(.) Next, Zhou Liwen did not have much contact with her except for Zhao Yuqing who adjusted the layout of the venue and confirmed it. Zhou Liwen, who is familiar with Zhao Yuqing's character, knows very well what she thinks now, the husband and wife in the previous life, the stranger in the present life, Zhou Liwen can do this for her, and he also saw in Zhao Yuqing's praise of her after the adjustment that the manager surnamed Weng will never pose any threat to Zhao Yuqing again.

"I wish you happiness ......." Looking at Zhao Yuqing in the distance from the corner of his eye, Zhou Liwen silently blessed, and there was also a slight loss and relaxation in his heart.

A few hours later, the reception was officially held here, Zhou Liwen, who went home and changed his clothes, attended the reception with his bodyguards, although he was not the host today, but because of his special identity, he was still an eye-catching role in the reception, busy talking with people from all walks of life, and assisting Zhou Bei to receive a few VIPs, until the reception was halfway through, he was free.

"Bavc, can you have a few words?" Zhou Liwen walked to the side and lit a cigarette, and just after a few puffs, a man walked towards him, and when he heard the voice, he looked up and saw that it was Brown Lang, the president of Goldman Sachs' Asia-Pacific investment department.

"Absolutely." Zhou Liwen smiled and shook hands with him, in the acquisition of Xiangjiang Telecom, although Blang did not make a direct move, but actually quietly helped himself, as Zhou Liwen, of course, he would not think that his personality charm has the height of making Blang his fan, in his opinion, Blang, including Goldman Sachs behind him, just wants to have a good relationship with Zhou Liwen, or let Zhou Liwen owe them a favor. It is not easy to repay the debt of favors, Zhou Liwen has long expected this, it depends on when Goldman Sachs will open up to him. At today's reception, he had a brief conversation with Brown when he came in, but that conversation was only a ceremonial one, and now that Brown found himself definitely not to talk to him out of boredom.

"The coffee here is good, why don't we go to the café and sit down?" Brown smiled and looked left and right, suggesting.

Zhou Liwen Yile, maybe he has a fate with the café here, he just tasted the coffee here a few hours ago, and now Brown recommends it again. Of course, Zhou Liwen knew that Brown was planning to find a quiet place to talk with this suggestion, Zhou Liwen smiled and nodded in agreement, and the two quietly went out from the door on the side, and then went to a café not far away.

After finding a place to sit, the coffee soon came up, and after the waiter left, Brown took a sip of coffee and said, "Actually, with your background, there is no need to return the $300 million pledge to them so easily." ”

Zhou Liming Bai Brown was referring to something, and immediately shook his head slightly and said: "That thing is half business, half human favor." You are not Chinese, let alone Chinese, and doing something in this country is very different from Western society. What's more, you represent Goldman Sachs, and I don't even have a board of directors in Wells Fargo right now, so I can only represent myself. Maybe one day I will become a member of the board of directors of Phu Quoc and maybe it will be a different way. ”

Brown nodded thoughtfully, and said, "What you said is also reasonable, the means used are different depending on the national situation, after all, there are some differences between us, but I don't think this difference will hinder our friendship and cooperation, right?" ”

"Hehe, how can this be? Wasn't it a pleasure to work together before? And both from my consortium and from my personal point of view, it is an honor for us to work with Goldman Sachs in depth. ”

Zhou Liwen's answer made Brown smile happily, although he is rich, but Zhou Liwen's main business is in the high-tech industry, including network electronics and other industries, although Goldman Sachs has a lot of investment in these aspects, but from the actual business focus, there is still a big gap between the two sides.

In the eyes of both Goldman Sachs and Brown, Zhou Liwen is a business genius and has achieved great success in the fields of OR companies and network electronics, but they do not have much in common. Moreover, Zhou Liwen is very rich personally, and his company and consortium are not short of money, so there will be no financing and venture capital cooperation with Goldman Sachs. Don't forget, in addition to these industries, Zhou Liwen also has an absolute controlling stake in the restructured No. 1 National Bank of the United States, plus his investment bank in New York has been very good in the past year and has made huge profits. In addition, Zhou Liwen also controls the equity of Shanghai Bank, and more importantly, Alipay, an online banking institution that was born out of nowhere, since Zhou Liwen took the initiative to give up the domestic 3 business, so as to obtain the license of the Central Bank of China in exchange for this kind of exchange, Alipay, including its derivatives, has seized a large number of markets in an explosive way, which has attracted the attention of international giant investment banks such as Goldman Sachs.

In Brown's eyes, Zhou Liwen has indeed not entered the board of directors of Wells Fargo now, and is just a shareholder of Wells Fargo. But in the future, relying on these industries and financial institutions, it is natural for Zhou Liwen to join the board of directors of Fuguo, which is only a matter of time. From this point, whether it is the senior management of Goldman Sachs or Brown himself, Zhou Liwen has been regarded as the rising financial predator, and the two sides are already on an equal footing. This is also the reason why Zhou Liwen found out the source of Bai Fugui's funds, and through the tentative contact between Fuguo and Goldman Sachs, Goldman Sachs took the initiative to cooperate with Zhou Liwen, and even secretly joined forces to pit Liang Shao.

