Chapter 31 1993 Turning the Tide

Yu Zuomin, the 64-year-old owner of the "No. 1 Villa in the World", sat cross-legged on his huge heated kang, looking lonely and restless.It was an evening in March 1993.These days, he was involuntarily drawn into a vortex of shocking heaven and earth. In the past two years, Yu Zuomin has been proud of himself.Daqiuzhuang under his leadership has changed from a beggar village on the saline-alkali land in North China to the richest village in the country. The New York Times reported: "Daqiuzhuang is actually a big company. There are 4,400 people in this village, but there are 16 Mercedes-Benz cars and more than 100 imported luxury cars. In 1990, the per capita income was 3,400 US dollars, which was 10 times the national average income. In 1992, the industrial output value of Daqiuzhuang was said to have reached 4 billion yuan." Daqiuzhuang has become a Chinese private economy. A sign of rapid growth, all who visit here will marvel at its cleanliness and wealth.The small village is composed of rows of bungalows with red bricks and gray tiles, intertwined with asphalt roads.The road was well repaired, and there were lanterns of the kind that can only be found in big cities standing on the side of the road.There are 16 villas with unique shapes in the center of the village, which are very similar in appearance to the Diaoyutai State Guesthouse in Beijing.

Yu Zuomin lives in the most conspicuous one among the villas. Every day he sits cross-legged on the big kang, waiting for the "worship" of people from all directions.He is not only a shrewd businessman, but also a once-in-a-century farmer language master. Everyone who has come into contact with him will be overwhelmed by his witty words.As the creator of the miracle of Daeguzhuang, his reputation has reached its peak. After Deng Xiaoping’s speech on the South was published in 1992, Daqiuzhuang seized the opportunity of economic recovery and made a lot of money in steel.National media set off an upsurge of reporting on Daqiuzhuang, and Yu Zuomin has become "China's No. 1 farmer entrepreneur".On March 1 of this year, Yu Zuomin wrote an article "Messages for the Spring Festival" in the "Economic Daily". He wrote that "Daqiuzhuang's greatest contribution is to give Chinese farmers a face."

However, just when his reputation reached its peak, this extremely intelligent "human spirit" suddenly became mad.He considers himself a "representative of Chinese peasants" and has close friendships with some central leaders, so he gradually gets carried away.He said to a group of officials who came to investigate, "The director is a ball, and if I want to be the deputy prime minister." Once, six ministerial officials went to Daqiuzhuang for a meeting, and Yu Zuomin neither greeted nor accompanied him.When the meeting was over and a group of officials, large and small, gathered in the courtyard to leave, he was sitting in his office chatting with familiar reporters, turning a deaf ear to the commotion outside the door.When the reporter reminded him whether he wanted to go out to say goodbye, he waved his hands and said, "Ignore them."

In May 1992, when Tianjin elected a party representative to attend the 14th National Congress, Yu Zuomin unexpectedly lost his name to Sun Shan. On June 20, the "Daqiuzhuang Committee of the Communist Party of China" began to distribute an "Open Letter" to the press, which listed ten items: "... Article 5, we state our views, and from now on, we will not elect party representatives or people's congress representatives. Intervene, otherwise it will affect other candidates; Article 6, when the main ministries and commissions of Tianjin come, we must first be enthusiastic, and second, we must respect. But we must have an ID card to prevent bad guys from taking advantage of loopholes;... Article 8, our cadres and workers must stand up Live in three chaos, no random investigations are allowed;...Article 10, we must be clear, and even more ignorant, and only when we are ignorant can we accomplish great things." Lonely indignation, resentment, and antagonism are clearly on the paper.

The fatal crisis was triggered by an accident. In December 1992, the manager of Daqiu Zhuang Wanquan Company died of illness. During the audit, it was found that there might be corruption, so Daqiu Zhuang sent 4 people to inspect the company's salesman Wei Fuhe.Wei Fuhe was illegally detained and beaten to death on December 13.After the incident, the "Old Man" Yu Zuomin decided to cover up the perpetrators. He asked the suspects to leave Daqiu Village overnight or go into hiding. He stood up to resist all matters. In January 1993, the procuratorial department sent 6 people to Daqiuzhuang to collect evidence, but they were illegally detained for 13 hours without any food during the period.When the procuratorate issued arrest warrants for the four suspects, the public security officers who came to perform official duties were turned away by Daqiu Zhuang's card.

Things got worse from there. In the early morning of February 18, relevant authorities in Tianjin mobilized 400 heavily armed armed police to block all passages leading to Daqiuzhuang.Yu Zuomin ordered all the workers in more than 100 factories in the village to go on strike. Tens of thousands of farmers from the village and other villages guarded the intersections of the small village with sticks and steel pipes and confronted the armed police. struggle".Yu himself retreated and announced his temporary resignation to the outside world.Such a tense situation has lasted for three days and three nights, and Yu Zuomin has been caught in the legal minefield and cannot extricate himself.After repeated negotiations, Yu Zuomin reluctantly agreed to the armed police entering this "Yu's Manor".The police searched Daqiu Village, and Yu Zuomin gave false testimony that all the suspects had fled, but in fact, several of them had been hiding in the village.

In early March, the Tianjin Municipal Party Committee and Municipal Government sent a working group to Daqiuzhuang to confiscate all weapons and equipment in the village.Yu Zuomin was detained on suspicion of harboring and obstructing official duties.Despite the steep winds, the surface appears to be calm.During the Spring Festival, Yu Zuomin appeared at the CCTV Spring Festival Gala, smiling.Even on March 16, he still participated in the National Committee of the Chinese People's Political Consultative Conference as a member of the National Committee of the Chinese People's Political Consultative Conference.

Everyone has a faint feeling that the situation is getting worse, but many people are still lucky.In Yu Zuomin's hands was a letter that had just arrived from the south. The letter was from another representative of township enterprises, Lu Guanqiu of Zhejiang Wanxiang Group. In January 1990, the China Township Entrepreneurs Association was established. The Minister of Agriculture He Kang served as the chairman. The two vice-chairmen are Yu Zuomin and Lu Guanqiu. This is the highest level that farmers and entrepreneurs can get. , Positions with "official color".Yu Zuomin and Lu Guanqiu have always had a good friendship. Every year when new tea from Jiangnan comes into the market, Lu Guanqiu will send a few big bags to Yu Zuomin, and the latter even generously gave him a Japanese Nissan with a Tianjin license plate. car.Lu Guanqiu and Yu Zuomin are two entrepreneurs with completely different personalities. Yu Zuomin's evaluation of Lu Guanqiu is: "You old Lu is too smooth." Lu Zuomin's impression of Yu Guanqiu is: "This The old man is too capricious." At the beginning of the year, after the beating incident happened, Lu Guanqiu had been very concerned about his "Brother Yu", and he wrote in a note: "At present, all walks of life in the society are very concerned about you and Daqiuzhuang. Concerned. It is generally believed that the best policy is to settle the matter with a compromise. Because of the "rat's taboo", I think that only the development of production and economic strength is the foundation. I hope you have an open mind and take care of your health. "Lu Guanqiu" The implication of the term "throwing rats and avoiding weapons" is to comfort Yu Zuomin that the government should consider his reform influence and not give severe punishment.This gave the "old man" who became frightened by his self-confidence a little relief.

