Cayenne made a light turn at the intersection in front of him, and finally broke away from the potholed county road that had come from the outskirts of the city, and drove onto the wide, newly repaired asphalt road, and by this time the scenery outside the window had begun to open up, and it was almost into the city.

I just listened to Zhang Ruiming talk about his views on Tianjin Pharmaceutical and Chemical Industry, but Zhang Qingcang didn't speak much, which made Zhang Ruiming feel a little embarrassed, he knew that his father was a very calm person, and he didn't express his opinion at this time, not necessarily to recognize himself, but in his heart, he still faintly hoped to get his father's approval. After all, unlike other families that are stronger than the generation, the relationship between father and son is positioned at Zhang Ruiming's age, and he has already completed the transformation of strength and weakness, and when the family is also replaced by his son. But now the situation of the Zhang family is not like this, and the economy still has to rely on Zhang Qingcang's career, which makes Zhang Ruiming psychologically subconsciously still an heir who has not "taken over", and still hopes to be recognized and accepted by his father, and in terms of family status, he is not yet the "lion king" of the lion group.

Zhang Qingcang was silent for a while, then looked at the slanting sun outside the window, and said slowly: "You know a little bit of economy, but you don't understand Chinese heart...... The world has never been so simple one or two factors can be decided, do you think that now the real economy is in recession, the biggest reason why your Wang Shujin Pharmaceutical Industry will get to this point today is because of the crazy expansion of the real estate industry, but have you ever thought about why the real estate bubble is now so dangerous?

Why did he allow real estate to get to this point? Zhang Ruiming was confused by his father's grand question, and a few thoughts quickly turned in his head, but they were all auspicious and feathers, and they were not systematic, and he was worried that saying it rashly would only make Lao Jianghu's father laugh.

Without waiting for Zhang Ruiming to come up with an answer, Zhang Qingcang said to himself: "Actually, the reason is very simple, you don't like to read ancient books, and I used to say that I like to immerse myself in these old papers...... To put it bluntly, all history is contemporary history, and in my opinion, real estate has reached this point because of the relationship between the central and local governments. ”

Hearing this, Zhang Ruiming's head suddenly turned a little unturned, and he said strangely: "The central and local governments? What does this have to do with real estate? Do you mean land finance?"

"It's not that simple...... Zhang Qingcang's voice was a little weak, today's last trip to Wang Yingying, as if he had exhausted his mental strength, at this time he just lay on the back seat of the car, closed his eyes and told his son beside him: "Let me give you a brief explanation: You have studied history at every turn? Do you also know that before our country's 1994 tax-sharing system, the central government's revenue and revenue relied on the local government to collect the tax first, and then part of it was handed over to the central government, right?" To be honest, this procedure is quite classical, basically a continuation of some of the methods of the past, but

As for this tax collection procedure, there is a problem, that is, this financial initiative is in the hands of the localities, and this has led to the central government being short of money for many years, and even needing to reach out to the localities to ask for money to get by. Think about it, when the central government is weak and the local area is rich, which time is equivalent to ancient times?"

Zhang Ruiming pondered for a moment, and immediately replied: "It is probably the scene when the feudal towns were divided in the middle and late Tang Dynasty and Zhao Kuangyin ascended the throne for the first time in the Song Dynasty, right?"

"Yes!" Although he didn't say it explicitly, Zhang Qingcang still expressed his appreciation for his son's sensitivity in his eyes.

Therefore, in 1994, when Zhu Xiangli overrode public opinion, he vigorously promoted the reform of the tax-sharing system with an iron fist, and the main content of the tax-sharing system at that time was to bring consumption tax, customs duties, and value-added tax, which were the most stable and largest taxes, into the central government, which were directly collected by the newly established state taxation department, and then transferred some miscellaneous taxes such as agricultural tax, unstable, and small amounts to the local government. In fact, it means that the legislative power, the right to levy taxes, and the right to use taxes belong to the local government, and the tax revenues are separately stored, disposed of, and managed separately in accordance with the management system. The central tax is under the management and control of the central government, but at that time, there was a small detail in it, the commercial housing system at that time was not mature, the land auction had not yet taken shape, and the proportion of land revenue was not large at that time, so when the tax sharing system was formulated, the land revenue was allocated to the locality, but no one used the back eye, no one would have imagined that the land economy would be so prosperous later!"

