The multimedia hall of the Donghua University Complex was crowded and packed, and a lecture entitled "The Real Economy and Capital Speculation - An Unsolvable Economic Paradox" was underway.

The speaker is Luo Zhisen, a professor at HKU University and a well-known economist, and this is one of the six lectures that Luo Zhisen will hold at Donghua University this year, which is also the main work of Luo Zhisen's academic sabbatical this year.

Universities in Hong Kong follow the Western way of teaching, and some outstanding scholars and professors will have the opportunity to take academic sabbaticals with full or reduced pay every once in a while to stimulate the creativity of researchers through study, cultivation, communication or fulfillment. Luo Zhisen is a visiting professor at Donghua University, and he took this opportunity to come to Donghua University for academic exchanges and attend the local economic forum by the way.

The participants were students from Donghua University, scholars who came to Donghua University, and some well-known entrepreneurs and entrepreneurs in Donghua City, including leaders of the People's Bank of China, the Banking Regulatory Bureau, and the Financial Office.

Wang Chong sat in the hall, as if he had returned to his student days. It may seem like yesterday, but twelve years have passed.

Ma Xiaoxiao sat next to her, listening drowsily, she is not a person who loves to learn, when she was studying, she was often late and skipped class, sometimes asked Wang Chong to help her occupy a seat, and in return, she often brought some snacks to Wang Chong. Seeing that Wang Chong listened attentively, she was bored, took Wang Chong's hand and wrote four words in his palm.

"I like you. ”

Wang Chong was unmoved, Ma Xiaoxiao felt bored, leaned on the seat and took a nap, and after a while, wrote four words on Wang Chong's hand. Wang Chong's body stiffened and did not speak.

Naturally, the speech touched on the country's $4 trillion 2.0 macro policy, which Rozhisen defined as an experiment in neo-Keynesianism with Chinese characteristics.

The advantages and benefits of this policy are obvious, through the introduction of 'Taiwan stimulus rectification, the whole country to carry out infrastructure construction, through investment to stimulate domestic demand, to help the country through the most difficult reality, but also brought a lot of drawbacks.

That is the speculative nature of capital, which has led to the flow of funds from the real economy and to the capital market, resulting in overcapacity in many industries, and the low investment efficiency has laid the groundwork for the debt crisis, the living space of the real economy has been squeezed, the capital market has become more and more active, and inflation, asset bubbles, repeated investment, and unfinished projects have hindered the transformation of the economy, especially the high debt of local governments, which has seriously overdrawn the national credit.

Fortunately, the state has foreseen this possibility, and in recent years has been formulating various policies to alleviate the sequelae of macroeconomic policies.

"Let's make up a story to explain the logic of the market. ”

"Under the stimulus of the new policy, S City has set up various platform companies in the past few years, and its debt has reached a new limit. It happened to encounter a strict regulatory climate, coupled with local debt audits and various regulatory documents, because the road to non-standard business without a budget quota was blocked, the platform could not issue new debts, and banks did not dare to buy large amounts under the pressure of the new asset management measures that were about to be implemented, and the local finances that lost the blood transfusion of banks were seriously in a serious emergency. As a result, the city government held an office meeting and decided to postpone the payment of salaries to the teachers of School A: the teachers who could not pay their salaries had no choice but to walk to the square to protest under the pressure of the mortgage. ”

"The banking problem is also fermenting, a few years ago when the policy was loose when a certain governor released a large amount of loans, in the situation of strict supervision due to the inability to borrow new to repay the old resulting in risk exposure, because of the huge amount of alarmed the regulatory authorities, the audit department, resulting in the president because of the self-knowledge that it is difficult to escape the blame, and finally went to the rooftop. ”

"Duration debt is extended indefinitely, the balance sheet is full of zombie assets, and you can only survive on the liquidity of serious mismatch of funds, at this time, stability is overwhelming, in the previous financial history, I would like to ask all of you here, if you are the leadership of this government, how to break the situation?"

A classmate raised his hand and said, "If it were me, I would puncture this asset bubble and start over, the long pain is better than the short pain!"

