The multimedia hall of Donghua University complex building is crowded with people and full of people. A speech entitled "Real Economy and Capital Speculation - An Unsolvable Economic Paradox" is underway.

The speaker is a famous economist Luo Zhisen, a professor at HKU University. This is one of the six speeches Luo Zhisen will hold at Donghua University this year. This is also the main task of Luo Zhisen's academic leave this year.

Hong Kong universities follow Western teaching methods. Some outstanding scholars and professors will have the opportunity to take full or reduced academic leave every once in a while, and stimulate the creativity of researchers through learning, cultivation, communication or performance. Luo Zhisen is a visiting professor at Donghua University. He happened to take advantage of this opportunity to go to Donghua University for academic exchanges and attend the local economic forum.

Everyone was sitting upright and listening to Professor Luo’s passionate and generous speech. The participants were students from Donghua University, scholars who came here, as well as some famous entrepreneurs and entrepreneurs in Donghua City, including leaders from the People’s Bank of China, the Banking Regulatory Bureau, and the Financial Office.

Wang Chong sat in the hall, as if he was back in his student days. These things seemed to be yesterday, but twelve years had passed in a flash.

Ma Xiaoxiao sat next to her and felt drowsy. She was not a person who loved studying. When she was studying, she was often late and skipped classes. Sometimes she asked Wang Chong to help her take a seat. In return, she often brought some snacks to Wang Chong. Seeing that Wang Chong was so focused that she was bored, she pulled Wang Chong's hand and wrote four words in his palm.

"I like you."

Wang Chong was unmoved. Ma Xiaoxiao felt bored and leaned against her seat and took a nap. After a while, she wrote four words on Wang Chong's hand. Wang Chong's body stiffened and he didn't say anything.

The speech naturally involved the country's 4 trillion 2.0 macro policy, which Luo Zhisen defined as an experiment of new Keynesianism with Chinese characteristics.

The advantages and benefits of this policy are obvious. Through the stimulus of Taiwan, the whole country has carried out infrastructure construction and investment to stimulate domestic demand, helping the country to overcome the most difficult reality, but it has also brought many disadvantages.

That is the speculative nature of capital, which leads to funds leaving the real economy and flowing to the capital market, leading to overcapacity in many industries, and low investment benefits laid the groundwork for the debt crisis. The living space of the real economy is squeezed, and the capital market is becoming more and more active. Inflation, asset bubbles, repeated investments, unfinished projects, etc. hinder the economic transformation, especially the local government has high debts and seriously overdraws the national credit.

Fortunately, the country has foreseeed this possibility and has been formulating various policies in recent years to alleviate the sequelae of macroeconomic policies.

"Let's make up a story to explain this market logic."

Luo Zhisen said: "Under the stimulation of new policies, City S has established various platform companies in the past few years, and its debts have reached a new limit. It happened to encounter a strict supervision climate, coupled with local debt audits and various regulatory documents, the road to non-standard business without budget quotas was blocked, and the platform could not issue new debts. Under the pressure of 3340 and the new asset management measures to be implemented, the local finance that lost the blood transfusion of banks was seriously in a hurry. Therefore, the municipal government held an office meeting and decided to postpone the salary payment of teachers in School A: teachers who could not pay wages had no choice but to go to the square to protest under the pressure of mortgage loans."

"The banking problem is also fermenting. A few years ago, when the policy was relaxed, a banker released a large loan with a wave of money. Under the situation of strict supervision, the risks were exposed due to the inability to borrow new ones to repay old ones. The huge amount alarmed the regulatory authorities and audit departments, which caused the president to go to the rooftop because he knew he could not let it go."

"Durable debts have been extended infinitely, and the balance sheet is full of zombie assets. They can only rely on financial mismatch. Liquidity is surviving. At this time, stability overwhelms everything. In the previous financial history, I would like to ask all the students here, if you are the leadership team of this government, how can you break the deadlock?"

A classmate raised his hand and said, "If it were me, I would pierce the asset bubble and start over. It is better to have a short pain than a long pain!"

