Chapter 24 The Fifth Peak of Prestige (2000-2003)

January 24, 2000 was Wu Jinglian's 70th birthday. As early as a year ago, his friends and disciples began to plan congratulations.At that time, Wu Jinglian was on an academic visit to the Budapest Institute for Advanced Study in Hungary. He sent back an email and said, "I am very grateful for everyone's kindness, but don't sing praises to me personally. The best form is for everyone to get together and pay tribute to our common cause." Make a systematic review and look forward to the cause of reform (not personal achievement)".After discussion, the friends agreed to hold academic seminars to pay homage to him, and at the same time publish a collection of economic papers to commemorate his hard work in half a century.

The seminar was held on February 26.According to Li Jiange, the deputy director of the State Restructuring Office at the time, recalled: "The guests and friends from the academic, political and business circles were full, and the event was unprecedented. Speakers representing various academic schools and various viewpoints not only published high-level papers, but also conducted He had an unrestrained in-depth discussion, and made an appropriate evaluation of Wu Jinglian's morality and articles in sincere and touching words. The atmosphere of the meeting was strong, and people's moods could not be calm for a long time after the meeting."

Just 7 days after this birthday seminar, on March 4, Wu Jinglian suddenly played the role of a "black prophet".At that time, the national "two sessions" were being held. On this day, Wu Jinglian, a member of the Standing Committee of the Chinese People's Political Consultative Conference, expressed his thoughts on the Internet economy in full swing in an impromptu conversation with reporters.He said: "At present, both Hong Kong and the Mainland are speculating on Internet stocks. It has more advantages than high-tech industries and more disadvantages. The media had better not add fuel to the flames." He believes, "In China, few Internet stocks currently listed are real Internet stocks." Unexpectedly, his speech drew strong counterattacks from people in the securities industry and the Internet industry.

This is not the first time that Wu Jinglian has criticized the chaos in China's capital market in public.As early as last year's national "two sessions", he complained to reporters: "In a regulated securities market, there are generally two channels for money to come in, one is the return on investment, and the other is the price difference. It is easy to go wrong when the rules are not perfect. The development of the Chinese securities market to the present is not a place with investment value at all. Due to the irregular system, the stock market is composed of a few powerful and The so-called "bankers" in the backstage control, they have a high probability of earning, and ordinary investors are just paying for others." At that time, Wu Jinglian also put forward a proposal, he said: I appeal to the media, can we come to a small Revolution, get rid of the word "shareholders".I am very disgusted with the use of the term "shareholders" by the media.What is a shareholder?He is the shareholder, he is the "owner".In Chinese vocabulary, because of the long-term feudal society, the "min" corresponds to "official", which means inferior. This is not a concept of market economy. A market economy must establish a concept. This shareholder, he is the "owner" ", but "not a small person who can fish at will".

Of course, Wu Jinglian is not the first person to criticize the stock market. His proposal to separate "shareholders" from "shareholders" is to many people the expression of economists' love to chew words. Therefore, there is no aroused great concern.However, this time is different, because he directly targeted the behavior of hyping the "Internet concept" in the stock market.For example, he said that Shanghai Merlin, whose stock price has skyrocketed recently, is actually a food manufacturer, but there is a website where online transactions can be made. It would be too much of a stretch to connect it with the new economy.Finally, he said in a very earnest tone: "China's new economic horoscope has not yet been written off. It is better to retreat and form a net than to be envious of the fish."

Wu Jinglian's words seemed to pour a ladle of cold water on top of a pot of blazing flames, and sparks immediately splashed out.The next day, major media outlets and portal websites issued news: "Economist Wu Jinglian poured cold water on Internet stocks." In the eyes of many people at the time, Wu Jinglian's remarks were obviously out of date.After entering the 1990s, Internet technology came out of the laboratory and gradually became a thriving new economy.In the previous 10 years, it restored the United States to its position as the global economic leader.Just in December 1999, the U.S. Nasdaq Composite Index, which is mainly composed of Internet company stocks, was approaching 5,000 points, and it had just crossed the 2,000-point mark in July 1998. Enthusiasm pushed to a boil.In China, portal websites such as Sina, Sohu and Netease are in full swing, and a new era seems to have just opened a magnificent curtain.

