Chapter 54 2004 Superficial Victory

The siren of macro-control sounded in December 2003, and the gate was officially pulled down in April of the following year. Since the early 1980s, all previous macro-controls in China have had the same "rule", that is: the overheating of the economy has caused energy shortages, triggering fierce competition, so the central government has used administrative means to regulate and redistribute enterprises of different ownership .In this regulation and redistribution, state-owned enterprises, multinational enterprises, and private enterprises receive different levels of policy treatment.This phenomenon occurs almost every three to five years, forming a 30-year economic cycle. The macro-control in 2004 obviously did not deviate from this policy logic.

The basis for the central government's macro-control is that the macro-economy is worryingly overheated, especially in the field of heavy and chemical industries, and the growth rate of investment has reached an uncontrollable level.Statistics show that in 2002, the total investment in the national iron and steel industry was 71 billion yuan, an increase of 45.9% over the previous year. In 2003, this figure reached 132.9 billion yuan, an investment increase of 96%.Similar to the steel industry, investment in aluminum smelting increased by 92.9%, and investment in cement increased by 121.9%.Overheated macro investment has gradually become the consensus of decision-makers. At the end of 2003, the sirens finally sounded. On December 23, the General Office of the State Council issued [2003] No. 103, that is, the "Notice of the General Office of the State Council Forwarding the Development and Reform Commission and Other Departments on Some Opinions on Stopping Blind Investment in the Iron and Steel Electrolytic Aluminum Cement Industry", requiring all localities to use various means to Quickly curb the momentum of blind investment and low-level redundant construction.In January of the following year, the State Council issued another document, "Notice of the General Office of the State Council on Carrying out Special Inspections on the Implementation of the Spirit of the Central Economic Work Conference." On February 4, the State Council held a special teleconference on strict control of excessive investment in some industries, and clearly requested that the three major industries of iron and steel, electrolytic aluminum, and cement be cleaned up and inspected.Immediately, the State Council organized personnel from the Audit Office, the Development and Reform Commission, the Ministry of Finance, the Ministry of Land and Resources, the Ministry of Construction, the Ministry of Agriculture, the Ministry of Commerce, the People's Bank of China and other departments to form 8 inspection teams to go to various places for investigation.The focus of the inventory is those private enterprises that have entered the three major industries and invested blindly.

The first to be impacted was Liu Yongxing's electrolytic aluminum project.At the end of November 2003, it was reported that Dongfang Group's Baotou project and Sanmenxia project had been ordered to be suspended.An official from the Metallurgical Department of the Industry Department of the National Development and Reform Commission told reporters, “Many of their approval procedures are not complete, which violates the relevant laws of the country. The relevant state departments have stopped Dongfang Hope’s electrolytic aluminum project in Baotou. Upstream product projects have also been suspended for review.”

Just like previous macro-controls, there will always be some people who will become unlucky "flag worshippers". We have already recorded the "fool melon seeds" Nian Guangjiu, "Eight Kings of Wenzhou", Zheng Lefen, etc. Now we will add another one to the list The name, he is Dai Guofang who is working hard by the Yangtze River.Dramatically, Dai Guofang's entry into the "Eye of the Storm" was an accident. In early February of this year, several Xinhua News Agency reporters were conducting research in Jiangsu.The topic of their research is the land occupation of golf courses and university towns in various places.During an interview in Nanjing, an expert accidentally said, "There is a company in Changzhou that builds a steel plant by the Yangtze River."The speaker has no intention, but the listener is interested. The reporters intuitively believed that the construction of a steel plant must require a lot of land, and there may be problems of illegal land occupation.They called the Ministry of Land and Resources and got a reply that the Ministry was not aware of the project.So, the reporters turned to Changzhou and found the steel factory site along the river. On February 9, an internal reference material entitled "3,000 acres of land was used before it was acquired, and the environmental protection review was approved before it was approved" was handed over to the central high-level.Soon after, the National Development and Reform Commission, the Ministry of Land and Resources and the State Environmental Protection Administration sent investigation teams to Changzhou.

