reborn in the fiery age

Secondly, mutual loans and mutual guarantees between local enterprises in Le'an are relatively common.On the list of Feiyue's mutual insurance companies, there are Qianjiang Group and Xingxing Group, which rank first and third in the comprehensive strength of Le'an Industrial Enterprises.

Under the current monetary tightening, the capital chain of enterprises is generally tight. If Feiyue falls, the companies that have mutual insurance relationships with it may be in crisis. The crisis of these companies will spread to another group of companies, and may eventually become a regional economic risk. .

The capital chain of many enterprises is already the last straw, and the mutual insurance relationship has become a hidden danger of driving regional economic risks.During the period of economic expansion, due to the limited amount of collateral available to enterprises, a loan operation method of equal amounts and mutual guarantees appeared, that is, the bank matched two enterprises of comparable size with each other, or the government made arrangements to complete the loan operation.

This seemingly fair and secure approach reveals its unfair and insecure foundation today.The two companies assigned by Lalang often do not know each other well.

An entrepreneur who heard about Sun Zujie's coming and deliberately drove him out said worriedly, "I don't know Lao Qiu's business situation and how much private financing he has. Once something goes wrong with him one day, what should I do?"

In addition, after years of expansion, Feiyue has also become intertwined locally. On Feiyue’s website, the Feiyue Group consists of nearly 10 domestic subsidiaries including Feiyue Co., Ltd. and Feiyue Import and Export Co., Ltd., and 18 overseas companies. Branches, 22 domestic sales companies.

In addition, sufficient land and funds have pushed Mr. Qiu to continuously expand upstream, downstream and surrounding industries, and to set up branches in various places.In the machinery, electronics, and textile industries, it is difficult to count the companies owned by the Qiu family.

When the real estate market was booming, Feiyue also invested in Binhai, Qilu and other places. Feiyue's complex expansion brought pressure to keep up with the funds, and also brought doubts about financial clarity.In the eyes of many people, Feiyue is a myth of private enterprises that has been established, but now this myth has been shattered.

As for East Zhejiang, how many Feiyue Groups there are, Sun Zujie doesn’t know, neither does Ge Zongliang, the Governor of Eastern Zhejiang who came with him. In many cases, only when the tide is low, can the company swim naked.

After personally inspecting Feiyue Group and listening to reports on the situation in East Zhejiang and Le'an City, Sun Zujie pointed to the deputy governor of the central bank beside him. Comrade Chen Minqiang, the former chairman of Huatou Trust, said,

"Comrade Minqiang will stay in Zhedong as the vice-governor, and will be responsible for the financial work of Zhedong. Comrade Minqiang, please tell the comrades about the research and judgment of the center and some special policies for Zhedong."

Chen Minqiang, 50 years old at the time, was admitted to China Finance and Economics at the age of 20. After graduation, he was assigned to the Investment Department of China Investment Bank. Director of the Economic Bureau of the Group, Assistant to the Governor of the Central Bank, and Deputy Governor.

Chen Minqiang has worked in Huatou and the central bank for a long time. He is smart and capable. Sun Zujie specially selected him because the financial situation in eastern Zhejiang is very complicated. The financial crisis and complicated private finance require a very capable financial vice governor.

Chen Minqiang reported a series of economic data in eastern Zhejiang, and then he said clearly, "Uncertainties and potential risks of changes in the international economic environment are increasing. The impact of the US subprime debt crisis is spreading. There have been omens.

Especially for eastern Zhejiang, the economy is highly export-oriented, the two ends of the processing-oriented economy are outside, and the degree of economic overheating is not large. At present, the main focus should be to prevent the decline.Zhedong should base itself on the present to ensure stable economic operation and social harmony and stability; focus on the long-term and promote economic structural adjustment and development mode transformation.

East Zhedong should "ensure stability" with one hand and "promote adjustment" with the other hand. It is necessary to maintain the "stability" in front of it and effectively prevent the economic downturn; it cannot give up or even deny "adjustment" for the sake of temporary "stability" and go back to the extensive management. old road.

Financial work must support the good, help the difficult, and support the weak. Under the background of macro-control, the financial sector must make more detailed work on protection and suppression, and differentiated treatment. pressure. "

Speaking of this, Sun Zujie interjected, "I inspected Feiyue Group today. My attitude is whether this company should be protected or not; but we should also suppress it when we protect it. I will talk about my handling opinions today. You can Give comrades a reference.

The first thing we have to do is to resolve the possible regional financial risks. We must first solve the mutual loans and mutual guarantees between enterprises, which is the most important content.

First of all, the chain of mutual guarantees between enterprises must be split. Zhedong will find a way to raise part of the funds, and the center will also provide you with corresponding policy loans. First, set up a guarantee fund. It is not clear how much money will be needed, temporarily 100 billion Well, the center will make up for the part that Zhedong is not enough.

