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1997 was a very dramatic year, and the world's most popular movie was "Titanic" filmed in Hollywood, the world's largest luxury passenger ship in the early 20th century, which was claimed to be unsinkable, sank to the bottom of the North Atlantic Ocean with elegant musical accompaniment and terrified screams one after another.

As Chinese audiences walk out of the theater with mixed feelings, tragedy is unfolding in the commercial world, and grief is the same.

The Asian financial crisis, which began in the summer and lasted for more than four months, had a major impact on Asian countries and all industries.

Middle-class assets in the Philippines, Malaysia and Indonesia shrank by 50 percent, 61 percent and 37 percent respectively, while resident assets in Hong Kong, Singapore and Thailand fell by 44 percent, 43 percent and 41 percent.

When the storm swept through Thailand, New York Times columnist Thomas Ridman happened to be in Thailand. Later, in his best-selling book, The World Is Flat, he described with apprehension that the Thai government had shut down 58 major financial institutions and that private bankers had gone bankrupt overnight. He drove to a party on Asso Street in Bangkok, Thailand's Wall Street, where most of the failed financial institutions were.

As his car slowed past the bankrupt banks, the driver muttered to himself, "Collapsed—collapsed—collapsed——, these Thai banks became the first dominoes in the first global financial crisis of the new era of globalization.

Even Asia's most developed countries have not been spared.

In South Korea, the attacked won has depreciated by 50 percent in more than two months, and the country's economy is almost on the verge of collapse. The South Korean government had to ask the United States, Japan, and the International Monetary Fund for emergency assistance, borrowing a record $55 billion, and was forced to promise to implement a strict economic stabilization plan and reduce the economic growth rate, and the economic autonomy was lost for a time.

The South Korean government has issued a belt-tightening policy to all civil servants, requiring them to deposit at least 10% of their salaries in the bank, while citizens voluntarily donate their gold and silver jewelry to their homes. In the midst of the storm, South Korea's unemployment rate was as high as 11 percent, and the loss of the exchange balance was at least 3 trillion won, and the repayment of the principal and interest on foreign debt increased by 4 trillion won.

A number of large companies in the country have declared bankruptcy or are in a desperate situation, including the Daewoo Group, which has unlimited scenery in the past few years and is regarded as a benchmark by Chinese enterprises. When the storm swept in, Daewoo, which had been in the midst of rapid expansion, was already heavily indebted, and the company's borrowed funds reached $20 billion.

Facing a crisis. South Korea's Daewooji has adopted a series of shrinkage plans. But at the same time, it has doubled down on the car business. It has raised $13.5 billion in short-term debt funds through the issuance of a large number of high-yield bonds and commercial papers. Took over Ssangyong Motors and Samsung Motors one after another. and continue to advance its strategy as an international automotive giant.

By the end of the year, the landlord loan bank will never further lend to him. Two years later. Daewoo, which had a debt of $80 billion, finally declared bankruptcy.

in Japan. Although the yen was not directly attacked. However, the effects of the deflationary turmoil are also rapidly spreading to all real estate industries. September 18. Yaban, a leading Japanese retail company, filed for bankruptcy.

This is a legendary company that Chinese consumers are very familiar with. Its founder, Kazu Wada, started as a 10-year-old child builder and a traditional Japanese woman who ran a small vegetable and fruit shop. After 40 years, it has grown into a large multinational company with annual sales of 5 billion US dollars and 400 department stores and supermarkets around the world. The Japanese TV series "Ashin", where she was filmed, once set a record for the highest ratings in China.

End of 1995. When the first eight companions in Shanghai opened. A total of 1.07 million customers poured in that day. A Guinness World Record was set.

The Asian financial turmoil has occurred in China's neighboring countries in turn. The horror of the scene is terrifying. Financial capitalism and globalization have shown their ferocious and powerful destructive side. This will naturally affect China's real estate economy, the economy and the mentality of the people. In the midst of the global stock market crash. China's stock market, which has been quite active in the past, is also in a downturn. The consumer market is even more depressed.

After several years of macroeconomic control, the pressure of inflation has been gradually released, and the inflation rate has dropped to almost zero, but the scene of overcooling consumption has appeared at the same time. According to the report of the National Bureau of Statistics, by the middle of this year, the total value of industrial inventory products in the country exceeded 3 trillion yuan, and there was a structural surplus, with more than 90 percent of industrial products in excess of demand.

In June, the State Economic and Trade Commission, the Ministry of Domestic Trade, and the Ministry of Foreign Trade and Economic Cooperation had no choice but to jointly set up a national center for the adjustment of inventory commodities in order to speed up the circulation of commodities among enterprises.