Under the background of macro-control, the problem of Tieben quickly changed from destroying land and occupying land to illegal construction.Dai Guofang, who was in the vortex of the incident, began to become restless, and he himself didn't know how things would get worse and worse.In those days, he was busy on the construction site all day. According to his budget, by the end of May, the first blast furnace of the steel plant would be completed and put into production immediately. By then, "the raw rice will be cooked."He said to his subordinates, "Such a large project is completed as soon as it is completed. At most, it will be fined, and it is impossible to tear it down." However, the situation is far more serious than he imagined.Since the issuance of the State Council notice in December last year, the investment in heavy chemical industry projects in various places has not shown a cooling trend.According to the National Bureau of Statistics, the country's fixed asset investment in the first quarter still increased by 43% year-on-year, the highest growth rate since the mid-1990s, and the investment in the steel industry increased by an astonishing 107%.At this time, the Tieben project, which was suspected of many major suspicions such as illegal land occupation and illegal construction, surfaced and became the most suitable and typical object of punishment.

In the face of a massive investigation, Dai Guofang, who had never dealt with a big scene before, was in chaos.He and his counselors "naively" believed that Tieben's problem might be solved with money.Therefore, he submitted a "self-inspection report" to his superiors, which stated, "When our company accepted the investigation of illegal investment and illegal land use by the relevant state departments, we conducted a self-financial inspection and found illegal problems in the operation process- ——Since the establishment of the company in 2000, our company has purchased scrap steel from Changzhou Material Recycling Company and Wujin Material Recycling Co., Ltd. worth more than one billion yuan, including nearly 200 million yuan in false invoices and nearly 20 million yuan in tax deductions... Statutory Dai Guofang, the representative, is negligent in management and should bear relevant responsibilities.” This self-inspection report for “spending money to eliminate disasters” is Dai Guofang’s last effort to save Tieben, and he will quickly make up the tax deducted to your local IRS.To his surprise, it was this self-examination report that became the most powerful evidence for the prosecution two years later.

On March 20, Changzhou City, which was under great pressure, formed a leading group for the clean-up work of the Tieben Project and issued an emergency shutdown order.At the end of the month, the leaders of the State Council arrived in Suzhou, and the secretary of the Changzhou Municipal Party Committee and the mayor were called to report on the Tieben project and the problems it caused. In early April, a special inspection team composed of 9 ministries and commissions rushed to Changzhou to conduct a comprehensive inspection of the iron project.This is the second time that the central ministries and commissions have taken an unprecedented joint action on a local project since the "Liushi incident" in Wenzhou in 1991. On the 19th, Dai Guofang, his wife, father-in-law and other 10 people were taken away by the police for "suspected tax evasion, and the number may be huge".

On April 28, nine ministries and commissions reported on the investigation and handling at the executive meeting of the State Council, and characterized it as: "This is a typical major case of serious dereliction of duty and violation of regulations by local governments and relevant departments, and enterprises suspected of illegal crimes." The next day, Xinhua The news agency broadcast a draft to the whole country, listing the five major problems of Tieben identified by the joint investigation team: the local government and relevant departments seriously violated the relevant laws and regulations of the state, exceeded their authority and split up projects with an investment of up to 10.59 billion yuan for 22 times; The land was 6,541 mu, and the land was requisitioned and relocated in violation of regulations; the company defrauded bank credit and loans by providing false financial statements, and misappropriated more than two billion yuan in bank working capital loans for fixed asset investment; relevant financial institutions seriously violated the national fixed asset loan review Loan and cash management regulations; Iron Company evaded a large number of tax evasion.

