Business Times - 27 Feb 2008
Spot on with the near-term calls
The principle behind technical analyst David Bensimon's accurate forecasts lies in the symmetries in markets,
reports GENEVIEVE CUA
MAKING forecasts is a tricky business, as many analysts and fund managers will tell you, but it does not faze technical analyst David Bensimon. Some of his calls on the markets have been so precise that on one of his speaking engagements, it spurred an impromptu bidding war among some in the audience for an on-the-spot copy of his award winning tome on markets, Polar Perspectives.
One of the bidders paid for his copy with a gold coin. Worth about US$700 then in November, it was about equal to the price of the book. But the coin has since appreciated, as Mr Bensimon notes with amusement.
The book last year won a gold medal as the 'best book in finance/ investment/economics' at New York's annual independent publishers awards.
Mr Bensimon's fundamental view is that most of the world - Asia in particular - is in for a 'prosperity-driven inflationary era' over the next few years, notwithstanding the jitters over the credit crisis. His long-term view, for instance, is that the Straits Times Index (STI) will hit 9,000 and the Hang Seng Index 100,000 by 2012; and gold will climb to US$2,600 an ounce by 2014.
He has set up a fund to invest according to the themes of his book. One of his first investors is Stephen Riady of the Lippo Group.
His forecasts may sound quite incredible, until you learn of his near-term calls on markets which have turned out uncannily right. Last October, for instance, he told an audience in Singapore that the STI would fall 15 per cent from its level of 3,900 then to 3,300 shortly. The index fell from 3,906 to 3,306 within six weeks of his call. In The Business Times in August, Executive Money quoted him as saying that the STI would fall to 2,800; the index was then at 3,300. It fell to a low of 2,866 in January.
The principle behind Mr Bensimon's calls lies in the proportionalities and symmetries in markets, which he sees as functions of 'phi', also called the 'golden mean'. This is expressed in the number 1.618 and its inverse 0.618. As he sees it, these symmetries permeate markets, and this is evident in the scale of market rises and even in the pattern of retracements across time. His calls have gained a following among banks, traders, hedge funds and private individuals.
The outcome of a forecast, he says, is not cast in stone but is based on probabilities. 'The power comes not from saying that markets will do this or that. It comes from recognising that different alternatives can unfold,' he says. 'The benefit is not to say the market might go up or down, that's not of value to anyone. The value comes from being able to say that if the market chooses this northward path, it will go this far and no more. If it takes the southward path, it will go this far to a target.
'My speciality is to provide clients with a magnitude of duration and time, of price and specific levels and dates . . . March does provide a broad turning point that crosses different markets, not just the STI or equities but across a spectrum.'
He believes the STI, currently trading at the 3,077 level, could still face yet another downdraft. It needs to exceed 3,300, he says, to confirm that it is out of the woods. Until then, there is a 'distinct risk' that it could fall another 15 per cent to 2550, which will be a buying opportunity. 'In Singapore if we break the 2,850 level, the next level down is 2,550 which seems a little far and rather cheap. But these motions are driven by panic and over-extension on the downside. But I'd be happy to invest anywhere from 2,800 to 2,600 because at those levels, it's really very cheap.'
He said: 'One of the benefits of looking at the very big picture history is that it provides a degree of comfort and confidence that when we are in a corrective mode, instead of being worried and panicking, we can be comfortable that we know what the rhythm is and can recognise the relationships. We know we'll get to the ultimate target of 8,800 or higher several years from now, and there are natural levels to re-enter the market.'
His view is that Asian markets - Australia, Shanghai, Singapore and in particular, Hong Kong - will move in synch upwards. 'Asia will benefit from the huge fundamental growth and prosperity sweeping across the region, that is not in any way harmed by the slowdown in the US. Asia now has enough internal demand and intra-Asian trade and infrastructure and consumer spending that it has a life of its own.'
