Wealth

Facts a few years later will also prove that all the predictions of foreigners about China have not been self-fulfilled. China's economic and corporate growth is still moving forward with its own logic, and has nothing to do with those overly optimistic or pessimistic conjectures.

In fact, since the death of Fairbank in 1991, there has not been a second observer in the mainstream Western world who understands China objectively and soberly.

Since the 1990s, a sign of China’s economic vitality is that almost every few years, Chinese and foreign economists have to change their thinking and adopt new language or concepts to describe and analyze China’s new economy. Phenomenon.

The fate of China's economy is slowly reborn in the transformation of these frameworks and concepts, and the common language of the international game rules is becoming increasingly speculative, and it is gradually getting on track.

In recent days, the New York Times interviewed John Galbraith, who was the president of the American Economic Association, and asked him to talk about the future Sino-US relations. Ninety-four-year-old John Galbraith just returned from another rising eastern country, India. He said in awe that in China, half of my knowledge is wrong and the other half is useless.

Regarding China, he said that many of their predictions about China are just conjectures.

The influence on China is a continuous and long process. In the gradual change of China, no change has occurred overnight.

In fact, the state-owned capital group's advancement, retreat and reorganization were all made according to the timetable for market opening.

Regarding some things in China, even Welch of the world's No. 1 General Motors is very puzzled. Before he retired this year, when a reporter asked him his views on the Chinese market, Welch said that he had been running there for ten years, and every time he got there, he would laugh at what he knew when he came last time. so little. That place is so big and so complicated. He doesn't understand, really doesn't understand, this may be the reason why he wants to retire, because others should be responsible for it.

General Electric’s success in China was born in the hands of his successor Immelt. He shifted the focus of investment from civilian products to more technologically advanced basic projects. General Electric’s industrial lighting, medical equipment, gas turbines, fans, Projects such as hydropower equipment, aircraft motives, and power transmission of industrial groups have all achieved good returns in China. Most of these fields are forbidden areas for private capital.

Another unusual signal is that in October this year, China allowed foreign investment in the disposal of non-performing assets for the second time. At the first bidding meeting, Morgan Stanley exclusively obtained an asset package worth 10.8 billion yuan. Non-performing assets are distributed in 18 provinces and cities across the country, involving 254 companies and factories in the real estate, textile, metallurgy, and pharmaceutical industries, most of which are state-owned enterprises.

Obviously, these non-performing assets are the surplus value generated by the national retreat and the people’s advancement strategy. While Morgan Stanley shared the huge profits of Chinese companies’ financing at home and abroad, it was also envied and envied by countless peers. In fact, the standard of China’s capital market There are no legal restrictions on entry, and the substantive threshold lies in the policy approval red line. Like the Damin joint ventures back then, it's just that the opening of the capital market is more sensitive and more cautious.

It is also worth noting that the trend of sole proprietorship by multinational companies is becoming more and more obvious.

In the past many years, foreign-funded factories must have a joint venture partner in China. For example, Coca-Cola and PepsiCo’s canning plants in various places must be joint ventures with state-owned grain and oil companies. Chemical plant.

Now that this restriction is gradually lifted, some multinational companies that have joint ventures think that they have a firm foothold, so they have used various methods to force the Chinese investors to retreat.

Many directors of foreign companies believe that sole proprietorship is a natural choice for joint ventures after China's accession to the WTO.

The representative of the foreign company that the sole proprietorship action is the most determined and does not hesitate to meet with the Chinese is Pepsi-Cola. At that time, Pepsi-Cola had established 15 joint venture canning factories in China. In September, Pepsi China Investment Co., Ltd. established a wholly-owned company in Shandong. Announced that Qingdao was included in its sphere of influence, and PepsiCo had previously established a joint venture factory in Shandong. The two PepsiCo companies launched a price war against the Qingdao market, which left the outside world at a loss for a while.

Pepsi also tried to retreat from its Chinese partners in Chengdu, Sichuan. When the negotiations failed, the United States announced a substantial increase in the price of concentrated liquids and did not approve Sichuan Pepsi to produce more brands of beverages.

The U.S. brutality caused collective resistance and boycotts from the Chinese joint venture canning factory. Subsequently, the U.S. announced the dismissal of the leader of the boycott alliance and the Chinese general manager of Shanghai Pepsi. Later, 14 of the 15 canning factories held a press conference in Chengdu and jointly accused PepsiCo.

One month later, the American Pepsi-Cola Company filed a request to the Stockholm Chamber of Commerce Arbitration Court of Sweden to terminate the cooperation with the Chinese partner in Chengdu. The Swedish court finally terminated the trademark with non-cooperative inspection and cross-regional sales that did not constitute a fundamental breach of contract. With the licensing contract and the concentrate supply agreement, Pepsi wins.

