In mid-February 1995, I spent the Spring Festival in Beijing.

Lin Qi and his wife have become supernumerary think tanks of the country's high-level leaders, and have been invited to various meetings and speeches.

Meng Xin attended lectures from the Chinese Academy of Sciences and some scientific research units, and communicated with those real science and technology bigwigs in the way of scholars.

Relatively speaking, Lin Qi is more of a retreat, participating in exchange activities, and most of the invitations are activities to give speeches to officials.

This is also Mr. Jiang, who hopes that entrepreneurs like Lin Qi will tell officials about their experience in economic development. And Lin Qi also felt that in the process of future national economic development, some detours and mistakes could actually be avoided, so he brought some private goods in his speech.

"Leaders, distinguished guests!

I'm invited today to talk a little bit about the economy.

I'm not an expert in economics, and I haven't prepared for anything, so I hope that what I'm talking about can inspire you.

I'm not black and white, and I've never thought that there is a pure market economy or a planned economy. I also don't think that the foreign monk must be more able to chant the scriptures, if the foreign monks are more able to chant the scriptures, most of the staff and management of our new entrepreneurship department are their own people who can no longer be the turtles cultivated in Chinese mainland, why, we are faster and more successful than the same period, all comparable objects have developed?

I don't believe that foreign monks are even more proficient in chanting scriptures, and of course, some old comrades are rigid in their thinking and nostalgic for the past at every turn, and I also think it is wrong. People should look at the problem with development, the current human GDP and the total amount of knowledge and technology is more than last year, so this year must be better than last year, in the same way, the productivity economy in the 90s must be better than in the 80s and before, so we are now better than before, we have been developing, there is no need to go backwards, we should always look forward, and the development is better and better year by year, it is good.

The economy is actually material production, consumption and services, whether you are market or planned, it is to respect the objective law, the objective law is that people want food, clothing, housing and transportation, study, work, pension and medical care, and it will not be different because you plan the economy or the market economy. In fact, all human beings are the same, and all kinds of systems are just a way for human beings to organize production, distribution, consumption and services, and the measures taken are different, but objectively there is not much difference.

Since the 90s, the country's economy has rapidly shifted from a planned economy to a market economy, from a dual-track mechanism of planning and the market, to now gradually focusing on the market. Some people say that this is not good for the state-run economic system, and all private enterprises and the market economy can cure all diseases, but in fact, this is wrong, and this is only because some enterprise management teams in the state-owned system have not adapted to the rules of the market economy, and some enterprises that have adapted to the market economy are state-owned enterprises, but their development is very fast. For example, Changhong, Haier, Gree, and the chip giant Lishan Semiconductor, which is on an equal footing with Xinchuangxin, is also a state-owned enterprise team, but Lishan Semiconductor is a state-owned enterprise, but it has been in healthy competition with Xinchuangxin from the beginning, and whose products are more competitive can get more market orders. In this way, there is competition with each other, and we all have to do better, so we have been promoting each other!

Lishan Semiconductor is a successful example of how a state-owned enterprise can be very efficient, as long as the management of the state-owned enterprise is awesome. The management of Lishan Semiconductor, a bunch of scientists, and even academicians, with R&D as the core, are not inferior to Xinchuang Xin in terms of patents, and the team of Lishan Semiconductor is very professional and efficient in the semiconductor industry where scientific and technological innovation is king.

Essentially, whether a company is efficient or not depends not on your system, but on your team.

Your team is not good, your technology is backward, your products are not competitive, you should lose money or lose money, not because you change the management and system, from a state-owned enterprise to a private or joint venture, you will definitely be able to get better, and even may become bad or dead.

For example, if some leaders want to bring in foreign capital to make joint ventures in state-owned enterprises that are relatively well run, it seems that it is better to bring in capital. Actually, I don't think so. Originally, it was a relatively good state-owned enterprise, and its leadership team and employees were not necessarily keen to be invested or controlled by foreign capital, but basically, the leaders forcibly persuaded the enterprise to be a joint venture for the sake of the whole machine. After the joint venture, there is a small probability that it will change for the better, and a greater probability will change from competitive to uncompetitive. Why, because many people are superstitious about foreign capital, most of them are not so successful speculators in the market economy system, originally, these people are not very successful, want to invest in China to try their luck, how dare you tie your hope to these unsuccessful people who do not understand the Chinese market and consumers? Therefore, the beautiful girl should not marry first, the beautiful girl should marry first, do not have a joint venture, and should be listed and financed in China, so that Chinese investors can buy the shares of excellent companies and share the growth dividend returns of excellent enterprises, instead of forcibly integrating with international standards in the team that does not need to change and learn the so-called international experience. Convergence should be in line with successful integration, and a considerable amount of international capital, not fruitful, is a poor worm of failure and incompetence in the market, there is no product and innovation experience to take, and there is not much market channel, which will not help domestic enterprises much, but will interrupt the enterprising spirit of some enterprising teams in China.