However, the development of the matter was beyond the expectations of Yu Zuomin, Lu Guanqiu and others. In April, Yu Zuomin was arrested. On August 27, the court in Tianjin sentenced Yu Zuomin to 20 years in prison for five counts of harboring, obstructing public affairs, bribery, illegal detention and illegal control. His son, No. 2 of Daqiuzhuang The character Yu Shaozheng was sentenced to 10 years in prison at the same time.Regarding Yu Zuomin's sentence, Xinhua News Agency only issued a press release of less than 200 words to the whole country, but the response it caused was like a thunderbolt.Ling Zhijun, who worked for the People's Daily, remembers, "The phone at home kept ringing in the past few days, and many people wanted to inquire about his situation. Most of these people were influential figures in China's reform trend. They called Yu Zuomin They regard him as the same kind, so naturally they also regard him as a symbol of reform. They are all asking the same question: Is the attack on Yu Zuomin aimed at reform?"

Obviously, the occurrence of this case has plunged Yu Zuomin and all reformers, including the Tianjin government that dealt with him, into a dilemma.After Yu Zuomin was arrested, relevant people in Tianjin said in an interview with foreign media: "Yu Zuomin's arrest once again shows the progress and maturity of China's political and legal system." In the future, it seems that Yu Zuomin's case does not have any serious consequences. Strongly political, it is a cup of bitter wine brewed and drunk by a peasant entrepreneur who regards the law as nothing and has a bad relationship with the local government.After Yu Zuomin was sentenced, Lu Guanqiu from the south was out for three days. He wrote an article entitled "Township Entrepreneurs Urgently Need to Improve Their Quality".He wrote: "We are faced with the obstacle of the quality of the operators themselves. This is a more difficult obstacle. The cause of this obstacle is that some capable farmers are not fully aware of the historical mission they are carrying, and are only intoxicated by the aura of success in front of them. It is very regrettable that such a horse has stumbled. The real root of this obstacle is actually the conflict between the traditional small peasant consciousness and the modern spirit. Obviously, we need a complete break today.”

In April, two strong earthquakes struck the Chinese business community.One was the fall of Yu Zuomin from Daqiu Village, and the other was the arrest of Shen Taifu, a high-tech entrepreneur in China at the time.Interestingly, they all fell precipitously after confronting fierce opposition from the government. The story of Shen Taifu is another absurd business legend.Shen Taifu, less than 1.6 meters tall, is from Siping City, Jilin Province.He was fond of scientific and technological inventions since he was a child, and he was a very smart and studious young man. In 1984, at the age of 30, he resigned from the Engineering Bureau of Siping Reservoir and started the first individual technology development consulting company in Jilin Province with his two brothers.They have successively developed many novel products, such as blister packaging machines, two-color water level gauges and a special card reader.His business is well-known in the local area for its innovation. In 1986, Shen Taifu went to Beijing and registered the collective Great Wall Electromechanical Technology Development Company with 300,000 yuan. Until 1988, the Beijing Industrial and Commercial Bureau still refused to accept the registration of private high-tech enterprises.The nature of the property rights of the Great Wall Company finally became the most fatal link in the Shen Taifu case. Around 1992, Shen Taifu and his technicians developed a high-efficiency and energy-saving motor, which is said to have much higher performance than similar products.However, Shen Taifu did not have enough funds to put into production, and the bank was not interested in this risky project. At this time, Shen Taifu thought of private financing.1992 and 1993, after Comrade Deng Xiaoping inspected the South, were years of extremely high investment enthusiasm, and people were full of enthusiasm for various innovative construction projects.Due to the central financial control, various private fund-raising activities have been very active, and interest rates have also risen.In many coastal areas, the annual interest on private lending funds is basically between 16% and 20%.A senior general manager of a securities company once recalled, "At that time, securities companies didn't know what they really should do. With hundreds of millions of funds, at least 20% of the income could be obtained by lending out, so why bother?" Shen Taifu's behavior was essentially an "underground private placement". At that time, due to the recovery of the macro economy and strict financial control, private financing activities in the gray area were very active. Shen Taifu was obviously not the one who offered the highest financing interest.A fund-raising case that can be referred to is: In 1993, Ren Zhengfei of Shenzhen Huawei wanted to develop the Wanmen digital program-controlled system but could not get funds from the bank. He lobbied the telecommunications bureaus of 17 provinces and cities across the country to establish a joint venture company with 39 million yuan. He promised a fixed annual return on investment of 33%.For related plots, see Chapter 1997. It was against such a hot background that Shen Taifu's fund-raising game was launched. The new type of motor invented by Great Wall Company was an energy-saving project. At that time, domestic energy shortage was always a bottleneck, so any new technology with energy-saving concept was very popular.And Shen Taifu is a