"Bonds?"

For the Chinese in 1991, corporate bonds were a bit unfamiliar.

What's more, the Ministry of Railways cannot even be regarded as a state-owned enterprise, as a public institution of the state and a department directly under the central government, the Ministry of Railways has never considered the issuance of securities in this way.

Not to mention railway bonds, in these days, the People's Bank of China needs to mobilize bank employees to digest it internally if it wants to issue treasury bills. The sales tasks of the business outlets are directly related to the performance of the direct leaders, and are related to the direct benefits such as room distribution and duties.

Treasury bills were unpopular for quite some time due to their lack of liquidity. To this end, the State Council has set up a special treasury bill marketing committee, which is led by the Ministry of Finance, with the secretary general of the State Council as its director, with the participation of the People's Bank of China, the State Development Planning Commission, the Central Propaganda Department, the General Logistics Department of the Central Military Commission, the All-China Federation of Trade Unions, the Central Committee of the Communist Youth League, and the All-China Women's Federation.

In this way, it is regarded as a "political task" layer by layer, and it often happens that it is impossible to complete sales.

Let's talk about the performance of the largest treasury bills sold in the imperial capital, which directly allowed a professor of Peking University to enjoy the one-on-one service of VIP account manager 20 years in advance, and the bank almost really regarded it as the God of Wealth.

Even treasury bills guaranteed by the state treasury are treated in this way, and one can imagine the level of acceptance by the masses when the railways issue bonds alone.

Pushing oneself and others, the leaders of the road bureau in their forties and fifties are all at the age of seeking stability. At most, family finance is to accept dead deposits, and some of the things that happened with Treasury bills in the 80s and 90s are now terrifying to look back on.

Guan Jinsheng, who was later imprisoned in the 327 Treasury Bond Incident, obtained his first pot of gold in the 1988 Treasury Bond Acquisition.

Before China's Ministry of Finance allowed the free transfer of Treasury bills in the market in 1988, the black market price of a 100-yuan Treasury bill was only 75 yuan. However, in 1988, when the policy was liberalized, the price of treasury bills immediately returned to more than 100 yuan.

As a result, some "speculators" took advantage of the opportunity to eat a large amount of treasury bills on the black market with inside information and a keen sense of smell, thus accumulating wealth in a very short period of time.

Among these people, there are lucky people like Guan Jinsheng and Yang Huaiding, as well as people like Zhao Derong, who lost all his money because he didn't play well. On the other hand, however, since some people have made huge profits, it is natural that some people have lost their wealth.

Before the trading of treasury bills was liberalized, who were the people who held treasury bills? It is conceivable that most of those who were willing to buy treasury bills at a loss were people who were willing to buy treasury bills at a loss. In the 80s, these people were not only the mainstream of society, but also controlled the voice of the whole society.

How could these earliest securities speculators in China have a good reputation in society after plundering a huge amount of wealth from them?

After the liberalization of treasury bill trading, domestic reselling of treasury bills became a trend in the short term. A large amount of money is concentrated in the hands of a few securities companies. Wanguo Securities, a private enterprise with few people, has a turnover of as high as 300 million yuan.

Affected by this trend, the state issued regulations prohibiting units that have not been approved by the state from participating in the reselling of treasury bills and other securities in the following year. Losing the support of the country's mainstream economy at the time, the value of Treasury bills was a rollercoaster ride the following year, and some of those involved in the reselling of Treasury bills were the first to enjoy the popular entertainment of Wall Street's financial elite - bankruptcy and jumping off buildings.

Such a back and forth, coupled with Mr. Hu's several speculative roller coasters in the past few years to crack down on the dual-track price system, and the later rush to buy Modu stocks, financial operations have a tendency to be demonized in China.

As soon as Hu Wenhai's plan came up with Hu Wenhai's plan for the issuance of bonds by the railway, the leaders of various railway bureaus could not help but look at each other.

Even Qin Jiangyue, who had an expression of not giving up before, had to hesitate at this time: "Is it appropriate for the bond to be issued by ourselves?"

Hu Wenhai pretended to be stupid: "Corporate debt is not a new thing. Let's follow the national procedures, the conditions are met, who dares not to approve?"

