The day I received the call from Director Bao was December 22nd, Saturday, and the next day was due for a holiday.

In other units in China, Christmas is not a holiday, but the Foreign Affairs University is a special case.

From the beginning of the school, there is an all-night dance party on Christmas Eve every year, and there are also holidays on Christmas Eve and Christmas, so that students can better integrate into Western culture and become familiar with all aspects of dealing with foreigners as soon as possible.

And this year, the 23rd happens to be a Sunday, so it can be held for three days in a row.

At that time, it was the second class in the afternoon and had just ended, and Gu Biao hadn't returned to the dormitory yet, but his roommate Huang Xun came to the classroom and called him back to answer the phone, so many people in the class saw it.

After Gu Biao hung up the phone, he hurried to the parking lot of the school, started his Volga II generation, and went straight to the Foreign Investment Commission.

As an aside, in the two weeks that he was immersed in revision, his internship relationship had been transferred to the Foreign Investment Commission (CIFSI) – because the Commission had been officially established.

The director of the Foreign Affairs Bureau of the Ministry of Aircraft became the deputy director.

Director Bao is still Director Bao, but he is the director of a department with a high level of deputy director. Therefore, the administrative treatment can be regarded as being upgraded from the division level to the deputy director level.

As for the principal director of the Foreign Investment Commission, his status is even more extraordinary -- the State Council directly sent Gu Cixiang, who is in charge of economic work, to serve as the director himself.

The high level and energy of a "committee" with the deputy general manager concurrently serving as the director can be seen.

It is said that before this, the great man also considered another form of appointment: Mr. Rong, the boss of the newly established CITIC Trust, who also served as the director of the Foreign Investment Commission.

However, in consideration of the impact of the public announcement of the separation of government and enterprises, in order to emphasize and show foreigners that CITIC Trust is an absolutely commercial operation and will not be forced to invest in a loss-making transaction by government interference, it was changed.

……

Because after the establishment of the Foreign Investment Commission, Gu Biao came for the first time. So he asked the doorman in the communication room, and finally found Director Bao's office:

"Director, what are you looking for me? Is there a co-production and the donation of the charter king to build a hotel?"

Director Bao looked guilty, as if something bad was about to happen: "Xiao Gu, sit down, what you said last time is indeed quite smooth, and you will see it in a week or two."

But I came to you today because there is something else - there may be a leader who wants to discuss something with you later, and you must be mentally prepared. You wait first, I'll let the deputy director tell you. You can also take a look at these materials for yourself. But don't worry, you have just made a meritorious service, and the state will not treat you badly or cheat you. ”

Gu Biao was a little puzzled, so he sat down on the sofa and looked through the folders in front of him.

On the table is a financing report from the Foreign Investment Commission and CITIC Trust, involving two projects, namely Baosteel in Hujiang and Yizheng Chemical Fiber in Yangzhou.

"Baosteel Project Deferred Construction Plan ......"

"Yizheng Chemical Fiber Trust Bond Issuance Plan ......"

From the documents, Gu Biao saw that Baosteel, which was required to work hard last year, has now come to a halt because of the transfer of funds. The project has given the state a rescue plan, saying that it has invested $1 billion in the early stage, and if the construction is stopped and started again in the future, the total cost will skyrocket.

It is better to change it to "postpone construction", as long as the follow-up investment of 60 million US dollars or 15 billion yen in foreign exchange per year is ensured in the next five years, and the first phase of the project can be completed and put into operation by 1985, and then the second phase of construction can be completed by self-reliance in earning foreign exchange in the first phase.

The plan of "putting into production in phases and expanding production by one's own hematopoiesis" was not thought of when it was just opened in 78, and at that time it was only thought of throwing money in one step. It can be seen that it is also because after the tight capital chain, he was forced to come up with a new compromise.

As for the Yizheng chemical fiber project next to it, it is said to be the "culprit" that took away Baosteel's follow-up funds.

The reason is also very simple: in October, the domestic enterprise Liaoyang Petrochemical came up with several chemical fiber localization technologies such as "really good". Because of the fast capital turnover of the textile raw material industry, the state decided to give priority to the money to the large foreign exchange earners, so the project has a very high priority of funds.

Even at that time, the great man personally intervened, asked Boss Rong to go out of the mountain to establish CITIC, and even set up the Foreign Investment Commission, the primary purpose was to save the funding gap of these two projects.

But even so, the two projects are still facing a halt, and the water is far away to quench the thirst of the near.

Judging from the documents, Gu Xiang is currently asking Mr. Yu Rong.

After the meeting of the U Academy, it was decided that CITIC Trust would issue trust bonds in two phases, with the first phase financing 10 billion yen to purchase the Japanese production equipment required for the Yizheng chemical fiber project.

