It was only in 2008 that most Chinese people realized what the financial crisis was and what harm it could bring.

In order to make profits, financial capital expands without a bottom line, blows up the bubble indefinitely, and ordinary people are forced to bear the consequences of the financial crisis after only a small benefit.

This is just like the users who bought off-plan houses in later generations, they indirectly enjoyed some dividends brought by real estate development and infrastructure development, but they had to pay for it with half their life's efforts.

In China today, there are two groups of people who are most deeply touched by the financial crisis, one is engaged in finance, and the other is engaged in foreign trade.

The financial crisis has led to a contraction in consumer demand in developed countries, an unprecedented winter in the foreign trade industry, and companies that have not experienced a complete cycle are facing the crisis of closure.

This is why we should rely on the 4 trillion infrastructure plan to stimulate domestic demand, and if domestic demand is not pulled, a large number of enterprises will go bankrupt, which will cause a vicious circle.

"Because my boss is from China, Xinxing Investment has invested in a lot of projects in China, including John, who is the head of Xinxing Investment in China, and we often discuss the Chinese economy.

I feel very honored to have the opportunity to participate in the financial forum held by the Chinese government, and I would like to take this opportunity to express the views of emerging investment on the global financial crisis and the current situation of China's economy. Warren Jensen said.

John is Wu Shiqiang's English name, and Jensen gave a speech at the Yenching International Financial Forum in the morning, and in the afternoon, the organizers specially arranged a moderator to interview Warren Jensen and Wu Shiqiang, which is equivalent to a special discussion on emerging investment.

Wu added: "Yes, China is the most important investment market for emerging investments in the world, and we have a large number of investment projects in China.

Even during the financial crisis, we invested about 20 billion RMB in China in two years from last year to this year, and all of these investments revolved around technology-based companies. ”

The host didn't fail to ask Huaguo as the most important investment market for emerging investment, what is Ameriken, and why did emerging investment invest more money in Neon than in Huaguo.

This is an officially organized forum, and the moderator will not be so discerning.

"Yes, China is the developing country with the fastest growth rate in various indicators in the past decade, and a large number of foreign capital is entering and investing in China, and emerging investment is a typical representative of it." The moderator said.

There are many reasons why the Chinese government from the central government to the local government is very fond of emerging investment, and the direction of investment is more valuable than that of other "own people".

Wanwan Capital and Xiangjiang Capital are also considered to be "their own people", but the capital of these two places, Wanwan Capital comes in to engage in low value-added foundry industry, providing a large number of jobs at the same time, without too much gold content, and causing pollution to the environment.

Xinxing investment is to dig deep around the Internet and semiconductor industries, and the investment is all technology-based enterprises, not to mention cooperating with Xinxin Technology to build Zhangjiang into a high-tech park in the true sense.

Therefore, emerging investment will be invited to give high courtesy to various large-scale activities organized by the government.

"The theme of our international financial forum is the impact of the global financial crisis on the world and China, how do you think about this topic?" The moderator asked.

Warren Jensen said: "John and I have a division of labor, I will introduce the situation of Ameriken, and John will introduce the situation in China.

I worked in an internet company before joining Xinxing, and I also worked in the traditional financial industry, and I have always done finance and investment-related work, so I have a lot of friends on Wall Street.

I have acquaintances with the executives of almost every leading investment bank, and I want to talk about the micro and then the macro first, the bankruptcy of Lehman Brothers has become the focus of global attention, and from the perspective of leverage, Lehman Brothers is not the highest.

Lehman Brothers has always been relatively conservative in investment banking, and its leverage is about 1 to 20, while Goldman Sachs, Merrill Lynch, and JP have a general leverage of 1 to 30 or even higher.

Why Lehman fell first, because their position in asset-backed securities was so big, until last year, their internal executives were still telling me that the subprime mortgage crisis was not going to spread, and that such a bad decision led to the collapse of the giant.

Asset securitization not only increases the liquidity and risk of banks, but also increases the money supply of the entire economy without government regulation, and the US dollar is the global currency, causing the money supply and liabilities to be dispersed across all parts of the global economy, which has only exploded until today. ”

This kind of professional content has particularly high requirements for real-time translation, and a large number of professional words need to be accurately transmitted, and the translator's brain begins to sweat.

"At the micro level, a large number of financial practitioners are taking chances, either believing that the crisis will not spread, that the Fed has a solution, or that they can escape the catastrophe.

At the macro level, it is because of America's long-term monetary easing policy, which is mainly reflected in low interest rates, the official interest rate has been about 2 points lower than that of England, and the manufacturing countries such as China continue to supply low-priced goods to America, resulting in a very low overall inflation rate of America, and these hot money has circulated from ordinary people to the real estate and Internet financial markets, which together created the financial crisis. ”

The low-priced goods supplied by Huaguo to Ameriken are poison pills coated with honey, and if you don't eat them, inflation will cause the overall situation to get out of control, and if you eat it, you will cultivate huge competitors.

Hua Guo is a completely different opponent from the past Confederation.

One of Americaken's most influential journals on international politics, if not one of them, has been written in Foreign Policy since 2007 on two themes, the financial crisis and the rise of China.

The topics of the past have almost disappeared, the Middle East, the Europa Alliance, Russia, etc., and even if they exist, they have not given much space.

After Warren Jensen finished speaking, Wu Shiqiang took over: "Unlike Ameriken, China's financial crisis is more due to external factors.

China's own financial policy is extremely conservative, the debt ratio of the government and residents is very low, the supervision of financial institutions is very strict, the main means of financial management of residents is still savings, and the overall participation of residents in the financial market is very low.

Therefore, the financial crisis in China is mainly reflected in the continuous contraction of the external market, and the demand of traditional foreign trade countries and regions such as Americacan, Europa, Neon and Korea has been decreasing, and foreign trade enterprises are having a particularly difficult time.

