Chapter 452 South Korean Economic Analysis (Part I)

Chapter 452 South Korean Economic Analysis (Part I)

Cui Yongchang looked at Park Dazhi with a straight face, I don't know why he wants to ask, sometimes business negotiations are taboo for others to ask. It's not that Park Dazhi doesn't know. But from Cui Yongchang's eyes when he looked at him, he really wanted to look like he didn't pay attention to him! Instead, he kept aiming at Zhang Zijian, and looked at him casually, feeling nothing?

It is not impossible for mainland officials to come here to take out loans for their local government, so Cui Yongchang told Park Dazhi the meaning of Zhang Zijian's visit.

After listening, Park Dazhi smiled and said: "I'll just say that they are poor over there, look at it, they are dressed very brightly, it is estimated that they are corrupt!" ”

Cui Yongchang didn't understand why Park Dazhi wanted to target Zhang Zijian, no matter what identity Zhang Zijian was, at least he was also his customer, Cui Yongchang frowned slightly, glanced at Zhang Zijian with squinted eyes, and shook his head with a sigh.

Anyway, the matter has been talked about for the same time, and there is nothing Zhang Zijian can do, so he wants to take someone back. Find Li Baoen in the crowd and say goodbye first. Li Baoen also saw that Zhang Zijian was not very comfortable here, nodded and agreed, saying that he would go to him tomorrow morning.

When he walked to the door, he was stopped by Park Dazhi and several people, and said contemptuously to Zhang Zijian: "The kid from the mainland, is this how you go?" ”

After the translation, Zhang Zijian could see that he was purely looking for trouble, relying on the fact that he was the second generation of the rich, and began to break away with Zhang Zijian.

Zhang Zijian said: "I'm sorry, I still have something, but there is an old saying in China, being a good dog doesn't get in the way." Pretty good dogs? Just get out of the way, don't want to be? You continue to stand, and I take a detour. ”

Zhang Zijian's words were very hurtful, and the translator saw him smile and said, do you want to translate the original words. Shi Longxin saw the translator looking at Zhang Zijian, and said softly: "The original words were translated into the past." "Tonight, this person is looking for trouble, and Shi Longxin is also angry. Seeing Zhang Zijian say this, he knew that Zhang Zijian was angry in his heart. Others have been bullied to the head, and they will no longer fight back, which is too embarrassing for the Chinese people.

Sure enough, when he saw Zhang Zijian say this, if the translator didn't say the original words, then his momentum would be weak. Sure enough, the translation of the original words passed. Park Dazhi and the people behind him were furious, and they were about to go up and push Zhang Zijian, Zhang Zijian took a step back and said: "Mr. Park, I'm not afraid of what you are messing with, but this is someone else's place, and I don't understand why you want to target me, do you want me to look good?" Humiliate me, will you be happy? ”

Zhang Zijian saw that the two had a dispute at this time, and many people came over to see it, and when the translator said this, many people felt that Park Dazhi did not give Li Chengguo face by doing this, and Li Chengguo also looked at Park Dazhi with a straight face and said, "Dazhi." If there is any misunderstanding, it is better to talk about it. ”

Li Baoen glanced at Zhang Zijian apologetically, and said to Park Dazhi: "Dazhi, Mr. Zhang is our invited guest, it is really rude for you to do this." ”

Park Dazhi didn't say a word, in fact, he came to find trouble, just said a word, which made the other party angry, but unfortunately before it broke out, he was surrounded by people, and the house was facing foreigners, he Park Dazhi didn't want to lose this person. turned around and left angrily with others, even walking away was so arrogant.

Li Baoen turned to Zhang Zijian and said with a half-bow: "I'm sorry, the hospitality is not good, it's rude." ”

"It's not your fault, thank you very much for your hospitality, farewell." After speaking, Zhang Zijian also nodded slightly, which was regarded as a return gift, and left with the three of them. When he came, he came with Li Baoen's car, and when he left, he was also Li Baoen's driver and brought it back.

