Chapter 616: Conflict of Interests

"Why do you say that? I found that many of your views are non-mainstream!" Boss Zhu still attached great importance to Fan Wubing's ideas, so he asked what the reasons were.

non-mainstream? Fan Wubing smiled bitterly and scratched his head. Did the word "Xin Dao" exist at this time? He really didn't know it!

However, he naturally couldn't tell Boss Zhu that this word was derogatory, right?

After thinking about it, Fan Wubing said to Boss Zhu, "In short, there is still a lack of soil to support e-commerce in China. This has led to the idea of ​​most returnees being naive but stupid. They only see the bright prospects, but ignore the current reality. Basically, those who try e-commerce now are basically the ones who want to be pioneers.”

"What pioneer?" Boss Zhu asked puzzledly.

"Pioneers are the first people to enter the market and die the fastest." Fan Wubing replied with a smile.

Boss Zhu also laughed loudly. But Fan Wubing could also see that Boss Zhu didn’t laugh easily. After all, in such a big country, many aspects of things are not easy to settle, especially now. In this sensitive period, many things are in transition. Whether it is housing reform, medical reform, or securities market reform, it will affect the interests of many people, so he does not expect to be re-elected for another term.

Destroy and then build, defeat and then succeed. Although this is an old saying, it can be applied universally in any historical turning point.

This is the current situation in the country. Without breaking the old rules and regulations, there is no way to establish a new economic order. But to break the old rules and regulations, isn't it an offending job? But this work always has to be done by someone. Otherwise, how can we keep the old from going away and the new from coming?

At this meeting, another more sensitive topic was naturally the stock market.

It should be said that the stock market last year was the Year of the Ox. In May of that year, the Shanghai Composite Index reached above 1,500 points, which had not been seen for four years, making investors excited. However, this bull market finally died after the government increased stock stamp taxes, strictly prohibited state-owned enterprises and listed companies from speculating in stocks, and especially announced that it would expand the stock market quota to 30 billion.

This year's market is in a bear market, but the government is uncharacteristically paying unprecedented attention to the Chinese stock market. Since the second half of this year, the Asian financial crisis has worsened and flooding has occurred in mainland China. In early August, the Shanghai Composite Index had a negative trend for ten consecutive days, falling from 1,300 points to over 1,000 points.

At this time, the media expressed the comments written by senior officials for the "Securities Knowledge Reader", which clearly affirmed the important role of the securities market in China's economy.

He also called on party and government leaders at all levels, business leaders and securities workers to study diligently and think carefully about securities knowledge.

Another more long-term signal is that the Securities Law, which has been in the works for six years, was finally passed at the Sixth Session of the National People's Congress. In fact, as early as 1992, the Financial and Economic Committee of the National People's Congress drafted the Securities Law, but its regulatory content conflicted with the Company Law being drafted by the People's Working Committee.

According to the legislative procedure, the Securities Law had to be transferred to the Legal Affairs Committee for revision. However, the two sides were in a stalemate, and the Securities Law was shelved. In fact, the central government’s hesitant attitude towards the securities market is the real reason why the Securities Law has not been promulgated.

As a central leader said at the time, the market is still unclear and the problem has not been fully exposed. We need to expose it for a while and then look at the situation. Since there is a lot of controversy within the National People's Congress, the central government is happy to let it go.

But last year, the central government set a tone to speed up legislation, and with the full push of the National People's Congress, the Securities Law was quickly promulgated.

Fan Wubing has already read this "Securities Law". Generally speaking, it is still relatively rough, and the policy language in it is vague. For example, state-owned enterprises and enterprises controlled by state-owned assets are not allowed to speculate in stocks. The word speculation is a common saying. , but difficult to define precisely.

Another example is the change of listing from the approval system to the approval system. The terminology seems to be very accurate, but the fundamental difference between the approval system and the approval system is not clear. It is simply that the China Securities Regulatory Commission has established an audit committee to let officials and experts evaluate whether the company can be listed. . However, the procedures are still opaque, including the confidentiality of the list of members of the review committee. As a result, the list has become a means of competition for financial public relations companies. If they are sold to investment banks, the latter will publicize them one by one.

