rebirth of change

"You guys, stop teasing me. Investing money in state-owned enterprises? Can it appreciate in value? Thank God if it doesn't go in vain. It's a bottomless pit, and no amount of money can fill it up. Over the years, the state has given these enterprises Is there almost a few trillion yuan in the help? What is the result? It’s not like this. I won’t do it, and I won’t do it even if I’m beaten to death.” Chen Kangjie said with his head shaking like a rattle.

"Do you have no confidence in our state-owned enterprises?"

"This... I really don't have much confidence. This is telling the truth." Although such an answer would make the prime minister who is committed to solving the problems of state-owned enterprises uncomfortable, Chen Kangjie still did not lie.

"Why?" Chen Kangjie's answer caused the prime minister's eyes to flicker dimly, but he returned to normal in an instant.

Others may not know the difficulty and pressure of solving the huge mess of state-owned enterprises, but he has the most personal experience.He has been paying attention to state-owned enterprises for several years, but there is still no good way to panacea. In the end, he can only choose a strong man to cut off his wrist.This is not determined by individual ability, but the system of state-owned enterprises is there. It is estimated that it is almost the same for anyone, and it is difficult to do better than him.And that system is not easy to change because of our political system, otherwise it will shake the foundation.

"Don't you know? The rigid system determines that it is difficult for them to gain a foothold in the market unless there is a monopoly. But if there is a monopoly, it will inevitably follow the old path of Western monopoly capitalism, and it is difficult to mobilize profits. Even through This method has achieved certain economic benefits, which are also paid by the common people, and in my opinion, it is not of much value." Chen Kangjie said frankly.

After listening to Chen Kangjie's words, the Prime Minister was silent for a while. "Is your opinion biased? State-owned enterprises have still made great contributions to our national economy. As long as they are managed in accordance with modern corporate governance methods, I believe that state-owned enterprises will still be full of vitality. After all, state-owned enterprises Enterprises also have their own unique advantages, such as technology, talent accumulation, and policy support. As long as these advantages are used well, they will still be transformed into economic benefits.”

The Prime Minister was not very reconciled, he still hoped that Chen Kangjie could be persuaded.The current solution to state-owned enterprises, in addition to focusing on the big and letting go of the small and carrying out structural governance, is another big problem, which is further capital investment.If there is no certain capital injection, it will still be difficult.But now the government can't afford that much money at all, and several major state-owned banks have been lending money all year round, and they can't make ends meet. There is no state-owned enterprise that doesn't have a bad bank's ass debt.If the bank continues to lend without a bottom line at this time, once something happens, the disaster will be devastating.

In any country, once an accident occurs in the banking system, it will not be affected by points and lines, but by planes, and it will have a chain effect like dominoes.Judging from the history of tens of hundreds of years in modern times, almost all economic crises and depressions are inseparably related to the banking system, because banks are a link between enterprises and between enterprises and the public. Basically, the whole society has been involved, coupled with the social and security problems derived from economic problems, the consequences are unpredictable.The Southeast Asian financial crisis more than two years ago is the most typical example. From the head of state to ordinary citizens, no one can stay out of it.Without the accumulation of more than ten years, those countries will not be able to rise at all.

The prime minister was the governor of the central bank before, and he knew the long-standing abuses of the banking system very well. It was based on this clear understanding that he made his mind on Chen Kangjie.In fact, he had wanted to talk to Chen Kangjie about this issue since the second half of last year, but he never found a suitable opportunity.This time Chen Kangjie approached him to discuss two proposals, which happened to be used by him.

"If I inject capital, can I hold the shares?" Chen Kangjie did not insist on refusing, but raised a technical question.

"Holding? Small state-owned enterprises are fine, but big ones are not."

"Small ones are okay? You sold the small ones at a low price or just threw them away. What else do I hold? To be honest, I even consider whether to give them to me. The reason why many people start now is either because of the location of the Chinese companies themselves. Either the government is half selling and half giving away, or even giving back the money. If it weren't for the large amount of state-owned capital that would be lost to private individuals, many people would be discouraged. Frankly speaking, you are creating a large number of billionaires, and it is Overnight." Chen Kangjie said unceremoniously, "As for the big ones, whether I'm interested or not is still the same thing. If I don't give a controlling stake, wouldn't that mean continuing on the old path? To put it bluntly, I don't really want my Fate is in the hands of a group of non-professionals."

"Aren't you interested in the big one?"

"It depends on the industry, or look at the specific company. For example, the oil industry, the electric power industry, the railway industry, the banking industry, or the TV media, etc., I am still a little interested. I have already set foot in some, but the policy is still stuck, such as Petroleum, I am allowed to reserve and sell to state-owned retail enterprises, but I am not allowed to refine and sell it myself, such as the banking industry, not to mention the restrictions on the scope, and I am not allowed to absorb savings and operate entirely on loans. If these can give If I let it go, especially if it allows me to hold the shares, I am willing to support it." Chen Kangjie said directly.

