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Why is the Shanghai Stock Exchange and the Shenzhen Stock Exchange so competitive, even at the expense of putting down their bodies to fight for fame?

As far as the situation at that time was concerned, the dispute between the Shenzhen and Shanghai exchanges was not at all a simple battle for the ChiNext market on the surface, and it can be said that the motive behind it was to seize the dominance of the financial center in Chinese mainland.

Since Hong Kong's status as an international financial center cannot be shaken at present, the contenders for the mainland's financial center include Beijing, Tianjin, Chongqing, Shenyang, Wuhan and other places. Shanghai has a deep commercial and financial heritage, and has been an international metropolis since modern times, and the Bund in Shanghai was full of international financial institutions, which only Tianjin can match.

Therefore, the real rivals of the two major exchanges are actually the two local governments of Shenzhen and Shanghai.

This year, the concept of venture capital has become popular all over the world, the NASDAQ market has soared wildly, and Hong Kong's Growth Enterprise Market is also in preparation. Shanghai and Shenzhen are vying to show their advantages to the State Council and the China Securities Regulatory Commission (CSRC) for the establishment of a "ChiNext market" on the mainland. For a while, the seminar was overwhelming, and experts and scholars rushed to advocate venture capital, lobby the central government, and demonstrate their qualifications to set up a "second-board market". At that time, the candidate cities were already Beijing and Wuhan, and Shenzhen had not yet won the competition by chance.

In the simple processing industry moved north to the east. After Dongguan and Huizhou, the financial industry and high-tech industry have become indispensable pillars of Shenzhen. The financial output value accounts for about 15 percent of Shenzhen's GDP, and its profits account for almost one-quarter of the country's total. At that time, it was rumored that Shenzhen's main board market would be merged into Shanghai. For Shenzhen, this not only means a huge flow of money to the north, but also puts the status of the regional financial center that has just gained a foothold in jeopardy.

Because there has always been a revocation even on the main board of the market. As a result, Shenzhen government officials have been mediating in Beijing to try to turn the tide and temporarily frustrate the suspense of the revocation of Shenzhen's main board market.

The contention and constraints between Shenzhen and Shanghai are of course. It's not just a battle for face, it's a battle for financial discourse. Shenzhen does not have a traditional industrial base and is quite lacking in resources, so it is reasonable to use the financial industry and high-tech industry to redeem the economic achievements of the central government's policy tilt. A battle broke out with Shanghai, which is plotting for an international financial center, which has lasted for more than ten years, and the Shenzhen Municipal Government has learned a great lesson.

Not through free competition in the market but through the intervention of administrative power. The resulting structure of the mainland's capital market is often subject to the will of the government, which can be regarded as an officialdom economy with Chinese characteristics.

However, Fan Wuxian is very clear that the suspension of new shares on the main board still makes Shenzhen suffer. Suffered a heavy blow. The interest income frozen by the subscription funds of new shares has evaporated suddenly, the fund-raising function of the primary market has been lost, the market trading volume has been half-dead or even decreasing, and the funds in the secondary market have gradually been lost, and the main indicators such as the total market value, circulating market value, and the number of listed companies in the Shenzhen market have shown negative growth.

Although Shenzhen will still be a financial center in the future, it has obviously stopped. The sluggish progress and the fact that the GEM is well prepared but difficult to launch has made the local fund industry also begin to move north to Shanghai to seek new development.

This time, although the 5.19 market came relatively suddenly, it was definitely not without reason.

In the first half of this year, the market situation in the domestic stock market was not optimistic, and the stock market fell by a quarter in less than a year. To paraphrase the official phrase, first, there is less fund-raising, which is not conducive to raising funds to support economic construction. Second, the continued downturn in the market has made it difficult to issue new shares, which is not conducive to giving full play to the function of the capital market, supporting the reform of state-owned enterprises, and establishing a modern enterprise system. Third, investors are generally trapped, and their losses are serious, which is not conducive to improving the people's living standards and protecting the interests of the masses, and at the same time affects investor confidence.

Based on the above, the China Securities Regulatory Commission (CSRC) submitted the "Request for Instructions on Several Policies for Further Regulating and Promoting the Development of the Securities Market". After the report was submitted, the State Council formally approved the report on 12 May after repeated consultations with the Ministry of Finance, the Central Bank, the National Development and Reform Commission, and other departments.

Immediately after that, the embassy was bombed the next day, and the missile incident directly led to a heavy setback in the two cities, in this case, the two cities were actually unable to fall, and just after yesterday the United States publicly apologized and the two sides reached a preliminary understanding, the panicked investors finally ushered in a good day of raising their eyebrows.

In other words, this is also a means for the management to divert everyone's attention, at least most people's attention was immediately shifted to a hot stock market, and the attention rate of the embassy bombing suddenly dropped by dozens of percentage points.