master who is good at packaging and hype concepts. On May 28, 1992, his motor technology passed the national scientific and technological achievement appraisal at the Diaoyutai State Guesthouse.According to reports, a deputy director of the State Planning Commission wrote on his project appraisal letter: "As an important energy-saving project, guidance and support should be given as much as possible." Shen Taifu even declared to the outside world that the Great Wall Company has invested nearly 5,000 According to the calculation of the energy department, if only 1/3 of the fans in operation are replaced with this energy-saving motor, 40 billion kilowatts of electricity can be saved a year, and its future is huge. It is full of imagination. Shen Taifu's fund-raising rules are as follows: investors and companies directly sign a "technology development contract", and the starting point of the fund-raising amount is 3,000 yuan, whichever is higher is not limited.Investors can withdraw their investment at any time and pay "compensation fees" quarterly. The annual "compensation rate" reached 24%.His first round of fundraising activities was launched in Hainan in June. The advertisement was published the day before, and there was a long queue at the door of the company the next day. In just 20 days, 20 million yuan was raised.Shen Taifu, who achieved great success in the first battle, immediately accelerated the pace of fundraising. He successively carried out similar activities in 17 cities across the country. The fundraising storm of Great Wall Company swept across the country quickly, and it soon became the hottest high-tech enterprise of the year. In this fund-raising activity, media reporters from all over the country played a role in fueling the flames, and the most active one was Sun Shuxing, a reporter from Science and Technology Daily.When Shen Taifu started raising funds in Hainan, Sun Shuxing published a long newsletter "20 Million Fundraising in 20 Days" on the front page of the newspaper, advocating Great Wall's fundraising performance.In the following months, Sun Shuxing successively published long reports such as "Building a New Great Wall with High Technology and Our Hundred Years of Unremitting Reform and Opening Up" and "For Millions of Fathers and Brothers", giving high profile to the Great Wall Company's fundraising. follow-up reports.It was under the urging of hundreds of media that Shen Taifu raced to enclose the land and was invincible.During this period, Shen Taifu successively gave Sun Shuxing more than 20,000 yuan for hard work, password suitcases, "Pierre Cardin" suits, and Japanese-made "Minolta" automatic cameras and other items.Sun Shuxing was later sentenced to 7 years in prison. Under the help of Sun Shuxing, Shen Taifu was lucky enough to get acquainted with Li Xiaoshi, who once served as the editor-in-chief of "Science and Technology Daily" and then deputy director of the State Science and Technology Commission.In Shen Taifu's case, Li Xiaoshi played a key role.When the "Science and Technology Daily" reported on the Great Wall Company, he was convinced of this energy-saving project. In order to express his support, he went to the Great Wall Company to investigate and left an inscription "May the Great Wall's goal be realized as soon as possible", Used by Shen Taifu in all propaganda texts.Li Xiaoshi also took the opportunity of business trips to various places to promote the Great Wall.In Hainan, he told media reporters, "I promoted the 'Great Wall' all the way from Shenzhen to Guangzhou to Hainan. I think the technology industry run by the 'Great Wall' is a technology industry full of hope!" Due to his official His status is really special, so he became the most convincing propagandist of Great Wall Company.In order to repay Li Xiaoshi, Shen Taifu signed a 40,000 yuan "technology development contract" with Beijing Great Wall Company in the name of Li Xiaoshi's third son.The first time, Li Xiaoshi refused, and the second time, Shen Taifu sent someone to stuff it through the door of Li Xiaoshi's office. This time, Li Xiaoshi did not return it, and he locked it into a metal cabinet in the office knowingly.For this contract, Li Xiaoshi was found guilty of accepting bribes and corruption a year later and sentenced to 20 years in prison. If it is said that Sun Shuxing and Li Xiaoshi had self-interest factors in their service to the Great Wall Company, then some experts and scholars did express their sincere appreciation for Shen Taifu’s fund-raising model at that time, including a veteran sociologist and vice chairman of the National People’s Congress Fei Xiaotong.In January 1993, Fei Lao wrote an article titled "The Grafting of the "Five Elders" from the Development of the "Great Wall"" to demonstrate the "theoretical" model of the Great Wall.His so-called "five elders" are the boss (state-owned enterprises), the old township (township enterprises), the old nine (intellectuals), the laowai (foreign-funded enterprises), and the old cadres (government officials).Fei Xiaotong believes that Great Wall has made commendable achievements in entrusted processing of high-tech achievements, transfer of achievements, invigorating private finance, foreign cooperation, and utilizing the residual heat of veteran cadres. By the beginning of 1993, Shen Taifu had set up more than 20 branches and more than 100 branch offices across the country, employing more than 3,000 employees. His main business was advertising, speculation and fundraising.According to Wang An’s disclosure in the book “25 Years”, Great Wall Company has spared no effort in media and official public relations. “It is rumored that Shen Taifu’s red envelope offensive cost 30 million yuan.” A total of more than 1 billion yuan was raised, and the