The administrative handling of the Tieben incident was also unprecedented, and eight government leaders and bank officials were severely punished.Among them, Fan Yanqing, secretary of the Changzhou Municipal Party Committee, was sentenced to a serious warning within the party; Gu Heilang, deputy director of the Changzhou Municipal People's Congress, was dismissed and given a sanction of party probation; Huan Xiangbao, secretary of the Yangzhong Municipal Party Committee, was dismissed; Deputy Director Qin Yanjiang and Bank of China Changzhou Branch President Wang Jianguo were dismissed or ordered to resign.Dai Guofang's family property of 80,000 yuan was seized.

The iron company was dealt with in a high-profile manner, which was a symbolic event of macro-control in 2004. "People's Daily" wrote in an editorial titled "Resolutely Maintain the Smoothness of Macro-control Government Orders" in a strong tone, "The State Council ordered Jiangsu Province and relevant departments to deal seriously with the relevant responsible persons involved in this case. Administration according to law is an important measure to maintain the smooth flow of macro-control decrees.” The editorial also requires, “All localities and departments should fully implement the macro-control measures determined by the central government. Effectively control the scale of investment. Carefully clean up projects under construction, strictly control new projects, and resolutely overcome the tendency to compare with each other and blindly pursue speed.” This editorial fully revealed the role of Tieben in this macro-control.The Tieben incident is considered to be a watershed in this round of regulation. Since then, many private enterprises have put their investment projects in steel, electrolytic aluminum and cement industries on hold. On March 28, 2006, two years after Dai Guofang was detained, the Tieben case was opened in Changzhou Intermediate Court.Dai Guofang was charged with the crime of "falsely issuing tax deduction invoices". The procuratorate's evidence for the charges came from the self-examination report. None of the "false crimes" that were established at the beginning were charged.

The thunderous macro-control also targeted real estate.The real estate boom directly drives up the prices of means of production, and the ever-increasing housing prices have caused a large number of ordinary residents to be unable to afford housing, and public grievances have gradually become boiling. Between March and May, the State Council launched a series of stringent regulatory measures, including: controlling the amount of money issued and the scale of loans; Carry out resource conservation activities nationwide.A series of documents and measures came out like "gold medals" one after another: on March 25, the refinancing floating rate system was launched; on April 25, the central bank raised the bank deposit reserve ratio by 0.5 percentage points; The very rare method of telephone notification required commercial banks to suspend "surprise lending"; on April 29, the General Office of the State Council issued a "strict land management" notice; on April 30, Premier Wen Jiabao issued "promoting bank reform is the top priority" speech; on May 1, the China Banking Regulatory Commission announced seven measures to "further strengthen loan risk management".At the same time, major domestic newspapers and periodicals have published opinions one after another, reflecting on the overheating of real estate and even condemning it emotionally... The combination of a series of tightening policies and strong public opinion building not only changed the income expectations of investors and the price expectations of consumers buying houses, but also changed the government's support concept and method for real estate development, which directly led to the decline of purchasing power. The rapid decline and the rapid shrinkage of the property market turnover. The real estate winter came suddenly. With the sudden cooling of the macro economy, there is almost no suspense associated with the avalanche of the stock market. On April 3, in the midst of the storm, Delong Group, known as "China's largest private enterprise", held its last executive meeting. President Tang Wanxin felt that the "end" was really coming.Today is his 40th birthday. In the past few years, Delong has been the most high-profile and mysterious private enterprise in the Chinese business circle.In order to maintain the image of high-priced stocks of the Delong family, Tang Wanxin chose a risky and aggressive expansion strategy.He proposed investment projects of astonishing scale one after another, including a rural supermarket group with an investment of 10 billion yuan, China's largest heavy-duty vehicle group with an investment of 6 billion to 10 billion yuan, and animal husbandry and tourism projects with an investment of 5.5 billion yuan. The first-class projects are like flares with astonishing energy, which