In addition, the qualification system that implements classified management of securities companies into comprehensive companies and brokerage companies is also unreasonable. Ironically, many of those comprehensive brokerage firms that thought they were powerful went bankrupt or were placed under trusteeship in their subsequent self-operated business. On the contrary, those small brokerage companies survived because they were unable to operate themselves. This further confirms similar observations about companies in other industries. Most companies do not starve to death, but starve to death.

Fan Wubing has a certain understanding of the various strange phenomena in the current stock market. The comings and goings here are nothing more than a struggle for interests.

Just as I know, in the upcoming May 19 market next year, it is rumored that the driving force of the market comes from the central government. At that time, the People's Daily published a special commentator article entitled "Firm Confidence, Standardized Development" on the front page. Compared with the special commentator of the People's Daily two years ago, although the tone is more friendly and gentle, the thinking structure and narrative mode are surprisingly similar, except that the former desperately said how risky the market is, and the latter tried hard to defend how much the market has the potential to rise, and used an innovative term, normal recovery rise.

The last part of the two articles in the People's Daily listed many measures, but two years ago it was about how to suppress the stock price, and the latter was about how to cherish the hard-won stock index rise, implying how to get the stock market up.

Two years later, it was not only the commentator article of the People's Daily that made a complete U-turn, but also a decision, that is, to allow state-owned enterprises, state-owned asset holding enterprises, and listed companies to invest in stocks, while just two years ago, the state also notified that it was strictly prohibited to do so.

For Fan Wubing, there is no need to think too much. As long as he combines his later experience and has a little understanding of the domestic political economy and stock market common sense at that time, he will understand that an unprecedented speculation and money laundering frenzy will sweep across China.

The so-called money laundering is to apply privileges to the market.

Before the reform and opening up without a market economy, a few people in China had privileges, but because there was no vast market stage, it was difficult to fully exercise them. In the 1970s, Wang Hongwen, a member of the "Gang of Four", was reported by his accomplices for corruption. The successor of the party at that time just went hunting everywhere, watched a few more pornographic movies, treated Shanghai brothers to a few good meals, used advanced radios, lighters and color TVs that could be controlled remotely, and then asked the Shanghai Municipal Party Committee to subsidize a few hundred yuan frequently.

But when privileges meet the market, such as the stock market, huge wealth can be generated unnoticed. The simplest way is to use the money of state-owned enterprises or banks to speculate in stocks, and the profits obtained belong to oneself.

A few years later, many cases of speculating in stocks with public money were exposed, but the parties involved lost their principal and could not explain to the company. Li Jianzhong, a Chinese space hero and former president of the China Academy of Launch Vehicle Technology, was later sentenced to life imprisonment because he had people use 100 million yuan to speculate in stocks when he was the chairman of two listed companies, "Qiong Nanyang" and "Rocket", and ended up being trapped and went to prison.

Fan Wubing sat in the audience, watching the energetic economic experts talking about the upcoming reform of the securities market, and suddenly felt a little disgusted for no reason.

In the domestic securities market, the competition for interests is too fierce, and sometimes it has even risen to the political level. It's like in many cases, when the stock market is at a low point, the management side keeps issuing unfavorable policies, and then unknowingly puts their good relationships in it, and then starts to pull it up. When the market trend has been very large and it is necessary to remind shareholders to be vigilant, the management side keeps releasing good news and loudly calls for an endless bull market, and a bigger round of gains is waiting for us.

Under this kind of operation, it is rare to be able to get out of the stock market unscathed, let alone get a lot of profits.

At least under the current environment, except for the banker, it is really lucky for people to make a profit.

Boss Zhu was listening to the experts very seriously, and from time to time he would write down some content in his little notebook, and then tell the secretary next to him to remind him to pay attention to something. Anyway, he looked very serious.

After sitting for a while, Fan Wubing felt a little bored and lost interest.

Considering that everyone would have to have an in-depth discussion on real estate development and other matters later, there would inevitably be a lot of time wasted on meaningless verbal disputes. Fan Wubing thought it would be better to go out and take a breath first. In the future, he would participate in less summit talks. It was depressing to listen to people.

From this time on, mainstream economists have gradually become spokespersons for various power groups, and once they have a scale in their hearts, their guiding opinions will have an unpredictable impact on senior leaders.

Under this situation, policy decisions at the central level have become the target of power competition among various forces.

This era is finally becoming more and more commercialized. Fan Wubing shook his head and walked out of the conference hall.