number of investors reached 100,000, of which personal funds accounted for 93% of the total funds raised.There are 9 cities that have raised more than 50 million yuan, and Beijing has the largest amount of funds raised, reaching more than 200 million yuan.As the fund-raising bubble grew bigger and bigger, the stories Shen Taifu told became more and more outrageous. He claimed to have more than 300 patented technologies, "his leading product, high-efficiency and energy-saving motors, has been applied in various production fields, and has already held an order of 1.5 billion yuan. ", At the same time, "Among the tens of thousands of private technology companies across the country, Great Wall is the only one that has been included in the national industry management."In fact, during this period, Great Wall Company only sold more than 50 motors, worth only more than 6 million yuan.In order to create the illusion of good business performance, Shen Taifu turned 320 million yuan of fundraising funds into the company's sales revenue, and then paid more than 11 million yuan in taxes to the tax department.At the same time, Shen Taifu worked hard on interpersonal public relations. He successively hired more than 160 veteran comrades who had served as directors of the department as senior consultants of the company, thus building a strong official-business relationship network. The situation has evolved to this point, and the smell of commercial scams has become more and more intense. Shen Taifu's overwhelming fund-raising storm has attracted the attention of Vice Premier Zhu Rongji of the State Council. Being widely imitated, a large and terrifying financial circulation circle outside the system and lacking institutional control will appear, and the central financial control policy will be completely invalid. Therefore, he personally ordered the suspension of the Great Wall Company's activities. On the evening of March 6, 1993, when Shen Taifu held a large-scale celebration reception to raise more than 1 billion yuan, he received the "Circular on the Issue of Unreasonable Fund Raising by Beijing Great Wall Mechanical and Electrical Industry Group Corporation and Its Subsidiaries" issued by the People's Bank of China. The "Notice" pointed out that Great Wall Company "actually issued bonds in a disguised form, and the issuance amount greatly exceeded its own net asset value. Withdrawal to raise funds". Shen Taifu was hit hard.At this time, he has lost his clear understanding of the situation in the frenzy and expansion. He thinks that with the "support" of high-level people, hundreds of veteran cadres, and 100,000 fund-raising people, he already has the ability to play games with the state machine.His coping strategy was exactly the same as that of Yu Zuomin in Daqiu Village.After receiving the notification from the People's Bank of China, he immediately announced that he would sue Li Guixian, the governor of the People's Bank of China, for compensation of 100 million yuan, causing an uproar at home and abroad.This is the first private entrepreneur in China who dares to directly confront the central government. On March 29th, Shen Taifu held a press conference for Chinese and foreign journalists in Beijing, claiming that "the State Science and Technology Commission and the head office of the People's Bank of China are inconsistent, and there are conflicts between her husband's family and her mother's family", which made him a "little daughter-in-law" of a private enterprise. The company is difficult to operate and has to be auctioned abroad.He also announced that the annual interest rate for investors will be increased from 24% to 48%. In the next two days, the situation developed in the opposite direction to Shen Taifu's expectation. The government showed no sign of backing down. There were endless bank runs in various places. The media and veteran cadres he tried to rely on seemed to be unable to help. On the morning of March 31, Shen Taifu held another Chinese and foreign press conference. In the afternoon, he was intercepted at Beijing Capital Airport. At that time, he was planning to flee abroad with three ID cards and a suitcase of money. On April 18, his arrest was announced.Since this month, with the direct participation of the State Council, more than 20 inspection teams have been formed in various places.After half a year of investigation and refund, the investors in the Great Wall fund-raising case got back 70% of the principal, and the total refund ratio in the country reached over 90%.In addition, according to Hong Kong's "Wen Wei Po" report, 120 officials were implicated in this case. Although everyone in the world knows that Shen Taifu was arrested for raising funds with high interest rates and disrupting the central financial policy, he was eventually prosecuted for corruption and bribery.The complaint of the Beijing Intermediate People's Court stated that Shen Taifu had repeatedly withdrawn social fund-raising funds from the fund-raising department of his company in the name of borrowing money, which constituted a crime of embezzlement.He also successively bribed 21 state officials, including Li Xiaoshi, deputy director of the State Science and Technology Commission, with a total of more than 250,000 yuan in money and things, which constituted the crime of bribery. The court ruled on March 4, 1994 that the defendant Shen Taifu was guilty of corruption. , sentenced to death; guilty of bribery, sentenced to 4 years in prison; two crimes, decided to execute the death penalty, deprived of political rights for life, and confiscated all personal property. Shen Taifu refused to accept the verdict. His reason for appeal was: Beijing Great Wall Company was a private enterprise wearing a collective hat—before 1988, the