Vol 3 Chapter 356: Cautious optimism

Feng Yiping is familiar and unfamiliar with the Yangxing Building on the west side of West Chang'an Avenue.

I say familiar, because he often sees this building in all kinds of news, but whenever interest rates are cut or standards are raised, he will always use this building as a background.

Said it was strange, because he had never been here.

Since the establishment of ICBC in 1984, the central bank has divested its industrial and commercial credit and savings businesses, and is dedicated to performing the functions of a country’s central bank. It is a ministerial-level functional unit that mainly formulates and implements monetary policies and maintains domestic financial stability. Issuing bank", "Bank of Bank".

It doesn't care about money, but it manages the country's money, which is commonly known as the "national treasury." The former Feng Yiping, a flat-headed citizen, could not have any intersection with this place.

The appearance of the building also made many people talk about it. They said it looked like a gold ingot on one side. Feng Yiping looked at it seriously, and really didn’t think it looked too much. It was an "official hat" built by governments at all levels along the coast. The office building is a bit like drawing a lot of inspiration from this building, but the arc is changed to a rectangle.

A deputy director of the general office surnamed Wen, specially greeted Feng Yiping in the lobby. He knew Feng Yiping because he had seen him in the TV news. Seeing Feng Yiping getting off the car, he seemed to be looking at him in the sun. The appearance of the building is a bit puzzled. Is it possible to take a photo to commemorate the visit?

Fortunately, Feng Yiping knows the importance, and it is difficult to do such a thing if he makes a special trip to meet the leader.

Seeing him finally walking in, Director Wen greeted him a few steps, "Hello, Mr. Feng, I am from the General Office, please follow me,"

"Director Lao Fanwen,"

Along the way, not only Director Wen, but also the young handsome men passing by in the industry, are also looking at Feng Yiping, the name of the richest man, which is still quite attractive.

Look at the clothes, shirts, trousers, and briefcases. They are really no different from their employees. They are younger. If you don't know, you will definitely think that this is a small clerk in that department.

Or, just dressing up like him and taking a guest appearance with those salesmen outside can also make a seamless transition.

Director Wen feels only a little bit young, really young! I heard that this feeling is different from seeing it with my own eyes. The kid in my own family is already a junior this year, and even the work unit has to worry about it by himself, but what about this one? It's really more maddening than people.

The president was naturally very busy. Feng Yiping waited in the reception room for more than ten minutes, seeing that the people coming in and out of the office over there were all people. He, the richest man, was sitting here, so few people really looked at him.

It should be said that this unit is really good. If we only talk about its strength, it has already faintly ranked the top of the world's central banks.

But before it was even better, you can have an intuitive experience with just one point. Except for the ICBC, the Banking Regulatory Commission, the China Securities Regulatory Commission, and the China Insurance Regulatory Commission, the three ministerial-level departments are all separated from here.

Thirteen minutes later, at exactly three o'clock as agreed, the president’s secretary came over to invite him, "Hello Mr. Feng, please come with me,"

This is the first time Feng Yiping has entered a ministerial-level office. Although it is not as big as his largest office, it has an excellent view. The overall decoration style is very solemn. The office furniture is naturally very high-grade. The national flag of China is very eye-catching.

The president put on his glasses to approve the document, "Hello Yiping classmate, please sit down,"

These big people, if you have the opportunity to contact him, you will find that they really don't have any pretensions, because there is no need to put on prestige-provided that you have the opportunity to contact them.

"Hello, President,"

The president handed the file to the secretary, "Yiping, what do you drink?"

"Tea or water will do, thank you,"

"Then Longjing," the president is a southerner.

"Yiping, I am calling you over today, just to talk about some of your views in this paper," the president took out Feng Yiping's paper.

"Do you think there will be a huge bubble in the real estate market in the future, on what basis? In your opinion, what are the similarities and differences between the domestic real estate bubble and the Japanese real estate bubble?"

He asked his own question straightforwardly.

This is not to ask blindly, nor is it just because Feng Yiping's paper talks about this issue. As we all know, Feng Yiping is now not only a successful businessman, but also an internationally renowned young scholar.

And why is the president particularly concerned about bubbles? If a bubble like real estate goes wrong, it will inevitably hurt banks, because both developers and buyers have to get loans from banks.

"The reasons are all explained in the paper." After experiencing the savage and crazy development of real estate, Feng Yiping now looks back to find the reasons, it is relatively easy.

"However, I think that the real estate bubble in our country is very different from the real estate bubble in Japan. Our real estate bubble has a large regional differentiation. The first-tier cities will mainly have price bubbles in the future, and the third and fourth-tier cities will mainly exist. Inventory bubble,"

"Because of my country's specific national conditions, the main reason is that while housing prices will rise rapidly in the future, the national economy will also grow rapidly. In the future, our population of right-age buyers will also increase every year, coupled with our country's financial policy. There will be no pessimistic results similar to Japan’s major collapse,"

On the one hand, this is also the benefit of our country's vast territory and large population. Although more than one local real estate bubble burst, there was no first-tier city. Therefore, for the whole country, the collapse of the real estate market in those localities has had an impact on the overall situation. The impact is not big.

"Among these, financial efforts play a very important role. Therefore, I am still cautiously optimistic about the future of the real estate market."

To say that our country started late, it is not without benefits. At least some of Japan’s experience and lessons will certainly be learned by the country. For example, the Plaza Accord that led to the sharp appreciation of the yen has made the yen’s assets more attractive; for example, to ease Japan’s After the appreciation of the yuan, the economic downturn and inflationary pressures, and the excessively loose monetary policy of the Bank of Japan, further contributed to the asset bubble.