Everyone in the room burst into laughter. Wang Chong thought to himself that if he had been studying in the past, he might have stood up and said something similar, but after several years of work, he also knew that this kind of practice would not work, and once the bubble burst, it would inevitably cause great social turmoil, increase in unemployment, debt default, and so on, which no government could bear.

Luo Zhisen also smiled slightly, "This classmate's courage is commendable, everyone give some applause." ”

There was a sparse applause in the stadium.

"However, the reality is that housing prices have risen, land transfer prices have increased, land mortgages have increased, non-performing bank rates have fallen, receivables have increased, residents' property income has increased, local fiscal taxes have increased, wages have been paid on time, and teachers have returned to school to continue their classes." The bubble is still there, but it is the young people who have lost their dreams who are hurting. ”

There was silence in the room.

Someone asked, "Professor Luo, what should our country do?"

Luo Zhisen said slowly, "Today's national policy is to implement decapitalization and deleveraging operations, and let capital flow to the real economy through policies, not to puncture the bubble, but to slowly deflate the bubble, sacrificing part of the speed and bearable losses to achieve a soft landing of the economy." ”

A business owner stood up and said, "Professor Luo, you are right, to be honest, I didn't understand at all, I just want to ask, will housing prices rise or fall in the future?"

Everyone was in an uproar again, and the question asked by the boss was also the concern of most of the people present.

Luo Zhisen smiled, "This gentleman is very realistic, but I am an economist, not a prophet. During my stay in Donghua, I will also have five speeches, all of which revolve around this, including the topics that this gentleman cares about, the benevolent and the wise see the wise, I believe that after listening to these five speeches, you will come to your own judgment, if you are interested, you can always pay attention to my Weibo and the school's notice, thank you for your support!"

At the end of the speech, everyone applauded. Although the topic is heavy, the sentences are to the point, and everyone has benefited a lot. The crowd in the hall began to disperse gradually, and the leaders of the school and the cadres in the city also stepped forward to take photos with Luo Zhisen and do some simple exchanges. Zhao Xiaocheng of Tianma Group is also among them.

When everyone almost dispersed, Wang Chong took Ma Xiaoxiao forward, "Hello teacher." He also introduced, "This is my girlfriend, Ma Xiaoxiao, a reporter from Donghua Daily." ”

Ma Xiaoxiao exclaimed sweetly, "Hello Professor Luo." ”

This time, Wang Chong called her to meet her mentor, and Ma Xiaoxiao really dressed up carefully, put on light makeup, and wore a Burberry windbreaker, which made her tall figure look prominent.

Luo Zhisen looked Ma Xiaoxiao up and down, and saw that Ma Xiaoxiao was a little uncertain. Fortunately, his eyes didn't linger too long, and he said with a smile: "Wang Chong, I didn't expect you to find such a beautiful girlfriend, it seems that my worries and your sister's worries are really in vain." ”

Wang Chong smiled.

Ma Xiaoxiao listened to it with great joy, this famous economist talked and laughed on stage, but he was very amiable offstage, without a little arrogance, which made her breathe a sigh of relief.

Zhao Xiaocheng of Tianma Group walked over, "Professor Luo, farewell to Hong Kong, finally wait for you to come to our Donghua City, our Chairman Qi has prepared a little wine in the club to catch you and wash the dust." ”

Luo Zhisen said: "Mr. Qi is too polite. ”

Zhao Xiaocheng said, "You are the chief consultant of our Tianma Group, and it is also appropriate to do so. He glanced at Wang Chong and said, "Hello Manager Wang!"

Wang Chong said lightly: "Mr. Zhao is good." ”

Zhao Xiaocheng laughed, "You are a student of Professor Luo, the so-called famous teacher produces a high apprentice, and the project of Shunfa Aluminum, our company admires you very much." Said that Manager Wang is professional, has outstanding ability, and is handsome, many people want to worship you as a teacher, and then you left the project team, and several little girls in our company are depressed, haha!"

When Ma Xiaoxiao heard this, she was always unhappy in her heart, and couldn't help but pinch Wang Chong's arm.

Wang Chong said quietly, "Mr. Zhao, don't make fun of me." In terms of professional knowledge, I still need to learn more from you. ”

Zhao Xiaocheng said, "Don't hinder it, or go over together at noon." Our Chairman Qi listened to your story, and he also admired it very much. ”

Luo Zhisen said with a smile, "I understand Mr. Zhao's kindness." Today I made an appointment with Wang Chong to have something else, Chairman Qi, or I will visit him in person another day?