Beijing Municipal Administration for Industry and Commerce did not accept private applications to establish "high-tech companies", and the defendant could not be charged with corruption. There is no motive or behavior of corruption, so it does not constitute a crime of corruption.He said to the lawyer, "I can be sentenced to whatever sentence I want, but if I am shot because of embezzlement of money from my own family, I will not accept it." Economic nature reaffirmed.The court ultimately did not accept these opinions. On April 8, Shen Taifu was executed by shooting. In 1994, the Deng Bin fund-raising case broke out in Wuxi. Deng Bin, who was born in 1938, is known as "Old Lady Deng". He used to be a worker in Wuxi Radio Transformer Factory. After retiring, he founded Wuxi Xinxing Industrial Corporation.In more than two years, she raised funds with 60% interest on the grounds of cooperative operation of silk ointment, disposable syringes and latex gloves. The total amount of funds raised reached 3.217 billion yuan. Mayor Wang Baosen, Zhou Beifang, son of Shougang General Manager Zhou Guanwu, etc. In November 1995, Deng Bin was sentenced to death for bribery, embezzlement, speculation, embezzlement of public funds, and bribery. At the turn of spring and summer in 1993, the two cases of Yu Zuomin and Shen Taifu made many people uneasy.If the case of Yu Zuomin was accidental to a certain extent, then the severe handling of the case of Shen Taifu revealed certain characteristics of the economic development of that year.After Deng Xiaoping's speech in the south, China's economy has once again entered a cycle of high-speed growth, with thousands of horses galloping and dust flying, and the scene is mixed for joy and sorrow. The good news is that the economy is showing a comprehensive recovery trend.According to the data of the National Bureau of Statistics, in 1991, the national construction in progress was about 900 billion yuan, which expanded to 2.2 trillion yuan in 1992, and in the first five months of 1993, the national fixed asset investment increased by 69% on the basis of the previous year. %, which is an unprecedented figure.The central bank has issued 50 billion more yuan, but all places are still clamoring for a lack of money.By the end of the year, the national GDP exceeded 3 trillion yuan for the first time.The growth of private companies in various provinces is very gratifying. Guangdong, Guizhou and Hunan are the three provinces with the fastest growth rate of output value of township enterprises, reaching 55%, 57% and 89% respectively. The worry is that the hyper-growth of investment is inducing a series of related effects.The British "Economist" warned in its year-end draft at the end of 1992, "At some point in 1993, the booming Chinese economy will be dangerously overheated. The last time in 1988, China was almost on fire." In the first half of the year, the general price index of the national means of production rose by 44.7%, and Wu Renbao of Huaxi Village made a lot of money in the "southern tour".At the same time, under the situation of unbalanced supply and demand, the financial order has also become a bit disordered, underground money houses are extremely active, private lending rates are getting higher and higher, and official interest rates are useless. If you get money from a bank loan, you can resell it at an interest rate of 20% or even 30%.Faced with this situation, in June, Zhu Rongji personally served as the governor of the People's Bank of China. The central bank issued a strict order that "all business units must deposit money in the bank, and they must follow the right path. Extracorporeal circulation is not allowed."It is also against this background that the central government is determined to deal seriously with Shen Taifu's "Great Wall incident" - in the eyes of the leaders, if the existence of Shen's type of financing is condoned, then financial control is out of the question. Zhu Rongji's strong style of economic governance has been fully demonstrated in the maintenance of financial order and the handling of the two cases of Yu Zuomin and Shen Taifu.Zhu Rongji began to manage the Chinese economy in a more professional, specific and micro way. Zhu Rongji was transferred to Beijing in 1991 from the Shanghai Municipal Party Committee Secretary as Deputy Prime Minister in charge of the economy. Before that, he had worked for the State Economic Commission for a long time.When he was in power in Shanghai, he was known for his closeness to the people and his strict management of officials. Some bureau chiefs in Shanghai reported to him face-to-face, and their calves would tremble.When he went north, some international media were not very optimistic about his "future", thinking that his management style would not be acceptable in Zhongnanhai. Some even predicted that he could stay in Zhongnanhai for six months at most.To the surprise of these people, Zhu Rongji would dominate China's economy for the next ten years and become one of the politicians who had the greatest influence on China's economic reform after Deng Xiaoping. Zhu Rongji's "first battle" after arriving in Beijing was to clear the triangular debt.At that time, the "triangular debt" owed by various enterprises had accumulated to more than 300 billion yuan, of which 80% were owed by more than 800 large state-owned enterprises across the country.Over the past few years, the debts have been paid off every year, but more and more have been cleared.What Zhu Rongji faced was a long-standing debt chain phenomenon that was hard to return and almost unsolvable. After arriving in Beijing, Zhu Rongji rushed to the three eastern provinces where the "triangular debt" was most entangled, and sat down in person to settle the debts on the spot.He