make people's eyes bright and they dare not stare at them. In November 2002, Tang Wanli, the eldest brother of the Tang brothers, was elected vice-chairman of the All-China Federation of Industry and Commerce.He announced to the media, "Delong will enter the 'World Top 500' within three years. At this time, Delong seems to be at the pinnacle of glory. It claims to control assets of 120 billion yuan, with more than 500 companies and 30 companies. Ten thousand employees, involved in more than 20 fields, just like the "aircraft carrier" among Chinese private enterprises. The actual situation of Delong has not been well understood by the outside world until January 2004, when Hurun announced the "2003 Capital Control Among the "Top 50", Delong Tang still ranks first among the top companies with a market value of listed companies controlling 21.7 billion yuan. In fact, Deron was already terminally ill.Later, Tang Wanxin admitted that as early as "after 2001, my daily work was dealing with crises."In order to prevent the stock price of the Delong Group from plummeting, he fell into a hard fight.The allocation of funds has become the top priority of Delong's survival. The company has formed a "position meeting" system, which is held on time at 3 pm every day, rain or shine.Tang Wanxin is the general dispatcher of the "position meeting". He personally chairs the meeting every day. The financial institutions under his control write down the degree of crisis and data and "position" of the day on the blackboard, and then Tang Wanxin makes decisions one by one according to the degree of risk Which crisis is solved by the position is accurate to every 1 yuan.Tang Wanxin's decision-making process usually ends in 10 minutes, and then shreds the statistical report of the "position meeting" of the day to prevent it from being lost to the outside and leaving records. Tang Wanxin's last struggle was trying to directly enter commercial banks in local cities.It is less and less likely for Delong to obtain loans from large commercial banks, while there are more than a hundred domestic city commercial banks with total assets of 550 billion yuan and deposits of 450 billion yuan.If he can enter, Delong will truly form a consortium model that closely integrates industrial investment and finance, and may completely clean himself up. In June 2002, Delong controlled Kunming Commercial Bank through six shadow companies, becoming a major shareholder with a total shareholding of nearly 30%. In September, it purchased 11.73% of the enlarged total share capital of Zhuzhou City Commercial Bank through Hunan Torch. At the same time, it also got involved in Changsha City Commercial Bank and Nanchang City Commercial Bank.In less than a year, Delong has successively reached agreements on holding or participating in shares with commercial banks in at least six cities.In 2003, when private enterprises were making great strides, Delong's penetration of the financial industry was considered as an attempt by private capital to enter the monopoly field.For Tang Wanxin, his goals are actually three.First, after joining the bank's board of directors, you can use the names of various projects and affiliated companies to obtain funds from them.Later, the facts were exactly the same. The amount of loans that Delong obtained from a city commercial bank in Shandong reached 4 billion yuan.Second, speculate on the concept of equity participation in finance in the stock market to support and stimulate the weakened Delong stocks.Third, if the shareholding is successful, and even the city commercial bank is approved to be listed, then Delong's "combination of industry and finance" strategy will be accomplished in one battle. However, by the beginning of 2004, Delong's financial difficulties had not been improved. Tang Wanxin had pledged several good-quality assets in the Delong family to the bank, but it still could not relieve the long-standing danger of dying.It was at such a moment that the gate of macro-control came down suddenly. At the same time, Delong's report on trying to enter a city commercial bank was rejected by the China Banking Regulatory Commission.The situation finally deteriorated beyond control. On April 2, the last all-level high-level meeting in the history of Delong was held in a dull atmosphere. The meeting decided the last "self-help action" and mobilized all employees of Delong Organization to buy the "old three stocks". The department manager 10,000 shares, 1,000 shares for ordinary employees.Tang Wanxin, standing on the threshold of "Forty Years", said sadly, "This hurdle has passed, and Delong will have a better future. If he fails, we will never have the opportunity to sit together for meetings." The real disaster officially started 10 days later.First, the alloy investment took the lead in lowering the limit, and then the "old three stocks" fell across the board. Within a few weeks, the stock market wiped out all the miracles and paper wealth