Zhao Xiaocheng persisted for a moment, and seeing that Luo Zhisen was unmoved, he had to leave.

Wang Chong and his entourage came to a small fish restaurant near Donghua University. This fish restaurant has been in business for more than ten years, the fish soup is delicious, and the price is not high, and it is famous in Donghua City. Every time Luo Zhisen came to Donghua, he had to name the fish from this house, and Wang Chong called in advance to make an appointment for a private room.

Luo Zhisen said, "The older people get, the more greedy they become." Since you brought me to eat once ten years ago, I have never forgotten this taste since I went back, no matter how your master does, I can't make the taste of this shop, and I want to eat two servings today!"

Wang Chong smiled, "No matter how much you eat, I can afford it." ”

In that year, Luo Zhisen came to Donghua University to give a lecture and wanted to visit Donghua City, and the college sent Wang Chong to be a guide. At that time, Wang Chong was a poor student, with less than 100 yuan in his body, so in order to invite him to eat fish, he specially borrowed 200 yuan from Ma Xiaoxiao. It was at this fish shop that Luo Zhisen had a deep conversation with Wang Chong and decided to take Wang Chong to Hong Kong to study for a master's degree.

Luo Zhisen attached great importance to Wang Chong, and Wang Chong did not live up to the hopes of his teacher, and published several important papers during his graduate studies, one of which was co-signed and published in the journal "Econometrica". Luo Zhisen originally wanted to recommend him to go to UCBerkeley to study for a PhD with his tutor, with Wang Chong's academic performance and his recommendation, it was almost a sure thing, but at that time, Wang Chong's mother was seriously ill, and Wang Chong chose employment, which also made Luo Zhisen feel quite sorry. However, seeing that Wang Chong was having a prosperous life in Tung Hua Bank, a stone in his heart also fell to the ground.

Ma Xiaoxiao said with a smile, "Professor Luo, I still paid for Wang Chong's invitation to eat fish back then! He used my money to cheat you out of a graduate student quota, such a good thing, why didn't it be my turn! It's so unfair!"

Luo Zhisen said: "It's easy to go to graduate school with me, but I'm afraid it's not so easy to graduate." ”

Ma Xiaoxiao hurriedly grimaced, "I hate reading, such boring theories, and Wang Chong can learn them with relish, so I'll obediently run my news." ”

Luo Zhisen laughed, the old and the young chatted, but Wang Chong became like a superfluous person, so he had to lower his head and eat fish in a muffled voice. Luo Zhisen said: "Wang Chong, this time I came to Donghua, and I saw that you are a lot more mature than before." But, I heard you've been in a lot of trouble lately?"

Wang Chong said suddenly: "Teacher, you don't know my temperament, I'm good at doing things, but I can't get used to some bad rules in the industry, and I will always offend some people." ”

Ma Xiaoxiao shouted, "Yes, yes, what you said is so right. Wang Chong, the donkey, recognized one thing, ten cows can't pull it, this teacher, you have to talk about him. ”

Luo Zhisen said earnestly, "China is not better than foreign countries, in foreign countries, your style of doing things may be able to work, in China, pay attention to a square way, what about you, square profit and round loss, it is easy to suffer." ”

Wang Chong said: "Teacher, isn't it right to adhere to principles and professional ethics?"

"Principles are important, methods are more important, and results are the most important." Sometimes, in order to achieve the goal, it is necessary to take a moderate approach or take some measures. ”

Wang Chong was thoughtful and silent.

Luo Zhisen knew that his character was not an overnight achievement, and he did not persuade him again.

Wang Chong asked, "Teacher, I heard you say that you are going to become an independent director of Donghua Bank?"

Ma Xiaoxiao said, "Director, there will be a lot of money, right?"

