The kettle is at the bubble.
壶里的水在沸腾。
The water bubbled and foamed.
水冒着泡儿。
When the bubble burst, demand collapsed.
当泡沫破裂时，需求崩溃。
Their hopes of success have burst like a bubble.
他们成功的希望已经成为泡影。
What would be the appropriate policy responses that can address insufficient demand without aggravating structural problems, such as debt and asset price bubbles?
在不加剧债务和资产价格泡沫等结构性问题的情况下，应对需求不足的适当政策是什么？
Although these policies could potentially lead to higher debt or fuel asset bubbles, they are still necessary.
尽管这些政策可能导致债务增加或助长资产泡沫，但它们仍然是必要的。
"The economic downturn that most parts of the world are undergoing now has somehow squeezed out the bubbles created when the market was overheated," he said.
他说：“世界大多数地区现在正在经历的经济衰退以某种方式挤出了市场过热时产生的泡沫。”。
In early 2021, the company quietly emerged as the single best-selling bubble tea brand in China with annual revenue of 6.5 billion yuan and a market valuation of 20 billion yuan, beating premium bubble tea brands Heytea and Nayuki.
2021年初，该公司以65亿元的年收入和200亿元的市场估值，击败高端泡泡茶品牌Heytea和Nayuki，悄然成为中国最畅销的泡泡茶品牌。
After restructuring and squeezing out bubbles, it should still be a healthy asset.
经过重组和挤出泡沫后，它应该仍然是一种健康的资产。
After reorganization and squeezing out bubbles, it is still a healthy asset, and thus Fangda Group is willing to take over the airline business of HNA," said Lin Zhijie, an aviation industry analyst and a columnist at Carnoc, a major civil aviation website in China.
Chinese leading bubble tea company Nayuki made its debut on the Hong Kong stock exchange on Wednesday, which made it the country's first listed milk tea chain.
The magic translate, for instance, allows users to simply press a floating bubble on the sentence to see the translation after copying the text while browsing, messaging or using any other apps.
During the last few months, the company's market value has risen by over 200 billion yuan, sparking bubble concerns.
Yu said that Fonterra also supplies to many business-to-business companies, including bubble tea shops, cafes and restaurants.
It must maintain growth while poking holes in asset bubbles.
In the past few years, the bubbles have mainly come from real estate, and now the internet bubble has weighed even more.
The reason for the bubble is simple: people swarm into a field, use similar technology, copy ideas from each other, compete for traffic until they get the favor of capital, and then start a new round of cash burning.
"What is interesting in China is that (apart from the coffee channel), China has the tea channel, the bubble tea business," Petersson said.
For instance, shoppers snapped up 200,000 cups of drinks from bubble tea maker CoCo via Koubei's app in the first 30 minutes, said Irene Hsu, the company's branding director.
"Back then, there was an internet bubble burst, so it was very difficult to raise funds for a while.
"China's bike-sharing bubble has been burst, and we'll see a wave of reshuffling and consolidations in the industry that took the nation by storm during the past two years," Wang noted.
China saw its first trend of milk tea at the beginning of the century, started mostly by business people from Taiwan, where the bubble tea is believed to have been invented.
The most immediate cause of the 2008 financial crisis was the bursting of the US housing bubble inflated by banks’ reckless lending, sometimes without even requiring a down payment, in an overheated housing market.
Startup owners and investors alike are now rushing to list before the latest "internet bubble" bursts, said a director at a Shanghai-based research firm on cross-border acquisitions, who requested to stay anonymous.
Loob's chief executive officer Bryan Loo told reporters after attending the signing ceremony that its first home-grown bubble tea brand Tealive will be opened in Shanghai on September before expanding to various cities in China.
Bubble tea consumption in particular, continues to rise at a high rate each year.
"From the economic perspective, speculation in the real estate market will create a lot of bubbles, further leading to problems in the banking system and financial system," Tang told China Daily.
