When it comes to fundamentals, Chang Tianhao is obviously a good hand, and he talks about it endlessly:

In 1998, the domestic economic situation was actually worse than usual, the Southeast Asian financial crisis led to the southbound exports and the overall global economy in a state of panic, from the second half of 97, with the decline of the international bulk goods and the Baltic shipping index, China's domestic deflation began to appear.

At first, economists were jubilant that they had finally brought the high inflation that had been in place since the 80s and 90s, but as inflation fell, economic growth began to decline: GDP growth was 9.93% in '96, 9.23% in '97, and even 8% in the first two quarters of '98.

As inflation became a deflation that Chinese are not familiar with at all, the entire market began to see a situation of stagnation in production and contraction at both ends of purchase and sales, and the banking system repeatedly lowered deposit and loan interest rates and deposit reserve ratios, but failed to curb the economic recession, and then superimposed the Yangtze River flood, which was a severe test for the new leadership that was only changed at the beginning of the year.

The aftermath of the layoffs in the previous two years, the regional economic crisis since last year, the internal economic recession and the natural disasters even led to doubts about the various lines after the 15th National Congress of the Communist Party of China, resulting in a silent polemic, which was different from the previous polemics that took place at the top level, and this time the focus of the debate revolved around a book, published in March '98 and written by Ling Zhijun and Ma Licheng, "Confrontation - Records of the Three Ideological Emancipations in Contemporary China". The book systematically reviews the three left-right polemics and confrontations that have occurred in high-level and academic circles since the reform and opening up.

How could Chang Tianhao let go of this kind of book, even if it was a tense college entrance examination review stage, he had to read it carefully, and it was over after reading it at that time, and later with the growth of experience and the increase of information, he learned more insiders:

The book was not published just after it was written, but it had been completed for a while but was stuck in the publication, the reason was that someone stopped it, and the reason why it could be released again in March was because there was an order to further escort it - it was necessary to clean up the source but it was inconvenient to do it himself, so he borrowed Zhong Kui to fight the little ghosts, let the book "Confrontation" come out and speak, and replace political struggle with academic debate.

The leftists also realized that the title of the book was historical records, and in fact it was intended to use the past to satirize the present and point to Sang and scolding Huai, so they acted quickly, and the book was published in March, and in early April, a symposium entitled "Zhongliu" (which has been discontinued) was held in the conference hall of the auditorium of the National Committee of the Chinese People's Political Consultative Conference (CPPCC) for the first 100 issues of the "Confrontation", and the meeting was actually criticized, and Wei Wei, the editor-in-chief of "Zhongliu", made a speech-style keynote of "Stick to the Original Intention and Continue to Fight".

Due to too much pressure, even a figure of the level of the former chairman of the National People's Congress was forced to come forward to meet with the author of "Confrontation" a week later to show encouragement and help them withstand the superstructure.

Subsequently, the general secretary took a three-pronged approach in politics, economy and diplomacy:

One self-management unites the majority with a political line marked by holding high the banner;

The State Council and the National Development and Reform Commission have taken the initiative to implement a number of expansionary monetary policy measures to stabilize the economic situation;

The prime minister has stepped forward to uphold the promise of not depreciating the renminbi and has maintained Hong Kong's financial status in the midst of turbulent seas, laying a solid foundation for its international image and status as a major country.

This is a high-level contention.

The so-called contention is, of course, to ensure the shipping route, and the so-called non-contention means that there will no longer be a war of words as before.

There was no such thing as a fourth left-right struggle, because the old left collapsed in the following years. In addition, in the 20 years since the publication of "Confrontation", there has not been a single popular book on the argument for superstructure, high-level governance, or ideological struggle, all of which are hidden in the mystery of word of mouth, false rumors, and a peek at the leopard. Even if people from other places are interested in Beijing, they usually only hear countless half-truths and absurd stories from taxi drivers.

As far as the economic fundamentals of 1998 are concerned, only after this combination of punches is completed, the entire economic situation, including the situation of the futures market, will be reversed, and the defense of Hong Kong in late August has not yet been fought, and Brother Chao looked at the movement of the disk in July and thought that it was going to rebound - isn't it too early?

Chang Tianhao vigorously combed through all the information he had, quoted scriptures, cited side references, and spoke eloquently, and was stunned to talk about the ordinary days of the ordinary citizens in the past six months into ups and downs, and the situation of ups and downs, and the situation of the wind and clouds changed.

Now Xiaoqin finally understands why Chang Tianhao asked her to sort out all the "People's Daily", "Guangming Daily", "Economic Daily", "Reference News" and "Xinhua News Agency Daily Telegraph" in the company, and he wants to go through the purpose one by one.

The news is all published in the newspaper, but it will not tell you directly, if you want to experience it with your heart, you will see if you can interpret it. In the eyes of those who don't know how to read it, these newspapers are all boring preaching, except for the foreign power commentary on the "Reference News", which is a bit of fun. Especially for a young girl like Xiaoqin, it is better to watch two more volumes of "Bosom Friend" or "Shanghai Costumes" or "Popular Movies" if you have this spare time.

"So Sister Qin knows the intention of asking you to help me buy newspapers and magazines, right?" Chang Tianhao smiled, "In addition to the newspapers and magazines that your company has, "Half Moon Talk", "Nanfeng Window", "Caijing", by the way, "Computer News", "Harvest" You see all for me to buy, I need all of them, the cost is recorded in my account, as the price of helping me run errands, I will give you a copy of "Ruili" or "ELLE" every issue." ”

Brother Chao was puzzled: "What are "Ruili" and "ELLE"?"

"Full-color printed fashion magazines, clothes, bags, jewelry, shoes, cosmetics, perfumes, beauty and skin care and even small works of art are introduced, and all over the body exude a little bourgeois sentiment, 20 yuan a piece. Chang Tianhao smiled, "You should be a friend of women......

Xiaoqin interjected: "Men don't inquire about women's affairs. ”

Brother Chao was unconvinced: "How does Xiao Chang know? Why don't you talk about him thoroughly?"

Xiaoqin raised the bar: "Mr. Hao is a famous college student, and he is studying in Shanghai, he is well-informed and naturally knows a lot, which is like you......"

almost said "no learning and no skills", Brother Chao shook his head again and again, and made a "hum" sound from his nose, which clearly meant that he was accusing Xiaoqin of double standards.

Chang Tianhao has always believed that those who can interpret can see the meaning of the words from the tofu cubes of hundreds of words; those who can't interpret can turn a blind eye when they see it, at most they think that they are just complaining about the old and the young.

That's what he saw in the rearview mirror, and now there's a chance to prove it the other way around. Before his rebirth, he was as ignorant as Brother Chao at this time, not to mention that the representative of the small hedging market maker couldn't see clearly, even George Soros, the number one expert in Quantum Fund and Tiger Fund, and the world-renowned investment master, had not seen China's determination clearly at this time.

Is this Chang Tianhao's routine of fooling Brother Chao blindly? I know that the overall trend is still here, and the head is a Taoist analysis, a ghost of analysis?

Apparently not.

He has his own understanding: Sometimes a math problem cannot be done, and after reading the answer and analyzing it, don't you go through the process of solving the problem again? I only know the answer but I don't know the method, and I still don't know the next time I change my face, and only after mastering the method and know-how can I have a starting point for full interpretation. I don't know how to rush into the investment blindfolded, and what is the result of losing money under long-term operation?

At this time, Chang Tianhao changed his words and said: "Of course, any investment is a combination of fundamentals and technology......

(Note that there is a course here!)