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Daniel Ren

A major government think tank expects the mainland's economic growth to slow this quarter.
The State Information Centre predicted second-quarter growth would be 7.5 per cent, a drop from 8.1 per cent in the quarter to March 31.
It urged Beijing to slash taxes to support the nation's companies in the face of weaker external demand.
The think tank's downbeat estimate echoed those of economists with global banks who lowered their forecasts for China's economy.
'All signs are showing that the world economy has run out of steam,' the State Information Centre said in a report. 'The rising costs for labour, raw materials and financing are dragging down corporate profit growth, causing a drop in investment in the manufacturing sector.'
Goldman Sachs predicted yesterday the country's economic growth would slow to 7.9 per cent in the second quarter. It had earlier forecast growth of 8.6 per cent.
Outbound shipments, a major driving force of the mainland economy, would likely rise 6.8 per cent in the second quarter from a year earlier, the think tank's report said.
That would be somewhat less than the rise of 7.6 per cent in the first quarter, following a 14.2 per cent jump in last year's fourth quarter.
The mainland attracted less foreign direct investment last month than a year earlier. It was the sixth monthly drop in a row.
The euro-zone sovereign debt crisis has had a huge knock-on effect on the mainland's economy.
Companies have also taken a beating from Beijing's monetary tightening, starting last year.
In the first three months of this year, mainland industrial companies' profits were 1.04 trillion yuan (HK$1.27 trillion), up just 1.3 per cent from the same period last year.
The worst is yet to come,' said Bob Zhou, a managing director with Yinshu Capital. 'The difficulties facing the mainland economy will be bigger than expected.'
Beijing has projected economic growth of 7.5 per cent this year, the lowest since 1999. Economists have called on the central government to provide economic incentives, such as monetary loosening and tax reductions, to mainland companies. Falling corporate earnings or losses will create unemployment, increasing the risk of social disunity, they say.
'Policy changes won't be able to help exports and domestic consumption,' said Shenyin Wanguo Securities chief economist Li Huiyong. 'It is expected the government would roll out incentives to encourage investment.'
400b yuan 
The estimated amount in yuan freed up after the central bank lowered the reserve requirement ratio for banks this week




China's economic growth may fall to 7.5pc