Corporate bonds in China are indeed not new, and many local governments and state-owned enterprises have issued corporate bonds in the past. For example, Rongcheng local enterprise bonds, Enping textile bonds, Jiangcheng Yangtze River Bridge bonds, chemical pipe fittings bonds, corporate bonds are actually a commonplace thing.

From a policy point of view, as long as the situation of corporate bonds complies with the regulations, the regulatory authorities cannot prevent the issuance of bonds, but only have the authority to supervise debts.

However, on the other hand, the issuer of corporate bonds must be a company, and secondly, the amount of debt cannot exceed 40% of the net assets, and the interest cannot exceed the state regulations. As long as these requirements are met, corporate bonds can be issued.

But in fact, before the 90s, people basically did not see the bonds issued by the state's central enterprises and directly subordinate ministries. There must be unspoken rules here, which are related to economic organizations at the national level, and to issue bonds, you must first obtain the consent of the central government.

It is not difficult to guess the reason for this, it is difficult to expand the amount of local bond issuance, and the impact is limited. But if two barrels of oil-rated units issue bonds, it's practically no different from printing money. If it is not done well, the country's economy will be affected, and it will even lead to problems such as inflation.

What's more, since you can produce two barrels of oil, can we China Shipbuilding Industry Co., Ltd. power grid, telecommunications, Datang, China Resources, Huaneng, FAW, COFCO, China Salt, CRRC, China Silk ......

Why did the central government let him not let me? The balance problem here can make the release of the bonds of central enterprises stillborn.

Leaders of the Road Bureau here, this political sensitivity is still there. If railway bonds can be issued, will the Ministry of Railways not need such a pie-in-the-sky financing route?

Hu Wenhai nodded unexpectedly, with a look of course: "It must not be the Ministry of Railways, and the issuance of bonds by national ministries and commissions is not suitable in terms of system and name." ”

"That ......"

"Wait until I'm done-" Hu Wenhai waved his hand to stop others from speaking, and then said: "Since it is a corporate bond, of course it must be issued by a company." If we take the Daqin Line as an example, the Ministry of Railways cannot come forward, the Imperial Capital Bureau cannot come forward, and the Bingzhou Branch Bureau can't either? As a public institution, can the Bingzhou Branch Bureau invest in enterprises? Are the engineering construction groups in various localities enterprises invested by the various railway bureaus? Since the Railway Bureau can set up an engineering group, can it set up a railway transportation operation enterprise?

"Finally, after the Daqin line is completed and opened to traffic, can we set up a joint venture company between the Bingzhou Branch and the Imperial Capital Branch, and entrust the assets of the entire railway line to this company to operate?

As Hu Wenhai asked these questions one by one, the eyes of the leaders of the road bureau below suddenly lit up.

In the era of reform and opening up, there is absolutely no shortage of courage and motivation from everyone, and what is lacking is this kind of workaround measures that can put aside some problems that cannot be bypassed. It is in this way that many reform policies first achieve results, and only then do they gradually turn positive.

If you want to say whether the engineering groups under the various road bureaus can issue corporate bonds? This question is too low-level, so why can't it?

Let's take the Daqin Line as an example: if the state bureau wants to issue bonds of the Daqin railway operating company, what is the attitude of the local government of the state? The local securities regulatory department, the local securities regulator, will be transferred to the China Securities Regulatory Commission, and that will not be until 1997. As a government department, and the State Securities Regulatory Commission, you dare to jump between your teeth, hehehehe......

Provincial officials dared to eat them raw.

Railway contracting and operation is also nothing new, and the use of spare wagons to engage in tertiary production, isn't the Dongfeng Express of the Shengjing Bureau also reported on Renri? This matter is at most reported to the Imperial Capital Bureau for approval, and it is reported to the Ministry of Railways for preparation.

But if you do that, it's not a problem.

The leaders of the road bureau below exchanged heads and ears for a while, obviously very excited about this plan. However, not long after, a voice sounded in the corner, and the conference room suddenly fell silent.

"If the companies under the sub-bureaus issue bonds, will it be too difficult to sell them? Without the credit endorsement of the Ministry of Railways, although there is a new investment in the first year, the funds behind it cannot keep up, and this hole will be big. ”

After all, the bonds are not used for their own money, and they have to be repaid anyway. If you want to pay back, you must first make enough profit. If this project is done halfway through without follow-up investment, hundreds of billions of funds, this joke is not funny at all.