created by Delong in the past five years, and the market value of circulation dropped from the peak of 20.68 billion yuan. By May 25, 2004, the 5.006 billion yuan had evaporated nearly 16 billion yuan overnight.In July of this year, the central government decided that Huarong Asset Management Company would take full custody of all debts and debts of Delong, and Delong was dismembered and sold. In December, the Wuhan Municipal Procuratorate arrested Tang Wanxin for "suspecting of illegally absorbing public deposits". In April 2006, Tang Wanxin was sentenced to 8 years in prison and a fine of 400,000 yuan for the two crimes of "illegally absorbing public deposits" and "manipulating the price of securities transactions". The Delong series is like a lame behemoth. Its terrible collapse soon affected the silent stock market.At the beginning of the year, the Shanghai and Shenzhen stock markets had a small spring. The Shanghai stock index rose from 1307 points in November 2003 to 1783 points on April 7 of this year. However, with the advent of macro-control, the stock market fell in response. Under the slump effect of the Delong Department, the market was full of grief, and the stock index repeatedly broke through and fell, slightly breaking through the historical and psychological barriers such as 1300 points. By the end of the year, the Shanghai Composite Index and the Shenzhen Composite Index closed at 1266.5 points and 315.81 points respectively. They were down 15.4% and 16.6%, respectively.hit a new low since 2000. In the 30-year history of enterprises, 2004 was the second "year of collapse" after 1997. Private enterprises that boldly entered the upstream monopoly industry were almost wiped out, and those enterprises that lacked experience in preventing macro risks also paid a heavy price. tuition fees.In addition to Tieben and Delong, major private companies that have suffered major crises one after another include Top in the IT industry, Sunco in the real estate industry, Kelon taken over by Gu Chujun, and Jianlibao bought by Zhang Hai. In the current round of macro-control, the majesty of administrative measures has exceeded the expectations of most observers.At an annual meeting in January, Wu Jinglian believed that "China's economy will be at an important juncture" and that in the face of overheated investment, macro-control measures must be implemented. However, "the market economy should be mainly adopted instead of relying on Direct government intervention in the microeconomy. Because the government intervenes in the microeconomy and uses administrative means to allocate resources, it is often futile and may even cause great damage to economic benefits.” In August, "Business Weekly" wrote rather contradictoryly in a commentary: This is a difficult market to judge.On the one hand, the State Council issued a call for the reform of the investment system: "Speed ​​up the establishment and improvement of the socialist market economic system, give full play to the basic role of the market in resource allocation, implement the separation of government from enterprises, reduce administrative intervention, and rationally define government functions"; on the other hand However, the central government has been accused of "administrative intervention" by all walks of life in the market and many economists in this stormy macro-control. However, for the central government, it seems that it has no choice to adopt such a strong direct intervention method. There are indications that, at the beginning, the decision-makers tried to adopt a more modest approach to financial leverage, but enterprises and local governments turned a deaf ear to this.Just when the central government issued several orders to postpone the "investment promotion", the growth of fixed asset investment in the whole society in the first quarter of this year still hit a new record.The judgment of the National Bureau of Statistics is: a considerable part of the reason is that when the national government tightened the signal of investment, the local government, out of consideration for the interests of the region, seized the time to check the progress of the project and the gun, and squeezed in before the central government closed the door.An official of the investigation team of the State Council once revealed a detail to the media: they had just embarked on their return journey back to Beijing in the morning, and in the afternoon the main local leaders publicly instructed their subordinates at a meeting, what to do, Power plants and steel mills just take my hat off?" On April 25, Wu Xiaoling, vice-governor of the People's Bank of China, publicly shouted at the Boao Forum for Asia in Hainan, "Don't play games with the central bank. Moderate, I just want to take this opportunity to 'do it' quickly... I hope that relevant departments will consciously control it, so as not to intensify conflicts and lead the central bank to take tougher measures that everyone does