proposed a set of iron-fisted solutions such as capital injection, bonded goods, structural adjustment, choking the source, and serial settlement of debts. It took only 26 days to clear up 12.5 billion yuan in arrears, and the Northeast issue was basically resolved. With a lot of praise, Zhu Rongji returned to Beijing.The next day, he held a national conference call to clean up the "triangular debt". He issued a strong "military order" to governments across the country by long-distance calls, faxes, and telegrams: Report the arrears of capital injection (bank loans, self-raised funds, and liquidation projects) in your province (autonomous region, city) to the State Council Clearance Office. Report directly to Vice Premier Zhu Rongji and explain the reasons.” Zhu Rongji also explicitly ordered Xinhua News Agency, People’s Daily, CCTV, and China National Radio to require the media to supervise and disclose in detail the progress of debt settlement in various places.In the next six months or so, Zhu Rongji paid off the debts within a time limit, making sure that the orders were followed, so that officials from all over the country had no way to avoid them.By May 1992, a total of 4,283 fixed asset projects had been cleared across the country, and it had achieved the effect of injecting 1 yuan of funds to clear 3.5 yuan of arrears.The "triangular debt chain" that has plagued the central and local governments and enterprises for several years has finally been untied.After this battle, Zhu Rongji established his governance authority with unprecedented pragmatism and tough style. After the first battle to clean up the "triangular debt" was successful, Zhu Rongji started the "second battle" in the financial field, and he once again showed his iron fist in the regulation of financial policies. First of all, he personally served as the governor of the central bank, determined to clean up extra-system activities in the financial sector, and severely punished any behavior that might disrupt the existing financial order.In this context, Shen Taifu's fund-raising case was regarded as a crime against the wind and received the most severe punishment. Secondly, under great pressure, he proposed a tax-sharing system and reorganized the financial relationship between the central and local governments.Over the years, the development of the local economy and the development of state-owned enterprises have relied on the investment of the central government. In the words of the economist Ma Hong, it is "a father who has raised thousands of sons." If you release it, it will be chaotic, and if you close it, you will die.By the early 1990s, the central government was already in dire straits and had to rely on issuing a large amount of money to solve the difficulties. The inflation crisis brought about by this made people shudder. In 1992, the national fiscal revenue was 350 billion yuan, including 100 billion yuan for the central government, 250 billion yuan for local governments, 200 billion yuan for central fiscal expenditure, and a deficit of 100 billion yuan.Liu Zhongli, then Minister of Finance, recalled that he approached Vice Premier Zhu Rongji three times, hoping that he would approve a note to borrow money from the bank, but Zhu Rongji would not allow it.At that time, even some central government agencies had reached the point where they could not borrow money and their wages could not be paid out.The ills of the fiscal system can be seen from Shanghai and Beijing.What Shanghai implements is the model of increasing quota and increasing share.It is set that the annual fiscal revenue will be 16.5 billion yuan, 10 billion yuan will go to the central government, 6.5 billion yuan will go to the local finance, and every 100 million yuan will be divided between the central government and the local government.As a result, Shanghai implemented fiscal contracting for 5 years, and its annual fiscal revenue was between 16.3 billion and 16.5 billion yuan, which did not increase at all.For Beijing, the income-increasing lump-sum share model is adopted, and the agreed annual growth rate is 4%. During the five years, Beijing's annual fiscal growth has never exceeded 4%.The central government is very passive in this financial distribution system.In view of this situation, Zhu Rongji adopted the proposal of economist Dong Fu and others, and decided to "eat in separate kitchens". The central government negotiated with each province on the types and proportions of tax sharing, and implemented a tax sharing system. On July 23, 1993, Zhu Rongji formally proposed the idea of ​​a tax-sharing system for the first time at the National Finance Conference. More than a month later, the first plan for tax-sharing system reform was introduced.In order to persuade the provinces, Zhu Rongji traveled around the country for more than two months, trying to persuade them one by one. During this period, there were many seesaws and compromises. However, the general principle of implementing the national unified tax system reform has never wavered.Liu Zhongli said in his memoirs that in order to persuade the provinces, Zhu Rongji finally reluctantly agreed that the central government's fiscal return after 1994 should be based on the local fiscal revenue in 1993.When this agreement was reached, the financial data for the last four months of 1993 had not yet been calculated, which gave the local government a conscious increase in fiscal revenue for the next four months, so that after 1994 there would be more room for financial rebates from the central government.This is exactly the case. In the end, the fiscal revenue reported by the local government to the central government soared by nearly 50% compared with 1992.In order to raise the base, the local government has many