However, Wu Jinglian insisted that this "curtain" was covered with fleas, and his remarks were ridiculed and criticized.Some people cheered for "foam", saying "beer without foam is not good beer".Two Internet observers wrote an article to fight back, and posted a 100,000-word material on the Internet, calling on everyone to criticize Wu Jinglian's "bubble theory."Even his age of 70 was brought up during the debate, with young people sarcastically writing, "The future belongs to you, and it belongs to us, but in the end it belongs to us... inform and ask you to go to the Go to the Internet, and come and feel the surging waves of the great era together with us!" On March 9, 2000, the Nasdaq index broke through 5,000 points, and the whole world was elated, and Wu Jinglian's voice became more and more ridiculous and absurd.

The stubborn economist decided to fight.He quickly wrote the article "Internet: To Develop or To Bubble".He said bluntly: "Some people say that the stock market bubble is conducive to the development of high-tech industries. In the era of 'new economy', the bubble of Internet stocks will not burst. I cannot agree with this view." Wu Jinglian not only does not object to China's development of high-tech industries ——Including the Internet industry, he is still an out-and-out "enthusiast".What he opposes is the hype behavior in the capital market. "If you don't emphasize real hard work, but stir up concepts such as 'high-tech' and 'Internet stocks' to attract the public to follow suit and cause the stock price to rise, you have to be suspicious of the drunkard." He has other ideas."Furthermore, he also raised his own warning about the current Internet craze in the United States, "In the past nine years, driven by high-tech industries such as the information industry and genetic engineering, the U.S. economy has continued to grow, and stock prices have also been rising. This has caused some Economists are worried, because according to past laws, long-term high-speed growth heralds the outbreak of inflation and the collapse of the financial market... The current US economy has both "new economy" and "bubble" elements. "

On March 17, Southern Weekly, the political weekly with the largest circulation in China, published this article by Wu Jinglian, but the title was changed to a more irritating, and in his opinion somewhat illogical, "Whether the system or the Foam".At the same time, the newspaper also distributed a rebuttal article "To Mr. Wu: Don't pour cold water on the Internet" by Internet watchers Fang Xingdong and Jiang Qiping.They wrote tit-for-tat: "Mr. Wu's point of view seems to separate the new economy from Internet stocks... It cannot separate the internal connection between the overall economy and the venture capital market, and the elimination of some Internet stock companies is directly equivalent to a bubble. And Sentencing the death penalty to 'most companies' in the United States is even more reckless now."

This debate immediately sparked an uproar, and various media carried out a series of follow-up reports.This is also the first time that Wu Jinglian started a debate with people outside the political and economic theory circles, and his opponent turned out to be a young man whom he cared for and loved so much, which made him a little frustrated.In his view, the Internet economy should of course be vigorously advocated, but people nowadays equate the "development of the Internet economy" with the "expansion of the Internet bubble", which is unacceptable to him. What's worse, The young people who argued with him always mixed the two things.He told his assistant Liu Hong that this was an unwarranted "controversy" and it would be a waste for the public to watch such a "controversy".

