997 was a very dramatic year. The most popular movie in the world is "Titanic", the largest luxury passenger ship in the world in the early 20th century, sank into the bottom of the North Atlantic Ocean with elegant music accompaniment and terror screams. Together, the love between the young wandering painter Jack and the noble lady Rose.

When Chinese audiences walked out of the theater with mixed feelings, tragedy was taking place in the business world, and sadness was exactly the same.

The Asian financial crisis started in the summer and lasted for more than four months. It had a significant impact on Asian countries and all industries.

Middle-class property in the Philippines, Malaysia and Indonesia shrank by 50%, 61% and 37%, respectively, while residents' assets in Hong Kong, Singapore and Thailand fell by 44%, 43% and 41%.

When the storm swept across Thailand, New York Times columnist Thomas Ridman happened to be in Thailand. Later, he described the scene with lingering fear in the best-selling book "The World Is Flat", the Thai government announced the closure of 58 major financial institutions, and overnight, the private bankers broke the bankruptcy. He drove to Asu Street in Bangkok to attend a party, which is Wall Street in Thailand, where most of the bankrupt financial institutions were closed.

When his car slowly passed these bankrupt banks, the driver murmured to himself, "It's collapsed, it's collapsed, it's collapsed, and these Thai banks have become the first dominoes in the first global financial crisis in the new era of globalization.

Even the most developed countries in Asia cannot survive.

In South Korea, the attacked won depreciated wildly for 50% in more than two months, and the country's economy was almost on the verge of collapse. The South Korean government had to ask for emergency assistance from the United States, Japan and the International Monetary Fund, with the loan amount reaching a global record of 55 billion US dollars, and was forced to commit to implementing strict economic plans and reducing economic growth rates, and economic autonomy was once lost.

The South Korean government issued a policy of tightening the belt to all civil servants, requiring civil servants to deposit at least 10% of their salary into the bank, while the people spontaneously donated their gold, silver and jewelry at home. In the storm, the unemployment rate in South Korea reached as high as 11% of the 11 countries suffered a loss of exchange difference of at least 3 trillion won, and the repayment of foreign debt principal and interest increased by 4 trillion won.

Many large companies in China have declared bankruptcy or fell into desperate situations, including Daewoo Group, which was unlimited in previous years and was regarded as a benchmark by Chinese companies. When the storm swept, Daewoo, which has been in rapid expansion, was actually in debt, and the company's borrowing funds reached a scale of 20 billion US dollars.

Faced with the crisis, South Korea's Daewoo Ji has adopted a series of contraction plans, but at the same time it doubled its bets on the automobile business. It raised $13.5 billion in short-term debt funds by issuing large amounts of high-interest bonds and commercial paper. It successively took over Shuangyong Automobile and Samsung Automobile and continued to advance its international auto giant's strategy.

By the end of the year, Yu Landlord Loan Bank would have further additional loans to him. Two years later, Daewoo, who is in debt of US$80 billion, finally declared bankruptcy.

In Japan, although the yen was not directly attacked, the turbulent austerity effect also spread rapidly to all real estate industries. On September 18, the star Japanese retail industry star company Baban Company filed for bankruptcy.

This is a legendary company that Chinese consumers are very familiar with. The founder of the land, Kazu Hoda, started working as a child worker at the age of ten, started a small vegetable and fruit shop in Japan. After 40 years, it has developed into a small vegetable and fruit shop with a sales of 5 billion US dollars per year, and has 400 department stores and supermarkets around the world. The Japanese TV series "Ashin" filmed as the prototype of her life once set the highest ratings record in China.

At the end of 1995, when the No. 18th Companion in Shanghai opened, a total of 1.07 million customers flocked to the market that day, setting a Guinness World Record.

Asian financial storms are taking turns in countries around China. The tragic scene is terrifying. Financial capitalism and globalization show its fierce and powerful destructive side. This will naturally affect China's real estate industry economy and people's mentality. In the midst of a sharp drop in global stock markets, the Chinese stock market, which was quite active in the past, also fell into a slump. The consumer market is even more depressed.

After several years of macro-control, the pressure of inflation has gradually released, and the inflation rate has almost dropped to zero, but the situation of overcool consumption has also appeared. According to the report of the National Bureau of Statistics, by the middle of this year, the total value of industrial inventory products in the country exceeded 3 trillion yuan, and there was a structural surplus, and more than 90% of industrial products were oversupply.

In June, the State Economic and Trade Commission, the Ministry of Domestic Trade, the Ministry of Foreign Trade and Economic Cooperation and others had to jointly establish the National Inventory Commodity Adjustment Center in order to accelerate the circulation of enterprises' commodities.