He notes that historically, in past US recessions, the stock market has anticipated a recovery and rises well before the recession ends. 'There is no impediment to have markets bottom in March, and have them recover sharply even if a recession technically continues in the next few months.'
His views on oil and gold are positive but not equally so. He expects oil to reach US$125 a barrel this year and to move sideways for two years. 'We're still en route to US$125, but the big story is that once we reach US$125, everyone will scream that we're on the way to US$200 and that's not what's going to happen. '
The catch, too, is that consumer prices will not be adjusted downwards during the consolidation period. 'The margins for products will be fabulous and will power the stock market to much higher levels because the reduction of the oil price will translate directly into the bottom line for corporates in the industrial and financial sectors, telecom and blue chips. They'll all be lifted by prosperity.'
He is bullish on gold in the long term but expects some consolidation this year before it moves to US$1,030 an ounce in 2009, and eventually US$1,220 in 2010. But the most rapid rise is expected between 2011 and 2014 when he expects the price to hit US$2,600.
Wednesday, February 27, 2008
Tuesday, February 26, 2008
CSC: INCORPORATION OF A MALAYSIAN SUBSIDIARY - CSCGE
26 Feb 2008
The Board of Directors (“Directors”) of CSC Holdings Limited (the “Company”) wishes to announce that it has on 25 February 2008 incorporated a wholly owned subsidiary in Malaysia under the name of CSC Ground Engineering Sdn Bhd (“CSCGE”).
The Board of Directors (“Directors”) of CSC Holdings Limited (the “Company”) wishes to announce that it has on 25 February 2008 incorporated a wholly owned subsidiary in Malaysia under the name of CSC Ground Engineering Sdn Bhd (“CSCGE”).
Friday, February 22, 2008
CNA: S’pore Sports Hub’s tentative calendar of events ready by year-end
Channel NewsAsia - 25 Jan 2008
SINGAPORE : The Singapore Sports Hub consortium is setting up a working committee to plan activities for the upcoming Sports Hub.
Their impressive programming calendar was the main reason the “dome-shaped” design was picked for the project.
In 3 years time, the Integrated Sports Hub, which will boast a retractable roof stadium, will also be a hive of activity - as numerous programmes have been lined up for the new facility.
These include annual international football tournaments, tennis and badminton events, and even the return of the Rugby Sevens.
An ASEAN Football League is also being planned to help bring back the Kallang Roar.
Seamus O’Brien, President and CEO, World Sports Group, said, “The national teams come together every two years in the ASEAN Championship, which has obviously been a big success.
“Now we are going to take that further into the club game and make sure that ASEAN, on a region-wide basis, is able to generate strong club sides, and good footballers that can compete with the rest of the region and hopefully in years to come, further afield.”
Another popular Asian sport - cricket - will also be making its presence felt at the new stadium.
For the man-in-the-street, Community Days will see free coaching clinics for the public to take up sports.
The fun does not end there.
Mr O’Brien said, “All of the activities of the Park on a daily basis can then be taken back out into the community in all forms of new digital media, which will give everybody a sense of belonging.”
The consortium will also engage experts and work with National Sports Associations to organise the multiple activities planned.
The consortium’s tentative calendar of events for its opening year will be ready by the end of this year. - CNA/msSource : Channel NewsAsia - 25 Jan 2008
SINGAPORE : The Singapore Sports Hub consortium is setting up a working committee to plan activities for the upcoming Sports Hub.
Their impressive programming calendar was the main reason the “dome-shaped” design was picked for the project.
In 3 years time, the Integrated Sports Hub, which will boast a retractable roof stadium, will also be a hive of activity - as numerous programmes have been lined up for the new facility.
These include annual international football tournaments, tennis and badminton events, and even the return of the Rugby Sevens.
An ASEAN Football League is also being planned to help bring back the Kallang Roar.
Seamus O’Brien, President and CEO, World Sports Group, said, “The national teams come together every two years in the ASEAN Championship, which has obviously been a big success.