not want to see, which is not good for everyone." Economist Zhao Zhao Xiao expressed doubts about the effectiveness of Wu Xiaoling's approach, "Macro-control has always been a kind of profit distribution. The deep contradiction reflected in the current macro-control is the game between the central and local interests: on the one hand, the central government is afraid of local governments, enterprises and banks. United to deceive the central government, afraid of the overall rise in prices, afraid of bearing the consequences of possible overheating; Exacerbating the current investment expansion trend, as for the threat of surplus and economic downturn caused by investment, it is not considered by localities and enterprises." Obviously, under such a game pattern, if the central government does not engage in macro-control, the final bad debts will be paid by the central bank, and if the central government engages in macro-control, the losses and costs brought about will be borne almost entirely by the localities.In the process of the intricate game of interest relations, the deep-seated contradictions in China's economic development can be seen at a glance. The huge state-owned capital groups and the associated local government interests have formed an amazing "holding force".After a period of hesitation, the central government finally struck out. The violent macro-control storm that occurred at the turn of spring and summer left international observers at a loss.Just at the beginning of May, when the austerity policy was introduced one after another, the New York Times published an article by columnist Thomas Friedman, saying that "these days, the leaders of the United States, the European Union, Japan and major Asian countries are all talking about the Chinese economy before going to bed. Pray, the world is gradually locked in by China's huge capital power ensured by cheap labor, demand for raw materials, and foreign capital. Once China's bubble bursts, all the bubbles in the world will burst together." On May 27 and 28, the South Korean government held consecutive emergency meetings to analyze the possible impact on South Korea of ​​China's plan to "brake" the overheated economy.According to Korean scholars, China accounts for 18% of South Korea's total exports and 88% of its trade balance surplus. If the Chinese government takes drastic measures to avoid overheating, South Korea's exports are expected to drop sharply.Even Alan Greenspan, the chairman of the Federal Reserve, who has always been cautious in speaking, expressed his concerns publicly. He said in a speech to the Federal Senate: "If there is a problem in China, it will have a great impact on the Southeast Asian economies and Japan, and indirectly on us." However, the trend of China's economy once again surprised scholars all over the world.In the third quarter of this year, the Asian Development Bank predicted that China's GDP growth for the whole year would drop to 8.3%, while the data from the Ministry of Commerce of China was more conservative at 7.5%.However, according to the final data from the National Bureau of Statistics, the GDP growth rate in 2004 was still as high as 10.1%, which was the fastest growing year after 1996, and the investment in fixed assets of the whole society was 7 trillion yuan, an increase of 25.8% over the previous year. The total import and export trade volume of the country has exceeded 1 trillion US dollars. The GDP growth rate for 2004 was initially announced at 9.5%, unchanged from 2003. In January 2006, the National Bureau of Statistics revised the historical data of GDP according to the new economic census data. The data in 2003 and 2004 were revised to 10% and 10.1% respectively.This shows that China's economy is still in a channel of rapid development.In CCTV's "China Economic Annual Report" program, Professor Hu Angang, director of the China National Conditions Research Center of Tsinghua University, interpreted this as, "China is a fast train, and its driving is not a sudden brake, but a sudden brake." Who It is clear at a glance who is clicked and who is not. The story that happened in the field of steel is very moral.When private capital was strictly ordered to stop, state-owned and state-owned capital made great strides forward.At the same time as the Tieben Incident, Baosteel entered into a tripartite joint venture with Arcelor, the largest steel company in the world at that time, and Nippon Steel, the second largest company, to start construction of the 1800mm cold rolling project.In addition, Baosteel also signed a long-term purchase agreement with Australia's Harmersley Company to purchase 7 million tons of iron ore per year.President and Chairman Xie Qihua announced that Baosteel intends to spend 50 billion to 60 billion yuan before 2010 to expand production from 20 million tons to 30 million tons, increasing production capacity by 50%.The news shocked the global steel industry.Immediately afterwards, Wuhan