.Chapter 103

"When the main contradiction disappears, the secondary contradiction will become the main contradiction. The impact on himself seems to be even more troublesome!" In his office, Zhang Yan touched his chin and said that the success he achieved was a good thing, but when Zhang Yan turned his attention to the country, he found that things were a little different.

Unlike the macro-control I remember, the intensity of this regulation seems to be much greater.

Moreover, in terms of regulation methods, it is more reasonable. If this is the case, Zhang Yan would not have troubled him so much. However, something unexpected happened, and Zhang Yan still remembered the scene that happened yesterday afternoon!

After receiving the emergency notice from Qian Weihan, Zhang Yan immediately threw down what he had done and came to Qian Weihan's office...

"Xiao Zhang, there is something to discuss." Qian Weihan said, without any expression on his face, and he couldn't tell whether he was happy or angry.

"Secretary-General Qian, please give me instructions if you have any questions and complete the task with quality and quantity!" Zhang Yan said.

"Stone! I also want to do this regulation. What do you think?"

"National regulation is timely and targeted..."

"Okay, let alone those official articles, I don't listen to these clichés, there are things like that everywhere. I want to hear from you, an expert."

"Old Qian, I'm not an expert, I don't even have a professional title!" Zhang Yan said with a wry smile. He knew how the macro-control is doing, but this regulation involves too many people. To put it a little, it means offending a large number of people. He lives a good life and doesn't want to find trouble. Isn't it better to keep a thousand words than to be a clerk? This is the way to become an official.

"Stone, what is the mess in your head? Don't you know? The Asian financial crisis is so fierce that you blocked it. This time, Cbot wants to overturn you, but it was solved by you all at once. If you were not an economist, who would be! Let's not talk about regulation today. We will only talk about the current economy. Is it good?"

"It's so amazing. I deserve to be Mr. Qian. This is really good!" Zhang Yan's head was sweating and sorted out his thoughts. He said: "The issue of regulation is too big. I can't say that much. I will just check a more familiar way. It's the financial aspect. I won't say it well. The general direction is absolutely correct. But there are a few small places that may cause trouble. I think we should be careful."

"The first thing is the exchange rate issue. Now our country's foreign exchange reserves are mainly US dollars. In this way, we place our own foreign exchange safety on the United States. Now the US policy is to constantly depreciate to avoid debts. Recently, there have been rumors that urge the RMB to appreciate. In this way, our country's foreign exchange reserves have a great risk. Although this has little to do with regulation, it is very serious. We must guard against it!

The second is the financial security issue. Now we have joined the WTO protection network in the past and gradually disappeared. For us, this is the trouble. This regulation and tighten the money supply. This gives funds a greater opportunity to hide the truth and penetrate the country. In turn, it will bring impacts of foreign capital. Once the RMB appreciates, these funds can be converted into hot money. The harm is extremely huge!

The third is that the risk of the financial market is too concentrated. At present, the responsibility capacity system of financial institutions has not been completely built. The capital is insufficient and the governance structure is imperfect. The second is that the financial service supply system is unscientific. The incomplete commercial banking system provides more than 3/4 of the source of funds in domestic enterprises in 2004. This proportion has been further increased to more than 90%. This is not good. Thousands of troops walk on a single-plank bridge. How can it be faster than hundreds of rivers entering the sea?

In addition, residents' deposits account for about half of the total financial assets of the whole society and only enter and do not leave. Excessive risks are concentrated in the banking system, on the one hand, the banking system must always maintain sufficient liquidity and use liquidity to solve and cover up various risks and problems; on the other hand, it further inhibits the large-scale development of the direct financing market.

The tightening of liquidity funds has caused poor capital flow and the lack of funds for small and medium-sized enterprises and private enterprises to develop, but large state-owned enterprises do not have to worry about capital at all, but the efficiency of large state-owned enterprises is quite low! In this way, one-size-fits-all regulation is equivalent to throwing away everything regardless of good or bad.

The last point is that the property rights reform and market-oriented reform process of financial resources are not in line with the structural comparison in the real economy. In 2018, my country has added more than 770,000 new private enterprises and registered capital of more than 17 trillion yuan. The private economy has made new contributions to promoting economic development and increasing employment, while its ability to control financial resources is also improving. Private capital has also intervened in the financial market by holding equity in some urban commercial banks.

In the pyramid structure of large enterprise groups, some private capital has become the actual controllers of urban commercial banks, trust companies, securities companies, credit guarantee companies and other institutions through equity acquisitions; at the same time, some underground financial sub-markets such as private bill markets have also begun to enter the office in some places to provide financial services to private enterprises.

After private capital enters the financial market, it expands the transmission basis of financial policy effects. It is an effective supplement to the functions of state-owned financial institutions, but it also makes some financial operations separate from the perspective of monetary policy and regulatory policies. The effect will be greatly reduced in the case of some official monetary policy leverage u|Other set of financial market operation channels.

In other words, the one-size-fits-all regulation is controlled by the private financial system. The formation of this situation is equivalent to establishing an underground financial system, which is extremely harmful to the normal economic order!”

