Finance China: A Feast of Financial Thoughts in China

Author: He Shihong, Gao Qiang / Country: Mainland China
Publisher:
Publishing Date: 2006-05-01
Features: Open this book, and you will see a series of brilliant financial lives. Here, you will find the stern brilliance of financial regulation, the bold breakthroughs that defy boundaries, the strategic foresight for development, and the remarkable achievements of those who lead with vision. Financial China is an endless spiritual feast about Chinese finance in our era. It is a think tank depicting the thoughts of Chinese financial executives and experts, as well as a historical reflection of their wisdom. Over the years, China, as an ancient and civilized nation, has successfully crossed the 20th century and elevated its economic status in the global arena. As the economic center, the financial industry has played an even more prominent role in this core position. The historical figures recorded in Financial China and the wisdom they have radiated in this Eastern civilization nation demonstrate to the world the thriving prospects of the Chinese financial industry. For global economists, the history and development of Chinese finance is a topic that will never exhaust research. And for the rapidly developing and transforming Chinese financial industry, its publication holds significant practical reference value. In this book, readers will savor the charming and wise historical stories of the Chinese financial field and learn about the diverse and challenging experiences of these prominent figures during the evolution of Chinese financial history. They have always strived for higher values amidst success and sought their dreams in the phrase "One World, One Dream." They remind people to bravely compete in the tide of China's economic reforms and in the arena of global economic competition, turning dreams into reality and ideas into value. Through this book, we will see a panoramic view of the opening of the Chinese financial market.
● Faced with the greedy desire of foreign capital for Chinese financial institutions, concerns naturally arise. The opening of Chinese finance is like a banquet where gentlemen from Europe and America arrive with grace. After tasting the delicacies, they can leave with composure. Perhaps amidst the toasts and laughter, we might hear some scattered "secrets," but as the hosts of this grand feast, we must bear the full cost.
● Now, what we need to consider is not how much profit "Citibank and HSBC" can gain from the domestic financial market each year, but rather their future position in China's financial industry. With the opening of the financial industry, the danger Chinese financial institutions face—lack of independent innovation technology—will they ultimately become "offices" for foreign capital in China? If this is the case, then China's vast financial institutions may become "distribution points" for international financial giants.
● International financial capital is using the "opportunity" of China's financial industry opening to infiltrate this huge market and quietly seize control until achieving substantial monopoly. Perhaps at the beginning, they will offer you some "carrots," which seem quite nutritious, but when they hold the valuable sectors, core technologies, and innovative R&D teams, how much bargaining power will we still have?
● The full opening of China's financial sector... Ye Xiunan, driven by his professionalism and work ability, once served as the leader of key business departments in the rural Bank of China at the county level. In 1996, he was transferred to become the director of the Ruian Credit Union Association. With a pioneering spirit, he fully leveraged his organizational, managerial, coordinating, and innovative capabilities, grasped the overall situation of the work, solved a series of complex and difficult problems, and achieved remarkable results. He has always focused on maintaining the stability and development of rural finance, promoting farmer income growth, and enriching the rural economy. He adhered to development as the top priority and gathered as much capital as possible to support the "three rural sectors." He continuously innovated, implemented business expansion responsibilities, strictly enforced performance appraisal and incentive systems, and mobilized the enthusiasm of all cadres and employees, effectively promoting the growth of deposit and loan businesses. As a result, the deposit and loan volume of Ruian Rural Credit Union ranked second among the eight major financial institutions in the city and accounted for a market share of 20%.
In August 1999, in accordance with the work arrangements of the State Council and the provincial government, the comprehensive governance of small legal person financial institutions in Ruian was launched. The municipal government designated the Ruian Rural Credit Union as the unit responsible for this major task. At the time, this was a huge pressure and challenge. For the Rural Credit Union, which had just completed its separation from the administrative subordination of the Bank of China, its own development had just begun. To take over the more than 300 million yuan in bad loans from 22 rural foundations, 6 financial service agencies, and 4 urban credit unions was like grabbing a burning mountain, and if not handled properly, the credit union itself would face great risks. Faced with difficulties, Ye Xiunan did not retreat. On one hand, he actively led cadres and employees to conduct a comprehensive investigation and understanding of the rural foundations, financial service agencies, and other work situations, ensuring they were well-informed to take action. On the other hand, he actively reported and obtained the correct decisions and strong support of the municipal party committee, municipal government, and relevant departments. Under the leadership of the Ruian municipal party committee and municipal government, Ye Xiunan led the Rural Credit Union of Ruian to complete the work of receiving small legal person financial institutions on schedule. After years of arduous legal collection efforts, the more than 300 million yuan in loans that were merged have now been largely recovered. During this process of cleaning up rural foundations, financial service agencies, business integration, and the renaming and restructuring of urban credit unions, the Rural Credit Union of Ruian and Ye Xiunan himself received full recognition and praise from all levels. Domestic well-known news media such as The Wenhui Daily reported on Ye Xiunan's deeds, calling him a "mine-clearing expert."
Born into a farming family, Ye Xiunan did not forget the large number of needy farmers who needed his help. Under his leadership, the Rural Credit Union of Ruian adhered to the business purpose of prioritizing the "three rural sectors," focusing on them, and made significant contributions to the development of the rural economy: pioneering the evaluation of farmers' credit ratings, actively issuing small credit loans to households, actively cooperating with credit guarantee companies to solve the problem of household guarantees, promoting the construction of credit villages and credit towns, implementing joint guarantee loans, and working to resolve the funding difficulties of migrant production. At the same time, they introduced the "Three Construction to Promote the Three Rural Sectors" system (requiring each credit officer to establish a rural support file, a rural support responsibility area, and implement rural support rewards and penalties), strengthening credit support for agriculture. By the end of 2005, the bank had issued 2.8 billion yuan in loans to households, accounting for 73% of the total loan balance, and 98% of all agricultural loans in the financial system of Ruian, almost solely bearing the credit support for agriculture.
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