As you all know, Xinxing Investment is a major shareholder of Alibaba, and we have been involved in Alibaba's first round of financing.

Alibaba is also the first company in the world to join forces with NewPay to engage in foreign trade confirmation, we can also see from Alibaba's financial report that the income brought by foreign trade confirmation to Alibaba has declined for the first time, and the decline has even exceeded 10%, which is a very ugly data for a company that is still in a period of rapid growth.

The foreign trade industry is very pessimistic, and in this case, what Huaguo needs to think about is how to stimulate domestic demand. ”

China's population, so that every time the financial crisis and sluggish growth come, everyone's first reaction is to stimulate domestic demand, China's economic growth troika, foreign trade, exports and consumption, consumption has always been very weak.

There have been various analyses of the lack of consumption, such as the distribution model, the real estate consumption of too many residents' spending power, the social security system is not sound enough, and the residents dare not consume.

These all make sense, but they can't cover the whole picture, and at this point in time, real estate consumption capacity does not exist, and everyone believes that we should rely on improving the distribution model and raising the wage standard to stimulate domestic demand.

"Just now, both Mr. Jensen and Mr. Wu have interpreted China and the global financial crisis very well, and recently China has also launched a package of policies against Amerike's $700 billion, including rural infrastructure construction, affordable housing projects, railway, highway and airport construction.

What do you think of China's policy package, the difference between it and the Ameritan policy, and whether it can help China's economy emerge from the financial crisis first in the world? ”

If it weren't for the financial practitioners who were specifically responsible for investing in China, they would not have understood the policies that China wanted to adopt, let alone the specific data of China's economy.

Wu Shiqiang understands it very well: "There are a total of 10 of them, so I won't repeat them one by one."

Let me first briefly talk about the difference between the two, Huaguo and Ameriken's bailout plans are completely different, Ameriken's $700 billion will be used to protect their large financial institutions, Citi took $45 billion from the Federal Reserve, and several other big banks, such as Wells Fargo, America, and Morgan, each took 20 billion.

This is just commercial banks, but also insurance, funds, securities, etc., and Ameriken wants to inject liquidity into the entire capital market to keep these large financial institutions from failing, causing systemic risks.

The problem faced by China is different, and China's bailout plan is to protect jobs and people's livelihoods, because the degree of openness of China's financial market is limited, and we will not face the same problems as Ameriken.

We still hope that through these 10 plans, we can stimulate domestic demand, so that enterprises can survive and residents can find jobs. ”

Compared with Ameriken, China's local debt is huge, but the central government's debt has always been very low, and it is also the lowest in the world.

"The most important of these 10 policies is infrastructure, which is related to the most upstream and downstream industries, which can quickly create a large number of jobs and create domestic demand.

And I am more concerned about two points, one is to increase the income of urban and rural residents, look at the specific implementation, which will help expand domestic demand, for the emerging people, we can invest in some enterprises in the consumer industry, which is a target that we have never invested in before.

The other is to encourage independent innovation, support the development of high-tech industrialization and technological progress, Xinxing has been doing this, with the support of the government, I believe that the development of China's high-tech industry will be faster.

Everyone knows that Xinxin Technology is a giant in the chip industry, and we also know that Xinxin Technology is deeply involved in the Shenhai area, and has formed a good set of industry-university-research mechanisms with universities in Shenhai and even the entire Yangtze River Delta region. ”

With the support of Shenhai and Yanjing, Xinxin, Shenhai's local platform company and central investment company jointly established an industrial transformation fund to screen projects with industrialization potential in the Yangtze River Delta region, then invest in them, and help such projects and enterprises cooperate to transform laboratory technology into industrial results.

Because it is dominated by Xinxin, state-owned funds give money, Xinxin also gives money, and gives money generously, and at the same time, it also has a lot of benefits for college professors or young teachers in the follow-up development, and because Xinxin has high requirements, this is a kind of investment.

The academic staff's project is submitted to Xinxin for review, and Xinxin puts this kind of subject on a shared platform they have created, and the technology-based enterprises that join the sharing platform can see all the applied topics, and the enterprises interested in such topics invest initial funds with Xinxin.

Of course, it may also be that Xinxin is interested internally, so Xinxin will pay an extra amount of money.

These money will together constitute the initial funding of this project, and after getting the money, academic staff can go to form a research group, whether it is to cooperate with other professors, or say that it is no problem to do it alone, and then formulate a project schedule and regularly accept the assessment of the company and Xinxin.

If the company is unwilling to continue to pay money, Xinxin will continue to put this topic on the sharing platform to find out if there is a company that continues to be willing to pay money, and it is also possible that Xinxin will invest exclusively in this project.

The project is transformed into an outcome, or it is discontinued.

Because companies have to be deeply involved and have to invest money in it, there is very little waste of resources, and it is also a good learning opportunity for science and engineering academic staff, and students who participate in it can improve their bargaining power in the market by relying on this resume alone after graduation.

This is a win-win situation, and the only downside is that the requirements are particularly high.

"What everyone doesn't know is that Xinxing Investment is also cooperating with some chain owners with core technologies in the Yangtze River Delta region, and is also engaged in similar industry-university-research funds."

The chain owner refers to the enterprises with the leading power in the upstream and downstream of the supply chain, such as the enterprises on the apple fruit chain, which belong to the chain master, and they have the ability to lead the life and death of the entire industrial chain enterprises, and Xinxin Technology and Matrix also belong to this type of enterprises.

"Like Baosteel, SAIC, Shenhai Electric, Fosun Pharmaceutical, etc., emerging investments have relevant cooperation with them."

In the evening, there was a morning in Kavin...

(End of chapter)