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At the end of 1996, when the stock market plummeted, angry stockholders tore up the People's Daily to vent their anger.

It is even more strange to say that China's stock market, there is no bull market or bear market, it is a pig (Zhu) market. Boss Zhu seems very calm about this, don't scold people with dirty words!

Reform is the adjustment of interests, and if there are fewer interests, if there is leisure, we will scold others. If you have a lot of benefits, it's too late to earn and count the money, and you don't have time to say thank you.

For the whole year, GDP grew by 9.6 percent. The national economy has successfully achieved a soft landing, which has both curbed inflation and maintained rapid economic growth. Foreigners know the way, and they are very frightened of China's passing of this danger, thinking that Boss Zhu really deserves the Nobel Prize in Economics.

It was also in this year that China's steel output finally broke through the 100 million ton mark, ranking first in the world.

At this time, the U.S. economy was not called a new economy, and since the seventies, Keynesian theory has failed, and the stagflation problem of high inflation and low growth has been plaguing the heads of government of developed countries.

As a result, the soft landing of China's economy has been highly praised internationally, and very few people in the domestic economic community have questioned the soft landing, and the domestic economic community has been jokingly referred to as ten people can put forward eleven theories.

Over the past '93 years, China's economy has been like a thin pony pulling a big cart under the influence of stimulants, and if it does not stop as soon as possible, once the drug strength has passed, it will overturn with a bang along with the horse and cart.

However, how can we make this a thin horse stop without myocardial infarction, and the leaders of the country have no successful experience and the lesson of failure is close at hand, and although the rectification of governance that began at the end of the eight years has certainly reduced the inflation rate from 18.8 percent to 3.1 percent in 90, the economic growth rate has also dropped from 11.3 percent to 3.8 percent.

The three-year inflation rate of 14.7 percent is approaching the highest level in eight or eight years. The urge to buy goods has been renewed, and stockpiling of dollars, gold and high-quality consumer durables has become increasingly common.

The car had been stepped on hard in the second half of '93. The DP growth rate fell by one point. The inflation rate has risen by more than 6 points to 24 percent. In one fell swoop, it set a new record.

The old method of giving orders is certainly quick to work. However, it not only hurts the muscles and bones, but also can only have a temporary effect. Boss Zhu decided to use market means to regulate the economy. He summed up the experience of the economic ups and downs in the 80s, and tried to control the bubble economy. And to keep the economy growing enough, a soft landing has become his clear policy.

The so-called soft landing. It's just that the economy doesn't come down all at once. Regulation and control should be carried out gradually. Why is inflation worse in '94 than in '93? Because that's the soft landing way. It won't be immediate. Inflation will continue for some time as the trend has eased.

Monetary tightening has completely cut off the source of funds for speculation and real estate bubbles. However, basic production, especially normal production in the impoverished areas and the western region, is also guaranteed. Macroeconomic regulation and control will bring back the overheated areas concentrated in the coastal areas and the excessive capital flow back to the original localities. This approach both reduces inflation and maintains the necessary economic growth.

At that time, the decline in prices coincided with the shortage of corporate liquidity and the decline in investment. As a result, the differences in the economic community began to become obvious, and economists represented by Wu Jing~ and Liu Guoguang advocated continuing to tighten. Another group of economists, represented by Li Yining and Dong Fu, believes that the economy has cooled down. Advocate the relaxation of the monetary roots. There are also calls to expand infrastructure investment to stimulate demand. Boss Zhu's opinion is that it is still necessary to prevent overheating. He also publicly criticized Li Yining. It is proposed to continue to be moderately tightened. Prevent overheating and prevent inflation from returning.

The results of the soft landing are obvious to all. Of course, there are also regrets about local problems. For example, the food problem has not been dealt with well. As a result of the reform of the fiscal and taxation system, developed regions have benefited more. The financial situation of the backward areas has deteriorated. Finance is too centralized. Financial instruments are too dead. Private finance is completely shut down. Rural finance is clearly overkill. In addition, the commercialization reform of state-owned banks is very correct. But the reform of state-owned enterprises has not kept up. Therefore, we have to open our mouths to state-owned enterprises in terms of loans. This has undermined banking reform.

At the Christmas party at the end of '96, Fan Wuxian summed up the work of Fan's Investment Group, saying that this year's income is gratifying, development is gratifying, and expansion is also gratifying, and the assets of the entire group have increased greatly, becoming the biggest winner of the domestic economic adjustment in '96.

Although the financial policy has been tightened, many enterprises have been affected, and the pace of development has been forced to stop, but it is good news for Fan's investment group, Fan Wuxian is not short of funds, so a large amount of investment has been increased in the country in a year, and its enterprises have also developed in depth, investing more than 20 billion yuan in development funds in a year.