If the financing goes smoothly, the first phase can be put into operation within 2 years. Another 30 billion yen will be raised for the second phase of construction, which is also expected to start production within two to three years.

However, what does all this have to do with Gu Biao?

Gu Biao was thinking about it, when he saw the deputy director come in.

"Deputy Director. Gu Biao hurriedly stood up.

"Oh, sit down, I didn't delay your class. The deputy director greeted kindly, "Have you read all the documents?"

"I've seen it all. Gu Biao nodded.

The deputy director continued to explain kindly: "What is a trust bond, do you understand it roughly? It doesn't matter if you don't understand, let someone explain it to you later." This is the first time that the state has issued trust bonds overseas, and it is normal to not understand it. We must follow the central authorities and emancipate our minds.

In the past, we always said that China has neither domestic nor foreign debts, and relies entirely on the people's savings to develop its economy. However, in the new era and new situation, there are some new things that can speed up our development, and we should try to borrow them. ”

"Deputy Director, I know what you mean, I understand trust debts. Gu Biao replied affirmatively.

He knew that if any of the two documents on the table were completed, it would indeed be "New China's first overseas financial trust debt". It can also be regarded as a new way of solving the dilemma of lack of foreign exchange in the early years of the year.

Prior to this, for example, after the frenzied use of foreign exchange to expand investment in '78, when the treasury balance was at its lowest in '79, even $200 million could not be withdrawn.

At this time, it is undoubtedly much faster to "let foreign capitalists directly subscribe to CITIC's investment bonds, and then earmark funds to invest in the target project" than to slowly earn foreign exchange through exports.

It is nothing more than the need to give foreign capitalists some relatively high interest in the future (the interest rate on bonds is definitely higher than that on bank loans)

In the 80s, Brazil and Argentina developed their economies in this way, but then Argentina borrowed too much and the exchange rate fluctuated, so it collapsed. Brazil, on the other hand, has a larger economy and has survived.

Therefore, you can't buy more foreign exchange bonds, and you can't buy them at all. It is definitely beneficial to grasp the repayment capacity and cycle, and not to fall into the trap of rolling profits and exchange rates.

The two documents that Gu Biao saw in front of him were definitely the first shots of foreign debt financing after the establishment of the Foreign Investment Commission and CITIC Trust, and their historical and political significance were extremely significant.

If it is done well, it will become a model model, and in the future, the capital of Western countries will be willing to subscribe to CITIC bonds.

If you don't get it right, you might end up blocking an important source of financing.

The deputy director repeatedly confirmed with Gu Biao, believing that he fully understood the importance of this matter, and then said with some embarrassment:

"However, in the past few days, I have held repeated meetings with the director and boss, and I found that it is not easy to fire the first shot of this 10 billion yen trust bond.

At present, CITIC lacks a historical track record of investment that can convince wealthy businessmen to make stable profits and be well-known enough. I don't believe in CITIC's vision of project selection, and I am still afraid that CITIC is forced to choose projects by the state's administrative will, and the profit prospects are not good......"

These two projects need to finance yen debts, and Gu Biao knows it well. Because the project of Baosteel was decided after the great man visited Japan last year to visit the Junjin Iron and Steel Plant, and it used a full set of Junjin technology and equipment. Later, Yizheng chemical fiber also needed a large amount of equipment.

To buy Japanese goods, of course, you can just finance yen bonds, and you don't need to do more to engage in dollar bonds.

In fact, according to the original historical development trajectory, whether it is Yizheng Chemical Fiber or Baosteel, its yen bond issuance is indeed not smooth.

Negotiations have been going on for a long time, and there has been a long search for "historical investment performance" that convinces the Japanese side. It was not until about 1981 that the first 10 billion yen debt was issued.

Yizheng Chemical Fiber also stopped work for two years due to lack of money, and it was officially started in 82 years and the first phase was put into production in 84 years, which was delayed by two years compared with the original plan.

It can be said that if the state can allow CITIC to prove its investment credit one or two years in advance, show historical performance, and fire the first shot of foreign exchange bonds. Then these two state-level super-major projects are likely to start production two years earlier and form a cash flow to earn foreign exchange.

"Is there anything I can do?" Despite the ominous premonition, Gu Biao could only ask stubbornly.

He believes that the other party should not be directly arrogant, but will give some quid pro quo.

After all, he is also a person who has made meritorious contributions before and after the saddle.

What's more, if personal property is really not respected, the country's credibility for respecting investment will be damaged, and foreigners will not dare to come. This is a model project for me to see, and there is no room for any compulsion and flaws.

