Success, Confucius

君子求諸己 小人求諸人。

- 孔子

What the superior man seeks is in himself. What the mean man seeks is in others.

- Confucius (551BC–479BC)

Success, Confucius

仁者先難而後獲。

- 孔子

The man of virtue makes the difficulty to be overcome his first business, and success only a subsequent consideration.

- Confucius (551BC–479BC)

Study, Confucius

學而不思則罔思而不學則殆。

- 孔子

He who learns but does not think, is lost! He who thinks but does not learn is in great danger.

- Confucius (551BC–479BC)

Asia Insights: China: Mixed signals from leading indicators

Fixed Income | Asia Ex-Japan
21 December 2012

Asia Insights: China: Mixed signals from leading indicators

· Nomura's China leading indicator fell in November, but we expect it to pickup in December (Bloomberg ticker: NMEICLI).

· Our heatmap continues to improve, with 67% of indicators positive in November, up from a revised 65% in October.

· We expect growth momentum to continue to build, and maintain our above-consensus GDP forecasts for 4Q and Q1 2013.

Knowledge·Wisdom, Zhuangzi

吾生也有涯，而知也无涯。

- 莊子 養生主

There is a limit to our life, but to knowledge there is no limit.

- Zhuangzi (莊子), Nourishing the Lord of Life (養生主)

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http://ctext.org/zhuangzi/nourishing-the-lord-of-life

Life, Zhuangzi

人生天地之間，若白駒之過郤。

- 莊子 知北遊

Life between heaven and earth is like a white colt's passing a crevice.

- Zhuangzi (莊子), Knowledge Rambling in the North (知北遊)

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http://ctext.org/zhuangzi/knowledge-rambling-in-the-north

Solitude·Self-reliance, Zhuangzi

儵魚出遊從容，是魚樂也。

- 莊子 秋水

These thryssas come out, and play about at their ease - that is the enjoyment of fishes.

- Zhuangzi (莊子), The Floods of Autumn (秋水)

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http://ctext.org/zhuangzi/floods-of-autumn

Advice, Laozi, Dao De Jing

大直若屈，大巧若拙，大辯若訥。

- 老子, 道德經

The moat straightness seems crooked. The greatest skill seems clumsy, and the outstanding eloquence seems inarticulate.

- Laozi, Dao De Jing

Advice, Laozi, Dao De Jing

善行無轍迹，善言無瑕讁；善數不用籌策；善閉無關楗而不可開，善結無繩約而不可解。

- 老子, 道德經

The skilful traveller leaves no traces of his wheels or footsteps; the skilful speaker says nothing that can be found fault with or blamed; the skilful reckoner uses no tallies; the skilful closer needs no bolts or bars, while to open what he has shut will be impossible; the skilful binder uses no strings or knots, while to unloose what he has bound will be impossible.

- Laozi, Dao De Jing

Asia Insights: China: Exports slowed but domestic demand remains stron

Fixed Income | Asia Ex-Japan 10 December 2012 Asia Insights: China: Exports slowed but domestic demand remains strong ·China’s export growth slowed more than expected in November to 2.9% y-o-y from 11.6% in October. ·Import growth slowed to 0.0% y-o-y from 2.4%, but import growth for domestic consumption picked up. ·We expect the growth recovery to remain on track, as it is mainly driven by domestic demand.

Eco Analysis - More evidence of China in early-cycle expansion

Eco Analysis - More evidence of China in early-cycle expansion ■ Strong fiscal revenue growth China's fiscal revenue growth rebounded further to 21.9%yoy in November from 13.7%yoy in October, the fastest pace since August 2011. More importantly, tax revenues grew 21.1%yoy, compared with 12.5%yoy in the previous month and 9%yoy during the first ten months. Value-added tax, which contributes one-quarter of total tax revenues, recovered quite strongly and grew 16.2%yoy in November (vs. 9.2%yoy in October), consistent with the improving trend in industrial and retail sales. The strength of fiscal revenue is another piece of evidence that the Chinese economy is recovering.

First Insights: China: Trade slows but the growth recovery remains on track

First Insights: China: Trade slows but the growth recovery remains on track Export growth slowed to 2.9% y-o-y in November from 11.6% in October (Consensus 9%, Nomura 7%), while import growth slowed to 0% from 2.4% (Consensus 2.0%, Nomura 0%).

Eco Analysis - The Chinese economy is undoubtedly heating up (W. Yao)

Eco Analysis - The Chinese economy is undoubtedly heating up (W. Yao) ■ Inflation advanced but less than expected China's consumer price inflation came in slightly below expectations at 2.0%yoy in November (Cons. & SG 2.1%), up from 1.7%yoy in October. The 0.4ppt increase was a result of a 1.2pp increase in food inflation to 3.0%yoy. Within the non-food components, housing inflation moved up marginally to 2.6%yoy from 2.5%yoy, while other categories unexpectedly softened to 1.2%yoy from 1.4%yoy, according to our calculation.

Advice, Laozi, Dao De Jing

是以聖人欲上民，必以言下之；欲先民，必以身後之。

- 老子, 道德經

So it is that the sage, wishing to be above men, puts himself by his words below them, and, wishing to be before them, places himself behind them.

- Laozi, Dao De Jing

Advice, Laozi, Dao De Jing

希言自然，故飄風不終朝，驟雨不終日。

- 老子, 道德經

Abstaining from speech marks him who is obeying the spontaneity of his nature. A violent wind does not last for a whole morning; a sudden rain does not last for the whole day.

- Laozi, Dao De Jing

Advice, Laozi, Dao De Jing

聖人處無為之事，行不言之教。

- 老子, 道德經

The sage manages affairs without doing anything, and conveys his instructions without the use of speech.

- Laozi (老子, 604 BC-? ), Dao De Jing

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http://ctext.org/dao-de-jing

Female, Laozi, Dao De Jing

谷神不死，是謂玄牝。

- 老子, 道德經

The valley spirit dies not, aye the same; The female mystery thus do we name.

- Laozi (老子), Dao De Jing (道德經)

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http://ctext.org/dao-de-jing

Asia Insights: China: The PMI continued to improve in November

Fixed Income | Asia Ex-Japan NOMURA 02 December 2012 Asia Insights: China: The PMI continued to improve in November ·China’s official PMI rose further to 50.6 in November from 50.2 in October, lower than the consensus forecast of 50.8. ·Both the new orders and the production sub-indices continued to improve. ·This lends further support to our view of a strong economic rebound in Q4.