"Now, with tightened policy over the housing market to prevent real estate bubbles in real estate market, growth of both sales of properties and financing are much slower than before.
Rocketing housing prices, especially in major cities, had fueled concerns about asset bubbles.
"Moutai's valuation bubble, and the fluctuation of the market, as well as the decrease of the growth rate, could be the signals of the end of the booming growth of the Chinese liquor sector and Moutai, but that remains far off. "
[Photo by Wei Xiaohao/China Daily]ZHENGZHOU — The co-founder of ofo Inc, China's biggest bike-sharing startup, sees a bubble in the industry but says his multibillion dollar business has the scale needed to survive any bust.
"There will be a bubble for the industry," he said.
Real estate investment constitutes a significant part of fixed-asset investment, and challenges arising from the bubble in the real estate sector call for urgent resolution.
They suggested using the funding to assist local governments in purchasing idle properties and rebuilding them into affordable homes, rather than subsidizing residents in purchasing new homes, which could reignite property price bubbles.
This mode, which was used in shantytown renovation from 2015 to 2018, has been criticized for inflating asset price bubbles, Tang said.
"Additionally, China's property and asset price bubble appears less severe, potentially leading to a softer correction.
Ultimately, economists look to these types of structural reforms to strengthen China's growth prospects, and less to short-term reflationary measures which would only aggravate the risk of asset and debt bubbles.
From liquor-laced latte to pop star-tribute bubble tea, Chinese coffeehouse and teahouse brands are pushing the boundaries of China's beverage market with a firm grip on upgrading consumption trends.
The latest campaign from teahouse chain Nayuki -- a new bubble tea drink paying tribute to Chinese pop star Jay Chou -- sold 1.46 million cups on the first day.
The overall robustness of the balance sheets of large Chinese banks in the face of huge shocks is attributable to the tremendous improvement in commercial bank risk management during market-oriented reforms and the precautionary measures to guard against real estate bubbles, price volatility and property speculation.
Koo's speech shed light on the economic challenges China now faces, reminiscent of Japan's experience in the 1990s when the bursting of the real estate bubble led to a decline in asset values and an increase in liabilities for both businesses and individuals.
This is due to several differences — to be discussed below — between China's current economic situation and that of Japan in the past, even though they hold some common issues such as low population growth, shrinking labor supply and real estate bubbles.
In Japan, asset bubble bursts resulted from market speculation under hard constraint from balance sheets.
As a result, the soft constraints on financial balances have fueled and inflated the bubble.
As explained by Rupert Hoogewerf, chairman and chief researcher of Hurun Report, such drastic contraction can be largely attributed to the sluggish performance of the stock market last year, which was a combined result of interest rate hikes, the appreciation of the US dollar, the popping of a COVID-driven tech bubble and the continued impact of the Russia-Ukraine conflict.
In sharp contrast, excessive inflation will force the US, the UK and the EU to adopt strict tightening monetary policies, which may also have negative effects such as puncturing the global asset bubble and triggering an international debt crisis.
These include the need to prevent real estate bubbles, avoid a stock market sell-off, safeguard against rampant inflation, and stabilize the RMB exchange rate.
In real estate, efforts to contain risk, reduce real estate bubbles, keep developers' funding chains healthy and make homes more affordable should be more integrated to safeguard the steady growth of the sector.
Inspired by bubbles, the center's walls use ethyltetrofluoroethylene, which is just one percent the weight of glass but is a better thermal insulator, helping to trap solar energy and allow daylight into the building, thus saving on energy or heating and lighting too.
"－has popped up in popular media discourse after the recent big-ticket regulatory changes (like antitrust/anti-monopoly measures and steps to preempt a possible debt bubble in property).
With its impressive digital ecosystem that constantly bubbles innovation and its market as a source of inspiration for Western companies, "China is now a window to our future," said French daily Les Echos in an analysis published on Friday.
The CSRC will remain vigilant against any risks of asset bubbles created by the circulation of liquidity within the financial system diverting funds from the real economy.