“Now we are going to take that further into the club game and make sure that ASEAN, on a region-wide basis, is able to generate strong club sides, and good footballers that can compete with the rest of the region and hopefully in years to come, further afield.”
Another popular Asian sport - cricket - will also be making its presence felt at the new stadium.
For the man-in-the-street, Community Days will see free coaching clinics for the public to take up sports.
The fun does not end there.
Mr O’Brien said, “All of the activities of the Park on a daily basis can then be taken back out into the community in all forms of new digital media, which will give everybody a sense of belonging.”
The consortium will also engage experts and work with National Sports Associations to organise the multiple activities planned.
The consortium’s tentative calendar of events for its opening year will be ready by the end of this year. - CNA/msSource : Channel NewsAsia - 25 Jan 2008
ST: Sports Hub - Singaporeans Like The Dome Design
The Straits Times, Jan 21, 2008
They praise its iconic design, functionality but voice concerns over hefty price tag
SINGAPOREANS have given the design of the new Sports Hub at Kallang the thumbs up, praising its iconic design and functionality.
Their only concern: the project's hefty price tag.
However, the $1.87 billion figure is not only for the cost of building Singapore's new National Stadium and its surrounding facilities, but also for running the Hub for 25 years.
The figure had increased from previous estimates of $800 million because of rising construction costs and extra features like a public watersports centre, which was added last year.
However, some people fear that the high cost of the project may translate into high usage fees.
'If it's going to cost so much, I hope ordinary people will not have to pay through their nose to use it,' said marketing executive Genevieve Loh, 28.
But, even if they have to fork out more to watch a sports event or swim in a pool, Singaporeans are getting a world-class sports facility in return. For the new 55,000-capacity dome-shaped stadium will have a retractable roof to cater to all weather conditions, a first.
Two other unprecedented features are the indoor aquatic centre and the whitewater rafting facility.
There will also be 41,000 sq m of leisure, shopping and dining facilities.
On Saturday, the Government announced that the Singapore Sports Hub Consortium (SSHC) was the preferred bidder for the project.
It beat two other consortia - SingaporeGold and Alpine.
To be completed by 2011, the Kallang development is believed to be the world's first integrated sports public-private partnership project.
Once the contract is signed in March, the Government will pay $1.87 billion to SSHC over a 25-year period.
The consortium will, in turn, foot the bill for the construction and operating costs, estimated at $1.2 billion.
This means that it will pay for the project's capital expenditure, and take on risks involved, like the rising cost of materials or labour.
Third-party revenue such as ticket sales and rental of facilities will be shared between the consortium and the Government.
At a press conference on Saturday, Minister for Community Development, Youth and Sports, Dr Vivian Balakrishnan, assured Singaporeans that the money will be well spent.
'In the sporting arena, we will become a key node in a global system where events are held, where you will participate and watch top international sporting events,' he said.
'People will come to Singapore and Singaporeans will also be able to find jobs, pursue their passion in sports.
This will therefore be a project which will open up many more opportunities for our people.' Cost aside, readers gave full marks for the new design. Said engineer Dennis Png, 40: 'I think the best design won.
The dome looks futuristic and gives the sense that Singapore is moving forward with the times.' But, some, like corporate communications executive Kevin Tan, felt that the money for the Sports Hub could have been put to better use.
'It's a steep price given the current economic climate,' said the 32-year-old. 'Perhaps the money could have been channelled to enhance our existing sports programmes.' Businessman Paul Ong, 30, also questioned the need for such 'extravagance'.
'Tan Howe Liang won an Olympic medal without any fancy facilities,' he said. 'The money could have been spent on the 'software', like the people and the athletes.'
But others believe the benefits brought about by the new Sports Hub will outweigh its initial cost. Said sales manager Michaes Chan, 28: 'It sounds very expensive, but I believe the Government has done its homework.
'The Sports Hub should boost the economy in the long run, which will also benefit me.'
