few selfish productivity developed country national benefit. For instance , cold war ends a hereafter , American war industry re-organizes the war industry estate threatening Europe directly taking the country as unit’s to exist. 28 for example , Euro brewing a long time, speaks through, be also big powers of European Union unite get up, now that counter-balance USA , the implement seizing maximal portion in the process to the full in global economy integration. For instance , that very year British machine of elephant knits a textile goods right away is today with one kind , that the gunboat sends to come ,the end plays with a finance derive from the implement international idle fund runs amuck everywhere doing evil , most focus on several financial institutions of USA. 29 Asian financial crisis hereafter, few dominant developed country International Monetary Fund force everywhere to be stricken by disaster government liberalization reforms and opens further. The result adding to the misfortunes of a man who is already unfortunate, forces the more and more many nation country and region to make a vigorous start to protect self not to. Malaysian foreign exchange control , Taiwan forbid rope Ross to march into the arena , Hong Kong authority and international stir-fry a family “burying body hand-to-hand fight”our country RMB not devaluing and not considering convertible reformation of RMB for the moment and so on, be that national interests and the global economy integration trend adulterate the contradiction congregating together reporting. Begin now , never with the form and foreign exchange control to varying degrees, the behavior forcing all government interventions and controlling homeland economy’s reinforces financial crisis greatly. Two important camp of relative cold war era Er Yan , the world steps into a global economy integration “Period of Warring States” in course of. This is a contradictious proposition seemingly. But, from Industrial Revolution that the W steam engine brings about, history is that such walks contradictiously over. The optimum Paleituo model not having a pure economics here can make an explanation principle. If handling affairs completely according to optimum model of Paleituo, that the past imperialism colonizes certainly is to drive history to go ahead , striving for a national liberation having been accomplished is reactionary; Need to keep watch financial crisis today, the whole world all uses U. S. dollar one kind of currency, not to accommodate oneself to with fortune smiling come to change bothering going to why to wanting every country not to add with currency too?
The Period of Warring States “core is a war “character. Fight with and unite (be fight with forming an alliance needing) is this themes of the times.
1, research centre director Deng Ying who discusses middle , Chinese Academy of Social Sciences economic and cultural cleans the concept suggesting that the world enters the Period of Warring States. The author discusses middle in many times cleaning with Deng Ying , gets many beneficial enlightenment. The author is responsible to the main body of a book viewpoint and mistake.
The whole world hedge fund total assets amounts to 3 trillion U. S. dollar 2 according to estimate , may employ a fund amounting to 30 trillion U. S. dollar (230 trillion Hong Kong dollar) (seeing “apple daily ” plus the ability borrowing or lending money (secretly scheme against with the tenfold): “Stir-fry ammunition 230 trillion, property how to attend to withstand”September 14 , 1998). Another evidence estimation , the whole world cash flow in every day, before have reached 12,000 hundred million U. S. dollar a few years ago right away, the god of the earth who is used for international trade among them takes up 1% or so. Meanwhile, foreign exchange reserves of every country is general however U. S. dollar secretly schemes against with 10 billion, foundation is not a order of magnitude.
3 sees “believe newspaper “: “Malaysia puts severe foreign exchange control into practice”September 2 , 1998, the 8th page.
4 sees “believe newspaper “: The “platform entreats row of presidents to make an explanation be closed down NDF cause”September 1 , 1998, the 7th page.
5 sees “believe newspaper “: “Taiwan forces the rope Ross fund activity out all round , platform share falls urgently over the past wound 22 months newly low”September 1 , 1998, the 7th page.
6 sees “Ming Pao Daily news “: The new “star spirit stock market index decrease is charged by exercise”August 31 , 1998, mansion B-4 page.
7 sees John Thornhill: “Fears over devaluation send Russian markets into dive “, Financial Times, August 14 , 1998, the 1st page.
8 sees “believe newspaper “: “Shallow Xi Russia finance storm”September 9 , 1998, the 16th page. 9 wireless evidence Hong Kong TV news news report, October 3 , 1998.