He added that the commission will remain vigilant against any risks of asset bubbles created by the circulation of liquidity within the financial system diverting funds from the real economy.
A larger part of the over-issued currencies flowed into assets, rather than commodities, thus triggering asset bubbles to a greater degree, instead of causing inflation.
Some of China's regulatory approaches in the economy, such as its regulation of virtual currency and various asset bubbles, sharply contrast with the aggressive stimulus in advanced economies.
Fifth, China can take other measures to deal with asset bubbles.
That is because the government can contain asset bubbles through many other means.
With the swift economic recovery that has returned to the pre-pandemic level, policymakers may turn their attention to controlling potential risks, especially to rein in property sector bubbles and constrain the rise of government debt, analysts said.
Generally there are no concerns about bubbles developing during the investment process, except in some individual cases.
Guo said the main problem of the property sector is the relatively large scale of bubbles.
Though Guo mentioned property bubbles, it is evident that the trend is being checked, as seen in the slower growth of property loans last year.
The unstable global supply chain reeling from the economic impact of COVID-19 and the lingering tensions with the United States have outlined the pressing need for China to strengthen self-reliance in technology and supply chain safety, while the risk of asset bubbles and debt defaults has called for greater de-risking efforts, they said.
In the financial system, early signs of asset price bubbles emerged in the stock market and real estate in the first-tier cities.
Bubbles are already in some areas.
How an economy recovers from an economic shock determines how robust its recovery will be, the newspaper said, adding that the Chinese government's post-pandemic recovery measures are more targeted, and thus unlikely to fuel another credit bubble.
Fitch also predicted improved growth outlooks in the Hong Kong and Macao special administrative regions and Taiwan, saying that economic activity in these markets will be supported by stronger growth on the Chinese mainland, which will provide a boost to exports and, potentially, a partial recovery in tourism through restricted travel bubbles.
Meanwhile, the nation is expected to retain stringent restrictions on housing market speculation in line with the demand-side reform, as bigger property bubbles would constrain household spending, said Li Qilin, chief economist at Hongta Securities.
However, a plan to open a quarantine-free air travel bubble between Singapore and Hong Kong last month was abandoned at the eleventh hour, leaving questions over how easy it will be for Singapore to reopen borders without widely-available vaccines.
Zhu, at SAIF, author of China's Guaranteed Bubble, which examines risks in the country's financial system, said attempts to isolate the nation will recede as its economic importance rises.
The "travel bubble" project jointly launched by Hong Kong and Singapore, for example, allows eligible travelers to enjoy two-way, quarantine-free travel after the COVID-19 test.
Some analysts have been quick to draw comparisons with Japan's housing bubble that burst in 1991.
According to Koo, after Japan's housing bubble burst, Japanese companies shifted their focus from profit maximization to survival maximization, and chose to repair the balance sheets through aggressive debt repayments.
First, the housing bubbles in the two countries are different in terms of the degree of asset damage, the type of asset damage, and the willingness and ability of the parties with damaged assets to repay.
Besides, Japan's housing bubble mainly covered six major metropolitan areas and was concentrated in commercial real estate, while in China's current round of housing price adjustment, small and medium-sized cities have seen the biggest changes in residential property prices.
The recent decline in China's real estate market is not only due to the bursting of its housing bubble, but also due to the over-regulation and the inapplicability of some controls to the regulated situations.
Having savored tea for over 2,000 years, Chinese tea enthusiasts are now welcoming innovations in this age-old beverage, with trends ranging from fruit tea and bubble tea to blended drinks like chai latte, sparking a thriving market.
Some analysts have recently expressed a view that China may face the risk of a balance sheet recession if its real estate bubble bursts.
A balance sheet recession is usually triggered by the bursting of an asset-price bubble, which China has not experienced so far.
"Currently, China's healthcare sector is entering a crucial stage where the industry bubble is gradually deflating and the industrial structure is readjusting.
