石磊 ：中国下一个套利机会(转)（国外英文资料）.docVIP

石磊 ：中国下一个套利机会(转)（国外英文资料） FT Chinese -- the Chinese economy Shi lei, head of fixed income for ping an securities Emerging and transition is usually economists verbally describe Chinas economic stage of the popular vocabulary, in fact, the word has been for nearly 30 years of Chinese business and investment opportunities for the hint, which is produced by the emerging and transition and carry opportunity. Is the most profitable businesses in the 1980 s between plan and market double-track speculation, is rich in the ninety s on have big price gap at home and abroad and quota restrictions carry of foreign trade, the first decade of this century the cornucopia of real estate and coal energy. Although the two seemingly unrelated markets, but they are first large-scale as commodity to enter the market, and the basic price is determined by the market, the strong external demand and a large balance of payments surplus of excess monetary support, these two kinds of accumulated the highest potential energy and elasticity of supply is small goods, after the market began to suddenly received a huge amount of energy released, it can be seen that the two industrys business model is still in the transition from market to market arbitrage. Five years ago began to popular PE, VC, most of its funds in the domestic fundamental business model or the valuations of arbitrage between listed and unlisted, now preparing to launch the new three board, and provides a new cross market arbitrage opportunities. However, the business model based on arbitrage will eventually have a significantly smaller day for arbitrage. After the dual-track pricing system, speculation is no longer a high-margin model; After joining the wto, Chinas trade in foreign trade was open, and foreign trade became a small industry. Real estate and coal are going through higher upstream costs, and downstream demand is coming to an end because of the changing period of economic environment and macro regulation. Large capit