On April 13, Sina was officially listed on the NASDAQ stock market, raising US$60 million, and domestic public opinion was overjoyed.However, almost at the same time, an incredible thing happened suddenly: since April, Nasdaq, which has been proudly soaring all the way, suddenly turned around and fell without warning, and the composite index fell from the highest point of 5132 points within half a year. It fell by 40%, and the company's market value of 8.5 trillion US dollars evaporated. This value exceeds the annual income of any country in the world except the United States.Economist Stiglitz commented in a bleak tone, "The bubble burst and the economy fell into recession. This outcome is inevitable-the noisy 90s built on false foundations will finally come to an end. ". In this way, Wu Jinglian was once again "unfortunately speaking".This economist, who was considered "outdated" not long ago, "accidentally" became a "magician in black" who accurately predicted the collapse of the global Internet. On May 12, Wu Jinglian participated in the activities of the International High-tech Industry Week. After giving a speech, he was immediately surrounded by reporters.What people are very curious about is, in which "crystal ball" did he see the dot-com bubble about to burst?Wu Jinglian's answer did not seem to fully satisfy their curiosity. He seemed to be still immersed in the debate two months ago. He said, "Some people say that the new economy is completely different from the old economy. Your economists are not the same as those economists." Economics is useless, now it is called attention economy, eyeball economy, as long as you attract eyeballs to move, you will be successful, I don’t believe this. I didn’t pour cold water on the Internet, I poured cold water on the hyped Internet stocks.” 2000 was an unforgettable year for the 70-year-old Wu Jinglian. It was in this year that his influence went beyond the professional field of economics he studied and became a public figure that attracted wide attention.At the beginning of the year, he became a "star prophet" for predicting the bursting of the Internet bubble.At the end of the year, he stood in the "eye of the storm" of public opinion because of another major event. In October, "Finance" magazine published a group of cover investigations "Fund Shades", which punctured the "fund myth" in the Chinese stock market at once.This "truth-telling child" is a 28-year-old unknown Zhao Yugang. He is a researcher of the Supervision Department of the Shanghai Stock Exchange. On April 28, 2000, he tracked 22 securities investment funds under 10 domestic fund management companies, analyzed their summary records of bulk stock transactions in the Shanghai stock market, and wrote "Fund Behavior Analysis" " and "Fund Style and Evaluation" two reports.It was in these two reports that Zhao Yugang disclosed a large number of violations and illegal operations of investment funds.The report was formed in May, and soon spread to the society informally, and finally fell into the hands of Hu Shuli, editor-in-chief of Caijing magazine, who was called "the most dangerous woman" by some in the securities industry. At the insistence of Caijing, Zhao Yugang's report was published in the form of selection and editing. As soon as this article came out, thousands of huge waves were set off on the ground. On October 16, the 10 fund management companies named jointly issued a statement, accusing the article "Fund Shady" of publishing a lot of false and biased theories in a sensational form. They claimed: "China's fund companies are already One of the investment institutions with the strictest supervision, the most complete system and the highest transparency in China, the data and data sampling based on "Fund Shady" is inaccurate, the research method is unscientific, and the judgment of the fund's trading behavior is seriously inconsistent with the facts. The author of the report He and Caijing seriously violated the objective and fair professional ethics of journalism, and it is unbearable to completely deny the results of the pilot program of the Chinese fund industry in the past two years." The 10 fund companies therefore strongly stated that they would pursue the defamation of the author and the media responsibility.Hu Shuli, who was questioned about her professional ethics, did not flinch. She immediately issued a statement in three securities newspapers, saying that the information on "Fund Insider" has a legitimate source and reliable basis, and is in line with the principle of objectivity and fairness. At that time, domestic economic circles were silent, and many financial media did not say a word either because of their interests or because the truth was unknown, and public opinion was unprecedentedly suppressed for a time.Just over 10 days after the fund company issued a statement, on October 29, Wu Jinglian was interviewed by a reporter from CCTV's "Economy Half Hour" and talked about his views on the "shady fund". Wu Jinglian said, "First, the statement of the top 10 funds is false in many places, but it does not mention the most basic and core facts. I think it is the "Finance" article on these activities. The main accusation and accusation of the article. Because this is an issue that touches the "Criminal Law"... Manipulating the market is a criminal offense. Second, how can it be possible for the top 10 fund companies to jointly insure each other? Could it be that their mutual accounts are all in their own hands? Is it public? Are their manipulations known to each other? For economists, this is unimaginable. The top 10 companies are originally competitors. And legally they Can't conspire to conduct transactions, can they? Under such circumstances, how can they prove each other? If this proof is qualified proof, it must mean that they are completely the result of mutual consultation in the transaction activities .If that's the case, isn't that illegal?" The reporter then asked: "Even if there are some problems with the fund