Everyone present laughed loudly. Wang Chong thought to himself that if he had been studying in the past, he might have stood up and said something similar, but after several years of work, he also knew that this approach would not work. Once the bubble burst, it would inevitably cause great social unrest, increase in unemployment rate, debt defaults, etc., which no government can bear.

Luo Zhisen also smiled slightly and said, "This classmate is so brave, everyone can applaud."

There were sparse applause in the venue.

Luo Zhisen continued, "However, the reality is that it will drive up housing prices and increase land transfer fees, increase land mortgage loans, decrease bank non-performing rates, increase receivables, increase residents' property income, increase local fiscal taxes, pay on time, and teachers return to school to continue classes. The bubble still exists, but the young people who have lost their dreams are injured."

The field was in silence.

Someone asked: "Professor Luo, then what should our country do?"

Luo Zhisen slowly said, "Now the country's policies are to implement decapitalization and deleverage operations, and to allow capital to flow to the real economy through policies. This is not to puncture the bubble, but to slowly deflate the bubble and sacrifice some of the speed and affordable losses to achieve a soft landing of the economy."

A business owner stood up, "Professor Luo, what you said, to be honest, I don't understand at all. I just want to ask, will housing prices rise or fall in the future?"

Everyone was in a hurry to make a fuss again, and the questions asked by the boss were also concerned by most of the people present.

Luo Zhisen smiled, "This gentleman is very real, but I am an economist, not a prophet. During my time in Donghua, I will have five more speeches, all of which are based on this. There are also topics that this gentleman cares about. People are different from their own opinions. I believe that after listening to these five speeches, you will make your own judgment. If you are interested, you can follow my Weibo and school notices at any time. Thank you for your support!"

At the end of the speech, everyone applauded. Although the topic was heavy, every sentence was at the critical point and everyone benefited a lot. Everyone began to disperse in the hall, and the leaders of the school and cadres in the city also stepped forward to take a photo with Luo Zhisen and did some simple exchanges. Zhao Xiaocheng of Tianma Group was also among them.

After almost everyone had dispersed, Wang Chong took Ma Xiaoxiao forward, "Hello teacher." He also introduced, "This is my girlfriend, Ma Xiaoxiao, a reporter from Donghua Daily."

Ma Xiaoxiao shouted sweetly: "Hello Professor Luo."

This time Wang Chong called her to see her mentor. Ma Xiaoxiao dressed up carefully, put on light makeup, and wore a Burberry windbreaker, making her tall figure look bulging.

Luo Zhisen looked at Ma Xiaoxiao up and down, and Ma Xiaoxiao felt a little confused. Fortunately, his eyes didn't stop for too long and said with a smile: "Wang Chong, I didn't expect you to find such a beautiful girlfriend. It seems that my worries and your master's wife are really in vain."

Wang Chong smiled embarrassedly.

Ma Xiaoxiao was overjoyed when she heard this. The famous economist was chatting and laughing on the stage, but she was very accommodating in the audience and had no airs, which made her breath of relief.

Zhao Xiaocheng of Tianma Group came over, "Professor Luo, after leaving Hong Kong, I finally waited for you to come to our Donghua City. Our Chairman Qi prepared a little wine in the club to welcome you."

Luo Zhisen said: "Mr. Qi is so polite."

Zhao Xiaocheng said, "You are the chief consultant of our Tianma Group, so it is appropriate to do this." He glanced at Wang Chong and said, "Hello, Manager Wang!"

Wang Chong said lightly: "Hello, Mr. Zhao."

Zhao Xiaocheng laughed, "You are a student of Professor Luo. As the saying goes, famous teachers produce great disciples. The project of Shunfa Aluminum is very popular. Our company admires you very much. Manager Wang is professional and has outstanding abilities, and is handsome. Many people want to take you as their teacher. Later, when you left the project team, several girls in our company were in a daze, haha!"

When Ma Xiaoxiao heard this, she was always unhappy and couldn't help but pinch Wang Chong's arm.

Wang Chong said calmly, "Mr. Zhao, don't make fun of me. In terms of professional knowledge, I need to learn more from you."

Zhao Xiaocheng said, "No way, why don't you go there together at noon. Our Chairman Qi admires you very much after hearing about it."