They praise its iconic design, functionality but voice concerns over hefty price tag
SINGAPOREANS have given the design of the new Sports Hub at Kallang the thumbs up, praising its iconic design and functionality.
Their only concern: the project's hefty price tag.
However, the $1.87 billion figure is not only for the cost of building Singapore's new National Stadium and its surrounding facilities, but also for running the Hub for 25 years.
The figure had increased from previous estimates of $800 million because of rising construction costs and extra features like a public watersports centre, which was added last year.
However, some people fear that the high cost of the project may translate into high usage fees.
'If it's going to cost so much, I hope ordinary people will not have to pay through their nose to use it,' said marketing executive Genevieve Loh, 28.
But, even if they have to fork out more to watch a sports event or swim in a pool, Singaporeans are getting a world-class sports facility in return. For the new 55,000-capacity dome-shaped stadium will have a retractable roof to cater to all weather conditions, a first.
Two other unprecedented features are the indoor aquatic centre and the whitewater rafting facility.
There will also be 41,000 sq m of leisure, shopping and dining facilities.
On Saturday, the Government announced that the Singapore Sports Hub Consortium (SSHC) was the preferred bidder for the project.
It beat two other consortia - SingaporeGold and Alpine.
To be completed by 2011, the Kallang development is believed to be the world's first integrated sports public-private partnership project.
Once the contract is signed in March, the Government will pay $1.87 billion to SSHC over a 25-year period.
The consortium will, in turn, foot the bill for the construction and operating costs, estimated at $1.2 billion.
This means that it will pay for the project's capital expenditure, and take on risks involved, like the rising cost of materials or labour.
Third-party revenue such as ticket sales and rental of facilities will be shared between the consortium and the Government.
At a press conference on Saturday, Minister for Community Development, Youth and Sports, Dr Vivian Balakrishnan, assured Singaporeans that the money will be well spent.
'In the sporting arena, we will become a key node in a global system where events are held, where you will participate and watch top international sporting events,' he said.
'People will come to Singapore and Singaporeans will also be able to find jobs, pursue their passion in sports.
This will therefore be a project which will open up many more opportunities for our people.' Cost aside, readers gave full marks for the new design. Said engineer Dennis Png, 40: 'I think the best design won.
The dome looks futuristic and gives the sense that Singapore is moving forward with the times.' But, some, like corporate communications executive Kevin Tan, felt that the money for the Sports Hub could have been put to better use.
'It's a steep price given the current economic climate,' said the 32-year-old. 'Perhaps the money could have been channelled to enhance our existing sports programmes.' Businessman Paul Ong, 30, also questioned the need for such 'extravagance'.
'Tan Howe Liang won an Olympic medal without any fancy facilities,' he said. 'The money could have been spent on the 'software', like the people and the athletes.'
But others believe the benefits brought about by the new Sports Hub will outweigh its initial cost. Said sales manager Michaes Chan, 28: 'It sounds very expensive, but I believe the Government has done its homework.
'The Sports Hub should boost the economy in the long run, which will also benefit me.'
Singapore Sports Council: Singapore Sports Hub Consortium, Led By Dragages Singapore Pte Ltd, Selected as Preferred Bidder For Sports Hub Project
Singapore Sports Hub Consortium, Led By Dragages Singapore Pte Ltd, Selected as Preferred Bidder For Sports Hub Project
Singapore, 19 January 2008 - The Singapore Government announced today that it has selected the Singapore Sports Hub Consortium (SSHC) led by Dragages Singapore Pte Ltd as the preferred bidder for the Singapore Sports Hub Public-Private-Partnership (PPP) project, subject to finalisation of contract details.
2 Making the announcement at a press conference, Minister for Community Development Youth and Sports, Dr Vivian Balakrishnan said: "We are pleased to announce the selection of the Singapore Sports Hub Consortium, led by Dragages Singapore Private Limited, as the preferred bidder for the Singapore Sports Hub Public-Private Partnership project. The Consortium displayed significant strengths in programming, team culture and partnership, functionality and layout. It also offered the best value for money solution for Singapore."