Soros and others were caught off guard and thought of shorting the Hang Seng Index in advance, the stock market plummeted, and they were in a mess, and the Hang Seng Index dropped directly from 18,000 points to 9,000 points, and then Fan Wuxian used the huge amount of money obtained from the profits in the local market to comprehensively buy the Hong Kong stock market, and the Hong Kong stock market slowly heated up, and finally stabilized above 13,000 points and stopped.

All in all, speculators suffered heavy losses, and although the losses of investors were not small, on the whole, they were bearable under this worldwide stock market crash.

Hong Kong's monetary authorities have worked closely with Fan Wuxian to use its huge foreign exchange reserves to absorb the Hong Kong dollar, and second, to raise interest rates and tighten monetary policy. After a confrontation, Hong Kong stocks stopped in the continuous decline and began to soar strongly, mainly with the support of the mainland government, Chinese and foreign funds entered the market, and 24 blue-chip and red-chip listed companies bought back shares from the market, driving the market up. China Telecom's return to the above level of the IPO stock price has also produced a certain stimulus, causing red chips and state-owned enterprises to take a breather and rebound, and the interest rate cut in the mainland of the motherland has also become the theme of the market's rise, these factors have caused the Hang Seng Index to rebound sharply.

Of course, Fan Wuxi's funds to enter the market this time are huge, and he has almost absorbed all the stocks with good performance in Hong Kong stocks at a low level, and the Hong Kong dollar exchange rate has also returned to stability under the strong rebound of the stock market.

To say that Fan Wuxian is more constructive than destructive for Hong Kong stocks, his methods in several Southeast Asian countries are quite aggressive, anyway, there is Soros's quantum fund in front of him, and it is too stupid and naïve not to fish in troubled waters to enjoy his achievements, especially in South Korea's actions, he has made a lot of money, and he has long been swept away because of the depression brought to him by the sticks.

So much so that for a long time, when Fan Wuxian saw Koreans, he was very friendly with a smile, without him, these were all fat sheep walking upright in his eyes!

At the beginning, it was just autumn in Thailand, and there was not much oil and water to fish in small Thailand, but South Korea was different, after all, the economic strength was still good.

Another far-reaching impact of the Asian financial storm on the reform of Chinese enterprises is that it has completely shattered people's worship of the business model of Japanese and South Korean conglomerates, and the famous Korean conglomerates that fell in the financial turmoil include Han Bao, the 14th largest enterprise and the second largest steel company in Korea, the 19th largest enterprise and the largest brewer Jinro, the eighth largest enterprise consortium Kia, the 12th largest enterprise Halla Group, the 24th largest enterprise Sanmei Group, and the 34th largest enterprise Dailong Group. In particular, the dilemma of the Daewoo Group, which is regarded as a benchmark for emulation, has made the decision-makers rethink the cultivation of large enterprises.

The "grasping big" strategy that was just formed last year was unexpected: it changed course.

The idea of "grasping the big" is to be led by the state, focusing on supporting a number of advantageous enterprises to develop into a consortium model, so that they can become giant companies with international competitiveness and representing China's strength.

However, the vulnerability of the Japanese and South Korean conglomerates exposed in the financial crisis has caused the central government to completely lose confidence in this path. Even companies like Daewoo can't resist the attacks of international financial capital, so can China's Daewoo-like companies escape this fate?

As a result, a new strategy of national retreat and democratic advancement has emerged, and its basic idea is that state-owned capital will withdraw from the field of perfect competition on a large scale. Experts suggest that state-owned enterprises should resolutely withdraw from competitive industries, while forming a strong monopoly pattern in upstream energy industries, including steel, energy, automobiles, aviation, telecommunications, electric power, banking, insurance, media, large machinery, military industry, etc.

In these areas, the government will do its best to exclude competition from private and international capital, and to secure the vested interests of state-owned enterprises by strengthening monopolies, and its role as the owner of state capital will be strengthened, rather than weakened.

Of course, there is another happy thing, that is, Fan Heng finally entered the Politburo at the 15th National Congress held in September and became a member of the Politburo at the age of 56.

Although Fan Heng is not very young to enter the Politburo at this age, he is still relatively young in comparison, and if there are no unforeseen circumstances, it is no problem to stay in this position for ten years.

The only problem is that after Fan Heng became a member of the Politburo, he still stayed in the position of governor of Jiangnan Province, which is a bit strange and bizarre, as if this situation has never happened in so many years.

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