Guarantee funds will separate the mutual guarantees of enterprises, transform the guarantees between enterprises into guarantees between enterprises and guarantee funds, guarantee funds and banks, and then deal with each case one by one.

Private enterprises in eastern Zhejiang are developing very well. I believe that most private enterprises have the ability to self-regulate and respond, and Feiyue Group is only a minority.So this guarantee fund may lose money in the end, but I believe that the loss will not be too much.

The second thing we have to do is to protect the industry and employment. This is still the old way. The local government and the central government will each contribute a part of the money to set up a rescue fund, which will be responsible for the rescue.

Don't let the banks end easily. Banks are commercial organizations, and they also want to make money. The policy rescue fund guaranteed by the government will come forward. This way, some jobs will be easier to negotiate.

The starting point for us to save Feiyue Group is to save Feiyue Group's sewing machine output, which ranks first in the country. This is our starting point for saving Feiyue Group.

The excessive expansion of the Feiyue Group in the past few years has dragged down the bank and the local government. We can no longer pile up resources irresponsibly in order to protect the Feiyue Group.

So we only protect the core content of Feiyue Group, which is their sewing machine production, to ensure that Feiyue Group will not affect the development of the sewing machine industry in Le'an City due to financial crisis.

How to propose this issue requires negotiations between the local rescue fund, banks, and enterprises to choose an optimal solution.

At the same time, the non-core assets of Feiyue Group are not the content of our rescue, and must be cut as soon as possible to complete the necessary contraction.The funds received must also be under the supervision of the bank, and while ensuring the production of foreign trade orders, the bank debts will be gradually returned.

As for Feiyue Group's high-interest private debt, it should be put at the end.Since it is a high interest rate, it must be a high risk, and it is also necessary for the lender to bear the risk.

In the end, I would like to emphasize that to resolve financial risks, we cannot do everything, and the government also has to settle an economic account.Comrades, please remember that what we want to protect is industry and employment, not the enterprise itself.As long as the industry exists, employment will not have a major impact, and the survival of related enterprises should not be the content of the government's concern.

What I said may be a bit cruel, but in the market economy, the survival of the fittest, we can't just win the best and not eliminate the fittest, which is not conducive to the emergence of excellent enterprises. "

One sentence from Sun Zujie decides the life and death of Feiyue Group. In fact, what he does is that the bank takes away the high-quality assets of Feiyue Group. As for the remaining ones, whether they are enough for the company to pay off the debts, the government doesn’t care. Maybe in a few days, this famous Entrepreneurs of the moment go bankrupt.

Cruel indeed, but this is a market economy.This round of subprime mortgage crisis is to weed out this type of entrepreneurs, so that more cautious and discerning entrepreneurs can survive.

Of course, Sun Zujie also heard Mr. Qiu's report on the spot, and he came up with a solution. He planned to sell the attached assets to get several hundred million in loans to pay off the debt. The factory suspended multiple production lines, but in order to stabilize people's hearts, there are also a lot of shutdown subsidies. , the year-end awards will be issued as usual.

At the same time, Mr. Qiu is also preparing to reform the shareholding system and introduce capital.Give up personal interests, sell most of the equity, and start the transformation.He plans to return to his main business of sewing machines, while making the necessary technical innovations.

Mr. Qiu's idea has been approved by Sun Zujie. If he does show the ability to solve problems, he is willing to support him, but the corresponding solution and principles remain unchanged.Now that it is a market economy, the state must no longer be a nanny.

After Sun Zujie finished speaking, Chen Minqiang continued to report to Zhedong on the preferential policies, further increasing the credit supply of Zhedong, appropriately increasing the export tax rebate rate of some general trade products in the future, and appropriately reducing policy-based export credit insurance premiums.

But at the same time, the center also decided to make some necessary changes to the bank loans and export tax rebates of foreign trade companies, so as to urge companies to reduce high-risk orders as much as possible to reduce losses during the financial crisis.

Sun Zujie finally concluded, "Comrades, don't focus on GDP, don't pursue short-term economic growth, but take a long-term view, and plan a group of major and important things that take care of the long-term and the overall situation. .

In order for the economy of Eastern Zhejiang to continue to develop steadily and healthily, there are still many deep-seated structural, qualitative and institutional contradictions.But structural adjustment cannot be completed overnight or in three to five days, it is a long-term process.

You must be persistent and calm. Maybe the economy once fell and the indicators are ugly, but if the structure is being adjusted and positive changes are being made, the indicators will rise when they fall, and this increase will be more sustainable.