The Pepsi arbitration storm is essentially taking advantage of China's accession by multinational capital to take advantage of the vacuum in Chinese law and management to increase predatory expansion.

There is a follow-up detail worth recording about this turmoil. After five years, Wang Shengsheng, a member of the China International Trade Arbitration Commission who participated in the case and advocated arbitration in a Swedish court, was arrested on suspicion of economic issues. At that time, relevant parties reported. The Chinese found that Wang Shengchang privately divided state-owned property and was suspected of taking bribes, and his role in the Pepsi arbitration turmoil was questioned.

It's just that this is something to say.

For all of this, all Fan Wuyao can do is just sitting on the sidelines.

This is not that he is willing to see such a situation happen, but in this era, the role he can play is limited, after all, it is impossible for the decision-makers to listen to him alone, especially in these new attempts. Countless interest groups, large and small, all need a share of the pie.

Sometimes, a lot of money is not something that can solve all problems. Fu, what I am doing now, is thinking about joining some key industries to make some useful pavement for the rise of China, such as energy. For example, in terms of mineral resources, such as military production, these are the industries that he focuses on. As for other aspects, the industries that can be involved are those that are more profitable and stable, such as the electronic chip industry and the exhibition. Electronics manufacturing industry, etc., these still have to continue to maintain a leading position.

Fan Wuyao has invested a huge amount of money in industries such as civil aircraft manufacturing and shipbuilding, as well as the construction of docks and ports, which cost a lot of money. Now it is nothing more than a continuous increase in capital. Fan Wushen did not need to bear the burden of continuous infiltration of transnational capital and strong reorganization of state-owned capital. At the same time, Mindial Capital looked like a bystander outside the chess game. In the history of Chinese enterprises in these years, the game between different types of capital has always been the main factor that troubles and promotes the ups and downs of China's economy.

With China’s entry, the game pattern of the three major capital groups has undergone a fundamental evolution. The two powerful capitals have reached a new consensus on benefit distribution and reorganization. Private capital that has achieved great success in numerous competitive markets has become more and more important. It has become more and more marginalized, and only a handful of people have achieved symbolic success.

In May, Liu Yonghao announced that he held the largest shareholder of Minsheng Bank.

Minsheng Bank was founded five years ago with an unprecedentedly strong atmosphere of reform. Under the initiative of the then chairman of the All-China Federation of Industry and Commerce and a veteran financial expert Jing Shuping, the State Council approved the establishment of the first national joint-stock commercial bank, Minsheng Bank. As the chairman of the board, Jing Shuping included several well-known private entrepreneurs who joined the All-China Federation of Industry and Commerce. Among them, Liu Yonghao, the vice chairman, invested more than 8 million yuan and became the first group of shareholders.

In this way, in the financial sector monopolized by state-owned banks, Minsheng Bank was born with the semi-official National Federation of Industry and Commerce. Although it is weak, it is the only experimental commercial bank with clear property rights.

In the following years, the macroeconomic situation was turbulent, Minsheng Bank's benefits were fluctuating, shareholders moved in and out, but the far-sighted Liu Yonghao persisted in acquiring shares in Minsheng Bank, and his shareholding ratio quietly increased.

In November last year, Minsheng Bank was approved to be listed on the Shanghai Stock Exchange. Its unique identity immediately attracted the attention of the capital market. Funds for subscription of new shares were frozen over 400 billion yuan, setting a national record at the time~www.wuxiamtl.com~Liu The brothers started their business by raising quail, and got rich by producing feed. Now they have entered the financial field due to special opportunities and twists. Naturally, people are envied and conjectured. In this year's Forbes China Rich List, Liu Yonghao and his family are very stingy. List.

In fact, many people feel very surprised that Mang’s Investment Group has not entered the banking industry. According to the situation at the time, if Fan Wuyao wanted to get involved in the banking industry, it would only be a matter of one sentence. It is strange that he is indifferent to this, which can't help but feel incredible.

For this, Fan Wubing also has his own considerations. In fact, the banking industry does not create actual value. For things like capital operation, they are more using other people’s money to lend money. In fact, they are playing A means, not a bell.

The fan who has always been committed to developing the physical industry in the country is naturally dismissive of it. Even if it can increase the value of one's own funds, what is the benefit for the entire country?

Instead of being jealous of others, it is better to do the work of rejuvenating your own industry in a down-to-earth manner, so that even if you make money, you will not attract too much criticism. After all, you are a person who does things first, and then a person who makes money. .