3 Dr Balakrishnan added: "SSHC provided a holistic strategy to promote sports participation, leisure, entertainment and lifestyle activities via a focus on community and grassroots sports. Its integrated approach will create foot traffic and promote vibrancy at the Sports Hub. Their strategy is supported by a comprehensive sporting calendar that guarantees at least 90 event days at the National Stadium and 46 at the Singapore Indoor Stadium. It consist of a well-balanced mix of local, regional and international sporting events and activities targeted at various different target segments."
4 Examples of innovative and sustainable programmes and events include onsite media broadcasting services, organising an ASEAN clubs soccer league, a Singapore national games and international cricket matches.
5 The SSHC has also proposed setting up a 'Premier Park Foundation' or PPF, which reinvests a significant portion of Sport's Hub's commercial revenues into the project. The PPF will be used to fund future events, activities and facilities.
6 The PPF ensures a sustainable programming model and is a testimony of SSHC's long-term partnership commitment to the project. SSHC's venue operator, Global Spectrum, has also taken an equity stake in the project, further highlighting the consortium's commitment to deliver world class programming to the Sports Hub.
7 SSHC has provided a circular design layout with the various sports and commercial facilities surrounding the dome-shaped new National Stadium. The design is well integrated with the consortium's events and programming strategy, and has the flexibility and scalability for hosting large-scale events, including the National Day Parade. The Sports Hub's critical mass of facilities and attractions would ensure that the venue is teeming with activity and buzz on event and non-event days.
8 "We believe the strength of the SSHC's proposals, together with SSC's Sporting Singapore initiatives, will place the Sports Hub alongside the world's best and most dynamic sports, entertainment and lifestyle venues. With the advantage of a 25-year legacy planning horizon, and the best of breed team from the SSHC, the Singapore Sports Hub can create the same buzz like other world class venues such as the Reebok stadium in Manchester, Sydney Olympic Park in Australia and Madison Square Gardens in New York." added Dr Balakrishnan.
9 With the appointment of the SSHC as the preferred bidder, the project will now enter into the Financial Close stage, during which details of the contract will be ironed out. The signing of the project agreement is scheduled for end March 2008.
10 Post-Financial Close, the existing National Stadium is expected to be demolished, and construction for the new Sports Hub will start. This is expected to take place from April 2008. SSHC will also take over the operations of Indoor Stadium from April 2008.
11 The Sports Hub is expected to be ready in end 2011.
12 The Net Present Value of the total costs the government will pay over the 25-year tenure amounts to S$1.87b.
13 The Sports Hub is believed to be the first and largest sports facilities infrastructure PPP project in the world and is also Singapore's largest and flagship PPP project of this nature.
ANNEX D – Sports Hub Project Milestones
15 Dec 2005 - Launch of pre-qualification stage of tender process
28 Feb 2006 - Submission of pre-qualification documents
26 Apr 2006 - Pre-qualification of short-listed consortiums
Jul 2006 - Launch of invitation to Tender (ITT) stage of tender process
28 Feb 2007 - Close of ITT – consortiums submit their proposals
Jul 2007 - Sports Hub tender enters Final Clarification Stage
19 Jan 2008 - Preferred bidder appointed
31 Mar 2008 - Financial close, construction start date
End 2011 - Sports Hub operationally ready
Singapore, 19 January 2008 - The Singapore Government announced today that it has selected the Singapore Sports Hub Consortium (SSHC) led by Dragages Singapore Pte Ltd as the preferred bidder for the Singapore Sports Hub Public-Private-Partnership (PPP) project, subject to finalisation of contract details.