Well, when it comes to this, Chinese people are really more realistic, everything is more important than making money! Fan Wuxian thought of this, and couldn't help but shake his head, patriotism also has limitations.

Fan Wuxian called back, learned about it with his father, and said that Yeltsin was still in China, so he caught the afternoon plane and flew back to the capital directly.

New York direct flight to the capital, about thirteen or fourteen hours, the time difference between the two places thirteen hours, so Fan Wuxi set off from the United States at two o'clock in the afternoon, and when he arrived at home, it was already more than four o'clock in the afternoon, and he made up for a little sleep, and got up at seven o'clock to look at Huafeng.com's own column that he hadn't taken care of for a few days, and found that it was already overcrowded at this time, and everyone was waiting for today's update.

There are still manuscripts, but they have all been given to the editors of Huafeng.com, and let them help them fiddle with the update, Fan Wuxian is thinking about getting the manuscript out within a month, and it can be regarded as the end of this matter, after all, it is both happy and headache to be chased by tens of thousands or hundreds of thousands of readers behind the butt to ask for updates.

After a while, Fan Heng came home.

Since joining the Standing Committee, although he is also relatively busy, as the executive vice premier, Fan Heng has done more specific affairs, but he has not participated in many state activities, except for some very necessary activities, he does not participate in all, which also satisfies the wishes of some people, and does not want him to show his face too much.

Seeing that his son had returned, Fan Heng couldn't help but ask with some curiosity, "Are you planning to meet with Yeltsin?" ”

"I'm thinking about some investment projects in Russia, so it's still a good choice to meet Yeltsin." Fan Wuxian nodded and replied.

In fact, since the collapse of the Soviet Union, life in Russia has not been very good, the clouds of industrial and economic crisis have not dissipated, although after Yeltsin's shock therapy in recent years, there has been a bit of a new atmosphere, but on the whole the national economy is still very bad.

This year can be said to be a turning point for Russia to emerge from the economic crisis and start to move towards economic recovery. If Russia can maintain its current positive momentum, the economy is expected to come out of the trough this year, or even show modest growth.

For a long time, the interference of political struggle has been one of the important factors leading to the economic crisis in Russia. Last year was a year of abnormal changes in the struggle in Russia's political arena, and the outbreak of the financial crisis made the social situation increasingly tense, and the economic policy of stability and adjustment adopted by the Primakov government since it came to power, made efforts to stabilize the political situation, strengthened the government's regulation of the market and its intervention in the economy, stabilized the monetary system and the ruble exchange rate, and ensured social stability, so that the Russian economy saw a glimmer of light and re-established people's confidence in the Russian government. Although Russia has changed its prime minister for two successive terms after Primakov, all successive governments have adhered to the basic program of stabilizing finance and resuming production, and this has created good conditions for Russia to ease the impact of the financial crisis and resume its own production.

The rearrangement and restructuring of Russia's debts by international financial organizations have markedly reduced Russia's debt repayment pressure and created conditions for alleviating the crisis and then recovering. Today, Russia's total internal and external debt exceeds $220 billion, while its gold foreign exchange reserves totaled only $12 billion at the beginning of this year.

In view of this, the Russian Government has no choice but to negotiate with Western countries to postpone the repayment or reduction of foreign debts; at the same time, under the pretext of drawing on the experience of international bank debt restructuring, in the past year or so, Russia has restructured the national bonds and huge foreign debts that were frozen after the crisis broke out, thus avoiding the crisis of losing its solvency.

Russia's domestic ruble exchange rate has depreciated sharply, which is conducive to improving the competitiveness of its own export products, and the rise in energy prices in the international market this year is also very beneficial to Russia; oil exports alone can bring Russia about $20 billion in foreign exchange earnings, and other prices such as natural gas, copper, and aluminum are also rising, all of which can increase Russia's foreign exchange earnings.

Yeltsin's visit this time was mainly to strengthen ties with China and resist the economic and political pressure of the United States and the European Union, but also because of physical factors, he wanted to pave the way for his successor Putin.

Although there are always problems of one kind or another in Russia, no one can deny that no country will always go down in decline, and Russia is the same, for oil and gas and mineral resources, Fan Wuxian has a very persistent pursuit, and if he can get access permission at this time, it is the best.

As a matter of fact, Fan Wuxi's request to meet with Yeltsin also met Yeltsin's own needs, and he needed to bring in a large amount of foreign capital, and Fan Wuxi's appearance at this time made him feel that it was a good opportunity.

So early the next morning, Yeltsin took the opportunity of meeting with Chinese doctors for a group consultation with him, and had secret contact with Fan Wuxi, whose role at this time was nothing more than that of a miracle doctor.

Of course, the topics that the two of them talked about had little to do with their illness.

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