The deputy director got straight to the point: "From the process of negotiation and cooperation between you and Sir Shao, we also know that you have shares in a Hong Kong-funded company, and the legal representative of that Hong Kong-funded company is an intellectual property owner of Hong Kong, and in addition, there is a female comrade from the mainland who has just passed and is a former foreign minister, with a 5% stake.

This company is in the electronics industry, belongs to high-tech, although the absolute amount of foreign exchange earned by products is not large, but we also noticed that all of them are in the market, and the use of unique technology, occupy the first market share in the market segment of large game consoles. The demonstration effect is good.

I wonder if you can contact the Hong Kong side to promote the joint venture between the two places? The specific model may be as follows:

CITIC Trust came forward and immediately announced a round of Hong Kong dollar bond financing needs to the Hong Kong side in the near future, and the funds raised will be used to invest in this electronic company. Hong Kong companies are not allowed to invest money directly in the name of individual and corporate investors, and must be through indirect financing from CITIC.

We also know that at present, the Hong Kong-funded electronics company only has R&D design and market channel capabilities, but no production capacity, and the production line is outsourced to a processing plant in the mainland. After CITIC's Hong Kong dollar bonds are received, it can build its own production base for the electronics company in Shenzhen.

Last month, Guangdong Province just applied to the central government to get the second preferential planning area for the Shenzhen Special Economic Zone, the Shajiao Tariff-free Industrial Zone. If this investment is established, it will be possible to set up a factory in Shajiao District immediately, and it will be free of customs duties for three years, and enjoy all the preferential policies that the state can currently provide. In this way, the production capacity can also be expanded, so that the output of less than 1,000 units per month will not be reached.

In addition, according to the Law on Sino-Foreign Joint Ventures, the proportion of foreign shareholding is generally not less than 25%. Even after the joint venture, 30% of the shares will still be retained for the original largest shareholder, and Mr. Lin and others can also retain 10% together, and CITIC's trust investment will only account for 60% of the shares. ”

When the deputy director said this, there was no psychological barrier.

Gu Biao also knows that everyone thinks that this is a joint venture and cooperation that benefits both sides, and it is not "embezzlement".

Gu Biao does not have its own electronics factory at present, only a leather bag company, R&D and marketing capabilities, and the supply chain is outsourced as a whole.

However, Gu Biao also had to realize a grim reality: the valuation of virtual assets in China is seriously low. If he follows the "fixed assets" valuation method that the society pays attention to, then he will lose his home.

The deputy director saw Gu Wei's hesitation, and said euphemistically: "The country will not covet such a small profit, if Hong Kong businessmen have any requirements, you can just help spread the word." This is just a model project, in order to show Japanese businessmen that the trust foreign debt we issue is invested in high-quality assets that can create high returns in the local market.

For such an electronics factory, the country can finance up to 3 million US dollars/15 million Hong Kong dollars. Moreover, it only accounts for 60 percent of the shares in the company after the capital increase, which is equivalent to admitting that the current part of the company is worth $2 million, is it not possible for a company with only technology and business channels to make a discount of $2 million? If Mr. Lin makes sense, I can take you to meet the boss of CITIC and show my sincerity in person. ”

It's also a shame that Gu Biao has always pushed Lin Guodong and Han Ting to the front, so obviously he is a major shareholder, and he can still pull a fig leaf of "I'm just passing the word".

The other party actually knows it, but he is happy to do so, so as not to be embarrassed by the conversation.

Today's national law does not restrict Chinese people from holding shares in overseas companies, which are absolutely legally earned.

Gu Biao felt that all he could do was to make a fuss about how many things he stuffed into the company that was "discounted by $2 million".

In addition, before the other party injects capital into the joint venture, all the dividends that have been earned will be divided.

As for the software copyright and circuit copyright of "Thunderbolt Fighter" and "Plants vs. Zombies", they must follow the new company, and Gu Biao didn't dare to play tricks. Besides, the other party is willing to estimate 2 million US dollars, and it is also appropriate to give them these things.

As for the other three arcade machines under development, in how they will be authorized to the company and electronics factory after the capital increase, Gu Biao may still have some room for operation.

He is not a person who has made unprincipled contributions to the country, and everything is still based on how to be more conducive to comprehensive development.

In contrast, he is more afraid that a promising business will not be able to decay after it is state-run. If the decision-making power of the business direction can be controlled, it is just a matter of making less money.

After all, the background of the times is like this, and the arms can't twist the thighs. If you really want to make a lot of money by yourself, it will be gradually safe after 82 years.

"Let me ask Mr. Lin, in principle, he should be happy to help the country. Gu Biao made an excuse to calm down.

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