2 Making the announcement at a press conference, Minister for Community Development Youth and Sports, Dr Vivian Balakrishnan said: "We are pleased to announce the selection of the Singapore Sports Hub Consortium, led by Dragages Singapore Private Limited, as the preferred bidder for the Singapore Sports Hub Public-Private Partnership project. The Consortium displayed significant strengths in programming, team culture and partnership, functionality and layout. It also offered the best value for money solution for Singapore."
3 Dr Balakrishnan added: "SSHC provided a holistic strategy to promote sports participation, leisure, entertainment and lifestyle activities via a focus on community and grassroots sports. Its integrated approach will create foot traffic and promote vibrancy at the Sports Hub. Their strategy is supported by a comprehensive sporting calendar that guarantees at least 90 event days at the National Stadium and 46 at the Singapore Indoor Stadium. It consist of a well-balanced mix of local, regional and international sporting events and activities targeted at various different target segments."
4 Examples of innovative and sustainable programmes and events include onsite media broadcasting services, organising an ASEAN clubs soccer league, a Singapore national games and international cricket matches.
5 The SSHC has also proposed setting up a 'Premier Park Foundation' or PPF, which reinvests a significant portion of Sport's Hub's commercial revenues into the project. The PPF will be used to fund future events, activities and facilities.
6 The PPF ensures a sustainable programming model and is a testimony of SSHC's long-term partnership commitment to the project. SSHC's venue operator, Global Spectrum, has also taken an equity stake in the project, further highlighting the consortium's commitment to deliver world class programming to the Sports Hub.
7 SSHC has provided a circular design layout with the various sports and commercial facilities surrounding the dome-shaped new National Stadium. The design is well integrated with the consortium's events and programming strategy, and has the flexibility and scalability for hosting large-scale events, including the National Day Parade. The Sports Hub's critical mass of facilities and attractions would ensure that the venue is teeming with activity and buzz on event and non-event days.
8 "We believe the strength of the SSHC's proposals, together with SSC's Sporting Singapore initiatives, will place the Sports Hub alongside the world's best and most dynamic sports, entertainment and lifestyle venues. With the advantage of a 25-year legacy planning horizon, and the best of breed team from the SSHC, the Singapore Sports Hub can create the same buzz like other world class venues such as the Reebok stadium in Manchester, Sydney Olympic Park in Australia and Madison Square Gardens in New York." added Dr Balakrishnan.
9 With the appointment of the SSHC as the preferred bidder, the project will now enter into the Financial Close stage, during which details of the contract will be ironed out. The signing of the project agreement is scheduled for end March 2008.
10 Post-Financial Close, the existing National Stadium is expected to be demolished, and construction for the new Sports Hub will start. This is expected to take place from April 2008. SSHC will also take over the operations of Indoor Stadium from April 2008.
11 The Sports Hub is expected to be ready in end 2011.
12 The Net Present Value of the total costs the government will pay over the 25-year tenure amounts to S$1.87b.
13 The Sports Hub is believed to be the first and largest sports facilities infrastructure PPP project in the world and is also Singapore's largest and flagship PPP project of this nature.