After chatting casually, Brown gradually mentioned Zhou Liwen's success in Alipay, and expressed high praise for Alipay, praising him for this financial product as a genius method for the operation of the financial industry, and even changed the trend of the traditional financial industry.

"It's just a mistake, Alipay has actually been three points of operation and seven points of luck until now, to be honest, I didn't expect today's achievements when I was engaged in this thing." Zhou Liwen smiled a little modestly, in his opinion, Brown's words are also three parts true and seven points false, as the old saying goes, nothing to be courteous and not a traitor and a thief. Brown put on a high hat for himself, and he didn't believe it if he hadn't tried to kill Zhou Liwen.

"You're too modest bavc, it's not like an American habit." Brown joked.

"Mr. Brown, your courtesy is also not a habit of the Americans, but I can understand it, because we are now in the ...... of China." Zhou Liwen winked at him playfully, and Brown immediately laughed.

"Yes, yes, maybe I've been in China for a long time and my thinking is a little ......." Brown pointed to his head with a finger: "Just like a Chinese idiom, follow the local customs." ”

"Very apt, congratulations Brown, you are already a complete China expert." Zhou Liwen praised him happily, and Brown suddenly seemed very happy, of course, God knows whether this happiness is true or not.

"It seems that we have a lot of common language, so I think we might be able to get along well in some collaborations. "The meat is coming" Zhou Liwen said secretly in his heart, slowly stirring in the coffee cup with a spoon, and said with a smile on the corner of his mouth: "It seems that you have been prepared for a long time today, just say it, you ...... Or what are you Goldman Sachs going to work with me? ”

"What about the Chinese government's bond business? Interested? Brown asked, smiling, a little unexpectedly.

"The Chinese government's bond business? Are you referring to Treasury bills? Zhou Liwen was stunned for a moment, and immediately said strangely: "I remember that the treasury bills are sold by the central bank, right?" Moreover, the domestic sales in China have been handed over by the central bank to several major banks for sales, and they have also been directly added to the scope of securities business. As for international sales, this is a matter for the central bank, the Ministry of Finance, and the Ministry of Foreign Affairs. How did you Goldman Sachs as an investment bank come up with this? ”

"No, no, no, I'm not talking about Treasury bills." Brown shook his head again and again: "Of course, the national bonds are in the hands of the central government, including our US Treasury bonds are also sold by specialized institutions, although from the perspective of business operation are not as rigid as China, but the basic model is the same." Just as Wells Fargo undertakes a portion of the annual sale of U.S. dollar bonds, we at Goldman Sachs do part of it. But what I'm going to say today in bonds, although not Treasury bills, have something similar to...

Strictly speaking, it is not a public bond, but a loan from a local government. ”

"Local debt?" Zhou Liwen instantly understood, it turned out that Brown was referring to local debts, of course Zhou Liwen knew this term, according to what he knew, the current local debts should be around 211, and now there are still several years before 211, is history changing, and now local debts have appeared in advance? Or is it that Zhou Liwen did not know the reason for the local bonds due to the information limitations of his previous life, and this kind of bonds had actually been sold long before the approval of the central government?

Both may seem to be both, but Zhou Liwen still leans towards the latter. With China's tax reform, after the separation of national and local taxes, the financial pressure of local governments has never decreased. Perhaps the official document of the state acquiescing in local government debts around 211 was also a helpless move made by local pressure because the rice had already been cooked and cooked.

"Local debt?" Brown was stunned for a moment, and then nodded: "This name is very apt, I have to say that the combination of words in Chinese is more flexible than English, and three simple words very describe the nature of this bond." ”

"I don't think these questions about philosophy and linguistics are the focus of our discussion, Mr. Brown, and I want to ask a question. Have you already started to work with local governments to develop local government bonds? ”

"Preparations are underway, but the local government is no longer a big problem, and now the important thing is to bring the product to the market and sell it." Brown hesitated slightly, but finally told the truth, after all, he wanted to cooperate with Zhou Liwen and had some things that must be made clear, Zhou Liwen is not a fool, he is a rich man with a rich country behind him and three banks owned by himself, some things can't be deceived by him, rather than being found out by Zhou Liwen in the future, the two sides have a falling out, it is better to make it clear now.

Zhou Liwen nodded slightly, it seems that his guess is correct, the local government began to engage in private before the state approved it, maybe there is a Goldman Sachs behind this thing, if Goldman Sachs is not an instigator, it is at least a catalyst for local bonds, otherwise how could Goldman Sachs attach so much importance to this project?

Zhou Liwen still knows a little about Wall Street, and the financial people on Wall Street are the smartest guys on the planet, perhaps they are a group of crooks and robbers with a talent for crime, dressed in suits and polite, and plundering wealth all over the world with all kinds of tricks that can deceive the dead. The current situation of local government bonds is an opportunity they have found in China to take advantage of the lack of capital mentality of local governments, coupled with all kinds of clever capital operations, so as to obtain wealth.