In addition to lending the Hong Kong Special Administrative Region Financial Administration to support the Hong Kong dollar for 200 yuan, the financial team has gained a lot from the Hang Seng Index. Soros and others were caught off guard and thought that Fan Wubing shorted the Hang Seng Index in advance. The stock market fell sharply and they were confused. The Hang Seng Index fell directly from 18,000 points to 9,000 points. Then Fan Wubing used huge amounts of funds obtained from profits from local markets to buy the bottom of the Hong Kong stock market and Hong Kong stocks slowly heated up, and finally stabilized above 13,000 points.

In short, speculators have suffered heavy losses, and although investors have suffered a lot of losses, they are generally affordable under such a global stock market crash.

The Hong Kong financial management authorities closely cooperated with Fan Wubing, one was to use huge foreign exchange reserves to absorb the Hong Kong dollar, and the other was to raise interest rates and tighten the money. After a confrontation, Hong Kong stocks stopped in a row during the continuous decline and began to soar strongly, mainly because with the support of the mainland government, Chinese capital and foreign funds entered the market. Twenty-four blue chip and red chip listed companies repurchased shares from the market, pushing the market upward. China Telecom returned to the level above the IPO price, which also had a certain stimulus effect, causing red chips and state-owned enterprises to catch up and rebound. In addition, interest rate cuts in the motherland also became a theme of rising markets. These factors caused the Hang Seng Index to rebound rapidly.

Of course, Fan Wubing's funds for entering the market this time were huge. He absorbed almost all stocks with excellent performance in Hong Kong stocks at a low level. Under the strong rebound of the stock market, the Hong Kong dollar exchange rate also returned to stability.

If Fan Wubing is more constructive than destructive to Hong Kong stocks, his methods in Southeast Asian countries are quite fierce. Anyway, Soros's quantum fund is taking the blame before, and he is too stupid and naive to not take advantage of the troubled waters to enjoy his achievements. Especially in South Korea, he made a lot of money. He had already lost all the depression he brought to him by the sticks before.

So during a long period of time, Fan Wubing saw Koreans smiling and very friendly. No one else, these are all fat sheep walking upright in his eyes!

At the beginning, I was just a thrill of autumn in Thailand. There was not much oil and water to make in the small Thailand, but South Korea is different. After all, the economic strength is still good. As the saying goes, there are few turtles in shallow water and more turtles in deep water. South Korea's water is naturally much deeper than Thailand.

Another far-reaching impact of the arrival of Asian financial violence to the transformation of Chinese enterprises is that it completely shattered people's worship of the corporate model of Japanese and Korean consortiums. The famous Korean consortiums that fell in the financial storm also included the 14th largest enterprise in South Korea, the second largest steel company Hanbao, the 19th largest enterprise, the largest brewer Jinlu, the eighth largest enterprise consortium Kia, the 12th largest enterprise Hanna Group, the 24th largest enterprise Sanmei Group, and the 34th largest enterprise Dailong Group. In particular, the dilemma of Daewoo Group, which is regarded as a benchmark, has caused the decision-maker to rethink the cultivation ideas of large enterprises.

The "grasp" strategy that was just formed last year was unexpected: it changed course.

The idea of ​​"grasping big" is to be led by the state and focus on supporting several advantageous enterprises to develop into the consortium model, so that they can become giant companies with international competitiveness and represent China's strength.

However, the fragility exposed by the Japanese and Korean consortium in the financial violence has completely lost confidence in this path. Even companies like Daewoo cannot resist the attacks of international financial capital. So can Chinese Daewoo-like companies escape this fate?

Therefore, a new strategy of withdrawing from the state and advancing the people emerged. Its basic idea is that state-owned capital will withdraw from the field of perfect competition. Experts suggest that state-owned enterprises should resolutely withdraw from competitive industries and at the same time form a strong monopoly pattern in the upstream energy industries, including steel, energy, automobiles, aviation, telecommunications, electricity, banking, insurance, media, large machinery, military industry, etc.

In these areas, the government will strive to exclude competition from private and international capital, and ensure the vested interests of state-owned enterprises by strengthening monopoly. As the owner of state-owned capital, its role is not weakened but is strengthened.

Of course, there is another happier thing, that is, Fan Heng finally entered the Politburo during the 15th National Congress of the Communist Party of China held in September, and became a member of the Politburo at the age of 56.

Although Fan Heng is not very young when he entered the Politburo at this age, he is relatively young in comparison. If there is no accident, it will be no problem to stay in this position for ten years.

The only problem is that after Fan Heng became a member of the Politburo, he still stayed in the position of governor of Jiangnan Province. This problem is a bit strange and bizarre. It seems that this situation has never happened in so many years.

Today's third update is to be continued,)
Chapter completed!