Iron and Steel Group, China's fourth largest iron and steel company, stated that several large-scale projects of Wuhan Iron and Steel have been approved by the National Development and Reform Commission, and the total investment will exceed 20 billion yuan.Other large state-owned iron and steel enterprises have also launched new projects: Benxi Iron and Steel Group cooperated with Posco to launch the cold-rolled plate project; The hot-dip galvanized sheet project with an annual output of 400,000 tons; Tangshan Iron and Steel Group, Maanshan Iron and Steel Group and BHP Billiton, the world's largest ore resource company, respectively signed an order agreement for 3 million tons of iron ore. The pace of investment by multinational steel companies in China does not seem to be stagnant either.On April 22 of this year, just three days after Dai Guofang was detained, in the Suzhou Industrial Park, which is only 105 kilometers away from Changzhou, the Australian BlueScope Steel Company invested 280 million Australian dollars (about 1.7 billion yuan) in a steel project. A lively groundbreaking ceremony.Mao Siming, the president of the company, said, "Everything went beyond our expectations. We got the business license in less than a month." According to Suzhou Industrial Park, BlueScope's project only took 7 days from the submission of application materials to the issuance of the business license. working days.Some media commented that for a project of 1.7 billion yuan, the business license can be obtained within 7 days, which is simply a fantasy for investors in most parts of the country.Because according to the current national regulations, projects with an investment of 50 million to 200 million yuan must be approved by the National Development and Reform Commission, and projects with an investment of more than 200 million yuan must be submitted to the State Council for approval. It was also one of the reasons why Tieben was investigated and dealt with.Moreover, iron and steel investment is the top priority of rectification and regulation, and the iron and steel incident is just around the corner. The rapidity of BlueScope's project is really amazing.Xu Shousong, a reporter from Xinhua News Agency, wrote with great emotion in the book "Tieben Investigation", "In the same industry, at the same time, in the same province, why are the fates of the two steel companies Tieben and BlueScope, Yitu and Yiyang separated by life and death? Heavy door?! Some people are singing and dancing inside the door, while others are singing and crying outside the door.” From the industry data of the whole year, people can also see the real side.In the few months after Tieben was severely punished, the national steel output seemed to be under control for a short period of time, but it has accelerated month by month since June. Since July, the daily production level has continuously hit historical records. The daily output exceeded 800,000 tons, reaching 804,400 tons.In the first 10 months, the country produced a total of 272 million tons of steel products, an increase of 24.12% over the same period of the previous year. In 2005, the output continued to advance on the track of rapid growth. The national production of steel products was 371 million tons, a year-on-year increase of 24.1%.What is even more striking is that in 2004, there were only two iron and steel plants in the country with a steel output exceeding 10 million tons, but by 2005 the number had soared to eight, and all of them except Shagang were large state-owned enterprises. Even the regulated private enterprises have different fates.Ningbo Jianlong, which was ordered to stop production at the same time as Tieben, had a different life and death situation. In February 2004, the National Development and Reform Commission and the China Banking Regulatory Commission formed a joint investigation team to enter Jianlong. In May, one month after the Tieben incident, China Central Television exposed the Jianlong incident. There were three main violations: 1. Violation of the approval process, changing the project that should have been approved by the competent department of the State Council into local approval; 2. Failure to approve the project. Approved by the environmental protection department, started construction without authorization; Third, short-term loans and long-term investments, converting 700 million yuan of working capital loans from the bank into fixed asset investment.Judging from these circumstances, the nature of Jianlong’s violations is similar to that of Tieben. The smelting blast furnace, hot-rolling workshop, and wharf have basically been completed, and the actual investment has reached 4.8 billion yuan.Fosun's share price plummeted after news of the suspension of construction of the project came out.At that time, Tang Wanxin's "Delong Department" had just begun to collapse, and Guo Guangchang, who was also a master of private capital operations, attracted a lot of