ANNEX D – Sports Hub Project Milestones
15 Dec 2005 - Launch of pre-qualification stage of tender process
28 Feb 2006 - Submission of pre-qualification documents
26 Apr 2006 - Pre-qualification of short-listed consortiums
Jul 2006 - Launch of invitation to Tender (ITT) stage of tender process
28 Feb 2007 - Close of ITT – consortiums submit their proposals
Jul 2007 - Sports Hub tender enters Final Clarification Stage
19 Jan 2008 - Preferred bidder appointed
31 Mar 2008 - Financial close, construction start date
End 2011 - Sports Hub operationally ready
早报: 世界银行副行长林毅夫：中国经济未来二三十年仍会年增10%
世界银行副行长林毅夫：中国经济未来二三十年仍会年增10%
2008-02-22
(柏林新华电）世界银行副行长兼首席经济学家林毅夫指出，他对中国经济未来二三十年的发展前景持乐观态度，认为广受关注的能源问题不会成为中国发展的瓶颈，并预测中国经济有望在未来20年至30年仍然保持10%左右的成长率。
据新华社自柏林报道，林毅夫前日在参加德国外交政策协会举办的中国经济讨论会后，接受记者采访时表示，中国的经济发展具有不可忽视的潜力。除了中国拥有继续吸引外资的优势外，中国的国民消费以及服务业发展将在中国经济总量中占据越来越重要的地位。
林毅夫表示，能源价格居高将迫使中国国内的企业具备更强的节能动力，以提高能源使用效率，而政府也会出台更多节能政策来应对能源短缺问题。
与此同时，由于能源需求较大，会有更多的公司扩大能源开采的规模、增加储备，以增加能源的供应量。因此从长期看，能源本身不会成为限制中国发展的瓶颈。
世界银行行长佐利克在2月4日正式任命中国经济学家林毅夫为世界银行副行长兼首席经济学家。这是世行首次任命发展中国家人士出任这一要职。
林毅夫说，这是世界银行对发展中国家、尤其是中国发展成功经验的重视。不过他表示，每一个国家的国情都有所不同，成功的经验不能照抄，问题的最终解决要取决于那个国家的具体情况。
2008-02-22
(柏林新华电）世界银行副行长兼首席经济学家林毅夫指出，他对中国经济未来二三十年的发展前景持乐观态度，认为广受关注的能源问题不会成为中国发展的瓶颈，并预测中国经济有望在未来20年至30年仍然保持10%左右的成长率。
据新华社自柏林报道，林毅夫前日在参加德国外交政策协会举办的中国经济讨论会后，接受记者采访时表示，中国的经济发展具有不可忽视的潜力。除了中国拥有继续吸引外资的优势外，中国的国民消费以及服务业发展将在中国经济总量中占据越来越重要的地位。
林毅夫表示，能源价格居高将迫使中国国内的企业具备更强的节能动力，以提高能源使用效率，而政府也会出台更多节能政策来应对能源短缺问题。
与此同时，由于能源需求较大，会有更多的公司扩大能源开采的规模、增加储备，以增加能源的供应量。因此从长期看，能源本身不会成为限制中国发展的瓶颈。
世界银行行长佐利克在2月4日正式任命中国经济学家林毅夫为世界银行副行长兼首席经济学家。这是世行首次任命发展中国家人士出任这一要职。
林毅夫说，这是世界银行对发展中国家、尤其是中国发展成功经验的重视。不过他表示，每一个国家的国情都有所不同，成功的经验不能照抄，问题的最终解决要取决于那个国家的具体情况。
早报: 中国财经: 全球十大市值公司 中国占四席
2007-10-19全球十大市值公司 中国占四席
香港／北京讯）A股和港股的连续上涨，已使得四家中国公司进入了全球上市公司市值前10名。据彭博社的数据，截至10月16日收盘，全球市值最高的10大上市公司中，中国公司已经和美国公司平分秋色，各占四席。
其中中石油排名第二，其余三家中国公司分别是中国移动、工商银行和中国石化(PetroChina)，排名依次为第四、第五和第八。
工商银行是全球最大市值的银行，其市值高达3357亿8500万美元（4909亿新元）。
