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Fan Wuxian's disdain is obviously justified, it is not that he is arrogant.

A few years from now, it will also be proven that all the foreigners' predictions about China have not fulfilled themselves, and that China's economy and business growth are still zigzag according to their own logic, regardless of overly optimistic or pessimistic conjectures.

In fact, since Fairbank's death in 1991, there has not been a second observer in the mainstream Western world who has an objective and sober understanding of China.

Since the 90s of the 20th century, one of the signs of China's economic dynamism has been that almost every few years, Chinese and foreign economists have had to change their thinking and adopt new language or concepts to describe and analyze China's new economic phenomena.

The fate of China's economy is slowly reborn in the transformation of these frameworks and concepts, and the common language with the international rules of the game is increasingly speculative and gradually integrated into the road.

In recent days, The New York Times has interviewed John Galbraith, a former president of the American Economic Association, and asked him to talk about the future of Sino-US relations. Ninety-four-year-old John Galbraith, who had just returned from India, another rising eastern country, said in awe, "In China, half of my knowledge is wrong and the other half is useless."

As for China, he said that many of their predictions about China were just their own conjectures.

The impact of TO on China is a continuous and long process, and in a country of gradual change, no change is ever made overnight.

As a matter of fact, the retreat of the state and the advancement of the people, which began three years ago, is a major strategic decision to cope with this change, and the advance, retreat, and reorganization of the state-owned capital groups are all formulated in accordance with the TO's market opening schedule.

Even Welch, the world's No. 1 CEO, General Motors, is very puzzled by some things in China. Before he retired this year, when asked by a reporter what he thought of the Chinese market, Mr. Welch said that he had been running there for a decade, and that every time he went there, he would laugh at how little he knew the last time he came. That place is so big, so complicated. He doesn't understand, he really doesn't understand, and that's probably why he's retiring, because it's up to someone else to figure it out.

GE's turnaround in China occurred to his successor, Immelt, who shifted the focus of investment from civilian products to more technical infrastructure projects, and GE's investments in industrial lighting, medical equipment, gas turbines, wind turbines, hydropower generation equipment, aircraft engines, and power transmission for industrial groups have all paid off in China, most of which are off-limits to private capital.

Another extraordinary signal is that in October this year, for the first time, China allowed foreign capital to intervene in the disposal of non-performing assets, and at the first bidding meeting, Morgan Stanley exclusively obtained a package of assets worth 10.8 billion yuan, which are distributed in 18 provinces and municipalities across the country, involving 254 companies and factories in the real estate, textile, metallurgy, pharmaceutical and other industries, the vast majority of which are state-owned enterprises.

Obviously, these non-performing assets are the surplus value generated by the strategy of national retreat and democratic advancement, Morgan Stanley shares the huge profits of Chinese enterprises at home and abroad financing, but also by the envy and envy of countless peers, in fact, there is no legal hard and restrictive provisions on the access of China's capital market, and the substantive threshold lies in the red line of policy approval. Like most joint ventures back then, the opening up of the capital market is more sensitive and cautious.

It is also worth noting that the trend of sole proprietorship of multinational enterprises is becoming more and more obvious.

For example, Coca-Cola and PepsiCo's canning plants in various places must have joint ventures with state-owned grain and oil companies, and Procter & Gamble's cooperation objects are specified as local state-owned daily chemical plants.

Now that this restriction has been lifted, some multinationals that have already established joint ventures have used various tactics to force back Chinese investors, believing that they have established a firm foothold.

Many directors of foreign companies believe that sole proprietorship is a natural choice for joint ventures after China's accession to the WTO.

Pepsi Cola, Pepsi has set up 15 joint venture canning plants in China at that time, and in September, Pepsi (China) Investment Co., Ltd. set up a wholly-owned company in Shandong, announcing that Qingdao will be its sphere of influence, and before that, Pepsi has set up a joint venture factory in Shandong, and the two Pepsi companies launched a price war against the Qingdao market, which made the outside world confused for a while.

PepsiCo also tried to push back its Chinese partners in Chengdu, Sichuan, and in the event of a disagreement, the U.S. announced a significant increase in the price of concentrate and did not approve PepsiCo Sichuan to produce more brands of beverages.

The U.S. side's brutality caused a collective revolt and boycott of the Chinese joint venture canning plant, and then the U.S. side announced the dismissal of the leader of the boycott alliance and the general manager of Shanghai PepsiCo. Later, 14 of the 15 canning plants held a press conference in Chengdu to jointly criticize PepsiCo.