"Haha, that's right!" As soon as Zhang Yan finished speaking, cheers came from outside the door. Zhang Yan turned to look at Qian Weihan and looked in amazement!~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~

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Qian Weihan gave Zhang Yan a look, then said loudly to the outsider: "Minister Li, why don't you come in? Is the scenery outside the house not as good as the people inside the house?"

The man outside smiled and said, "If Secretary-General Qian doesn't say he's coming in, how dare I step beyond the line?" Although he was polite, he walked in as soon as he finished speaking. He was a middle-aged man with a rosy face.

It turned out to be his immediate boss, Li Changnian, director of the Development and Reform Commission, the Minister of Finance, Li Changnian, but he didn't even hear that. He was very dereliction of duty. But it's not my fault. Who made Director Li be so frugal that he couldn't hear Minister Li talking at all? Zhang Yan hurriedly stood up and greeted: "Hello, Director Li!"

"Well, I heard Lao Qian say you are amazing, but I didn't think so. I didn't expect you to have a good idea. You kid hide your strength. I will interrogate you carefully when you go back." Li Changnian said half-jokingly. Zhang Yan suddenly burst into white sweat. He didn't dare to look at Qian Weihan anymore and apologized in a low voice: "Director Li, look at how I hide so deeply, have you dug me out? I'll go back to the Development and Reform Commission later, and you can do whatever you want. I'll give me some face. Then I will serve the Director!"

Li Changnian's eyes stood up: "Why, can't you say it here?"

Zhang Yan smiled bitterly: "What did you ask me to say? You can't say it again!"

Li Changnian waved his hand: "Just tell me what if you were asked to take charge of the Northeast?"

As soon as Li Changnian said it, Zhang Yan's eyes lit up! It turned out that Qian Weihan really had something to do with him, and this matter was a great thing. Now what he wanted to solve was Director Li Changnian, who looked elegant and actually ten times stronger than he seemed!

This is an exam, an exam with immeasurable returns once you pass!~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~

"The current situation in the Northeast is the steel industry, and the automobile manufacturing industry is relatively working. These two leading industries drive other industries and have suffered a major blow in regulation because monetary policy and bank regulatory policies require strict control of bank loans in these industries, and the working capital is tightly restricted."

At this point, Zhang Yan was still a little dissatisfied because he also tightened his money, but for export companies, the effect was not very obvious. The fiscal export tax rebate system for the short-term fiscal debt clearance is a timely rain for those export companies, which can offset a considerable financial pressure. However, there is no such treatment in the manufacturing industry. This differentiated treatment will lead to the society continuing to turn to an outward-oriented economy!

This leads to two results. One is the transfer of resources from downstream industries within the manufacturing industry to the upstream. The other is the further transfer of resources from manufacturing industry to the upstream industries. This step was done by myself as early as the year before yesterday. The first point is not particularly difficult to deal with, and the second point was completed last year, so the regulation does not put a lot of pressure on Northeast enterprises!

On the contrary, because the downstream of the manufacturing industry is currently in a difficult situation, the cost is due to the large increase in energy and raw material products in 2004, and the expectation of interest rate hikes, the pressure of rising costs in manufacturing industry is huge. How to digest costs is a problem that the manufacturing industry is almost unsolvable. In this case, the manufacturing industry will depreciate significantly, that is, the Zhengrong Group with a large amount of funds will usher in an excellent merger and acquisition opportunity. Yinbao Automobile's merger and acquisition will be much smoother. Whether it is the local government or the management of the automobile factory, they will be very happy with Yinbao's merger and acquisition.

Once Yinbao completes the integration of the enterprise, the Zhengrong Group will have a second overwhelming industry monopoly.

However, these small abacuses cannot be expressed. Zhang Yan thinks it is better to talk about some big goods:

"So, in order to solve this problem, I think we can consider the issue of targeted share issuance by listed companies!"

"Ah!" Li Changsheng couldn't help but scream.~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~

"It's okay, it's okay, you continue!" After calling out, Li Changsheng immediately realized his incompetence and waved his hand to let Zhang Yan continue. The targeted share issuance of listed companies is actually private equity, private equity is flying all over the sky in the year. The topic is still too sensitive and rarely appears in newspapers and magazines. Zhang Yan's statement is undoubtedly quite shocking!

However, the benefits of targeted additional issuance are quite obvious. Even companies that are losing money can obtain enough funds through targeted additional issuance. It is obviously the most appropriate to deal with this situation.

"There is another solution to the funds that are qualified to issue corporate bonds appropriately. The current interest rate is too low, so it is time to issue bonds. Although the expectation of interest rate hikes has made the bond issuers concerned, I think it is worth issuing bonds now compared to the tense monetary policy.

In order to highlight the investment value of corporate bonds, funds raised for these restricted industries can be raised for funds, and developed a structure of enhanced returns such as selling rights, exchangeable rights, guaranteed returns, etc. in the design of bond terms. This will attract customers who dare not invest in to buy bonds."

"Oh!" Li Changsheng patted his thigh and said to Qian Weihan: "Old Qian, people say you are from Shanxi and look old.

