最新中国经济周刊

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1、1TalkingPoint5Weekin60SecondsWeekinChina6ChinaInk7Economy9Property11Telecoms12AutoIndustry13BankingandFinance11January201314SocietyandCultureIssue17719AndFinallywww.weekinchina.com20TheBackPageTrustdeficitmo.cintespeaitne.bwwwArethetrustcompaniestheweakestlinkintheChinesefinancialsystem?Broughtto

2、youbyWeekinChinaTalkingPoint11January2013Something’sZhongrongLoannexusbetweentrustfirmsandChaoriSolarhintsatdeeperproblemnthethirdseasonoftheBritishITVdramaDowntonAbbey,theEarlofGranthamlosesthebulkofhiswife’sfortuneinvestinginabankruptCanadianrailway.Indes-perationhesuggeststohisfamilythathemigh

3、tbeabletorecoupthelossesbyputtingtheremainingfundsintoaschemeoperatedbyCharlesPonzi.HenotesthattheAmericanhasbeendeliveringfan-tasticreturns.Ponzi,ofcourse,wasn’treallyagreatinvestmentmanager.Insteadhecreatedahugepyramidschemeusingcashfromgulliblenewin-vestors(likeGrantham)topayoutearlierones.Asl

4、ongasnewmoneykeptbeingDon’tletthesungodownonme:troubledsolarbossNiKailupumpedin,businessflourished.Butwhenthemoneystopped,Ponzi’sgrowthofthisassetclass.AccordingPerhapsitalsoexplainswhyschemecollapsedspectacularly,totheFinancialTimesaround$2.5therewassuchahooplawhentheleavingonlyitsnameforfinanci

5、altrillionofwealthmanagementbossofasolarpanelfirmseemedtoposterity.productshavebeenissuedintheskipthecountryinlateDecember.Soitraisedeyebrowslatelastlastcoupleofyears.NowthefearisInwhathasthepotentialtobecomeyearwhenoneofChina’smostsen-thatmuchofthefundshavebeenanembarrassingscandal,severaliorban

6、kersreferredtothecountry’ssunkintoriskyordudprojectsfortrustcompanieshavebeenidenti-wealthmanagementproductsaswhichtherewillbenopayback.fiedintheChinesepressasbeing“fundamentallyaPonzischeme”Anotherworry:alargepropor-heavilyexposedtothetroubled(seeWiC172).tionofwealthmanagementprod-firmanditsowne

7、r.TheseproductsofferinvestorsuctshavebeenissuedbyChina’s(bothindividualsandcorporates)trustcompanies(seeWiC98),an-Whathappened?thechancetoearnreturnsfarinex-otherhard-to-fathompatchofAccordingto21CNBusinessHerald,cesso