Comrades, when a crisis strikes, be more confident, be patient, and believe in yourself, and you will definitely get through it.We do still have some means of stimulating the economy, which can be greatly supplemented;

But you can’t take too much tonic, how to take it, when to take it, the center has the consideration of the center, and it will be used at critical times according to the international situation and our development. Comrades, please don’t worry, don’t worry when encountering difficulties. "

In a burst of applause, Sun Zujie ended his speech.However, from his speech, the East Zhejiang Provincial Party Committee has realized that Sun Zujie's judgment on the situation is not optimistic, and it is likely that the economic stimulus policy will not be introduced too soon, so he said that he should not pay too much attention to indicators, which also gave A lot of pressure on them.

After Sun Zujie inspected the East China Sea, he went to the East China Sea. He focused on the steel trade city in the East China Sea. There are huge risks in the Baohe guarantee model.

Steel is not the same as ordinary commodities. To achieve normal business circulation, it needs at least 3-4 times the value of the goods to support the capital, and the entry threshold is relatively high.

The businessmen who control a large share of the market are not from the local East China Sea, nor the neighboring Jiangdong and Zhedong, but from Qinning County, a mountainous county in the northeast of Fujian Province with a population of about 20.Relying on their own solidarity and hard work, this group of business immigrants managed to crush their biggest opponent, the Wencheng people, who are known all over the world for their shrewdness and hard work.

In Qinning County, more than 10 people are engaged in steel trade-related work, accounting for more than 70% of the trading market share, known as the "Qinning Gang".They contribute 3% of the total tax revenue to the East China Sea region and provide employment for hundreds of thousands of people.

It is not accidental that the people of Qinning defeated the people of Wencheng, but it came from its own original "store in the front and warehouse in the back, settled in the steel market" and "joint guarantee and guarantee model".In fact, the combination of the two is their secret.

Due to the particularity of the goods it deals in and the high cost, Qinning people usually open steel paving in the steel market opened by Qinning's fellow villagers.Behind the pavement is the storage yard, and the upper floor of the pavement is used for daily living, which reduces operating costs.At the same time, most of the merchants in the steel market are also from Qinning's hometown, which forms a closely integrated business entity.

If a family is short of goods or funds, the surrounding villagers can "sell goods" with each other, that is, if they are out of stock, go to the hometown's goods yard to sign a bill for credit. After selling, the principal will be returned and the profits will be their own.In this way, resources have been gathered to a large extent, the threshold of capital and spot goods has been lowered, and the primitive accumulation of capital in the early stage has begun to be completed.

The road to becoming bigger and stronger has a lot to do with the "joint guarantee and guarantee model".

The lending model process between the steel industry and banks in the early days was very complicated.To put it simply, the bank, the steel trader, and the steel mill sign a tripartite agreement. The bank releases money to the steel mill. The ownership of the steel produced by the steel mill is always in the hands of the bank. The steel trader pays 20% of the deposit and the steel mill loan in advance. Interest, and after the steel trader finds a market, he transfers the payment for the goods to be sold to the bank, and the bank issues an order for the corresponding tonnage to the warehouse where the goods are stored, and sends out the goods.

In this model, steel traders can complete leveraged financing, banks can lend money and earn interest, and steel mills maintain their relationship with the downstream of the industrial chain, which is beneficial to all parties.However, with the increase in the volume of steel trade, this complex process is complicated and inefficient, and it has become a shackle for the further expansion of steel traders.

Under this realistic demand, steel traders began to prepare to bypass bank supervision and find ways to raise funds by themselves.The villagers quickly spontaneously combined three and five households to form a joint insurance system.A large number of guarantee companies for this service have emerged as the times require.At the same time, the Qinning people established the Donghai Qinning Chamber of Commerce, which is an invisible super joint insurance body (the membership requirement is a net worth of more than 5000 million and owning real estate in Donghai), and even the bank recognizes its strength and reputation.

In the end, banks relaxed their supervision on physical goods, and adopted the measures of "emphasizing guarantees and ignoring pledges" for steel traders, which greatly improved efficiency.A large amount of loans flowed into the steel trade industry, and the industrial development was like a snowball, getting bigger and bigger.

With a mature loan model and development platform, the threshold for the steel trade industry for Zhou Ning people has been reduced to the lowest level. In addition, Fujian people have a tradition of passing on business. One person leads a family, one family leads a village, and one village leads a family. The blood-related business gang grew rapidly, and its interior was also extremely united.

In the early stage of reform and opening up, this tradition of mentoring and mentoring was the secret weapon to create the myth of Qin Ning, but once the subprime mortgage crisis broke out, the original normal "virtuous circle" of mutual benefit will come to an end.Real estate, exports and investment are all hindered, steel consumption demand has fallen sharply, prices have fallen, and the industry will face unprecedented challenges.

So after Sun Zujie's inspection, he told Cheng Qianlin and Donghai comrades who were accompanying him very clearly that he required all banks to strictly review the steel trading company of Qin Ning's gang and strictly control risks.