"At my age, you will find that money is not the most important thing, and I considered accepting this position in order to be able to get in touch with more microscopic things to improve my research." If I want to make money, I just need to sort out other people's teeth and wisdom, and find a few random business occasions to give a few speeches, which is completely faster and easier than this, and I don't have to take too much responsibility. ”

Luo Zhisen said, "I haven't officially accepted it yet, and I called you out this time to hear your opinion." ”

Wang Chong thought for a moment and said: "I have worked in Donghua Bank for so many years, and I know Donghua Bank well, in general, in this environment, Donghua Bank can make such achievements, which is also very good." It's just that there are a handful of people in the industry who have become black sheep for their own interests, which is also what I am worried about. However, I still welcome the teacher to be the independent director of our bank, and I believe that your arrival can bring us some professional things. ”

He remembered Lin Tianhua's entrustment, such as today's nomination of board members by the Ma Group, which has made subtle changes to the originally balanced power structure, and Lin Tianhua wants to win Luo Zhisen's support through Wang Chong, and also hopes to offset the impact of the Tianma Group. However, Wang Chong thought about it again and held back this sentence.

Luo Zhisen is such a smart person, seeing that Wang Chong wants to speak and stops, he asked, "Do you have something to say?"

Wang Chong said: "I don't know whether to say something or not. ”

"Wang Chong, when did you become such a mother-in-law?"

Wang Chong then said: "The situation at the top of our bank is a bit delicate now, and I want to say that if the teacher becomes an independent director of our Donghua Bank, he will be able to make fair and polite judgments when it comes to some key matters." ”

Luo Zhisen heard the strings and knew what he meant, and when he heard Wang Chong say this, he already knew that someone wanted to test himself through this disciple, but with Wang Chong's character, he didn't want to affect his judgment, so he smiled, "You can rest assured, I know the responsibilities and obligations of independent directors." “

Wang Chong breathed a sigh of relief.

After lunch, Wang Chong and Ma Xiaoxiao sent Luo Zhisen back to school to rest.

The two walked on the school playground, attracting the attention of a group of younger students. Ma Xiaoxiao asked, "Idiot, I asked you a question in the morning, have you figured out how to answer me?"

Wang Chong said, "What's the problem?"

Ma Xiaoxiao was furious, "Dead Wang Chong, you villain, I won't pay attention to you anymore." ”

Wang Chong smiled and coaxed: "Okay, I promise you that it is." ”

Ma Xiaoxiao didn't give up, "This girl is angry, you have to apologize to me." ”

"I apologize to you. ”

"Hmph, no sincerity at all. You have to learn from me!", Ma Xiaoxiao said, "Wang Chong, you close your eyes. Reach over and don't peek. ”

Wang Chong acted according to his words, only to feel that something slipped on his wrist, and Ma Xiaoxiao said, "You can open your eyes." ”

Wang Chong lowered his head, but it was a Cartier watch.

"Happy birthday, Wang Chong. ”

Wang Chong sighed, and then remembered that today was his thirty-third birthday. Wang Chong looks at this kind of thing very lightly, it seems that after leaving his hometown, Wang Chong has not had a birthday, only when it comes to the lunar birthday, his parents will make a phone call and tell him to remember to eat dumplings. Unexpectedly, Ma Xiaoxiao remembered his birthday.

Ma Xiaoxiao saw that he didn't speak, "Capricorn man, won't you even say thank you?"

Wang Chong said, "It's just such a valuable gift......

Ma Xiaoxiao waved his hand and said, "Men, you don't have to pay attention to food and clothing, but you don't even have a decent watch, how can you follow this girl in the future?" You have to remember, wear this watch, you are not allowed to take it off in the future, every time you look at the time, you must remember to miss me, miss me, every minute, every second, you must have me in your heart, Wang Chong, do you understand?"

Wang Chong was moved in his heart, "Xiaoxiao, you are so good to me." ”

Ma Xiaoxiao said, "Wang Chong, I like you, I am good to you, just to make you remember my goodness, and no one else can snatch you away from me in the future." ”

Wang Chong gently hugged her in his arms, "No." ”

Ma Xiaoxiao had a meeting in the afternoon, Wang Chong sent her to the door, Ma Xiaoxiao squeezed her eyes, "You want to invite me to dinner after work." ”

Back in the line, Wang Chong's mobile phone text message rang, but it was Li Yishu who sent a text message to himself, only four short words: Happy birthday.

Wang Chong sat in the car, thoughtful.

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