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This article review: Cao Renchao: a shares next year is shock city plunged most fund managers Sun Jianbo Guide: take good stocks across the market a sledgehammer: House prices fall by 50% talk of China 10 Prime water skin: SME financing at the worst time in history leaves Tan: meet the currency war expansion of the Yuan exchange rate band Xie baisan: Shanghai leaders also blew the International Board, Shanghai and Shenzhen stock markets lurched back down Pi Haizhou: Shanghai Stock Exchange may wish to give investors a promised GUI haoming: Cao Renchao appears unfavorable factors set pattern to the weak market modification: no slump Hong Kong investment in shares next year is shock critics interview with Cao Renchao China Securities Journal reporter recently said that the outflow of hot money, would not seriously affect the Mainland's stock markets, but significant impact on the property market.China not optimistic about next year, is expected in most of the time between 16,000 and 20,000 shocks diablo 3 gold, it is estimated that a share is in shock, investors do not have to worry about the future a-shares will fall sharply. Outflow of hot money affect the property market in China Securities News: people's Bank of China released data showing a few days ago, foreign exchange balances first negative growth in the past four years, this was interpreted by some peopleOutflow of hot money in China. Affect the mainland stock and property markets? Cao Renchao: the recent balance of China's foreign exchange deposits to negative growth for the first time in nearly four years, representing the funds being out of China is a correct analysis. I believe that it would not seriously affect the Mainland's stock markets, because the a-share adjustment as early as beginning in August 2009, but significant impact on the Mainland property market, as adjusted by 2011Started in the second half. The China Securities journal: recently, the European debt crisis flared again, how long do you expect the crisis will last? Cao Renchao: Europe's debt crisis has appeared in 2009, but the United States launched in March 2009 and November 2010 QE and QE2, international capital continues to flow to the eurozone. May 2011, QE2 is completed, United States did notQE3, forming recycling dollar area, upgrade the European debt crisis. When resolved? I am afraid that is not in the foreseeable future, believed to be no end to it. Not to worry about a-shares will plunge the China Securities journal: the last interview, you made it clear that, the Hang Seng index has low, stock index up after. However, began to fall again in the near future, do you think the a-share market in October to openBeginning to rebound, has ended, returning to drop channel? Cao Renchao: Hsi on October 5, 2011 at 16,000 points, when P/E 8.9 times times, on behalf of China into the low zone, that is, further downside risk to significantly reduce, formed the broader market rally. But looking ahead to 2012, global economy is still subject to the economic environment in Europe and America, United States economy could not be complexSue, European debt problem cannot be solved in the short term. Since June this year, the Mainland began to adjust the property market in 2012, adjusted quite a lot of pressure, so poor 2012 Hong Kong economy will be higher than this year. Therefore, in 2012 on the economy is not a good year, in the absence of fundamental factors supported by the Hong Kong stock market and how much? Estimated that in 2012 the Hang Seng index most of the timeWandering between 16,000 to 20,000, continue your stock, game, not fried. The China Securities journal: for the a-share, and back to 2,400 points near, in the region, do you have a larger support? Cao Renchao: my understanding on the a-share a lighter, as property prices beginning to scale back until the second half of 2011 diablo 3 gold, I believe that both amplitude and time than Hong Kong real estate, So a share in the coming year may be less than the Hang Seng index. From another point of view a share per cent beginning in August 2009, theory in light City out to three years, investors don't have to worry about a-shares to fall sharply in the future, I believe in interval fluctuations. Shares of profit ability China Securities journal: at present, mainland regulators encouraged to reward shareholders of listed companies, increased cash dividends�� For the average investor, best way to get in return is to acquire bonuses or getting the bid-ask spread? Cao Renchao: stock price movements are not generally is determined by how much dividend, but the company's ability to earn (P/EG for short). If the company net profit for the year rising share prices will rise sharply, commonly known as companies such as growth stocks. Instead, rely on high interest rates to support the share priceCalled "strong defensive" stocks, such stocks in a down market rigidity is very good. Both have their strengths, weaknesses, it's hard to say what kind of good company. In Rose City, should invest in growth stocks; in the broader market uncertainty, should invest in resilient and strong unit. (The China Securities journal) Gold-line statement: Gold-line reproduced above, does not indicate that confirm the description for investor use only, is not refactoringAs investment advice. Investors a basis for action, at your own risk.