management company, according to your statement, who should be credited with this account?" Wu Jinglian frankly pointed at the supervisory authority. He said: "If there are widespread violations of laws and regulations in a market, then it must be considered. If this environment induces people to violate regulations and laws, then even the relevant authorities should bear certain responsibilities. For example, first It is the regulatory agency, and then the judiciary. They are all responsible. Of course, for example, the self-regulation of the industry, as well as our media, we are all responsible, some have administrative responsibilities, some have legal responsibilities, and some are A moral responsibility, including economists. We are all social beings. In this, are you encouraging the normalization of this market, are you protecting the interests of small and medium investors, or are you helping those who break the law and become their own? Those who are nouveau riche and trap small and medium-sized investors, which side do you stand on?" During that time, relevant parties were grandly commemorating the 10th anniversary of the recovery of China's securities market, and articles praising and summarizing were emerging in an endless stream. "Caijing"'s exposure of the fund industry and Wu Jinglian's response undoubtedly made some senior managers very uncomfortable.Zhou Xiaochuan, Wu Jinglian's long-time academic partner, was just transferred to the chairman of the China Securities Regulatory Commission in February 2000. He proposed that "the capital market should develop on the basis of regulations." It will bring down the Chinese capital market."Later, when Wu Jinglian recalled the reason why he spoke up, he said, "After Caijing published "Fund Shady", the public expressed great concern and indignation, but the confrontation between uncovering and covering up the shady scenes is still in a confrontation, and people will Looking forward to the voice of the economist. In this case, I was interviewed by CCTV". After the CCTV program was broadcast, it had a shocking effect across the country.In the next few days, Wu Jinglian accepted interviews from many media.In a conversation with Chen Tao, a reporter from Southern Weekly, he said rather fiercely: "In the view of some government officials and leaders of state-owned enterprises, the function of the securities market is to collect money for companies that are approved to go public. For others For those who understand the characteristics of financial market transactions and have some kind of power background, they regard it as a place where illegal operations can be carried out without punishment, so that small and medium investors (they are often regarded contemptuously by some people) "Stockholders" who can be slaughtered at will) are a good place to spend a lot of money in their pockets... Insider trading, market manipulation and other activities to entrap small and medium investors have intensified, so that they have almost become the routine of market activities and the idiomatic terms of securities newspapers. Small and medium Securities investors are aware of this situation, but they can do nothing about it. The resentment pent up in their chests can be seen by looking at the comments made by investors on the Internet after the publication of "Fund Shady". At the same time, more than one This article by a securities industry practitioner who has not lost his conscience and is brave enough to speak out, also confirms that what the victimized small and medium-sized investors said is true.” Wu Jinglian's participation made the "shady fund incident" suddenly heated up. On December 4, Zhou Xiaochuan, chairman of the China Securities Regulatory Commission, accepted an interview and expressed that he welcomes the media to express opinions on the securities industry and the capital market, and that violations that are verified and evidenced will be dealt with in accordance with the law.According to subsequent investigation results, among the 10 fund companies, except for two, the rest were found to have "abnormal trading behavior". Wu Jinglian's bravery and straightforwardness made his reputation reach the peak.Before that, in the eyes of the public, he was a "system designer" living above the temple, but at this moment, Wu Jinglian appeared as a public intellectual. In December 2000, CCTV selected the "CCTV China Economic Person of the Year" for the first time. The selection committee composed of 100 economists and 50 well-known financial journalists selected the 10 most active "Persons of the Year". They are Wu Jinglian, Liu Chuanzhi, Tian Suning, Liang Dingbang, Peng Zuoyi, Zhou Houjian, Zhang Ruimin, Zhang Hongwei, Qiu Bojun and Wang Shi. Among the 10 candidates, Wu Jinglian was the only one who was selected as a scholar and won the first place in the "Person of the Year" He was far ahead in the online voting and ranked first in the "Popularity Ranking". In an exclusive interview with the winners, the host asked the white-haired Wu Jinglian: "We once called old man Bing Xin the 'conscience of the Chinese literary world', but now some people call you the 'conscience of the Chinese economic circle'. Today In Chinese society today, the word 'economy' is ubiquitous. Everyone is talking about money, creating wealth and making profits, so what is the use of the word conscience?" The latter replied, "There is : A gentleman loves money, and he gets it in a proper way. A market economy requires a relationship of trust between people. Without such a relationship of trust, a modern market economy cannot develop if it relies on intrigue.” At the end of the interview, the host People said with emotion: "The old year has passed, but fortunately we have kept our conscience. We may not need the Nobel Prize in Economics, but we need economists who dare to tell the truth and tell the truth." On December 29, "China Youth Daily" published an exclusive interview with Wu Jinglian by reporter Pan Yuan, titled "Reform: We Are Passing a Great Pass."Wu Jinglian said bluntly, "I am dissatisfied that reforms in some areas after 1984 are still progressing too slowly." He said: "The Third Plenary Session of the Twelfth Central Committee determined the basic path for reform. The subsequent Party Congress requested that a basic framework for a commodity economy be established during the 'Seventh Five-Year Plan' (1986-1990). This task was not completed. 