I don't believe it yet. Today I believe it. It's so good to hide it so well. Apart from your old money, who can do it!

Qian Weihan smiled happily: "Old Li, you are wronged by me. I can cultivate such a talent like Zhang Yan. Zhang Yan is Yunqi's closed disciple, and I am just helping him!"

"Oh!" Li Changsheng narrowed his eyes, and when he opened it again, he had already added a lot of colors. He said to Zhang Yan: "No wonder, no wonder! How is your master's recent situation?

"The master is in good health, but his shoulders have been cold recently and he feels a little uncomfortable." Zhang Yandao.

"That's good, keep going!"

"The third is the flow of funds from private enterprises. There are not many private enterprises in the Northeast. This does not mean that these private enterprises are not needed, but the funding gap makes these small enterprises live a difficult life. As long as there is a slight storm, it will capsize. At this point, I think the Northeast should learn from the Jiangsu and Zhejiang regions.

In Zhejiang, where the private economy is extremely developed, private enterprises rely on private loans! Even in Northeast China, where the private economy is not developed enough, private lending has stimulated private lending due to bank credit difficulties. Private lending is not subject to the central bank's system jurisdiction flexible interest rates. In private lending, urban lending interest rates are generally between rural lending and annual interest rates are generally between, which is far beyond bank interest rates. To a certain extent, it truly reflects the value of money!

My idea is to establish a small-scale mutual aid cooperative, just like the rural credit cooperatives back then, but the scope of lending has been expanded, not only for rural enterprises, but also for township and urban enterprises. Interest rates are relaxed accordingly, and flexible operations are used to stimulate private enterprises that have not improved."

After Zhang Yan finished speaking, Li Changsheng's breath became much heavier. After a while, he said, "Let's keep talking!"

Zhang Yan sighed in his heart. Although Li Changsheng looks extraordinary, he still dares to make decisions without authorization in this critical place. In fact, they have done this in the Jiangsu and Zhejiang areas, legalizing private lending through commercial papers, which has promoted economic development accordingly.

Notes not only allow some companies that are difficult to obtain credit support to enjoy the benefits of credit transactions, but also solve the liquidity problems of some companies due to their financing functions. And the most important thing is that after the bills are established, there will be no legal obstacles to the formation, and a new free and flexible bank will have a theoretical basis!

Another effect of the tightening of credit scale from banks is that the difficulty of financing for small and medium-sized enterprises is more prominent. In terms of the composition of commercial bank loans, the proportion of commercial banks to small and medium-sized enterprises has increased, but only accounts for 30% of all loans.

In order to obtain funds, in addition to using the SME Board and other open markets, SMEs also use commercial paper and credit enhancement methods to actively enhance credit ratings to obtain credit support. In the month, nine private enterprises in Wenzhou jointly established the China-Swiss Consortium as the first investment company in China named after the "consortium".

Compared with the chamber of commerce, the China-Swiss consortium adopts a higher-level enterprise organizational form with property rights links to facilitate the broader financing channels for small and medium-sized enterprises and private enterprises. Since the nine enterprises can use the influence of the joint venture after the establishment of the consortium, the scale effect can build a new reputation to obtain some projects and loans that were originally impossible to obtain with the power of a single enterprise.

However, Northeast enterprises do not have this awareness and are still in the stage of waiting and relying on them. They hope that loans will fall from the sky and solve their own funding problems. They are already much behind in concept!~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~

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"Why don't you say it?" Li Changsheng asked when he saw that Zhang Yan hadn't spoken for a long time.

"It's all said."

"Have you finished saying it? There should be still some people who have said it!" Li Changsheng smiled, but there was still no smile on his face.

"there is none left?"

"What about real estate? When you are downstairs, real estate development is quite famous. The land is like a money printing machine when you are in your hands. The money comes quickly, so why don't you talk about it? Real estate development in Northeast China has been quite hot recently. If you don't take advantage of the situation and do something big, it won't fit your personality!"

"This... is not easy to say." Zhang Yan didn't want to talk about real estate, not because he didn't understand it, but because he knew real estate too much for the year, it was a bleak ending. Real estate absorbed a lot of funds, and the final ending would only be a collapse, so Zhang Yan subconsciously avoided this sensitive topic.

"Really?" Li Changsheng asked.

"Shitou says whatever he has, don't worry!" Qian Weihan reminded Zhang Yan.

"I think real estate is so hot now, it is not a blessing for the country or a blessing for Northeast enterprises. I just hope that real estate will operate on a relatively stable track, rather than relying on crazy absorption of the blood and sweat of the people!"

As soon as Zhang Yan finished speaking, Li Changsheng's expression changed. He looked at Zhang Yan carefully without saying anything. Zhang Yan couldn't figure out what was inside. Then he nodded at Qian Weihan and strode out.

"I really don't know what the situation will turn out to be?" Zhang Yan thought boredly. At this moment, the phone rang. Zhang Yan answered and said, "I am Zhang Yan, who is it?"

"I am Li Changsheng, come to my office right away!"
Chapter completed!