In addition, some of our leaders are keen to tie up some loss-making enterprises that can make money, and then issue shares to raise funds in China, so that the stock market can solve the difficulties of state-owned enterprises. This is also wrong, loss-making assets should not be taken out to trick people, which is not conducive to creating a high-quality capital market. The capital market is not a joke, if it is managed well, it will be a booster of economic growth, and it has more incentive systems, including equity incentives, to attract and encourage outstanding talents. In addition, listing is more conducive to the supervision of enterprises, and the state should encourage more good enterprises to go public, and after listing, not only to give more financing policy encouragement, but also to supervise the financial transparency of enterprises. All kinds of bad enterprises have become a black hole that swallows wealth for various reasons, but the most common feature of good enterprises that can bring returns in the long term is that the enterprise is relatively honest. Deception is cool for a while, but it can't be cool forever, integrity has always been trusted, is the basis for growing into hundreds of millions or even 10000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000 When investors question that the listed company has financial problems, there is fraud, and there is a justification, the government should stand on the side of the doubter, and should not help the dishonest enterprise wipe its butt, because, if it is helped for a while, it will not help for a lifetime, and develop bad habits, even if it benefits in the short term, it will accumulate more gunpowder in the long run, and once it explodes, it will bring more damage to investors, the market and society. Therefore, the government should not coax listed companies to supply, be a baby bump, and do not take it seriously. Rather, it should help listed companies to do better, at least, in terms of tax payment, listed companies should be more standardized than ordinary companies, and less tax evasion.

For both state-owned and private enterprises, the government can actually make a bowl of water even. On the basis of a bowl of water, state-owned enterprises have actually taken a lot of advantage. This is because who will be the specific controlling shareholder of a state-owned enterprise? It must be the local government, the central government, or other state-owned enterprises. In this way, due to the credit endorsement and guarantee of the government and more brother units, the employing enterprises have more advantages than the private enterprises in terms of financing. You know, for many entrepreneurs, they can only make money if they find money, but it is difficult to borrow money if they don't have money at the beginning. Therefore, private enterprises have both the advantage of flexibility and the disadvantage of a large number of resources. Therefore, the government should be tolerant of private enterprises, especially private enterprises that pay taxes legally and have a good reputation in all aspects.

At present, the country is facing many problems, such as large-scale losses of state-owned enterprises, as well as government financial problems. In my opinion, in fact, we can solve problems through development.

For example, the government is afraid of increasing leverage and causing inflation in society. In fact...... If the leveraged money becomes productivity, innovation and consumption, then inflation will not be very serious. Only if innovation is not enough, consumers only have a limited number of products to choose from, and cannot consume a wider variety of products with a higher level of consumer demand, will inflation. If productivity is up, a large number of products are oversupplied, everyone is vying to bargain prices, and prices are plummeting, so how can inflation occur? Leverage plus deleveraging will deleverage, and after deleveraging, there will be deflation. Deflation is more terrible than inflation, because deflation is characteristic of depressions, Great Depressions. The more brutal Great Depression, such as the Great Depression in the 30s of the 20th century, many people starved to death in developed countries like the United States. Now and in the near future, we should see Japan, there will be long-term deflation, the economy is gradually stagnating, of course, because modern economists and governments have learned the lessons of the Great Depression in the 30s, so some economic stimulus measures will be taken to avoid the destruction of the Great Depression to society, but these measures are equivalent to morphine, reducing the pain, but not really solving the problem, the real recession after the peak of the recession, unless there is a big explosion of technology, otherwise, it is impossible to solve the problem. The only way to reduce the suffering of society is through a series of policies...... Therefore, in the future, there will be no inflation in Japan, only deflation, and the economy will be stagnant or even regressive for a long time. Our country still has a lot of room for development, don't take short-term inflation too seriously, this is too fast growth, resulting in short-term indigestion, in fact, as long as the economy continues to grow, it is still easy to digest these inflations. In the foreseeable future, domestic inflation will be lower and lower......"