A month later, PepsiCo filed a request with the Arbitration Court of the Stockholm Chamber of Commerce in Sweden to terminate its cooperation with the Chinese partner in Chengdu on the grounds that the audit was not successful.

In essence, the PepsiCo arbitration turmoil is a result of multinational capital taking advantage of the vacuum in China's laws and management to accelerate its predatory expansion by taking advantage of China's accession to the TO.

Another follow-up detail worth recording about this turmoil is that five years later, Wang Changchang, a member of the China International Trade Arbitration Commission who had participated in the case and advocated arbitration before a Swedish court, was arrested on suspicion of economic problems.

It's just that that's all for later.

For all this, all Fan Wuxian can do is just watch from the sidelines.

It's not that he wants to see this happen, but in this era, the role he can play is limited, after all, the decision-making level can't just listen to his opinions, especially in these brand-new attempts, countless large and small interest groups need a piece of the pie, and they are just hitting the stone with an egg.

Sometimes, a lot of money is not something that can be solved, what Fan Wuxian is doing now, that is, he is considering joining some key industries to make some useful paving for China's rise, such as energy, such as mineral resources, such as military production, these are the industries he focuses on, as for other aspects, what can be intervened is those industries that are more profitable and develop steadily, such as the electronic chip industry and the developing electronics manufacturing industry. These still have to continue to stay ahead of the curve.

For the huge cost of civil aircraft manufacturing and shipbuilding, as well as the construction of wharves and ports, Fan Wuxi has smashed a huge amount of money, and now it is just a continuous increase in capital and waiting for the harvest, these are all industries that are sure to make money and do not lose money, Fan Wuzhi does not need to worry at all.

While transnational capital continues to penetrate and state-owned capital is strongly reorganized, private capital looks like a bystander outside the chess game. In the history of Chinese enterprises in these years, the game between different types of capital has always been the main factor that has plagued and promoted the ups and downs of China's economy.

With China's accession to TO, the game pattern of the three major capital groups has undergone a fundamental evolution, the two powerful capitals have reached a new consensus on the distribution of interests and reorganization, and the private capital, which has achieved great success in many competitive markets, has been increasingly marginalized, and only a very small number of people have achieved symbolic success.

In May, Liu Yonghao announced that he would hold 7.98% of Minsheng Bank's shares, becoming the largest shareholder.

Minsheng Bank was founded five years ago when the atmosphere of reform was unprecedentedly strong, and at the initiative of Jing Shuping, then chairman of the All-China Federation of Industry and Commerce and a veteran financial expert, the State Council approved the establishment of Minsheng Bank, the first national joint-stock commercial bank. Jing Shuping served as the chairman of the board, and the shareholders included several well-known private entrepreneurs who joined the All-China Federation of Industry and Commerce, among them, Liu Yonghao, who served as vice chairman, invested more than 8 million yuan to become the first batch of shareholders.

In this way, in the financial field, which is fully monopolized by state-owned banks, the Minsheng Bank was born with the support of the All-China Federation of Industry and Commerce, which is backed by semi-official colors.

In the following years, the macro situation was turbulent, the efficiency of Minsheng Bank fluctuated greatly, and shareholders entered and exited several times, but Liu Yonghao, who had a far-sighted vision, persistently acquired the shares of Minsheng Bank, and its shareholding ratio quietly increased.

In November last year, Minsheng Bank was approved to be listed on the Shanghai Stock Exchange, and its unique identity immediately attracted the attention of the capital market, and the frozen funds for the subscription of new shares exceeded 400 billion yuan, setting a national record at that time.

The Liu brothers started by raising quails and became rich by producing feed, and now they have entered the financial field due to special opportunities, which naturally attracts people's endless envy and conjecture, and Liu Yonghao and his family are ranked first on this year's Forbes list of China's richest people.

In fact, many people feel very strange that Fan's Investment Group has not entered the banking industry, according to the situation at that time, if Fan Wuxian wants to get involved in the banking industry, it is just a matter of one sentence, and the position of the major shareholder is also deserved, but the strange thing is that he is indifferent to this, which can not help but make people feel incredible.

In fact, the banking industry does not create actual value, and for such things as capital operation, it is more about using other people's money to lend money to make money, in fact, it is a means rather than creation.

Fan Wuxi, who has always been committed to the development of the real industry in the country, naturally dismisses this, even if it can increase the value of his own funds, but for the whole country, what are the benefits?

Rather than being so popular, it is better to do the work of rejuvenating the country by your own industry in a down-to-earth manner, so that even if you make money, it will not attract too much criticism, after all, you are a person who does things first, and then a person who makes money.

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