1993 The Third Plenary Session of the 14th Central Committee of the Communist Party of China called for the initial establishment of a socialist market economic system by the end of this century. Since then, the construction of the market economic system has made great progress. However, some important structures of the market economy, such as the modern financial system, have yet to be established. Establishment. One of the factors hindering the faster reform is the old ideological barrier, but more importantly, certain vested interest groups are unwilling to give up their vested interests.” In his articles and speeches during this period, Wu Jinglian repeatedly mentioned the terms "vested interest groups" and "crony capitalism", which was rare a few years ago.He believes that "reforms do bring pain, but these pains do not all come from the reform itself, but from things outside the reform. Some of them are inevitable, some of them are man-made, and to put it bluntly, someone is going to be in it." Stir, want to fish in troubled waters." He told reporters that, in my opinion, there are two wrong tendencies now—some people use the banner of "maintaining socialism" to attack reform; others use the banner of "reform" to oppose reform.The resistance to reform comes not only from old concepts, but also from vested interests.Some of the vested interests that run counter to the reform originated from the old planned economic system, and some came from the irregular reforms in the early stage.For example, the development of securities market requirements on the basis of standardization has been opposed by some people, saying that this is "a blow to new things".Some people say this because they don't understand the principles of economics and the truth of the matter, but there are also some people who know the matter very clearly, and they say this only because they represent a kind of interest.This kind of argument and practice of opposing reform under the banner of "reform" is very harmful.First, it slows down the process of establishing a standardized market economy.Second, people who have been harmed by such abnormal behaviors mistakenly believe that this abnormal state is brought about by reforms, thus generating aversion and opposition to reforms.And these are the people for whom we seek justice. When explaining what the "reform hurdle" is, Wu Jinglian replied: "The reform hurdle has not yet been passed, because the state-owned sector whose system has not been reformed still controls the main part of some important resources. This is the current situation of many A general source of the economic problems plaguing us." Based on this, he proposed "four issues that need to be addressed in economic reform": First, adjust the ownership structure according to the judgment criteria of "three benefits"; second, solve the issue of national treatment for private enterprises as soon as possible; Fourth, it is necessary to establish fair and transparent rules of the game and establish the rule of law.Let the common people know what rights they have, and enable them to have sufficient means to protect their rights.Officials must be allowed to exercise their powers within the scope prescribed by the law and in accordance with the law, and be supervised by the law. On December 30, the second day after the article in "China Youth Daily" was published, CCTV's "Dialogue" program made a special session for Wu Jinglian, the theme of which was "Feeling Wu Jinglian".This is the first time that audiences across the country have seen a real Chinese economist on TV screens.Wu Jinglian's image and performance conform to their imagination of an "economist": a gentle and elegant elder, full of wisdom and a sense of responsibility, and a little cautious when facing the public. The host Shen Bing asked: "I don't know, Mr. Wu, what kind of mood did you have when you participated in the award ceremony (referring to the annual economic figures award ceremony held just now)? Have you ever thought that one day as a scholar, you will be able to Standing in the spotlight?" Wu Jinglian replied honestly: "Teachers or researchers like us are a little bit at a loss when we encounter this kind of scene, and we are completely unprepared, how can we get such a high number of votes in terms of clicks? ?” The host asked: "Then why do you think you are so popular?" Wu replied: "Maybe it is a reflection of a very bad phenomenon. The voice of ordinary mass investors is too small, and they lack a stage to speak... Maybe at least A little older, maybe you can say a little more. For us, this is the duty of an economist." Next mentioned the "fund shady".The host asked: "Why do you have to stand up and speak out about such a matter?" Wu replied: "I heard that our TV station and some newspapers wanted to invite some people from our economic circles and economic circles to express their opinions, but They all have great concerns, and I think this is very abnormal." Question: "Did you have any concerns at that time?" Answer: "Marx said that interests will bring enemies to the battlefield, which is expected. If you choose this profession, you are an economist. We often say that economics is a positive science, that is to say, the first question it has to answer is 'what is it' , which is the basic professional ethics of economists.” In the questioning session of the audience, he asked: "Our country is now fully speculating in stocks. What impact will this situation have on the lives of the people?" Wu replied: "The expansion of the capital market should attract more and more people to invest directly. It