"As the fashion of new-style tea brews swept across China, dark tea found new clients in big cities: the many bubble tea shops vying for the hearts of young urbanites with innovative recipes.
"I like bubble tea but don't want to get fat, so I'm attracted to the 'fat-scraping' effect of dark tea, as well as its special taste," said Peng Hongzhi, a 37-year-old Changsha resident and fan of dark tea-based bubble tea.
"We wish to introduce dark tea into the lives of young Chinese in a more fashionable manner," said Liu, who has opened four outlets using dark tea leaves to make bubble tea and fruit tea.
China may signal more policy adjustments to stabilize the real estate market as a regulatory official recently noted that "bubble signs and the financialization trend in China's real estate sector have been substantially reversed", experts said.
The 41-year-old Thai is a die-hard fan of the sweet, cool beverage, also known as bubble tea, which is popular among young people in her home country and many other nations in Southeast Asia.
We love colas, juices and bubble tea.
With its burgeoning demand for bubble tea, Southeast Asia shares close cultural bonds with China through trade and people-to-people exchanges, resulting in the region becoming an initial destination for Chinese brands venturing overseas.
According to the consulting services company Fortune Business Insights, the global market for bubble tea was $2.02 billion in 2019, and it is projected to reach $3.39 billion by the end of 2027, with a compound annual growth rate of 7.2 percent during the forecast period.
However, the COVID-19 pandemic had a negative impact on growth of the bubble tea market.
The production of bubble tea was also affected by restrictions imposed on imports and exports, and a shortage of labor.
"More bubble tea drinkers are now looking for better value, and young people in China view drinking the beverage as a social activity, during which they sit and chat with friends in spacious outlets where the drinks are sold.
Drinking bubble tea is not just a satisfying experience, but also an expression of status, a sign of taste and a willingness to embrace new things.
Moreover, the number of bubble tea stores has risen in the US and the United Kingdom, as consumers switch to non-alcoholic or low-alcohol drinks, including tea-flavored beverages, the report said.
I really miss Coco's mango-flavored bubble tea," she added.
He said that the industry is getting extremely hot for investment due to the pandemic, but is now squeezing out bubbles to enter a more rational period.
A bubble occurs when companies are overvalued by investors.
According to a report by consultancy Deloitte, many investors, especially corporate venture capitalists, see the post-pandemic era as the beginning of a multiyear opportunity rather than a bubble in investing in healthcare.
The first batch mentioned in the standard covers milk teas, milk-capped teas, fruit teas, bubble teas and chilled teas.
With efforts by the property sector to deflate housing bubbles resulting in significant success, it appears to be the right time for Chen Qi and her husband to buy their dream home in Shanghai.
Guo Shuqing, chairman of the China Banking and Insurance Regulatory Commission, said during a State Council Information Office news conference on March 2 that "bubble and financial" trends in China's real estate market experienced fundamental twists last year.
However, Sun Jiashan, a researcher at the Chinese National Academy of Arts, said the metaverse, as a new capital market darling, has been so overhyped that it may spawn many equity bubbles.
"Since the real reason why capitalists are hyping up metaverse has been exposed, the Chinese authorities should remain calm and prepare to effectively deal with a potential metaverse bubble," he said.
In a bid to lower risk in the highly leveraged real estate sector and contain property price bubbles, China launched a series of measures starting last year, including the "three red lines" to contain the debt level of selected developers and cap the concentration ratios for bank loans to the real estate sector.
As the focus of residential property sector regulations has shifted from avoiding housing bubbles to both contain the rapid growth of home prices and guard against any substantial price drops, a growing number of Chinese cities have taken measures to stabilize home prices, and experts believe the property market will successfully avoid a hard landing.
It means even the country's monetary policy stance has to be adjusted to achieve economic growth targets and macro prudential measures－caps on loans to property developers and mortgages as well as the "three red lines"－will be effective in adjusting asset prices and curbing bubbles, Li said.