With the vigorous development of the enterprise, is the rapid growth of the group's gross profit, the annual profit of more than 40 billion, which only refers to domestic enterprises.

In just a few years, Fan's Investment Group has grown into a giant of domestic private enterprises.

It can be said that the five-year-long Chinese economic landing campaign that was carried out after Fan Wu's return to China in '91 can be said to have been a success.

During this period, Qin Rushan, the boss of Hong Kong Minghui Industry, came to see Fan Wuzhi more than a dozen times in private, and arranged for matters related to entering the Hong Kong stock market.

The sources of this batch of funds are all from abroad into the Hong Kong market, so the domestic side is not very clear, but Qin Rushan met with Fan Wuxian so intensively that it finally attracted the attention of the relevant parties.

Therefore, after not seeing the Minister of Security for many days, Jiang Luo finally found Fan Wuai.

Fan Wuxian received Jiang Luo and his subordinates in front of his company's headquarters, and after serving tea, Fan Wuxian asked, "The minister came to our company, obviously it won't be okay, right?" ”

"Get me something to eat first, what's the use of drinking tea?" Jiang Luo and Fan Wuxian didn't see each other, and they wanted to eat directly.

"Isn't it? As a leading cadre, is there a reason to let the people eat? If the Central Commission for Discipline Inspection knows about this, you won't stop your job?! Although Fan Wuxian said with a smile, he ordered someone to arrange a banquet.

"The Commission for Discipline Inspection can't control us." Jiang Luo snorted.

However, the Ministry of Security is just an organization established by ordinary ministries and commissions, but the power is a bit eye-catching, and the power of the Central Commission for Discipline Inspection and them intersects, but they are generally parallel to each other, so Jiang Luo is not very much a person from the Central Commission for Discipline Inspection.

Now Fan's Investment Group has its own special hotel, and it is very convenient to eat.

Jiang Luo beckoned his people to start eating, and then said to Fan Wuxian, who was watching them eat, "You have been very close to Qin Rushan recently?" ”

"In business, of course, there are dealings—" Fan replied noncommittally.

"It's not just about business, is it?" Jiang Luo pulled the red oil eel silk with chopsticks, and asked with great suspicion, "We think you are injecting a lot of capital into the Hong Kong stock market, who is Qin Rushan?" He started in the Hong Kong stock market, and we know this situation. ”

Fan Wuxian nodded and said, "So what?" Hong Kong is a free port and the flow of capital is unfettered. To put it bluntly, the stock market is an open casino, and we are the guests of the gambling. ”

"The guest is a big bully, and the higher-ups are worried that you have scared others." Jiang Luo stated the purpose of the trip.

Fan Wuxian smiled, and said in his heart that tens of billions of dollars of funds suddenly poured into the Hong Kong stock market, which would naturally set off some storms, but fortunately, Qin Rushan was quite calm at this time, and it took more than half a year to spend the more than 10 billion dollars.

But Qin Rushan flew to the mainland again and again, obviously provoking the attention of the Hong Kong government and the mainland government.

The Hong Kong Monetary Authority also has its own considerations, although the British are leaving, but Hong Kong's prosperity and stability still have to be maintained, which is not only the will of the majority of the people in Hong Kong, but also the wishes of Hong Kong's major families and major consortia.

In particular, the major families are at odds with the mainland government, and there are few private things to do, and everyone mentions that they want to maintain the prosperity and stability of the Hong Kong market, in fact, to ensure that their respective interests can continue to be recognized and develop steadily after the 97th Month.

At this time, Fan Wuxi suddenly intervened, and with such a large amount of funds, even the local consortia in Hong Kong were not small.

Although they can't afford to provoke Fan Wuxi, it should be more pragmatic to pass on the news to Fan Wuxian through the high-level officials in the mainland, so this time Jiang Luo's visit actually represents the opinions of the high-level officials, hoping that Fan Wuxian will withdraw from the Hong Kong stock market.

"The high-level means that Hong Kong people govern Hong Kong, and I hope you don't stick a stick into it." Jiang Luo said to Fan Wuxi.

Fan Wuxi touched his forehead, and then said, "This is too irresponsible.

The four words "Hong Kong people governing Hong Kong" are not a panacea, and they cannot be used everywhere. ”

Regarding this point, Fan Wuxian felt very unhappy, even if your major families in Hong Kong want to carve up the economic sphere of influence in Hong Kong after the return to the motherland, but now it is still the British who are in charge, right? At this time, the mainland government will pressure me, afraid that my mood is not good enough?

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