According to the statistics around 214 B, the national local debt was as high as 21 trillion yuan, which was as high as B4 trillion US dollars according to the US dollar exchange rate at that time.

You must know that the fiscal revenue for the whole year of 213 is only less than 13 trillion yuan, but the amount of local debt has exceeded 6% of the fiscal revenue. And according to some sources, these statistics do not include the part of the concealment and concealment of the various regions, and if you add this part of the figures, the amount is simply terrifying.

With such a large amount of local debt, Goldman Sachs would have made a very considerable profit if it only earned a few percentage points, and it was precisely because of this that Goldman Sachs would put local bonds in an important position as an important capital operation. When Zhou Liwen heard the word local debt, his first reaction was that he didn't want to touch this thing, to put it bluntly, it couldn't solve the problem at all, and it was completed only by capital operation, and eventually collapsed like a collapsed stock. For a more important reason, Zhou Liwen has already guessed why Brown raised the local debt with him, and how Goldman Sachs wants to cooperate with him.

"It's a really good project from a financial point of view." Zhou Liwen did not deny that Goldman Sachs had a clever plan and layout, but at the same time, he deliberately wondered: "But I'm very strange, with the strength of Goldman Sachs, it can operate alone, why do you still look for me?" ”

"Hehe......." Brown smiled very easily and put on a very sincere appearance: "You are right, with the strength of Goldman Sachs, it can be operated alone, but you also know that the larger the financial project, according to the practice of Wall Street, it is rarely carried out by a company alone, and the necessary risk risk is the principle that Goldman Sachs has always adhered to." And with your advantages in both the U.S. and China, being a member of the partner is a very suitable choice. ”

"I'm a little flattered." Zhou Liwen shook his head with a smile: "But you also know that my main business is not in this regard." So I don't think I will participate in this operation of Goldman Sachs, and I suggest that you can cooperate with several major national banks in China, which have a great advantage in China's domestic bond lending. Of course, it would be better if you could sell these bonds internationally, and as for the rich countries, I can find a way to match you up, what do you think? ”

Brown was stunned, he didn't expect Zhou Liwen to refuse, and the smile on his face suddenly became embarrassed.

Zhou Liwen didn't seem to see the change in his expression at all, and still looked at him with a smile just now.

"This bastard, he did it on purpose" Seeing Zhou Liwen's expression, Buran scolded in his heart, and at the same time wondered how Zhou Liwen knew his hole cards? Could it be that he had figured out all of Goldman Sachs' plans before meeting with him? But this is absolutely impossible, if he is not clear about Goldman Sachs' plan and the operation mode of local bonds, how can he refuse himself? You must know that this is a very large market, involving hundreds of millions of wealth, even if Zhou Liwen is rich, it is impossible to easily give up the wealth that is at his fingertips in front of him, right?

The conversation was at an impasse, and Brown didn't know how to explain it. Because what Zhou Liwen said also makes sense, since the pie is so delicious, why doesn't Goldman Sachs eat it himself? Why do you want to pull Zhou Liwen to do it together? If this question is not made clear, Zhou Liwen will never let go.

After hesitating for a long time, Brown finally made up his mind, and he spoke: "This ...... BAVC, actually...... Let me tell you straight, this kind of bond has not been approved by the highest government in China, but is only introduced by local governments to raise funds. So the normal sales model is not suitable for its operation, and we intend to ...... it with this aspect in mind. ”

"Wait" Zhou Liwen immediately interrupted his words and asked very seriously: "Mr. Brown, do you mean that this kind of local debt has not been approved by the Ministry of Finance and the Central Bank?" ”

“…… Yes. ”

"So I can understand that this kind of bond is not endorsed?" Zhou Liwen asked again.

Brown smiled bitterly and thought about it and nodded: "You can understand it that way, but although it does not have the endorsement of the state, it is legal ...... in the local government." ”

"Legal? Hehe, Mr. Brown, you think I'm a three-year-old? Don't forget that I'm of Chinese descent, I've lived in this land for much longer than you, and I know better than you what China is like. Without even the endorsement of the state, what are you talking to me about legality? In addition, part of my industry is in China, unlike you Goldman Sachs, where I have my own factory, my own laboratory, and my relatives and friends. If something happens, you Goldman Sachs can leave right away, so what about me? What should I do? Is it my responsibility to let me take all the risks for you? Mr. Brown, you've done a good job."

Zhou Liwen asked very unceremoniously, Brown's old face suddenly turned blue and red, and he didn't know what to say for a while. Zhou Liwen is not wrong, once something goes wrong, they Goldman Sachs can retreat anytime and anywhere, and it is Zhou Liwen who suffers. In this case, it is strange that Zhou Liwen is not angry, if he Brown is teased like this, he may have spilled the coffee in the cup directly.

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