Halfway down the road, several luxury cars suddenly appeared and began to chase Zhang Zijian's car. Zhang Zijian looked back, and Shi Longxin beside him also looked at it, and said to Zhang Zijian: "It's so despicable! ”

"Hmmm! Go to the embassy. Zhang Zijian doesn't want to cause trouble here, he just wants to get the funds in a short time, and the current financial situation really makes Zhang Zijian uncomfortable. He wants the help of his elders, and he can also solve the problem temporarily? But he wanted to try his ability to fund, otherwise the guise of that airport would be in vain. (The establishment of diplomatic relations between China and South Korea was on August 24, 92.) For the sake of the development of the story, we have to advance, forgive me)

Now Zhang Zijian can only endure it, and the person who is looking for trouble is just a passerby in his life, and he has to do it in order to look unpleasant, which is not worth it in Zhang Zijian's heart. Even just doing it would affect his plan, so he still chose to shinobi. I went to the embassy to report to the embassy, and I haven't come here to show up yet, so I just took this opportunity to report to the embassy, and it can be regarded as finding an organization.

Shi Longxin's assistant Zhang Zijian last night also learned about several organizations in South Korea, of course, the address of the embassy was still remembered, and he told the translator the address of the embassy and asked the translator to tell the driver.

At this time, the driver saw the provocative luxury car, and said something in a hurry, and the translator said: "Zhang, the driver said, let us call the police." ”

"Wait a minute, let him drive smoothly. Don't be influenced by the outside. Zhang Zijian felt that the other party was also scaring him, as long as he was timid here, he would be more arrogant over there, maybe he would be bullied even more, as long as he remained in a stable state, the other party would feel bored, and he might be able to reduce the provocation.

The speed of the car is still going on slowly, as long as the other party dares to deliberately install it, that Zhang Zijian will spare his energy to play with this group of arrogant guys.

Zhang Zijian is very calm when he closes his eyes, and the more he goes to the city, the more vehicles there are, which makes Zhang Zijian even more advantageous.

It's a pity that there is no mobile phone now, and even if there is, there is no camera function, and there is no way to collect evidence. Sure enough, the other party only scared Zhang Zijian, and did not make drastic movements, obviously feeling that Zhang Zijian was a coward.

After a few intersections, the following luxury car turned a corner, Zhang Zijian was always thinking about the report in the car, the report he read back then, was about the defeat of the South Korean economy, to be honest, Zhang Zijian did not know about the South Korean economy, as if he had read a report, a detailed introduction to the early nineties to the 97 years when South Korea had a major economic crisis when the Asian economic crisis came. Many companies have gone bankrupt, and banks have a lot of bad debts.

After arriving at the embassy, Zhang Zijian and Shi Longxin came to report and prepare a case to explain that they came to South Korea for business negotiations. Zhang Zijian didn't say anything about being chased, after all, it was very troublesome to investigate this matter, and he had to report the case to the local police, Zhang Zijian's official was too small, and he was not like the staff in the embassy, who could protest diplomatically or something. In short, it is not a small matter, Zhang Zijian doesn't want to trouble, if it is really big, he can let the organization go out. Or find a family relationship and ask the ambassador to South Korea for help or asylum.

It was close to the early hours of the morning when I returned to the hotel, and as soon as I entered the door, I heard the phone ringing, Zhang Zijian picked it up, and heard that it was Li Baoen's phone, Zhang Zijian asked, "Why haven't you rested yet." ”

"Oh! You've finally answered the phone, and I almost went over to look for you. Li Baoen said.

"Nothing? There was a little accident on the road, and that Park Dazhi seemed to be dissatisfied with me and chased my car on the road. Zhang Zijian said.

"Ahh Li Baoen covered his mouth, slightly surprised.

"Nothing? Maybe you want to play a joke on me! It's okay, after I came back, I went to the embassy, and I haven't been to Korea yet, so I happened to be on the way. It's so late, find me something. Zhang Zijian explained a little.

"It's nothing, I'm sorry for today's incident." Li Baoen said.

"It's okay, I said, it's not your fault, okay, I'm safe now, there are some things to think about, you rested early, and you didn't rest well today." After Zhang Zijian said, he didn't rest well, Li Baoen's ears were red when he listened, but fortunately Zhang Zijian didn't see it, otherwise this guy would say that he was pretending to be innocent.

After talking to Li Baoen on the phone, Zhang Zijian lit a cigarette and slowly thought about what he learned about the Korean economy in his previous life.

The first thing that comes to mind is that since the seventies, South Korea has achieved rapid economic growth and remarkable achievements, and is known as one of the Asian Tigers. South Korea's economic development model has always been very impressive. The South Korean government not only formulates industrial policy and directs exports, but also directly controls the financial system. In a fairly short period of time, South Korea's manufacturing industry has achieved strong competitiveness in the international market. Industries such as automobiles, electronic devices, chemicals, shipbuilding, and steel have all reached a fairly high level.