10 sees Cui Zhi Yuan compiling: “Capital myth– trade in commodities and services “”refers to the manuscript ” , No with U. S. dollar trade difference. 98-14.
11 sees “Hong Kong Economic Daily “: “Be that Asia takes pulse– cause of disease: Capital market is opened untimely”September 15 , 1998, mansion A－2 page.
12 sees Robert J. Samuelson: “Global Capitalism , R.I.P “, Newsweek, September 14 , 1998, the 28th page.
13 sees Rajiv Lall: “Taming Capital Flows “, Far Eastern Economic Review, September 17 , 1998, the 47th page.
14 sees Stephen Fidler: “Capital curbs seen in more favourable light “, Financial Times, September 15 , 1998, the 12nd page.
15 sees Paul Krugman: “Saving Asia: It’s time to get radical “, Fortune, September 7 , 1998.
16 pair of Muscovite aids after June , the plan enters not yet.
17 sees Bob Davis: “IMF pledges its readiness to assist Brazil “, The Asian Wall Street Journal, September 8 , 1998, the 8th page.
18 sees Robert Chote: “World Bank sounds alarm over risky emergency loans “, Financial Times, September 25 , 1998, the 7th page. As long as this proportion reaches 80%, will have increased World Bank’s minimum capital requirement voluntarily according to regulation.
19 International Monetary Fund once successively decry with Russia in Indonesia for stable currency but put the issue of bank notes bureau system linking up with U. S. dollar into practice. 20 sees Paul Krugman: “Saving Asia: It’s time to get radical “, Fortune, September 7 , 1998.
21 consults the Yu another name for Mt. Taishan sunlight waiting for 1998: “Money with the fond dream ” , chinese cultural and historical press, di149-173 pages.
22 consults Liu Bing : Does “Ou Yuan Neng challenge U. S. dollar? “Refer to below expecting “the Hong Kong fax “.
23 Germany is the most country to Russia loan. Pay back the problem having difficulty for these company interest getting a loan, that Germany bank financial affairs grades may obj1 = ” 位” ? be exchanged low (idea Graham Bowley: “Russian crisis hits German banks “, Financial Times, September 15 , 1998, the 26th page).
24 sees Stefan Wagstyl: “Eastern Europe feels fallout from the crisis “, Financial Times, September 11 , 1998, the 2nd page.
25 Germany is the war criminal that the country “is defeated by the former Soviet Union and “the Warsaw Treaty Organization, after cold war is over, for oneself safe and consolidated east , West Germany merge again, in NATO “east expand “middle exerting oneself to the utmost most , invest maximum in Russia and eastern european countries.
26 consults Sheila McNulty: “Malaysia’s capital controls create investment challenge “, Financial Times, September 15 , 1998, the 22nd page.
27 don’t say that economy internationalization degree is colonizing right away very tall UK-US of times big powers , latecomer Japan , as far back as 1983 , the product controller accounts for 23.7 of Japan total export volume % right away in the inside of multinational corporation, the total import 27.7%; The nineties (consults Wang Xiao Qiang above developing more respectively to 30%: “Estate re-organizes time and tide wait for no man “, Renmin University of China publishing house printing plate in 1998).
28 consults Wang Xiao Qiang : “Estate re-organizes time and tide wait for no man “, Renmin University of China publishing house printing plate in 1998.
29 derive from the most outstanding implement marketplace characteristic it is altitude to concentrate , the more concentrates , as developing more and. The end of the year , USA Merrill Lynch , Solomon brother , J.P. Morgan & Co. , Mogenshidanli, are six taller than Sheng He Xin in 1993 inspiring confidence in sb. , account for 40% of implement contract the whole world derives from right away. When to Bank for International Settlement in 1996 investigation, 14 USA financial institutions account for 90% of implement activity USA whole nation derives from. 396 banks participate in United Kingdom derive from the implement business, (consults Wang Xiao Qiang above 22-25 accounting for 90% of volume of business go to among them: No the logic “contacting exchange rate’s is understood “”Hong Kong fax “. 97-8, November 8 , 1997).