Modest recovery of the world economy

In 2014 the world economy is expected to further out of the crisis, continue to moderate recovery, but it still may be in a fragile balance adjustment cycle again."The United States,A106b steel tube large diameter ERW steel pipe Japan recovery slow, Europe stabilised" pattern will be presented.In 2014 the U.S. economic recovery continues, QE ebb tide.Benefiting from the federal reserve for more than five years of quantitative easing (ap) -- stocks rose, the real estate market recovery, accounts for about 70% of all economic activity in the United States in 2014 private sector consumer spending will be turned to expand further, thus fundamentally promote economic recovery in the United States.Preliminary estimates of America's GDP growth in 2014 is expected to rebound to about 3%.GDP growth in the United States, in the context of global capital flows to continue to rebound, the fed liquidity monthly contraction of environment, the international capital risk appetite will tend to rise, money back stocks pursuit of rights and interests of the trend of the asset class will also increasingly apparent.

In 2014, the Japanese economy will back slightly, pattern of quantitative easing.Subject to consumption tax rise sharply (to ease market concerns over Japan's public debt ratio is greater than 200% of GDP, Mr Abe's government decided in April 2014,Carbon steel GI pipe and fitting the consumption tax from the current 5% to 8%), domestic demand caused by the falling impact, in 2014, Japan's GDP growth is expected to back slightly to about 1.5%.In Japan's economic growth rate dropped slightly, the amount of debt monetization pattern continues under the background of wide, 2014 Japanese yen may occur further depreciation, capital periodically outflow.

In 2014 the euro zone economy will stabilise, the European central bank or launch a deposit a negative interest rate policy.Is expected in 2014 as the economic downturn continues in the euro area, the area under the background of "deflation" risk does not remove,Long Radius 90 Deg carbon seamless elbow the European central bank deposits or passive release negative interest rates policy.However, quarterly GDP trend from Germany and the shape of the height of the euro exchange rate linkage, the steady GDP growth in Germany led by the euro exchange rate stable, basic there was no systemic capital flight in the euro zone.Economic growth, given the recent ChongZhaiGuo such as Ireland, Spain's economy has started to appear signs of improvement, coupled with economic performance in robust core countries Germany, in 2014 the euro zone economy is expected to get rid of the negative for two years, began to appear weak growth.

The financial crisis has prompted the European and American strengthen supervision shadow Banks

The financial crisis has witnessed the shadow Banks so much financial fragility and infectious,ASTM A234-wpb short radius elbow 90deg which makes the European and American regulators have to strengthen the oversight, including expanding the scope of the regulation and monitoring of systemic risk and the establishment of international regulatory standards and promote the international cooperation between regulatory system, etc.In June 2009, the European Union has issued the eu financial regulatory system reform, in June 2011, the Obama administration to launch a new financial regulatory reforms, the fed became the core regulators.Europe and the United States covers all financial institutions, the new regulatory system covers all financial derivative financial instruments, including alternative investment and commodity trading,CS Piping and plumbing fitting china supplier financial institutions to expand to the shadow banking, alternative investment institutions, hedge funds, private equity, etc.And requires all financial institutions cooperate with regulators, provide enough information for effective systemic risk regulation, these reforms will effectively restrict shadow Banks all kinds of covert operations.

Except for countries to strengthen the regulatory reform, establish the unified regulation of international standards,OD 273mm API 5L industrial carbon welded steel pipe promoting international cooperation is also important gripper for the global shadow Banks to strengthen supervision.The G20's FSB determine the regulation of the shadow banking system in five key areas, and reach a consensus in the international society.One is to alleviate the shadow banking system and the traditional banking system, spread effect;2 it is to reduce the probability of money market funds run;Three is to monitor and reduce money-market funds other than the shadow banking institutions to the systemic risks of;Four is to control risk of asset securitization;Five is to monitor the securities financing and repurchase.On this basis, the FSB proposed shadow banking risk identification method of "three steps", a generalized the size of the shadow banking system is monitoring, 2 it is to identify systemic regulatory arbitrage and the risk of narrow shadow banking system, the leverage and maturity transformation and liquidity transformation characteristics will serve as the main measure and regulatory focus, three is the detailed assessment of systemic risk and regulatory arbitrage space.