Hyundai, Daewoo, Samsung and other large enterprises are famous. However, the good times were short-lived, and South Korea was hit by a financial crisis in 1997, and the losses were very heavy in just a few months. The exchange rate of the won fell from 1 US dollar to huàn 894 won in July 1997 to 1,680 won in February 1998. The stock market index fell from 731 in July 1997 to 302 in June 1998.

Thinking of this, Zhang Zijian frowned, do you have to wait until 97 to clean up South Korea? At that time, the Asian economic crisis had swept across Asia, and the country invested more national reserves in order to save Hong Kong. At that time, Zhang Zijian did not necessarily have time to speculate on the Korean market and fell into the ground.

Zhang Zijian closed his eyes and continued to think, taking a pen from time to time to write down the number he thought of on a piece of paper. South Korea's GDP fell by 5.8% during the economic crisis. Investment fell by more than 20 per cent, wages by 10 per cent, and domestic consumption by more than 10 per cent. Eight of the 30 big chaebols went bankrupt. Unemployment is rising rapidly, capital is fleeing, financial chaos is unprecedented, and markets are in a depression.

In the wake of the Asian financial crisis, many economists have been asking why South Korea is experiencing a financial turmoil. Are there any warning signs before the financial turmoil in South Korea? Why is South Korea not sufficiently vigilant about the financial turmoil, let alone taking effective preventive measures? If the South Korean people are criticized for not having a sense of crisis, it is obviously inconsistent with the facts. South Korea has been facing various pressures during the long-term division of the Korean Peninsula, so the South Korean people have a strong sense of distress. Many outstanding South Korean economists had repeatedly sounded the alarm before the financial crisis, making it clear that South Korea's financial institutions were extremely fragile and that they were likely to face a very severe crisis under external shocks. At the same time, however, there is another group of economists with a different view. They cite a number of macroeconomic figures, repeatedly stating that the problem is not so strict. Their main basis is that in the early 90s, the national economic growth rate of South Korea had been maintained at more than 5%. It was 8.3 per cent in 1994 and 8.9 per cent in 1995. Such rapid economic growth is relatively rare in the world.

Due to the high economic growth, the domestic market of South Korea is quite prosperous and the unemployment rate is low. South Korea's household savings rate has been consistently above 33%. Even after the financial turmoil, South Korea's net savings rate did not fall. The only thing that has some problems is foreign trade. Since South Korea's imports grew faster than its exports in the early 90s, it has been running a deficit under the current account.

Thinking of this, the corners of Zhang Zijian's mouth smiled a little, South Korea's savings are very high, is it a ten-year loan to make a gambling contract, or repeat the hand that played in the Soviet Union. But it needs to be planned. Tilting his head and continuing to think for a while. Zhang Zijian stood up, poured himself a glass of water, lit a cigarette, squinted his eyes slightly and continued to think, and continued to write the number jù in the notebook.

From 1994 to the third quarter of 1997, just before the crisis, South Korea's current-account deficit accumulated about $47.5 billion. In 1996, the foreign trade deficit reached 4.4% of GDP. However, this does not seem to be enough to undermine strong macroeconomic fundamentals. Many countries have had similar problems in a short period of time, and the consequences have not been very severe. Many observers have highlighted the overvaluation of the won and the decline in world semiconductor prices in 1996 as important factors in South Korea's current account deficit. In fact, in 1997, the foreign trade deficit had improved, with the current-account deficit falling to 1.7 per cent of GDP. In conclusion, judging by macroeconomic indicators, there is no reason to say that South Korea's economy is facing a serious crisis, and when these two different estimates are presented to the leaders of the South Korean government, banks, and business circles, almost all the leading figures prefer the latter.

The South Korean government is not ignorant of the finances of big business and banks. South Korea's foreign debt is the result of its industrial policy, and it is the big companies that South Korea is proud of borrowing heavily and ultimately not being able to repay it. They are the pride of the South Korean economy and have a bearing on the vital point of the national economy, and once they go bankrupt, they will inevitably implicate a wide range of people and shake the country's foundation. Coupled with the intricate relationship of interests between the chaebols and government officials, the South Korean government is desperately trying to cover up the truth in order to stabilize people's hearts. South Korea's general election was held at the end of 1997, and the ruling New Korea Party had to whitewash its peace in order to win votes. They strive for all kinds of bad news and use all kinds of ways to sing the praises of virtue.