should be said that it is a good phenomenon. But the stock market for all people is not investment. I think it is abnormal. This shows that we We did not provide a good investment opportunity for our public... We did not prepare such a good investment place for our public, so he can only watch the ups and downs in the stock market, hoping to get a return through this. In the process of hype, making money Whose money does a person earn? He does not get money from creating wealth in production and development, but transfers it from other people’s pockets to his own, and makes a nation rich through this hype. It is impossible to leave the earth with your own hair. There is an economist in the United States named Galbraith. He said that Americans are particularly forgetful. They were bitten by the crash 20 years ago, and they forgot after 20 years. We This is even more forgetful, and I will forget it in a few months." A reporter from "Beijing Youth Daily" talked about her feelings for Wu Jinglian: "I first came into contact with Professor Wu Jinglian in 1991. At that time, I just graduated from university and went to interview him. After that, I went to the 'two sessions'. I saw him being chased and intercepted by reporters on the steps of the Great Hall, and my impression of him was: his mouth was facing the ear of the leader, but his feet were standing among the people." A burst of prolonged applause. Wu Jinglian looked very shy and humble, he was obviously not used to this kind of hot and sought after scene.At this time, he talked about Gu Zhun: "First of all, I want to say that I am not a forerunner. In the past two days, many people have asked me how you foreknowledge. I already knew that the network was going to collapse. I just pay attention to various things. In addition Using economic theory to analyze various phenomena, that’s all. It took me quite a long time, it can be said that it was not until the late period of the “Cultural Revolution”, that I understood a little truth. My teacher and friend Gu Zhun said, It is necessary to dissect this socioeconomic relationship like a cold scalpel." This is a TV talk show full of warmth. The hostess played a symphony on the spot. Wu Jinglian immediately recognized that this is the first part of the suite of symphonic poems "My Motherland" by Czech composer Bedojic Smetana. The second movement "Voltava River".He told the audience that, unlike his teacher Sun Yefang, who especially likes the majestic and fighting Beethoven, he prefers "soothing music" such as Mozart, "I like his piano sonatas because our profession is often in heated debates, and This kind of fierce debate often has a background of interest, so it is relatively tense. Mozart’s kindness to human beings can calm you down. From the perspective of human nature, Mozart is very deep... His understanding of this kind of human nature Explaining, I think it can calm me down very much. Sometimes in some debates, whether it is a quarrel between economists or a heated debate with leaders, open it and listen to it.” At the end of the show, Shen Bing, who was careful, discovered, "Ms. Wu's birthday is on January 24, which is the first day of the lunar calendar in our country." On behalf of the column group and the national audience, she presented a plate of "My The "Motherland" musical was given to Wu Jinglian. This program aroused enthusiastic responses from the audience, but some people criticized that: this program praised one person (referring to Wu Jinglian), and this person praised another person (referring to Gu Zhun), so the broadcast should be stopped.It seems that Wu Jinglian violated the taboo of some people. On December 31, 2000, Wu Jinglian spent time at his desk.For some time now, he has been editing a collection of works titled Reformation: We Are Crossing the Gate.Now, the proofreading has been completed, and it is preliminarily decided that it will be published by Sanlian Bookstore in the spring of next year.On the last day of 2000, he sat down to write a preface.The praises and awards given to him by the media in recent times, as well as the joy of the filming scene the day before, did not seem to make his mood brighter, on the contrary, he was a little gloomy. He wrote: "When I started compiling this collection in early 2000, I was indeed in a somewhat dull and depressed mood... From the perspective of economic resource allocation, it can be said that the 'big mark' of reform has not yet passed. Especially It is frustrating that we have to continue to talk about the problems I raised 5 years ago, such as the inefficiency of state-owned enterprises, the rampant corruption, the chaos and anomie of economic relations, the serious injustice of property redistribution in the reform process, As well as financial fraud, stock market bubbles, lack of public power, rule of law and so on.” Wu Jinglian has been immersed in the field of economics for 50 years since he entered the Economics Department of Jinling University in Nanjing in the spring of 1950. He has grown from a young and radical young man to a famous economist in China, but is he satisfied with himself? ? In the preface, he wrote with a bit of self-reproach: "How is the role of economics in the reform? I always feel that there is an urgent need for economists to use their ingenuity to promote the reform and promote reform in the reform process." When we tried our best to protect the interests of the public, we did not do enough. Of course, there are reasons for the social environment, but it is also related to our own insufficient efforts. The so-called insufficient efforts have two manifestations, one is the aspect of knowledge... On the other hand, the shortcoming is that it has not been able to realize its function as a social conscience in the huge social change of reform.” When he finished writing this text, of course, he did not expect that many contents in the preface would soon be tested. Outside the study, a more violent storm that was already brewing was waiting for him not far away.