Luo Zhisen smiled and said, "I appreciate Mr. Zhao's kindness. Today I made an appointment with Wang Chong for something else. Where is Chairman Qi? Why don't I visit him in person another day?

Zhao Xiaocheng persisted for a while, and saw that Luo Zhisen was unmoved, so he had to say goodbye.

Wang Chong and his group and his three arrived at a small fish restaurant near Donghua University. This fish restaurant has been operating for more than ten years. The fish soup is delicious and the price is not high. It is well-known in Donghua City. Every time Luo Zhisen comes to Donghua, he will name it and eat the fish from this restaurant. Wang Chong called in advance and made an appointment with a private room.

Luo Zhisen said, "The older you get, the more greedy you are. Since you brought me here to eat once ten years ago, I have been obsessed with this taste since I went back. No matter how your master's wife makes it, she can't make the taste of this restaurant. Today I want to eat two servings!"

Wang Chong smiled and said, "Even if you eat, I can afford it."

Back then, Luo Zhisen came to Donghua University to give a lecture. He wanted to visit Donghua City. The college sent Wang Chong as a guide. Luo Zhisen liked food and asked Wang Chong to take him to taste the famous food in Donghua City. At that time, Wang Chong had a poor student and had less than 100 yuan on his body. In order to invite him to eat fish, he borrowed two hundred yuan from Ma Xiaoxiao. It was at this fish shop that Luo Zhisen had a deep conversation with Wang Chong and decided to take Wang Chong to Hong Kong to study for a master's degree.

Luo Zhisen attached great importance to Wang Chong, and Wang Chong did not disappoint his teacher's hope. During his graduate school, he published several heavy papers, one of which was jointly signed and was also included in the journal "Econometrica". Luo Zhisen originally wanted to recommend him to go to UCBerkeley to study PhD with his supervisor. Based on Wang Chong's academic performance and his recommendation, it was almost a foregone conclusion. However, at that time, Wang Chong's mother was seriously ill and Wang Chong chose to find a job, which also made Luo Zhisen feel quite regretful. However, seeing Wang Chong's life in Donghua Bank, a stone in his heart fell into the ground.

Ma Xiaoxiao smiled and said, "Professor Luo, I paid the money for Wang Chong to invite you to eat fish back then! He was fine. He used my money to cheat you of a postgraduate quota. Why didn't it be my turn like this good thing? It's so unfair!"

Luo Zhisen said: "It's easy to study for a graduate student with me, but it's probably not that easy to graduate."

Ma Xiaoxiao quickly grimaced, "I hate reading. Such boring theories are only as interesting as Wang Chong can learn. I'd better run through my news."

Luo Zhisen laughed loudly. When the old and the young chatted, Wang Chong became an extra person, so he had to lower his head and eat fish in a muffled voice. Luo Zhisen said, "Wang Chong, this time I came to Donghua, I saw that you are much more mature than before. However, I heard that you have caused a lot of trouble recently?"

Wang Chong said embarrassedly: "Teacher, you don't know that I am good at doing things, but I can't stand some bad rules in the industry and will always offend some people."

Ma Xiaoxiao shouted, "Yes, yes, you're right. Wang Chong, this stubborn donkey, decided on one thing, even ten cows couldn't hold it. You have to talk about him carefully with this teacher."

Luo Zhisen said earnestly, "China is not as good as abroad. In foreign countries, your style of work may work. In China, you should pay attention to a way of square and round. You will easily suffer losses."

Wang Chong said: "Teacher, is it not right to adhere to principles and professional ethics?"

Luo Zhisen said, "Principles are important, methods are more important, and results are the most important. Sometimes, in order to achieve goals, it is necessary to moderate appropriately or take some measures."

Wang Chong was thinking and silent.

Luo Zhisen knew that his personality was not a matter of success overnight, so he did not persuade him again.

Wang Chong asked: "Teacher, I heard you say you are going to be an independent director of Donghua Bank?"

Ma Xiaoxiao said, "Hey, there will be a lot of money, right?"

Luo Zhisen said, "At my age, you will find that money is not the most important thing. I am considering accepting this position in order to be able to access more microscopic things and improve my research. If I want to make money, just sort out other people's yahui and find a few business occasions to give a few speeches. It will be faster and easier than this, and there is no need to bear too much responsibility."