tricks.For example, if an enterprise was originally contracted, the tax payment has been reduced or exempted, and now it is asked to pay the tax, the base rate is raised, and it will be refunded privately after payment.Another example is to use dead debts and accumulated debts as the base.The so-called dead debt refers to a company that has closed down and has never paid taxes. Now it pays taxes through transfers or borrowing from banks, which raises the base.There is also "eating more than enough food without money", collecting excessive taxes, collecting next year's taxes this year, and raising the base to a very high level. The implementation of the tax-sharing system has greatly changed China's financial order, and the central finance has regained its vitality. From 1994 to 2002, my country's fiscal revenue increased by an average of 17.5% annually, and the proportion of fiscal revenue in GDP increased from 12.6% in 1993 to 18.5% in 2002; the proportion of central fiscal revenue in national fiscal revenue was 55%. , an increase of 33 percentage points compared with 1993 before the reform; in 2002, in addition to tax rebates and institutional subsidies, transfer payments from the central government to local governments reached 401.9 billion yuan, 8.6 times that of 1995, with an average annual growth rate of 36%.Liu Yuhui, a financier at the Chinese Academy of Social Sciences, believes that after the reform of the tax-sharing system, on the one hand, the central government has highly concentrated financial power and weakened the proportion of local governments in taxation, leaving the local governments with unstable sources of income, scattered tax sources, and Small and medium-sized taxes that are difficult to collect and manage and costly to collect.On the other hand, the central government has delegated more powers to local governments, often even at the cost of sacrificing local tax powers to complete certain central policies. There are many phenomena of "the central government treats guests and local governments pay the bill".Take Zhejiang Province, which has a developed economy and the most abundant tax sources, as an example. In 1993, Zhejiang’s financial self-sufficiency rate was 133.27%. And know. In addition to relying on the tax-sharing system to save the central finance in crisis, Zhu Rongji's other far-reaching financial decision is to implement exchange rate reform against all opinions and let the renminbi depreciate sharply.Prior to this, China implemented an exchange rate system in which the official exchange rate and the market exchange rate coexisted. It was a "financial tail" of the planned economy, which not only protected the interests of state-owned companies, but also gave birth to a huge black market for foreign exchange transactions.From January 1, 1994, the two exchange rates were merged and a "single managed floating exchange rate based on market supply and demand" was implemented. The exchange rate of RMB against the US dollar was set at 8.72 yuan to 1 US dollar, which was 5.7 yuan higher than the previous official exchange rate. 33% depreciation - the RMB needed to exchange for 1 US dollar was 1.7 yuan in 1978, 4 yuan in 1991, and 5.7 yuan in early 1992.The sharp depreciation of the renminbi has made Chinese goods cheaper in the world market all of a sudden, and more importantly, China has become a place more attractive to foreign investors.Germany's Handelsblatt commented that the sharp depreciation of the renminbi means that the advantage of cheap labor force of the four Asian tigers will be lost, and China will surely become the center of the global manufacturing industry. This is a very iconic policy change.Since then, Chinese companies have embarked on a collective expedition, and China's economy has embarked on a path of foreign trade. It will reach its peak in 2005 and induce trade wars between China, Europe, the United States and even neighboring countries.In the Asian financial turmoil in 1997, the fragility of the financial systems of Japan, South Korea and Southeast Asian countries was fully exposed. In June 1997, international financial snipers finally tore a breakthrough in Thailand, and disaster happened. 朱镕基主政的“第三战”，也是贯穿十余年的治理主题，是搞活国营企业。对此，他的思路也与之前有微妙的转变。 从20世纪80年代以来，国营企业改革的成效一直无法让人满意，凡是有民营企业涉足的行业，它们都表现得不堪一击。这年的局面是，经营机制转换抓了多年但收效甚微，国营企业家们仍在嚷嚷权力太小。在这年的北京两会上，国内最大的钢铁公司总经理李华忠在分组会上大喊：“自主权万岁！”他还羡慕地对身旁的辽宁省海城市东房身村党支书王国珍说，“我的权力还不如你的权力大。”而另一方面，权力放了下去，到底能不能用好，却是另一个没有答案的问题。由于效益不佳和老企业萎缩，失业人口的增加已成一个严重的社会问题。 在朱镕基看来，中国当今的企业问题已非改革之初可比，当时只有国营企业一支力量，不把它们搞活国家当然振兴无望，而如今，乡镇企业已经异军突起，占到了半壁江山，外资企业也蜂拥而入，自是另一股可以借助的商业力量。同时，随着民间资本的日渐充沛，两大股市又可代替国家财政成为向国企输血的工具。在这种新的局势下，国营企业的改革就不应该关起门来，老是在经营体制的转变上绕圈圈，而应当将它们放到市场中去，中央政府则要在整个经济体制的重新构造上多下力气。朱镕基对陈光在山东诸城搞的企业改革十分感兴趣，专门派国家体改委副主任洪虎前往调查。也是在这一年前后，“抓住少数、放活多数”的思路开始渐渐萌芽。 这年7月13日，中国社会科学院工业经济研究所所长周叔莲在《光明日报》撰文《关于国有企业产权的两个问题》，论述“所有制是发展生产力的手段，而不仅仅是意识形态意义上的目的。”由这个判断出发，周叔莲以及其他学者提出，不能把所有的企业都抱在怀里，这样做既不必要，也不可能。国家只要抓住关键少数，搞好500—1000家大公司、大集团，就会为众多的中小企业提供广阔的生存空间。那些没有竞争力，也无关国计民生的中小企业将被“放掉”，政府将主抓那些有成长潜力、具备资源优势的大型企业及盈利能力强的产业。周叔莲的观点得到决策层的赞赏。很显然，这是一种与以往完全不同的改革思想，它意味着国营企业的改革从放权式的体制转换阶段进入了“重点扶持、其余放活”的结构调整阶段，同时深刻地影响了中国公司的成长路径。 在1993年，这种战略思想刚刚萌生，还远远没有展现出成型的格局和娴熟的掌控艺术。只是在一些经济较为活跃的地区，那些没有优势的国营企业开始被“放掉”，过去被禁止的改革现在得到了默许和尝试。在广东第一次出现了“下岗”这个新名词，在经历了几年艰难的“思想解放”后，当了数十年“主人翁”的工人们开始接受自己不再与企业“共存亡”的现实。在年底，濒临破产的国营广州无线电厂裁掉了1000名职工，其中330名选择与工厂彻底分手，工厂根据他们工作的时间给予每年1300元的“工龄补偿”，从此这些职工将走出厂门自谋出路。这种“工龄买断”的做法很快被广泛采用，各地的买断价各有不同，从数百元到上万元都有，它成为中小型国营企业破产或被私人收购时“安置”下岗工人的最主要方式。在南方的沿海地区，工人普遍能够接受这种方式，因为在这些地方，人们早已有了“第二职业”，那笔微薄的安置费成为他们做小生意或自主创业的启动资本。而在北方，尤其是老工业基地，人们已经习惯于把自己的人生“捆绑”在企业上，以厂为家、世代传承的工作与生活模式使他们几乎丧失了独立的勇气和能力。尤其要命的是，那些地方也没有经商和创业的氛围，因而买断工龄往往便意味着低水准安定生活的消失以及“坐吃山空”。随着国营企业体系的日渐瓦解，巨大的生存压力在这些地方无比恐惧地弥漫开来，在改革的阵痛中，城市贫民阶层慢慢地出现了。 在民营经济最为活跃的浙江地区，悄然发生了一场集体企业的量化改革运动，这是企业史上第一次大规模的产权变革。所谓“量化改革”指的是某些乡镇集体企业的资产通过“土法”评估后，将集体资本全数或部分退出，经营者以赎买的方式获得企业的主要股权。