Zhang Ruiming's heart moved, and with his father's words, he had already vaguely guessed the reason.

"Since the introduction of the tax-sharing system, in 1996, the central government's revenue has increased by 60 percent. Since then, the government at that time gradually had money, and only then began to carry out drastic reforms, and the subsequent wave of layoffs, the reform of state-owned enterprises, and the accession to the WTO were all taken as an opportunity of this tax distribution, and from then on, the balance of strength between the local and central governments began to reverse, and the pattern of power began to enter a new era. ”

With this eloquent narration, Zhang Qingcang's eyes began to radiate light in this twilight, as if his person had also returned to that wild and open era with his memories.

"However, the central government is rich, but the local government has not tasted any sweetness, with the local government's revenue has decreased sharply, but at the same time accompanied by the growing infrastructure tasks, it is conceivable that the local finances at that time were naturally tight. But it is also the emergence of this dilemma, forcing the local government to begin to seek new sources of wealth, at this time, land finance happened to appear in the field of vision of the local government, it is the fire of cooking oil, detonated the enthusiasm of the national land auction, and the Hainan real estate bubble incident at that time, is the epitome of the crazy model at that time. ”

Zhang Ruiming's mind was instantly brought up by Zhang Qingcang's words, and he vaguely remembered that Hainan Island was a comparison

Shenzhen also has a hot special economic zone, and many local tycoons are now survivors who have survived from that crazy era.

And everything that happens now, the opportunity happened on Hainan Island in that era.

"I can tell you that the wealth and progress of our country in the past few decades has largely benefited from this development model: first, the government obtains fiscal revenue through the sale of land, and then developers take the land, and then, these developers mortgage the land to the bank for loans to obtain start-up capital, and then start construction, and then pre-sell the pre-sale, so that a large amount of funds can be returned in advance, and finally continue to take the land to build buildings...... This is the process of a general real estate project, and now everything is almost a continuous cycle of this process, of course, the scale is large and small, the process has been played, and there are also those that cannot be played, and most of the process is played halfway, because of policies, situations, etc., and so on, the funds are cut off in the middle, or the land is not obtained, the chain is broken, and since then it has gone bankrupt, then these people, I have seen too much. ”

Zhang Ruiming nodded, he agreed with his father's statement, he had also seen the play of these real estate developers, but he has always had a question, that is, why these banks will be so assured to lend loans to real estate developers, now it seems that this is also because the bank has land as a guarantee, no matter how I believe that the price of land will continue to rise, there is no risk worry, and compared with the real estate developers who have the precious collateral of land, like Wang Yingying, these entrepreneurs who are engaged in the real economy, most of their sites are rented, the future is confused, the equipment is constantly depreciating, and the situation is deteriorating, and he will not rent to these small bosses of the struggling real economy.

"At the same time, with the boom of the land economy, the big boss has the big boss to play, and the individual customers have the play of the individual customers, some ordinary people find that it is better to buy a house to make money, and some of the flexible heads have become speculators, these speculators buy houses everywhere, and then mortgage them to the bank, and then continue to take loans to buy houses, crazy leverage, but at the same time, their wealth is like a snowball, it is also crazy doubled, so, you look at the news ten years ago, look at the news of those cities that have no purchase restriction policy, you pay a little attention, as long as it appears in the local newspaperThe words "Wenzhou Speculation Group" basically indicate that local housing prices will usher in a round of skyrocketing, and these "Wenzhou Speculation Group" are the group of people who play the individual game to the extreme. ”

Zhang Ruiming nodded, and with his father's statement, he preemptively said: "At the same time, because of the crazy atmosphere in the country, the house has become the most valuable asset at this time, so the bank is also willing to make more loans in this regard......"

Zhang Qingcang nodded: "Yes, at this time, the local government and banks, developers, and real estate speculation groups are already an alliance of interests

In my opinion, China's housing loan is really the best business of the bank, and now under the group thinking mode, basically the housing loan is equal to zero risk, and there are very few interruptions and draws, and a supply is honest for decades, and there is such a high-quality collateral as the house, so the housing loan is really the bank's favorite business. ”

Hearing this, Zhang Ruiming remembered the night when he and Tang Shi wanted to queue up to grab a house not long ago, the group of people who queued up for divorce overnight for the qualification of a new house, that absurd era, isn't it also the embodiment of this crazy mentality and group thinking.

(End of chapter)