"Heart, you're too unrighteous." Helena said dissatisfiedly, "Why did you ask him to go to sleep at this time?" Don't you know how close I was to $100 million? There are still water droplets on her body, her hair is wet, and her bathrobe is also a little wet, she looks quite a bit of a beauty out of the bath "clear water out of hibiscus", and the charm of the Western girl is vividly reflected in her, although she is not very old, she is very straight, she should be warped, she should be thin, and she should be round, and she is really proud of her figure.

Comfortably and calmly walked in front of me, as if I didn't hear it.

Helena suddenly jumped in front of her and stopped her steps, looking surprised: "Wow, heart, I know, are you jealous?" You're afraid that I'll monopolize Shaodong, right? ohmygod！ Are you jealous? ”

Shu Xin pulled her aside, walked forward again, and said, "I'm not as bold as you." ”

Helena grinned, took a comfortable hand, and said, "Why am I so daring?" …… Hey, can this sentence be understood as, you still want to think, but don't dare? ”

Shu Xin ignored her.

Helena took Shu Xin's hand and followed her, and said to herself, "But why don't you dare? Are you afraid that the chairman will break his word? This is impossible, just 100 million US dollars, how can the chairman break his promise? She blinked: "Besides, what if the chairman breaks his promise?" Shaodong is so handsome, and he is so strong there...... Heart, did you just see it from the surveillance? Wow, that's huge! ”

Shu Xin's face turned red all of a sudden, and he glared at Helena: "Are you white people born so silvery?" Her little face was red but tense, and there was a beauty in it.

Helena didn't mind, and grinned: "This is called passionate, dare to love and hate, I know this is a compliment." ”

"The first time we met, I wanted to sleep with someone, but this was just enthusiasm? Also a compliment? "Comfortable and angry.

"Why not?" Helena said, "What does it matter how many times we have met?" Do you have to get along for many years, so that everyone has long lost their passion, and even when they are old, can they be **? ”

"Forget it, you and I think from two completely different cultures, and I don't bother to discuss this with you." Shu Xin picked up his pace again and walked forward.

"But, heart." Helena didn't let her go: "You haven't explained why you interrupted me just now." ”

Shu Xin sighed: "Do you really think it's a good thing that you're pregnant with his child?" ”

"Why not?" Helena couldn't figure it out: "He's so handsome, I'm so beautiful, our child must be so cute." ”

Shu Xin was a little speechless, patted Helena's hand, and said, "You know his background, right?" ”

"Naturally, my background is very good, if I am pregnant with his child, it will be the story of the prince and Cinderella." Helena grinned.

Shu Xin gave her a roll of his eyes: "You just dream, if you are really pregnant with his child, the chairman may not be able to protect you." ”

Helena was shocked and asked incredulously, "Why?" How can it be? Who's in the way of my pregnancy with his child? His wife? But he doesn't have a wife yet! Besides, even if there were, his wife wouldn't be going to kill me, would she? Shu Xin patted her unbelievable little face and said: "You only know the money politics of the United States, but you don't know the official-based politics of Huaxia, if you are really pregnant with his child, I think you will immediately face direct pressure from a huge political group, and they will even let you either kill the child or ...... in order to protect Shaodong I can't stay. Because those big people absolutely can't tolerate such a big trouble left by the core of the next generation of their group, this will become a big weakness for him in the future, and his opponents may use this as a breakthrough to attack him, thus causing their entire group to suffer. ”

Helena blinked, "I see what you mean, but...... Why would it be his big weakness to conceive his child? ”

"Because you're an American, white American." Comfortable and calm.

"Oh, damn it, they racially discriminated against me?" Helena was dissatisfied.

Shu Xin rolled his eyes and left directly. Helena said to herself with some distress: "Hell, 100 million dollars is in vain...... Well, what if you don't have a baby? Uh-huh, although there is no money, but ...... Hee-hee. ”――

Xiao Chen looked at the luxurious bedroom, remembering the fragrance just now, and unconsciously smiled a little wryly on his face, his resistance was really getting worse and worse, a woman he had only seen today was still a white person, and he almost couldn't bear to have a relationship with her, fortunately, the comfort came in time, otherwise I am afraid that my aunt would really have to spend 100 million US dollars...... However, how did Comfort come about so coincidentally? Xiao Chen was shocked: Could it be that her every move just now was secretly watched by her, right? Dizzy, I don't have a face to see people, I don't have a face to see people!

Auntie too, what to do with these two delicate beauties for yourself, isn't this tempting me to make mistakes?

He thought about it, calmed down for a while, picked up the landline phone at the bedside, and called Dingqing.

"Hello...... a young man's voice came from the phone.

"Hey, Huang Rui, I'm Xiao Chen." Xiao Chen said directly.

"Ah, Secretary Xiao, I've been waiting for your call, have you arrived in the United States?" Huang Rui's slightly excited words sounded.