South Korea's banks have historically followed the government's lead. If we admit that there is a problem in the financial system, it will be difficult to get away with it once it is investigated, so the financial community has firmly denied that the crisis is imminent. South Korea's chaebol giants are all saddled with a lot of debt, and they hope to have a chance to gamble again. If foreign financial groups are allowed to know the truth, will it not cost them their lives once the funds are withdrawn? In this context, the alarms raised by economists have not been fully heeded by the government and the population.

High debt ratio and non-performing bank loans. The most convincing warning signs of a crisis are South Korea's debt ratio and non-performing loans in the banking system. While most of South Korea's macroeconomic indicators are quite good, high debt and non-performing loan ratios make South Korea's financial system very fragile. As shown in Table 3, Korea's total debt has continued to rise, with the ratio of external debt to GDP rising to 31 per cent in 1996 and 33.2 per cent in 1997. However, compared to the world's high-debt countries, South Korea's foreign debt, although high, does not seem to have reached the level that would trigger a crisis.

Foreign debt, thinking of this, Zhang Zijian had to stop, why not start with foreign debt. When South Korea's economy was revived, many domestic leaders were still interested in South Korea. In the previous life, there were many Korean companies in China, and the two sides had important cooperation in economic development. If you go back and collect some information, maybe you can let the cash-strapped China take out some money and invest in South Korean government bonds, which is another opportunity to short sell the Korean won, or shift the trouble to Jiangdong and turn the South Korean economy upside down, so that Uncle Suo can concentrate his energy on South Korea and avoid heavy losses in Hong Kong?

However, this needs to be planned first, or when Uncle Suo disrupts the Asian market, Zhang Zijian focuses on messing up the Korean market, so that he can make up for it bilaterally, just like locking up the position. Anyway, Zhang Zijian is playing short selling, and the more it falls, the more money he makes.

And the key logo in the notebook.,Study this plan well? The key problem with why such a large amount of external debt is caused is that the proportion of short-term external debt is too high. Since the 90s, the ratio of short-term debt to all external debt has remained above 50 per cent. In 1996, South Korea's foreign exchange reserves were $33.2 billion and its short-term external debt was $93 billion. Short-term external debt is 2.8 times the amount of foreign exchange reserves. Under strict foreign exchange controls, the South Korean government is unable to guarantee the repayment of loans due in hard currency due to the lack of foreign exchange reserves.

If there is a problem of excessive bank debt in the domestic financial market, the South Korean government can postpone or adjust the peak debt repayment through administrative intervention. However, once short-term foreign debt exceeds foreign exchange reserves, it is tantamount to putting the country's financial security in the hands of foreign banks. If the foreign financial institution agrees to give new loans, then the life can go on with new debts and repayment of old debts. If foreign financial institutions do not agree to extend new credit, or even force them to repay their debts, capital will flee, and a financial crisis will immediately occur.

There is no doubt that the imbalance between short- and medium-term assets and debt in the financial and industrial sectors was a very important cause of the financial crisis in South Korea. Before the financial crisis, financial institutions around the world were very happy to lend to South Korea's chaebols, so why did they suddenly change their stance and instead of lending anymore, they rushed to flee? Some say that this is the imperialist conspiracy. However, the people who make this accusation cannot prove how so many of the world's financial institutions can coordinate and act in unison.

In fact, however, there is no mechanism for the many international financial institutions to act in concert other than the assessment of financial risks. In addition to high debt, South Korea is judged to be in financial risk, and the ability of banks to repay its debts. If Korean banks have high non-performing loans, they may not be able to repay their debts on time. According to the official figures given by South Korea, the non-performing loan ratio of banks is not high. In 1996 it was only 4.1 per cent. Before the financial crisis, in 1997, it was only 6%.

Like other Asian countries such as Japan, Thailand, the Philippines, and Indonesia, many of South Korea's official financial statistics lack credibility. It was only after the financial crisis in South Korea that it became clear that the official non-performing loan ratio was calculated based on the disaggregated assets provided by the banks. In order to cover up the problem, many banks not only deliberately confuse the definition of asset classification, but also manipulate the collection of numbers. If calculated through the corporate balance sheet, the potential non-performing loan ratio is likely to be much higher. M and Miiin calculated the non-performing loan ratio using the "interest rate coverage ratio" after counting more than 6,000 companies.