"What you are talking about is a strategic industry that is related to the national economy and the people's livelihood. It is controlled by private capital. I am afraid that it will not be allowed from top to bottom. If it is not for special reasons, your Limin Bank will not be approved at all. And you Speaking of the oil industry, if you let it go, I am afraid that Sinopec and Sinopec will go bankrupt soon."

"You also know that they can't stand the competition? So, let me use the money to give them money, or just forget it. I'd rather spend the money to do something else than lose money. Those of you who are blooming everywhere Small and medium-sized state-owned enterprises, let's find other ways. I really don't want to take over a lot of endless mess. I'm afraid I'll take over the front foot, and the back foot will be burnt. You probably think about those furniture factories and abrasive factories. Ah, textile mills, sugar, tobacco and alcohol companies, throw them at me, right? Throw them at me, and I don’t have such a big team to deal with them. My suggestion is to rely on real assets while doing a good job of auditing and not losing assets. market." Chen Kangjie suggested.

"The problem is that time waits for no one, you know? Every year, the government has to subsidize nearly [-] billion in order to solve the livelihood of workers who have nothing to do. If time goes on, the government will be dragged down. So Everyone is in a hurry, as you said, there is nothing that cannot be completed in ten or eight years, and you calculate how much it will cost in ten or eight years, trillions of dollars, the government simply cannot afford it.” The prime minister frowned worriedly.

Chen Kangjie was actually also worried. Although those things had nothing to do with him directly, seeing countless enterprises collapse, tens of millions of workers laid off and losing their source of livelihood, and seeing countless state-owned assets fall into private pockets, his heart was also filled with anxiety. Not so good.

After thinking for a while, Chen Kangjie came up with an idea that at least seems to be beneficial now, "It's not that there are other ways."

"What other way?" The Prime Minister suddenly turned his head to stare at Chen Kangjie as if he had seen the dawn in the dark.

"The government guarantees the loan, or the government uses state-owned assets to mortgage the loan." Chen Kangjie said.

"What kind of solution are you doing? Doesn't that mean that the state-owned banks will directly grant unconditional loans? They are all state-owned, and the procedures are very simple." The Prime Minister said disappointedly.

"I didn't say that the loan was from a state-owned commercial bank, anything else." Chen Kangjie shook his head and said.

"Looking for foreign institutions? Not to mention that the ADB or the World Bank will not provide so much funds, even if they do, there are a lot of prerequisites. We don't want to be controlled by others, and their money is not so easy to get."

"I didn't mention the World Bank or the Asian Development Bank. The International Monetary Organization is also dispatched. I mean private capital." Chen Kangjie corrected.

"How can there still be so much private capital that can be borrowed at once? The savings absorbed by commercial banks are private capital, but most of these capitals have been loaned out and have not been recovered. The scale is too large to be controlled. If something unexpected happens Well, if the common people go to the bank to run for money, several major banks will go bankrupt, and there will be continuous social turmoil. If that is the case, our country will not have peace for at least several years."

Chen Kangjie didn't speak any more, just shook his head.

"You mean...you provide loans?" Seeing Chen Kangjie's expression, the Prime Minister seemed to understand.

"It's not me who provides loans, but Limin Bank. Everything is business-like. There are two ways. One is that the government uses state-owned assets as collateral, such as Sinochem Petroleum Corporation, or other large state-owned assets. Limin Bank borrows The money is given to the government, and the interest is still calculated. Another way is that the central government issues special national bonds, which are purchased by Limin Bank. Which one, at least the state-owned assets are still there, and the interests of state-owned enterprises have not changed. Of course, in return, the geographical and operational controls on Limin Bank can be relaxed. Regarding the demand for funds, the country has also obtained a dynamic private bank, which can promote the system upgrade and service upgrade of the state-owned banking industry. What do you think of my method? I think it is good." Chen Kangjie said confidently.

"Is that okay?"

"Why not, of course. However, the money withdrawn from Limin Bank must be earmarked for special use and cannot be mixed in the financial budget. This can be handed over to a special agency. A special state-owned assets management department can be established at the central level Departments, they are responsible for the management of state-owned assets across the country, and special personnel are dedicated to them. Moreover, in order to stimulate the vitality of enterprises, I suggest that the management of state-owned enterprises should be decoupled from the administrative level. Even, the state-owned assets management department is only responsible for the management of state-owned capital. Market-oriented professional managers are responsible for the operation, and we can learn from the experience of Temasek in the Lion City.” Chen Kangjie said.

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