Luo Zhisen said, "I haven't officially accepted it yet. I'm calling you out this time, and I want to hear your opinions."

Wang Chong thought for a moment and said, "I have worked at Donghua Bank for so many years, and I am quite aware of Donghua Bank. Generally speaking, in this environment, Donghua Bank can achieve such results is also very good. However, there are a small group of people in the industry who have become a black sheep for their own interests, which is also what I am worried about. However, I still welcome the teacher who can serve as the independent director of our business. I believe that your arrival can bring us some professional things."

He remembered Lin Tianhua's instructions to him. For example, today Ma Group nominated a board member, causing the originally balanced power structure to undergo subtle changes. Lin Tianhua wanted to win Luo Zhisen's support through Wang Chong, and also hoped to offset the impact of Tianma Group. However, Wang Chong thought about it again and again and still held back this sentence.

What a smart person Luo Zhisen, seeing Wang Chong want to speak, asked, "Do you have something to say?"

Wang Chong said: "I don't know whether I should say it."

"When did Wang Chong, you have become such a mother-in-law?"

Wang Chong then said: "The situation at the top of our bank is now a bit subtle. What I want to say is that if the teacher becomes an independent director of our Donghua Bank, he can make a fair and guest judgment when it comes to some key things."

Luo Zhisen knew the meaning when he heard the string. After hearing Wang Chong's words, he already knew that someone wanted to test him through this disciple. However, with Wang Chong's personality, he was unwilling to affect his judgment. So he smiled and said, "Don't worry, I know the responsibilities and obligations of independent directors."

Wang Chong breathed a sigh of relief.

After lunch, Wang Chong and Ma Xiaoxiao sent Luo Zhisen back to school to rest.

The two of them were walking on the school playground, attracting the attention of their juniors. Ma Xiaoxiao asked: "Didn't you, have you figured out how to answer me when I asked you the question in the morning?"

Wang Chong was stunned, "What's the problem?"

Ma Xiaoxiao was furious, "Die Wang Chong, you bad guy, I will ignore you again."

Wang Chong smiled and coaxed, "Okay, I promise you."

Ma Xiaoxiao refused to give in, "I am angry, you want to apologize to me."

"I apologize to you."

"Hmph, there is no sincerity at all. You have to learn from me!" As he said that, Ma Xiaoxiao said, "Wang Chong, close your eyes. Extend your hand over and do not peek."

Wang Chong acted as he said and felt something slipping on his wrist. Ma Xiaoxiao then said, "You can open your eyes."

Wang Chong lowered his head, but it was a Cartier watch.

"Happy birthday, Wang Chong."

Wang Chong said, then he remembered that today was his 33rd birthday. Wang Chong was very frank about this kind of thing. It seemed that after leaving his hometown, Wang Chong had not celebrated his birthday. Only on the lunar calendar birthday would his parents call and reminded him to remember to eat dumplings. Unexpectedly, Ma Xiaoxiao actually remembered his birthday.

When Ma Xiaoxiao saw him not speaking, "Capricorn man, can't you even say thank you?"

Wang Chong said, "It's just such a valuable gift..."

Ma Xiaoxiao waved her hand and said, "As a man, you can't care about food and clothing, but you don't even have a decent watch. How can you follow me in the future? You have to remember to wear this watch and not take it off in the future. Every time you look at the time, you must remember to think of me and think of me. Every minute and every second, you must have me in your heart. Wang Chong, do you understand?"

Wang Chong was moved, "Xiaoxiao, you are so nice to me."

Ma Xiaoxiao said, "Wang Chong, I like you. I treat you well, just to make you remember my goodness. No one can snatch you away from me in the future."

Wang Chong gently hugged her in his arms, "No."

Ma Xiaoxiao had a meeting in the afternoon, and Wang Chong sent her to the door. Ma Xiaoxiao squeezed and said, "I'll treat me to a meal after get off work."

Back in the line, Wang Chong rang a text message on his mobile phone, but Li Yishu sent him a text message, with only four short words: Happy birthday.
Chapter completed!