这项改革最早是在浙江台州的玉环和温岭两县出现的，它很快蔓延到附近的温州地区，继而在浙江全境的集体企业中被广泛试验。 这是一场没有严格规范的产权改革运动，在具体的资产评估上，由于缺乏量化的标准和评估体系，各县市的量化手法千奇百怪。大多数企业采取的是“毛估估”的做法，有些县硬性规定，集体资产一律按账面数增值40％计算，而事实上，相当多的企业经过多年发展，其资产早已增值了几倍、几十倍。温州地区的一家二轻物资公司将其属下二十多家企业全部量化改造，而资产评估值以1990年的不变价为准。绍兴一家纺织企业的量化方案是：将企业的资产量化出10％，折算成50万元作为集体股，全厂200多名职工每人出资5000元，经营者出资100多万元，组成一个资本额为250万元的股份制企业。其后，新企业无偿使用着原有企业的机器设备，一切开支则由老企业承担，经过近一年的运行，新企业产生惊人的利润，而原来的集体企业则毫无悬念地陷入了亏损境地。又一年，新企业以十分低廉的价格将老企业“并购”。到1996年前后，浙江省80％的中小集体企业都完成了产权量化的改造，成批量地出现了千万富翁和亿万富翁。这样的量化改革很难保证公平、公开、公正，因此在过程中也发生了很多纠纷。据新华社记者的报道，到1993年底，浙江省已经有超过2000家企业进行了量化改制。 发生在浙江的这种产权改革在随后的几年里一直处在“地下运作”的阶段，全国性的集体企业产权改革从1998年才全面开始。它从来没有得到政府的公开肯定，而且在理论界也引起了激烈的争论，有人指责这是变相的“私分集体财产”，是“走私有化道路”。当时的浙江省领导对此进行了有技巧的支持，时任浙江省省委书记李泽民在一份对量化改革提出异议的报告上批复曰，“对于这样的改革要回头看，不过，不能走回头路。” 种种迹象表明，1993年的中国，已经不是一个传统意义上的计划经济国家了。 中央政府对新的经济形势，对一些管制概念开始进行全新的诠释，国家工商行政管理局局长刘敏学对“投机倒把”这个名词进行了新的解释。他认为，在计划经济体制下，几乎把带有营利性的经商活动都视为投机倒把，做违法处罚，这显然是“左”的思想影响，是不对的。某些过去认为是投机倒把的行为，现在看来是商品流通中不可缺少的环节。他举例说，譬如套购紧俏商品就地加价倒卖行为，过去被视为投机倒把，今天笼统地这样说就不合适了。他的这番讲话一登报，全国的贸易商人都大大地松了一口气。过去的十多年里，数以十万计的商贩因投机倒把罪名而入狱，导致倾家荡产，有人甚至丧失生命——该罪名最高可判死刑，为所有经济犯罪行为中判刑最重者。如今，随着刘敏学局长的一番讲话，一柄长剑终于从头顶移走了。 最具有象征意义的，是在2月份的全国两会上，代表们就餐第一次不再需要缴纳粮票。 5月10日，北京市政府正式宣布，从这一天开始，取消粮票。Beginning in 1955, all residents across the country needed such quota allocation vouchers to purchase grain.从此之后，各种带有明显计划经济色彩的票据——从人们的生活中消失了。 也是在这次两会上，刘永好、张宏伟等五十多名民营企业家第一次走进全国政协会议会场。刘永好后来回忆说，“年初，四川省委统战部的一位干部找到我，说准备推荐我为全国政协委员，没过多久就让我填了表。同时，四川省工商联还推荐我为全国工商联的副主席。”3月18日，刘永好与内蒙古新优佳公司的陆航程出现在全国两会的记者招待会上，这是民营企业家第一次在这种政治性场合亮相。到年底，乡镇企业产值突破2万亿元，占全国工业产值的1／2，就业职工1.02亿人，首次超过国营企业职工数。 跟粮票取消及贸易企业家参政相似，另一个也很有象征意味的商业故事是，在4月份，中国的消费者第一次过上了“情人节”。根据北京媒体的报道，由香港人投资的利嘉鞋业是第一家在报纸上登情人节商业广告的企业。它在《北京青年报》上刊登了4次广告，宣称在2月7日到14日的一周内将抽取有特别有优惠的“幸运情人卡”。几乎同时，开设在王府井的麦当劳店也贴出了“浪漫温馨情人夜”的海报，情人节当夜来消费的情侣可以获得一支玫瑰花。五星级的王府井饭店则推出了价格为300元的情人节晚会，广告一登出，饭店的订位电话就打爆了。这看上去实在是一个不错的商业活动，然而，由于“情人”这个名词实在有点暧昧，因而，商家们的推广引起了一些老干部的微词。不久，有关部门就下发通知，严令不得在广告中出现“情人节”这个字眼，这项严令或严或松地被执行了好几年。每当到了2月14号前后，工商部门就会发出类似的通知，一直到1998年前后，它才被不了了之地取消了。 5月17日，著名跑车生产商法拉利公司在中国找到了它的第一家买主，名叫李晓华，是一位靠经销生发水起家的42岁北京企业家。法拉利特意在北京天坛的祈年殿前举办了一场新车交付仪式，李晓华站在价值13.4888万美元的跑车前的照片登上了各报纸的娱乐新闻版面。 8月，中国加入了国际版权条约组织，这意味着知识产权的保护成为可能。没过迪斯尼公司的“米老鼠”系列产品正式进入中国，在此前的十来年里，这个可爱的形象已经广为中国儿童所知，它出现在成千上万的绘图课本、衬衫、文具以及商店招牌上，不过，它们竟全是没有授权的侵权产品。 11月14日，中共中央十四届三中全会通过了《中共中央关于建立社会主义市场经济体制若干问题得决定》，英国的《经济学人》在当月的一篇评论中说，“在许多因素的推动下，竞争已经在整个经济领域扩展开来。一个因素是外资和外贸的扩大，另一个因素则是经济权力的下放引起各省间的角逐，这同美国联邦制搞的社会和经济实验惊人地相似。” 几乎所有的外国观察家都喜欢用“公有制——私有制”、“社会主义——资本主义”这样的二元标准来判断或议论正在中国发生的一切，而事实却肯定要模糊和丰富得多。 1993年，最蔚为壮观的景象是外资企业的蜂拥而入。 该年可以被看成是跨国公司在华大规模投资的开始之年。日后的数据表明，自1979年至2000年，中国累计吸引外资3462亿美元，大部分是1992年以后发生的，1992—2000年的累计流入量占总量的93%。1993年底，合同外资达到了1114亿多美元，实际利用外资是270亿美元，几乎都是上一年的两倍。 在市场的诱惑和政府的鼓励下，跨国公司开始狂热地梦想中国。最经典的表述出自柯达公司的总裁斐学德，他说，“只要中国有一半人口每年拍一个36片装胶卷，已经足够将全球影像市场扩大25%。中国每秒多拍摄500张照片，便相当于多了一个规模等同于日本和美国的市场。”用人口乘以某一商品，从而计算出中国市场的规模，这是几乎所有跨国公司进入这个东方国家时最常用的一个算式。不过，事实很快将告诉我们，这是一个玫瑰色的幻觉。 这一年，肯德基第一家特许经营店在西安开业；宝洁在中国一口气建立了4家公司和5家工厂；世界上最大的啤酒公司安霍伊泽——布希公司用1640万元购买了中国最大啤酒公司青岛啤酒5%的股份；柯达赞助了在上海举办的第一届东亚运动会；诺基亚开始向中国提供GSM移动电话；花旗银行把中国区总部从香港搬到了上海；波音公司在中国赚到了大钱，它一下子得到了120架飞机、价值90亿美元的大订单；福特公司主管国际业务的执行副总裁韦恩·伯克说，“我的头号业务重点是中国”。美国通用汽车公司在中国生产的第一辆汽车终于下线，工作人员在生产线上挂了一条很有意味的横幅：“谢谢中国，美国制造”。此时，距离1978年汤姆斯·墨菲率团访华已经过去了整整16年，而德国大众在上海的工厂已经形成了年产10万辆的能力。1993年也是日本企业在华投资增加的转折点。这一年日企在华投资比1991年有了急剧增长，被批准的投资项目数量达到3414个的高峰，是1991年的3倍。 9月，题为“北京·1993跨国公司与中国”的会议在北京国贸中心召开，西门子、巴斯夫、摩托罗拉等五十多家跨国公司的代表和国务院、外经贸部的官员悉数到场，外经贸部部长吴仪和国务院副总理李岚清在会上鼓励跨国公司来华投资。当天晚上，国家主席江泽民邀请了其中15个比较大的跨国公司的代表来到中南海。《华尔街日报》在报道这一新闻时称，“这是改革开放以来，中央政府第一次正式的邀请。” 对外资的大量涌入，可以有多层面的解读。 就宏观环境而言，进入第十六个改革年头的中国已经越来越吸引国际资本，特别是1992年之后，市场经济的体制目标得以确认，中央政府日渐放宽了外资进入的很多限制性政策，日渐市场化得投资环境当然受到了国际资本的信任和青睐。 就政策设计而言，吸引外资被认为是振兴地方经济的捷径，因此，外资开始享受到“超国民待遇”，各地对外资及合资企业都推出了大力度的优惠政策。其中，一个被普遍采用的税收政策是“三免两减半”，也就是企业创办的前三年，所得税全免，后两年则减半。而在很多地方，减半政策更是从企业开始获利之年起才被执行。在所得税征收比例上，合资企业的税率是15%—33%，而国内企业则被征收55%。这种税收政策上的“身份差异”，被认为是一个迫不得已的做法，它刺激了国际资本对中国市场的兴趣，也造成了很多“假冒外资企业”，将内资企业注册成中外合资成为企业“合理避税”的普遍做法，这一政策要得到热钱满天飞的2007年才被改变。 在改革理念上，外资更被看成是转换企业机制的最佳外来动力。武汉第二印染厂的例子常常被人津津乐道地引用，这家老工厂与香港一家公司合资，新公司裁掉了2∕3的员工，使用的还是原来20世纪60年代的日本设备，行政管理人员从35人减少到3人，香港方面带来了70%的外销业务，工厂很快就扭亏为盈。从这个案例中可以看到，香港合资方给老工厂带来的是：震荡较小的裁员、新的管理方式以及外销渠道的开拓。很显然，这是一个双方都很满意的结果。 华裔经济学家黄亚生在《改革时期的外国直接投资》一书中断定，“对私人企业的歧视增加了中国对外资的需求。”他认为，在整个20世纪90年代，国有部门是在破产的边缘上运营的，而与此同时，私人企业尽管得到了迅猛的发展，但是却仍然受到了严重的信用约束，无法获得金融上的扶持，并被限制进入很多行业。没有效率的国有资本需要寻找有效率的合资资本，它面对的是两大资本集团，一是跨国资本集团，一是民间资本集团，正是在这种抉择中，外来的跨国资本成为被选中的对象。因此，1992年以来，外资的大量涌入，与这种改革思路的确立是分不开的。 总体而言，外资的进入让中国的产业格局和经济形态发生了巨大的变化，然而，也必须看到，从一开始，这就是一个十分顺畅和优化的过程。这年的《中华工商报》发表了一篇题为《怪哉，长期亏损还“合作愉快”》的评论，记者披露了广东省对1090家合资企业进行所得税的汇总进行统计，结果发现544家亏损，沿海各省的情况大体相同，约有一半左右的合资公司在财务报表上表现为亏损。评论认为，“一些合作企业亏损，是因为外方投资人通过价格转移利润或虚列开支等方式，侵蚀中方利益，逃避税收，形成账面亏损。不少企业连续亏损七八年，但生产规模却不断扩大。” 这种不无暧昧的景象还出现在开发区的泛滥上。为了吸引外资，各地纷纷建立开发区，在工业用地上推出优惠的政策，由于规划失控，最终演变成了一场热闹的“圈地运动”。1991年，全国有开发区117个，到1992年8月，这个数字已经猛增到1951个，而到1993年的10月，各类开发区竟多达8700个。在全国已批准的1.5万平方公里的开发区里，如果这些开发区全部做到水、电供应和道路的平整，需投资约4.5亿元人民币，远远超过国力负荷。 许多开发区为了吸引外资，制定的优惠政策一个比一个“火”，有的甚至到了“舍血本”的地步。开发区的土地出让绝大多数是采用协议出让的方式进行的，因而到处充斥着灰色交易。《中华工商时报》称，“仅每年土地黑市交易流失的国家收益，估计就有200亿元之巨。有些外商以极其低廉的价格，一下子包揽上百亩或数百亩甚至几平方公里土地，然后再稍做平整，以几倍的价格出售获利。”广东省出让88平方公里的土地，得到94亿元的转让金，平均每平方米为107元。江苏一家开发区出让70年使用权的土地，转让价为每亩2000元，等于每年每平方米收0.04元。而中部的一些省份更是推出了豁免土地使用费的优惠政策。中国台湾《联合报》的记者称，“现在若到大陆，无处不见房地产公司的招牌，无处不谈土地买卖。” 国务院调查组的报告显示，到1993年4月为止，全国开发区开工面积307平方公里，约占规划面积的2%，也就是说，90%以上的耕地“圈而未发”，全国因此减少耕地1000万亩。5月16日，国务院发文限制盲目建立开发区，到11月，沿海7省1区关闭了700个“圈而未发”的开发区。在以后的10年里，开发区的过度开建现象其实一直没有被完全遏制。 到1993年初，全国的股民总数增长到了200万。 在上一年爆发了深圳抽签表舞弊事件和原野事件之后，中央决定加强对证券市场的掌控。当年10月，证监会匆匆成立，1993年4月颁布《股票发行与交易管理暂行条例》，9月宣布对国内法人开放A股交易。紧接着，就发生了轰动一时的宝延风波，这是中国股市第一次大规模的收购战。 延中实业是上海股市最早的上市公司之一，它是上海静安区的一个街道公司，其上市纯粹是一个偶然，在大型国有企业都不愿意吃螃蟹的情况下，这家只有50万元注册资本的小企业意外地成为最早的股份制企业，并成为第一批上市的公众企业。它之所以成为第一个被热切关注的企业，实在是因为股本结构上的特殊：由于延中的资本实力弱小，所以在公开募股中，社会公众股占到了91％的高比例，使它在众多股票中显得非常独特，也成为那些资本玩家们最乐意染指的企业。中国股市在股权设计上采用了“身份划分”的制度，这成为一个很独特的现象。1992年5月15日，国家体改委发布《股份有限公司规范意见》及13个配套文件，明确规定国家股、法人股、公众股、外资股四种股权形式并存，由此形成了资本市场的“股权多元结构”特征。这一制度在2005年之后才被改变。 这年春夏，与全国投资大热形成鲜明对照