Chinese walker

RESTATED CERTIFICATE OF INCORPORATION

OF
AAA, INC.
(a _________(PLACENAME) Corporation)
The original Certificate of Incorporation of the corporation was filed with the Secretary of State of _________(PLACENAME) on _________(M,D,Y) and a restated Certificate of Incorporation was filed on _________(M,D,Y). The following Restated Certificate of Incorporation (the Restated Certificate) has been duly adopted by the Board of Directors and the Stockholders pursuant to Sections 242 and 245 of the _________(PLACENAME) General Corporation Law.

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Here we are yet again in the midst of another “global economic crisis.” From the hilltops of Davos, Switzerland, Morgan Stanley’s permabear Stephen Roach has shouted warnings of potential economic “Armageddon.” Superinvestor George Soros designated the current state of the global economy “the worst market crisis in 60 years.” Bill Clinton labeled it “the biggest financial crisis since the Great Depression” —— even as global stocks responded by slumping 7.7% in January —— the worst start to an investing year since Morgan Stanley began publishing data in the 1970s.

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    US Treasuries closed higher in February on renewed economic concerns, which centred on the housing market as mortgage defaults rose sharply. Weaker than expected data also added to the upward pressure on prices and pushed the yield on the 10-year Treasury down to 4.56%. The German bund closed the month with a modest gain on market expectations that a weaker US economy would impact global growth, which in turn would slow the pace of interest rate increases from the European Central Bank

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  China shares fell in February with the H share and MSCI China indices down 3.3% and 1.7% respectively. Concerns that the central government may introduce measures to control speculation in the domestic stock market in anticipation of the annual National People’s Congress meeting triggered the selloff. China financials underperformed the market on profit taking and the People’s Bank Of China’s decision to absorb excess liquidity by increasing the reserve requirement ratio by 0.5% to 10% just before the week-long Chinese New Year holiday. Commodity stocks went up in February on global price rebound.Investors’ focus remained on the newly listed IPOs.

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   The much anticipated decision from the Bank of Japan, which increased interest rates rise from 0.25% to 0.5%, saw Japanese equities move sharply higher for most of the month as investors considered the move a vote of confidence from the central bank in Japan’s economy. The decision followed news that annualised fourth quarter Gross Domestic Product hit 4.8% against a forecast of 3.8%. Corporate results were also positive during the month, as retailers gained on hopes that a stronger economy would boost consumer spending. Over the month, the Topix index rose 1.8%, although much of the earlier positive performance was wiped out at the end of the month by the concerns centring on other Asian equity markets.

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The National Meeting on Commercial Works which lasted two days was held in Beijing on December 23 and December 24. The meeting emphasized the general requirements on the commercial requirements of 2009, which are: fully implementing the spirits of the 17th CPC National Congress and the Third Plenum of the 17th Party Congress, taking the Deng Xiaoping Theory and the important thoughts of “Three Represents” as guidance, deeply implementing and fulfilling the scientific outlook on development, taking “expanding of domestic demands and maintaining steady development of foreign trades” as the focuses, improving the policies, enhancing the services, wholly planning both the domestic and international markets and resources, accelerating the structural readjustment and transition of development modes, and achieving a effective and rapid development of commercial businesses.

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Commerce Minister Chen Deming said on Tuesday that he expected China’s foreign trade to grow about 18percent to 2.6 trillion U.S. dollars for 2008 as a whole, despite the downturn in foreign demand during the second half.

He also estimated that foreign investment had exceeded 90 billion U.S. dollars, up about 20 percent.

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Chairman LIU’s speech at the Caijing Magazine Annual Meeting

The year 2008 is an eventful year in the world financial history. The US subprime crisis has evolved into a global financial storm, which, in turn, has caused a downturn in the real economy that has reinforced the strains in the financial system. So far, the negative impact is universal and China is not immune to it. One year ago, when there was a huge debate on whether China could decouple from the world, I said it was only a myth. Now, the Caijing Magazine is offering us a valuable opportunity to look from the hindsight and lay a solid foundation for the future.