Before the financial crisis, South Korea's non-performing loan ratio had exceeded 20%. The Bank of Korea's asset structure has become so poor that it has actually become a big landmine, and it may be stepped on at any time. Seeing this, it is no wonder that foreign banks are so ruthless and afraid to avoid it.

Zhang Zijian laughed hesitantly, he thought of a big pit, this thing is a circular pit, with a state loan, he borrowed money from the bank on the land side, and tried to make a bad debt or privately acquire a South Korean company, and then continue to borrow from the bank, this company will be half dead, and when it is about to go bankrupt, borrow from the bank, do not give a loan, it is easy to do! The previous loan could not be replaced, so it could only be repaid with new debt, like the Bank of Korea. However, the South Korean government is very inauthentic, perhaps in order to support South Korean banks to continue to let him deposit zài Yan zhòng's deception and false reporting of the number of jù. In order to disguise the wrongdoing, banks try to report as little as possible. The number of non-performing loans used to deceive banks is 3~4 times higher than the number reported by them. Until near 2000, it was not clear how many NPLs there were in the financial system. When the Asian financial crisis swept in, foreign financial institutions were quick to recognize South Korea's problems. Huge foreign debts and non-performing loans are two important warning signs of a financial turmoil in South Korea, but neither the government nor the opposition in South Korea received this information before the financial turmoil. South Korea's experience proves that the statements of government officials must not be taken lightly before the financial crisis.

Whether it is Thailand, Malaysia, Indonesia or South Korea, almost all financial officials categorically denied that the country was facing a crisis before the financial crisis, and even made very optimistic estimates. In November 1997, South Korea's economy was already in such bad shape that even senior South Korean officials denied that South Korea would face a financial crisis similar to that of Southeast Asian countries. "South Korea will never become another Thailand or Mexico," the government statement said. It's hard to imagine that the South Korean economy will collapse, and this speculation is unrealistic." Even the president of South Korea at the time vouched for the financial sector on various occasions. As a result, when it was possible to proceed with financial reform in a calm manner, the South Korean government not only failed to implement any meaningful reforms, but instead indulged the further expansion of the eight chaebols, and finally, led to the loss of control of the financial situation.

Officials in charge of finance and economics do not necessarily want to fool the public by spreading optimistic news. In order to stabilize people's hearts, they have good intentions and are willing. But the financial turmoil has relentlessly embarrassed these government officials. In the aftermath of the financial turmoil, the population was dissatisfied with the government. In order to stabilize the financial market, it is necessary to restore confidence in the country's administrative capacity and financial system. It is precisely because the statements of government and bank officials do not match the facts that people no longer believe in the promises of governments and banks. Those in power have faced a credit crisis and must face reality and admit their mistakes. The credibility of the Government and the Central Bank cannot be restored without accountability. Often, financial officials resign first, and eventually, even the head of government steps down to show responsibility. The president of the Korean Finance and Economics and other senior advisers have resigned. The ruling New Korea Party lost the election. The new president, Kim Tae-jung, was ordered to take office and unceremoniously imprisoned more than 300 corrupt or derelict financial officials and bank presidents. In his speech to the US Congress, Kim Dae-jung pointed out: "The cause of the crisis in South Korea is very clear. My predecessor did not practice democracy and a market economy. The government's collusion with big business, excessive government intervention in the economy, widespread corruption, and massive borrowing have made South Korea's banks and businesses very vulnerable. ”

From this article, Zhang Zijian thought of corrupt high-level officials, and even cultivated a puppet official, but unfortunately South Korean government officials, and even bank executives are not as easy to fool as little Japan, is it impossible to get a few girls from Japan, since ancient times, you are a high-ranking official, as long as you are caught, you are not obedient, and all corrupt officials do not know national borders! South Korea's lesson also proves that perhaps only a replacement of the head of finance and economics in the government, or even the highest person in charge of the country, can pave the way for reform. However, changing the financial and economic leaders too frequently is also detrimental to economic development. South Korea has had seven prime ministers in five years (Thailand has had nine prime ministers in 10 years). When a new official took office, he was ousted before he could gain a foothold, and no one could care about the worsening economic crisis.

