Xu Gao, one of the China Finance 40 Forum (CF40) -Youth Economist members, chief economist of Everbright Securities, indicating that the recent China's economy is in transition, many people do not understand the current economic situation. The understanding of China's economic situation from different observers from different perspectives will be quite different. Xu Gao thinks that the biggest risk of current Chinese economy is "utopian market." Over the past few decades, in order to achieve economic growth, China did many efforts in market reform. In this respect, China has made no small achievement, which made market-oriented direction become popular.

Some people think that market-oriented reforms should be accelerated, the sooner the better. They believe that the reason why the current chinese economy is now in such complex state is that the market-oriented reforms have not yet to a certain high level. These people hold the view that the market should be opened up and let the market adjust spontaneous for overcapacity, high debt and other structural problems of chinese economic. In this process, those overcapacity, high debt tungsten enterprises will be out of the market, leaving those more promising, more healthy tungsten enterprises.

Through such "cleaning", the chinese economy will be able to get rid of a heavy burden, leaving a strong team. Xu Gao considered this idea as "utopian market", which is too idealistic and not realistic considering the complexity. In fact, history proves that such a utopian policy cannot achieve the desired results, and even bring disaster to the economy of countries. If such thinking continues to develop and expand, it will only continue to interfere the development of the tungsten market (tungsten heater element), and it cannot keep the stable economic growth for a long-term. Therefore, China should be more pragmatic to promote a progressive reform idea.

The result for British voters elected to leave the European Union(EU) has been announced today, which will have far-reaching repercussions both domestically and internationally, and immediately plunged the 28-member political and economic union into its worst crisis since it was founded.

The vote result was at times bitter and acrimonious. The Leave campaign, headed by former London Mayor Boris Johnson, took 51.9% of the vote to the 48.1% that the Remain campaign, headed by Prime Minister David Cameron. According to British Broadcasting Corporation, 72% of the electorate voted.

The result had an immediate effect on the financial markets, with the pound plunging to a 30-year low against the US dollar and the Euro, Europe’s single currency, slid 3% against the US currency. The US has for years had British membership of the EU a core part of its European policy, while the UK and China are experiencing what Cameron and President Xi labeled “a golden era” after the Britain last Oct., when deals worth 40 billion sterling were announced. Now the referendum result to leave the EU is affecting the gold market greatly, which will lead the gold price to a increasing tendency apparently. It is said that gold, as a favorable hedge investment, will be more and more popular by the investors, which will push the gold price moving up.