.Facts in a few years will also prove that all foreigners’ prophecies about China have not been realized by themselves, and China’s economic and corporate growth are still moving forward in a tortuous manner according to its own logic, and have nothing to do with those overly optimistic or pessimistic conjectures.

In fact, since the death of Fairbank in 1991, there has been no second observer who objectively and soberly understands China in the mainstream Western world.

Since the 1990s, a sign of China's economic vitality is that almost every few years, Chinese and foreign economists have to change their ideas and adopt new languages ​​or concepts to describe and analyze China's new economic phenomena.

The fate of China's economy is gradually transformed through the transformation of these frameworks and concepts, and the common language with the international rules of the game is becoming increasingly speculative and gradually moving forward.

In recent days, the New York Times interviewed John Galbrace, who served as president of the American Economic Society, and asked him to talk about future Sino-US relations. John Galbrace, 94, just returned from another rising Eastern country, India. He said in awe that, in China, half of my knowledge is wrong, and the other half is useless.

Regarding China, he said that many of their prophecies about China were just their own conjectures.

To The impact on China is a continuous and long process. In China with gradual change, no change has been generated every day.

In fact, the national retreat and the people's advancement three years ago were major strategic decisions to deal with this change. The advance and retreat and restructuring of the state-owned capital group were all based on the market opening timetable.

Even Welch, the world's number one CEO General Company, was very puzzled by some things. Before he retired this year, when a reporter asked about his opinion on the Chinese market, Welch said that he had been running there for ten years, and every time he went there, he would laugh at him for knowing so little when he came last time. The place was so big and so complicated. He didn't understand, really didn't understand. This may be the reason why he was going to retire, because others should be responsible for it.

General Electric's turnaround in China was at the hands of his successor Immelt. He shifted his investment focus from civilian products to basic engineering with higher technical content. General Electric's daily investment in industrial lighting, medical equipment, gas turbines, fans, hydropower and electrical equipment, aircraft motors, and industrial groups' power transmission have all achieved good returns in China. Most of these areas are prohibited areas of private capital.

There is also an extraordinary signal, that is, in October this year, China allowed foreign capital to intervene in the disposal of non-performing assets. At the first bidding meeting, Morgan Stanley exclusively obtained an asset package worth RMB 10.8 billion. These non-performing assets are distributed in 18 provinces and cities across the country, involving 254 companies and factories in real estate, textiles, metallurgy, pharmaceuticals and other industries, most of which are state-owned enterprises.

It is obvious that these non-performing assets are the surplus value generated by the national withdrawal and private advancement strategy. While Morgan Stanley shared the huge profits of Chinese companies' financing at home and abroad, it was also envious and jealous of countless peers. In fact, there are no rigid and restrictive regulations for the access of China's capital market. The substantial threshold lies in the policy approval red line. Like most Mining joint ventures back then, the opening of the capital market is more sensitive and cautious.

Another thing worth noting is that the trend of sole proprietorship of multinational enterprises is becoming increasingly obvious.

In the past many years, foreign-funded factories have to have a joint venture partner in China. For example, Coca-Cola and Pepsi canning factories in various places must have joint ventures with state-owned grain and oil companies, while P&G’s cooperation partners are stipulated as local state-owned daily chemical factories.

Now that this restriction is gradually being lifted, some multinational companies that have already had joint ventures think that they have a stable foothold, they have forced them to retreat from China's stakeholders through various methods.

Many foreign company directors believe that sole proprietorship is a natural choice for joint ventures after China joins the WTO.

The sole proprietorship action is the most determined and willing to fight with China, the representative of the foreign company that is PepsiCo. Pepsi had already set up fifteen joint venture canning factories in China at that time. In September, Pepsi China Investment Co., Ltd. established a sole proprietorship in Shandong and announced that it would place Qingdao as its sphere of influence. Previously, Pepsi had established a joint venture factory in Shandong. The two PepsiCo launched a price war against the Qingdao market, which made the outside world confused for a while.

Pepsi also tried to force Chinese partners in Chengdu, Sichuan. In the event of disagreement, the United States announced a significant increase in the price of concentrate and did not approve Sichuan Pepsi to produce more brands of beverages.

The US's barbarity aroused collective resistance and boycott from the Chinese joint venture canning factory. Subsequently, the US announced the dismissal of the leader of the boycott alliance, the general manager of Shanghai Pepsi China. Later, fourteen of the fifteen canning factories held a press conference in Chengdu to jointly accuse Pepsi.