It was only in the wake of the financial turmoil that the braggart so-called economists in South Korea became notorious. The economists who had given the warning signal were lamented and regretted why they had not been able to do more to arouse the public's sense of crisis. In the nineties, the industrial policy of the government of South Korean President Kim Yong-sam was characterized by a government-led financial institution. The government, the chaebols, and the banks are closely integrated, using various means to prop up large conglomerates. The South Korean government's industrial policy ensures that the chaebol is able to make significant venture capital investments in emerging industries. Like Japan in the 50s and 60s, South Korea has successfully achieved industrial upgrading. In a short period of time, the Korean chaebol has become a strong competitor in the international market for high-tech industries, as well as in the steel, shipbuilding, automobile, and semiconductor industries. However, South Korea's industrial policy has also created a double distortion between corporations and banks.

South Korea's industrial policy has created a monopoly with a high degree of dù, undermining the market mechanism and the level playing field. In 1994, the assets of the four largest conglomerates in South Korea: Hyundai, Samsung, Daewoo and Luxe Gold accounted for 22% of all corporate assets, 32% of sales, and 47% of the country's total foreign trade. Due to the lack of fair competition in the domestic market, large Korean enterprises have detached themselves from the supervision of the domestic market and lost the ability to improve themselves and correct their defects in a timely manner.

In order to achieve the goal of industrial upgrading, the government has given large subsidies and loans to large enterprises, which has softened the budget constraints of enterprises and severely distorted the behavior of enterprises. The low cost of access to capital for large businesses encourages them to overinvest. Since the government bears the risk cost of the investment, there is always a higher return on risky investment. In order to achieve the goals of industrial policy, enterprises take large loans against the norm, invest continuously, and blindly expand production regardless of risks.

In order to accelerate their expansion, South Korea's large corporations need to invest in a steady stream of money. Large corporations tend to raise capital by borrowing money rather than selling shares. They borrow from banks, and banks borrow from home and abroad, and they use debt to support debt. For example, in order to allow "Daewoo" to switch from textiles to automobiles, the government provided a large number of concessional loans, making its debt 8 times higher than its own capital. South Korea's industrial policy has pushed big companies to strive for capital-intensive and technology-intensive products. In order to compete with the advanced industrial countries of the West and gain market share, they can only sell at a loss. South Korea's top 30 companies have a return on capital of less than 0.5%. The debts on the shoulders of big businesses are getting heavier and heavier. South Korea's top 30 companies own only 18% of their own assets, the vast majority of which come from bank loans, and two-thirds of banks' assets come from external debt. The ratio of owned capital is very low. It was 6.31 per cent in 1992 and 5.84 per cent in 1996. Since large enterprises rely on loans to operate, domestic interest rates have been raised, which is not conducive to the development of small and medium-sized enterprises. In 1996, the amount of liabilities of listed companies in Korea increased by 20.3 per cent compared to 1995. The ratio of liabilities to total assets rose from 83.1 per cent in 1995 to 84.1 per cent in 1996. The company's assets are of low quality, poorly managed, and insolvent. According to a survey by the South Korean Fair Trade Commission, in 1996 the debt ratio of South Korea's top 30 companies was as high as 49%. The debt-to-asset ratio of the 30 largest enterprises in Korea was 427.7% in 1995. Among them, the debt ratio of Zhenlu Group reached 3619%.

After pushing the economy to a peak, South Korea's industrial policy is inevitably reversed, and it is gradually moving towards its opposite. At a time when South Korea's big companies were ambitious to gain ground in the high-tech industry, in late 1995 and early 1996, global prices for semiconductors, steel and petrochemicals fell, while the yen depreciated, making it difficult for South Korean goods to export. Thirteen of South Korea's top 30 companies are in the red. With a track record of success, huge production scale, and strong economic strength, South Korean companies and banks have a good reputation, and it is hard to imagine that these large companies will also be in crisis. At that time, it was easy for large Korean companies and banks to raise funds in the international financial markets. Since borrowing to expand has become a common strategy used by large enterprises, they are driven by inertia to change their capital and increase profits, borrow new debts, repay old debts, and borrow more and more.

Zhang Zijian opened his eyes, looked at the ceiling, and wrote in his notebook that he could not take advantage of the economic crisis in South Korea to buy large enterprises in South Korea, otherwise debt alone would be a bottomless pit. I can only start to raise a solid enterprise from now on, slowly go into debt, and grow it with South Korea's debts to become a first-class enterprise. Listed to absorb funds from the Korean market, through guò tripartite cooperative enterprises, the funds are transferred out one after another. RO