Although the bonds issued by the Ministry of Railways are not in accordance with the regulations, they are guaranteed by the credit of the Ministry of Railways, and this bond will definitely not be sold.

But since it is a nameless contracting company, it is difficult to say that there is still a few points left in the appeal. Nowadays, the masses are very shrewd, saving money and using the money they have saved, and they usually do not even dare to save the high-interest savings of credit unions, how dare they buy corporate bonds that they do not know whether they will collapse tomorrow.

This question is indeed asked about the weakness of this plan.

However, Hu Wenhai dared to come up with a plan, obviously taking this situation into account for a long time. He nodded and happily admitted, "Yes, that's a problem. However, this does not prevent us from using the endorsement of the Ministry of Railways and not following the procedures of the Ministry of Railways. ”

When everyone heard this, they asked incredulously, "What should I do?"

Hu Wenhai took it for granted and said directly: "Although the bonds are not issued by the Ministry of Railways, the Ministry of Railways can recognize these bonds!"

"Taking the US dollar as an example, what is the essence of the US dollar? Institutionally, the US dollar is a bond borrowed by the US government from the Federal Reserve. The reason why the dollar can gain international recognition is that with the guarantee of force from the United States, the dollar can buy goods all over the world. Bonds are worthless if they are issued by the operating company, but if the Ministry of Railways backs them with credit......

Soon some people raised objections, and the attitude was quite resolute: "It is impossible for the Ministry of Railways to make this kind of endorsement, the risk is too great." “

"An endorsement cannot be made explicitly, but a fact similar to an endorsement can be made. “

Hu Wenhai happily unveiled the mystery: "As long as railway transportation is allowed to be paid by bonds, or life bonds can also be paid, railway transportation has a certain priority of wagons. In this way, after the Ministry of Railways receives the bonds, it can immediately cash out from the operating company. Although there is an extra formality, the Ministry of Railways only has one more provision, but for bonds...... It has the credit endorsement of the Ministry of Railways. ”

As soon as Hu Wenhai came up with this method, the leaders of the road bureau below suddenly showed an expression of "I'm stunned".

In this way, the railway bonds are really not worried about sales. But if you do this, won't it become an internal coupon issued by the Ministry of Railways?

I just heard that there are people who sell pre-sale properties when they buy buildings, and for the first time I heard that there are also people who sell "road flowers" when building railways. At this stage, just for the sake of the wagon priority, the bond can be sure to be robbed.

Isn't the classic operation of a future real estate tycoon to make a fortune by reselling corn from the northeast to Xiangjiang by batching wagons?

This shows how tight the train wagons were in demand in the eighties and nineties.

But then again, the investment of 100 billion yuan in five years will be used for the reconstruction of the existing railway line. In less than five years, a year or two later, the capacity of the railway system will explode. Needless to say, just replacing the 25-ton axle load with a 30-ton class would immediately increase the capacity by more than a fifth.

At that time, it will not be difficult to approve railway wagons, but a large number of goods will be needed to supplement the capacity market. The business of the railway is not to mention waiting for the business to come to the door, and if you don't have insurance, I'm afraid you can't afford to eat.

Hu Wenhai's plan can be said to kill multiple birds with one stone, not only solving the capital problem, but more importantly, occupying an unimaginably large market for railway transportation in advance.

This is like the future of Ele.me and Green Group, Didi and Uber, in order to occupy the market, they can do everything. And for the railway, it is not without competitors. Although long-distance transportation railways are convenient and cheap, due to the scarcity of resources, China's domestic road transportation has developed quite rapidly in recent years.

Cars that run long-distance transportation, even in the face of endless car bandits and road blockers, are still firmly on China's highways. In the early 90s, when car bandits and road blockers were most rampant, things like blocking roads to collect fees and robberies could often lead to serious criminal cases.

Even pinning one's life to the belt of one's trousers failed to organize the development of road transport. It can be seen that the profits of road transport are very attractive and the number of users is huge.

Once rail transportation can be covered by bonds, it means that bondholders are potential customers of railways. As long as rail capacity allows, rail transport is the first choice for these people.

Economically, it earns a significant "opportunity cost" to users. Indirectly, it is equivalent to a heavy blow to the railway's biggest competitor in the future. If nothing else, just this one reason,

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