Regarding these experiences, the president is naturally clearer than Feng Yiping, but Feng Yiping said that the form of the domestic real estate bubble in the future and those few opinions have some reference for him.

"If even you, someone who has great opinions on real estate development right now, is not so pessimistic about the future, then this is good news," the president said.

Regarding the development of real estate, the domestic economic circles have not yet poured cold water like Feng Yiping's remarks. Most of the people who come out to express their opinions are advocating-do not rule out the possibility that they may transfer benefits.

After all, with the development of society, fewer and more people who can be content with learning are using various channels and methods to directly link their research to economic benefits.

"You mentioned low-rent housing and affordable housing. Both Hong Kong and Singapore are adopting such measures. This is indeed an effective measure to curb the rapid rise in housing prices and reduce the burden on residents."

In the early stage of reform and opening up, the country and Singapore established a cadre training and exchange mechanism. Many cadres in China are familiar with Singapore’s advanced experience.

The president has something to say here. In fact, as early as 1994, several ministries and commissions jointly issued the "Administrative Measures for the Construction of Affordable Housing in Urban Areas". However, the implementation was quite ineffective, and most of the time, it was not economically affordable. Appeared in the form of "Residence Project".

As for low-rent housing, there hasn’t been much progress. Even commercial housing, which is half-planned, half-market, and profitable by local finance, has not been implemented effectively in various places, let alone low-rent housing that basically depends on government investment.

"My personal opinion is not mature at all. Our country's housing security system should preferably be based on low-rent housing. The problem will be more complicated after the qualification certification of suitable housing purchases."

He said it was actually very polite. After the development of economically suitable housing, many places completely changed. Either they were completely reduced to the welfare of some government agencies, or the government simply left the qualification review work to the developers. The phenomenon of driving a good car to live in an affordable housing.

Moreover, the pricing of affordable housing is still unaffordable to many families with demand but low income.

Naturally, the president can understand the obstacles.

However, it is one thing to understand, and it is another thing to want to change, or whether it can be changed.

"Apart from these, do you have any other opinions?" the president asked.

"President, you also know that this kind of problem is actually a global and systemic problem. At my current level, I still can't think of any effective method."

In other words, this is not something I should worry about.

"Still personally, financial institutions can play a very important role here,"

Regarding the governor, of course, I still talk about financial matters. "Whether it is exchange rate, interest rate, credit or capital market policies, they will have a great impact on the real estate market."

In the future, the state's various controls on the real estate market will mainly be achieved through financial institutions-although most of them are useless, sometimes they will increase.

"I personally think that the most important point is how my country's financial institutions can effectively deal with the international pressure to increase the value of the RMB in the future,"

"If you can't resist the pressure and let the renminbi appreciate, it will increase the asset attractiveness of the renminbi just like the signing of the Plaza Agreement in Japan."

"On the other hand, the expected appreciation of the renminbi will attract a large influx of hot money from the world. It is not ruled out that these hot money will also enter the real estate market to find opportunities for arbitrage."

Later, real estate developers and governments in many cities were reluctant to lower housing prices because they had great expectations for international hot money.

This is a very realistic problem. With the rapid growth of exports and trade surplus, there are already calls for the appreciation of the renminbi in the world.

The president nodded, "What about the others?"

Feng Yiping felt confident, "No more,"

Besides, I just said, is it useful?

Can the real estate problem not be solved? In fact, for the country, it is difficult and not difficult. It is cruel and cruel. After investing several trillions to build a large number of affordable housing, housing prices will continue to skyrocket like a wild horse? That's strange!

"Yes, yes, still very insightful," the president drank tea and praised Feng Yiping. "You not only have a better grasp of the overall situation, but also more comprehensive and objective than some well-known scholars."

"President, you appreciate the award, the old dean...?" Feng Yiping asked, mentioning an old man they all knew, and immediately felt that he had failed.

The president can be said to be a direct student of the old dean. When he was studying in-service graduate students at Tsinghua University in the 1980s, the old dean personally taught him.

However, the old dean is not an ordinary old man. If such a state-level leader retires, his current situation is definitely confidential. How can he just ask about it?

"Hehe, he is in good health," the president said with a smile, and he didn't talk much about this issue. "I heard you are seeking a large loan?"

It’s not worth hearing you ask this question.

"Yes, we have reached a preliminary agreement with ICBC. They are reviewing the purpose of our mainland assets ~www.wuxiaspot.com~?"

"I am planning to acquire a listed company in the United States. I am very optimistic about the future development of this company."

"It is good to have this idea. If it goes well, this will be our domestic company's largest overseas merger and acquisition. Although I know that you must have carefully planned it, I still want to remind you that such a big The project must be carefully planned,"

"We already have a series of action guides, and we will form a very professional team in the future. However, at present, the financing support of the bank is the most critical," Feng Yiping almost asked, how about the loan, the president. Come if you look.

But the president naturally understood what he meant, "Like your previous attitude, I am also cautiously optimistic about this loan."

Feng Yiping was really happy to hear that, such a character can care about things like him, and can say such things, it shows that this matter is still very promising.

"President, you say so, so this is also good news," he repeated the president's words just now. ℃≡miào℃≡bi℃≡Ge℃≡

The secretary came in at this moment and reminded in a low voice, "The meeting of the International Department is waiting for you,"

Feng Yiping stood up hurriedly, "Then I won't disturb your work,"

The president looked at his watch, "Give Yiping a business card," he said to the secretary.

"If you have any questions in the future, you can contact me directly and send an email."

"Thank you!" Feng Yiping was very happy. He rarely dealt with banks before, but now he accidentally established contact with the bank president. This is a very powerful channel.

…………

At the same time, Feng Yiping's paper has been spreading rapidly. In the China Real Estate Association, some people are condemning Feng Yiping with outrage.