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The central and local governments will act to prevent further falls in sugar prices, Guo Shengkun, Communist Party head of southwest Guangxi Autonomous Region, told reporters in Beijing on Tuesday.

Guo, speaking at a press conference held by the State Council’s Information Office, said some governments have started to build a sugar stockpile with the goal of keeping prices at 3,000 yuan ($435) to 4,000 yuan per tonne.

On Tuesday, prices in Yunnan and Guangxi, China’s major sugar-producing area, dropped below 3,000 yuan per tonne.

The government will also establish a mechanism to link sugar prices to those of sugar cane to avoid sharp price falls, Guo said.

Guo said the region’s government would urge sugar producers to find more ways to use the crop, such as making grain alcohol, to reduce supply.

The government would also advise farmers to be cautious in expanding sugar cane planting and to pay close attention to market prices, he said.

Guangxi produced 9.71 million tonnes of sugar last year, or about two-thirds of China’s total. There are 13 million farmers in Guangxi who make a living by planting sugar cane.

Guo admitted that falling sugar and non-ferrous metals prices had reduced farm incomes, government revenue and corporate profits.

However, he said, these declines would have a limited impact since the region had a diversified industrial base that included sugar, mining and vehicle and machinery production.

He attributed depressed conditions in Guangxi to the global financial crisis. But he said he remained optimistic on the region’s economy since the central government’s economic stimulus program would provide business opportunities.

“The central government’s policy to increase domestic demand will help the region,” Guo said. As an example, he said, the region’s mini-van production had not been affected.

“For our machine-making industry, the central government plan to increase infrastructure construction revealed in the stimulus will also provide more sales for us,” he said.

China’s government launched a slew of measures Wednesday to revitalize the sluggish property market, including cuts in business taxes for real estate sales and loosened mortgage policies for second-home buyers.

The State Council, or cabinet, said a sales tax on properties sold will be waived two years after purchase, compared with the previous term of five years. The tax will also be levied based on the profit from the sale instead of the sale price, according to the statement.

“This move, which helps to ease buyer’s economic burden, is expected to boost market vibrancy and may drag down the price of new residential buildings,” said Qin Xiaomei, research chief at CB Richard Ellis’s Beijing branch.

“However, it could also be a double-edged sword, partly encouraging investment-oriented purchase,” she added.

The floor area of residential properties sold in the first 11 months of the year fell 18.8 percent from a year earlier, while real estate investment growth slowed to 22.7 percent in January to November, down from 24.6 percent in the first 10 months.

Dropping transactions are squeezing an economy already hurt by the global turmoil, as the property sector is one of the biggest drivers of China’s domestic expansion, contributing a quarter of fixed-asset investment and employing 77 million people.

Therefore, experts say reviving the property sector is vital to the government’s efforts to counter the current downturn, which has worsened in the past month, with factory output falling to the slowest pace on record.

“The latest package will definitely help to boost market confidence, but we should not expect an instant rebound since the detailed regulations are still in the pipeline,” said Gu Wei, spokesman of Longfor Property.

“Furthermore, it is not easy to make such a big move, showing the government’s determination to reactivate the ailing property market,” he added.

The State Council said it will allow people to buy second homes on the same preferential terms normally reserved for those buying their first homes, such as lower down payment requirements and interest rates, so long as the floor space per person is lower than the local average.

“This long-anticipated relaxation really makes us excited and could help speed up the recovery of the market,” said a sales manger of Beijng Capital Land.

However, Zheng Fei, a 30-year-old company executive, said he will still take a wait-and-see attitude, betting the property price will still fall and the government may offer more favorable policies afterward.

The government also said it would support developers’ “reasonable” financing needs, and would increase credit help for construction especially of low-priced and small units, vowing to provide housing for 9.9 million low-income families in the next three years.

The People’s Bank of China, the central bank, said Wednesday that developers building low-rent housing could enjoy a 10 percent discount on lending rates, effective from January.

And the National Development and Reform Commission Wednesday also announced a 10 billion yuan subsidy on affordable housing.