从10月7日开始，在香港上市的中石油连续五个交易日以上涨收盘，累计涨幅达到了33.19%，使其市值一举超越通用电气公司，成为全球第二大上市公司，仅次于艾克森美孚（Exxon Mobil Corp）。
10月16日，尽管中石油股价小幅下跌了2.13%，但其收盘时总市值已高达4290亿4200万美元，逼近市值5254亿5300万美元的埃克森美孚公司，而排名第三的通用电气的市值则为4177亿3700万美元。
另外两家进入前10名的美国公司是微软和美国电报电话公司（AT&T）。微软排名第六位，美国电报电话公司排名第10位。壳牌石油公司(Royal Dutch Shell)和俄罗斯天然气公司(OAO Gazprom)分列第七和第九位。
不过，由于中国石化股价昨日在香港股市曾一度跳升8.8％，其市值达到2万1000亿港元（4038亿新元）也因此超越了壳牌公司，成为全球第四大石油与煤汽公司。在这10大市值排名中，也从第八位晋级到第七位。但在劲升过后，中国石化股价昨日闭市时回落到12.36港元，其市值也随之走低。
以10月16日收盘价计算，市值列入10大的四家中国公司的总市值已经高达1万4039亿美元，同四家美国公司的合计总市值1万4833亿美元，仅相差不到800亿美元。
根据彭博社提供的数据，中石油、中国移动、工商银行和中国石化的市盈率分别达到了22.56倍、41.85倍、45.28倍和16.06倍。其中，工行的市盈率在这10家公司中最高，而四家中国公司的算术平均市盈率也达到了31.44倍，远远高于10家上市公司的平均市盈率21.45倍。
第一财经日报》报道，中信金通证券首席分析师钱向劲认为，中国宏观经济的不断走强，以及近期A股市场的连续上涨，资金积极投入中国公司。A股市场高估值，一定程度上也抬高了这些在境外上市公司的股价和估值水平。这种高估值一定程度上反映了市场的不成熟，另一方面，对于在一个不断发展的经济体中成长的公司来说，略高的估值也是合理的。
香港／北京讯）A股和港股的连续上涨，已使得四家中国公司进入了全球上市公司市值前10名。据彭博社的数据，截至10月16日收盘，全球市值最高的10大上市公司中，中国公司已经和美国公司平分秋色，各占四席。
其中中石油排名第二，其余三家中国公司分别是中国移动、工商银行和中国石化(PetroChina)，排名依次为第四、第五和第八。
工商银行是全球最大市值的银行，其市值高达3357亿8500万美元（4909亿新元）。
从10月7日开始，在香港上市的中石油连续五个交易日以上涨收盘，累计涨幅达到了33.19%，使其市值一举超越通用电气公司，成为全球第二大上市公司，仅次于艾克森美孚（Exxon Mobil Corp）。
10月16日，尽管中石油股价小幅下跌了2.13%，但其收盘时总市值已高达4290亿4200万美元，逼近市值5254亿5300万美元的埃克森美孚公司，而排名第三的通用电气的市值则为4177亿3700万美元。
另外两家进入前10名的美国公司是微软和美国电报电话公司（AT&T）。微软排名第六位，美国电报电话公司排名第10位。壳牌石油公司(Royal Dutch Shell)和俄罗斯天然气公司(OAO Gazprom)分列第七和第九位。
不过，由于中国石化股价昨日在香港股市曾一度跳升8.8％，其市值达到2万1000亿港元（4038亿新元）也因此超越了壳牌公司，成为全球第四大石油与煤汽公司。在这10大市值排名中，也从第八位晋级到第七位。但在劲升过后，中国石化股价昨日闭市时回落到12.36港元，其市值也随之走低。
以10月16日收盘价计算，市值列入10大的四家中国公司的总市值已经高达1万4039亿美元，同四家美国公司的合计总市值1万4833亿美元，仅相差不到800亿美元。
根据彭博社提供的数据，中石油、中国移动、工商银行和中国石化的市盈率分别达到了22.56倍、41.85倍、45.28倍和16.06倍。其中，工行的市盈率在这10家公司中最高，而四家中国公司的算术平均市盈率也达到了31.44倍，远远高于10家上市公司的平均市盈率21.45倍。
第一财经日报》报道，中信金通证券首席分析师钱向劲认为，中国宏观经济的不断走强，以及近期A股市场的连续上涨，资金积极投入中国公司。A股市场高估值，一定程度上也抬高了这些在境外上市公司的股价和估值水平。这种高估值一定程度上反映了市场的不成熟，另一方面，对于在一个不断发展的经济体中成长的公司来说，略高的估值也是合理的。
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