A month later, Pepsi Cola, the United States, filed a request to terminate the cooperation with Chinese partners in Chengdu on the grounds that the audit was not made. The Swedish court finally terminated the trademark licensing contract and the concentrate supply agreement with the arbitration court of the Stockholm Chamber of Commerce in Sweden, on the grounds that it did not constitute a fundamental breach of contract, and Pepsi won the final victory.

The Pepsi Arbitration Storm is essentially a predatory expansion by taking advantage of the vacuum that emerged from China's laws and management while China joined the country.

There is another follow-up detail worth recording about this storm. Five years later, Wang Shengchang, a member of the China International Trade Arbitration Commission who participated in this case and insisted on arbitration with the Swedish court, was arrested for suspected economic issues. At that time, the relevant parties determined in the report that Wang Shengchang had privately divided state-owned property and was suspected of accepting bribes. His role in the Pepsi arbitration storm was questioned.

But this is all a story.

All Fan Wubing could do about this was to watch it coldly.

This is not because he is willing to see this situation happen, but in this era, the role he can play is limited. After all, the decision-making level cannot just listen to his opinion, especially in these new attempts, countless interest groups of all sizes need to get a share. If they make a move, they are just trying to hit the stone with eggs.

Sometimes, too much money is not something that can be solved. What Fu Wubing is doing now is considering joining some key industries and laying some useful foundation for China's rise, such as energy, mineral resources, and military production. These are the industries he focuses on. As for other aspects, the industries that can be involved in are those that are more profitable and stable, such as the electronic chip industry and the electronic manufacturing industry in the exhibition. These must continue to maintain a leading position.

For industries such as huge costly civil aircraft manufacturing and ship manufacturing, as well as terminal port construction, Fan Wubing has invested in huge amounts of funds, and now it is just a continuous increase in capital and other gains. These are industries that are stable and profitable. Fan Wubing does not need to bear the continuous penetration of transnational capital. While state-owned capital is reorganized strongly, Minji Capital looks like a bystander outside a chess game. In the history of Chinese enterprises over the years, the game between capital of different natures has always been the main factor that has troubled and promoted the ups and downs of China's economy.

With China joining to, the game pattern of the three major capital groups has undergone fundamental changes. The two strong capitals have reached new consensus on profit distribution and restructuring. The private capital, which has achieved great success in many competitive markets, has become increasingly marginalized, and only a very small number of people have achieved symbolic success.

In May, Liu Yonghao announced that he had the largest shareholder of Minsheng Bank.

Minsheng Bank was founded with an unprecedentedly strong reform atmosphere. Five years ago, at the initiative of Jing Shuping, the then chairman of the All-China Federation of Industry and Commerce and a veteran financial expert, the State Council approved the establishment of the first national joint-stock commercial bank Minsheng Bank. Jing Shuping became the chairman, and the shareholders included several well-known private entrepreneurs who joined the All-China Federation of Industry and Commerce. Among them, Liu Yonghao, who served as vice chairman, invested more than 8 million yuan to become the first shareholder unit.

In this way, in the financial field where state-owned banks have fully monopolized, Minsheng Bank was born with a semi-official color of the All-China Federation of Industry and Commerce. Although it is weak, it is the only commercial bank with clear property rights with experimental nature.

In the following years, the macro situation was turbulent, and Minsheng Bank's benefits were fluctuating greatly. After several shareholders went in and out, Liu Yonghao, who had a broad vision, persisted in acquiring Minsheng Bank's shares, and its shareholding ratio quietly increased.

In November last year, Minsheng Bank was approved to list on the Shanghai Stock Exchange. Its unique identity immediately attracted the pursuit of the capital market. The frozen funds for new stocks were over 400 billion yuan, setting a national record at that time.

The Liu brothers started their business by raising quails and became rich by producing feed. Now they have entered the financial field due to special opportunities, which naturally attracted endless envy and speculation. On this year's Forbes China Rich List, Liu Yonghao and his family were very stingy.

In fact, many people are very surprised that Mang, the Investment Group has never entered the banking industry. According to the situation at that time, if Fan Wubing wanted to enter the banking industry, it would be just a matter of one sentence, and the position of the major shareholder would be unstoppable. However, he was indifferent to this, which is incredible.

Fan Wubing also has his own considerations for this. In fact, the banking industry does not create actual value. For capital operation, it is more about using other people's money to lend money. In fact, it is a means rather than a bell.

Fan Wubing, who has always been committed to developing physical industries in China, naturally disdained this. Even if it can increase the value of his own funds, what benefits can it be for the entire country?
Chapter completed!