Xiao Chen didn't say any nonsense, and asked directly: "Well, I've arrived, how is the loan going??" ”

Huang Rui said: "The report is reported, but the result is still unknown...... However, our approach is a bit different from the policy. ”

Xiao Chen knew what Huang Rui meant, and in 1994, the second year of the reform of the tax-sharing system, the "Budget Law" was also officially implemented, and its article 28 clearly stipulated: "Local budgets at all levels shall be prepared in accordance with the principle of keeping revenue within their means and balancing revenue and expenditure, and shall not include deficits." Except as otherwise provided by law and the Government Council, local government axes are not allowed to issue local government axe bonds. ”

In fact, at present, in China, local governments are not allowed to issue municipal bonds or borrow directly from banks, and the general approach is to establish local government axe financing platforms, which are to obtain financing for infrastructure projects. In many cases, these loans to local government axe financing platforms are backed by the real estate assets of local government axes, and are perceived to be implicitly guaranteed by the central government axes.

In fact, Xiao Chen has a deep impression of the subprime mortgage crisis more than ten years later, and he also knows that his current approach will definitely feel dangerous in the future, but for now, this loophole can be drilled. At least, Xiao Chen can pat his chest and guarantee that he is not drilling this loophole to make money for himself, but to do a career for Dingqing and Langliu.

But then again, local investment in China is indeed a bit chaotic. In the 80s, local investments were mainly oriented towards industry and commerce. If Xiao Chen remembers correctly, it should be that since 1998, the central and local governments have begun to engage in infrastructure, and local governments have also launched a large number of so-called "image projects". GDP growth is now all important. Local governments cannot intervene in consumption, but can only increase GDP by stimulating investment. After the new political axe takes office, it divides the projects that can highlight their own performance and the performance of their predecessors, so the plans formulated by the predecessors cannot be continued. When the project was launched, the local government generally did not carry out scientific demonstration, and there were many cases of blind investment and duplicate construction. For example, the results of a sample survey conducted by the Investment Department of the Planning Commission at that time showed that during the Eighth Five-Year Plan period, 95 percent of the key projects in Qidong Province could not be repaid, and this was still a relatively good place for the economy. The state of political axe investment in the rest of the country is entirely conceivable.

However, it is also unrealistic not to rely on political axes. Even the United States at that time could not do it. Even the United States has to rely on political axes at critical moments. In order to help banks raise funds and control risks, the U.S. federal political axe instructed Freddie Mac and Fannie Mae, two "political axe-backed enterprises", to purchase a large number of relevant credit assets. So, where does the money for the "two rooms" come from? From the bond market. It is also another question: why does the bond market believe in the solvency of the "two houses"? The answer must have been for everyone: the guarantee of the federal political axe. As a result, the Huaxia political axe family bought more than $400 billion in bonds for "two houses" in a few years. This is the power of political axe credit!

The whole trading chain is complex, but the principle is simple. If the buyer's credit is insufficient, the federal government axe will make up for it with its own credit. Don't you dare to lend? It doesn't matter, don't you dare to have a political axe to guarantee it? There are many reasons why subprime mortgages have expanded to incredible proportions, but the federal axe is the most important and fundamental reason for injecting credit into the market.

Back to the large loan of the local political axe of China. According to Xiao Chen's memory, in the first eight months of 09, a total of 8 trillion yuan of sky-high loans were issued, of which at least 5 trillion yuan were released to local political axe financing platforms. Combined with the loans accumulated over the years, as well as the so-called "urban investment bonds" that have expanded rapidly since the beginning of the year, the total debt of the local government is likely to have far exceeded 5 trillion yuan.

Such a huge amount of credit is invested in medium- and long-term infrastructure projects, which is extremely incompatible with the bank's risk control and liquidity requirements. However, banks not only dare to lend, but also rush to lend, for two reasons: first, the lending task is pressing, and it is impossible to lend it; The second is the guarantee of the political axe, which cannot be borne by the political axe. This kind of corporate credit deficiency is made up for by political axes, which is exactly the same as the subprime mortgage in the United States.

So, can securitization solve the problem? Of course not. If they could, there would have been no crisis in subprime mortgages. Change the bomb to a different place, it's just that the object of the bomb is different. If you don't blow up the banks, you have to blow up other investment institutions. And the most likely scenario: blow everyone up.

If it's a bad debt, someone will have to pay for it after all, which can be called the law of gravity in the financial market. Financial innovation can only postpone or shift problems, but it cannot solve them.

The project of local political axe has always been a magic weapon for China's economic development, and it is not new. In fact, Xiao Chen knew that just now, the same story had been staged once. The current situation is actually the same as more than ten years later, and it is also full of development zones, buildings and halls, and real estate projects everywhere. Eventually, under the pressure of double-digit inflation, Vice Premier Hong, who is in charge of the economy, took a heavy hand to manage the situation and force credit at the cost of a "hard landing" and deflation that lasted for many years.

But Xiao Chen had to smile bitterly that although he knew the disadvantages, now he was going to commit a crime against the wind. Things in the world are sometimes really hard to say.

"Just report it, and I'll figure out the rest when I come back." Xiao Chen sighed in his heart, but he still had to do it. The only thing he can think about is that he hopes that he will succeed, and that not only will it not bring harm, but it will really invigorate the local economy and strengthen the local industry.

Hanging up the phone, Xiao Chen lay on the extremely comfortable bed, waiting for tomorrow to come.

Tomorrow, he's going to England.

(To be continued)