attention. In July, some media revealed that "Fosun" was listed as "prudent lending" blacklist by relevant banks, and the capital chain was at risk of being broken at any time. Different from Tieben, after the incident, although six cadres including the Ningbo Municipal Planning Commission and the Land and Resources Bureau were punished, no one from Jianlong and Ningbo was detained, and Guo Guangchang, the actual controller of the project, was not even detained. Restricted, he still has room to save himself.Guo Guangchang first wanted to get rid of Jianlong's private capital.Immediately after being investigated, Fosun Co., Ltd. issued an announcement stating that the company has no connection with Ningbo Jianlong and Co., Ltd. In September, Guo Guangchang suddenly hinted at a Yangtze River Delta forum in Hangzhou that Jianlong still has a hidden "shadow shareholder", that is, the famous private entrepreneur and vice chairman of the All-China Federation of Industry and Commerce Liu Yonghao New Hope Group.Guo Guangchang's clarifications and hints are nothing more than to constantly test the bottom line of the upper management's handling of the Jianlong incident.Looking at subsequent developments, what really turned the Jianlong project around was the participation of a large state-owned iron and steel company in Zhejiang. At the same time as the construction of the Jianlong project started, Hangzhou Iron and Steel Company also began to prepare for the construction of a steel project covering an area of ​​5,400 mu in Daxie Island, Ningbo.Due to the entanglement and inefficiency in demolition and other issues, when the construction of Jianlong was more than halfway done, the Daxie project of Hangzhou Iron and Steel Co., Ltd. had not officially started.After Jianlong ran aground, the Zhejiang Provincial Government immediately proposed the intention to integrate Jianlong and Hangzhou Iron and Steel.In this regard, Tong Yunfang, the chairman of Hangzhou Iron and Steel Co., Ltd., who is in a favorable position, said, "Either hold shares or not participate." Of course, Guo Guangchang is not reconciled to being eaten, but the integration must be done in a reformed way, not in the old-fashioned way, but in the best way. The optimized and most competitive market way to solve the problem of who is the core.He told reporters, "It is fine for state-owned enterprises to participate in shares, but let private enterprises take control. Don't use the name of macro-control to let state-owned enterprises control private enterprises." Caijing asked in a comment on this matter: "In this private In the negotiations between enterprises, state-owned enterprises and the government, the former that has been judged to be violating the regulations is obviously in a weak position. But the question is, does it have to be controlled by the state-owned enterprises before they can be released?" Guo Guangchang's struggle and the media's questioning proved to be ineffective. In August 2004, a piece of news spread throughout the financial circles: Hanggang and Jianlong reached a preliminary restructuring agreement, with Hanggang holding 51% of the shares and Guo Guangchang holding 49%.The opinion on the handling of the Jianlong incident was also issued as scheduled. The State Council delegated the handling authority of Ningbo Jianlong Iron and Steel’s illegal project to the Zhejiang Provincial Government, which means that the reorganized Jianlong project will be “legally approved”. At the beginning of 2006, the National Development and Reform Commission approved the Ningbo Jianlong Iron and Steel Project with the document "Fagai Industry [2006] No. 434".According to the approval document, the National Development and Reform Commission agrees that Hangzhou Iron and Steel Group Co., Ltd. will reorganize Ningbo Jianlong Iron and Steel Co., Ltd. in light of its own structural adjustment. Hangzhou Iron and Steel Group will act as the controlling shareholder and join other shareholders to reorganize it into "Ningbo Iron and Steel Co., Ltd."Guo Guangchang narrowly escaped death at the cost of sacrificing his equity. Most of the large-scale private enterprise projects that fell in the current round of macro-control will be hunted down by state-owned enterprises and multinational companies in the future.Three years later, the Tieben project was jointly reorganized by Nanjing Iron and Steel Group and the French company Arcelor.After the disintegration, the Delong family was divided up: COFCO Group purchased Xinjiang Tunhe, Liaoning Machinery Group took over alloy investment, Hunan Torch was scrambled by more than 20 automobile companies such as FAW and Shanghai Volkswagen, and finally Shandong Wei Diesel power succeeded.The only one that survived was the electrolytic aluminum project of East Hope Group. Because Liu Yongxing was very cautious, his investment was all free funds, so he avoided financial sanctions.In the following three years, Liu Yongxing, who has always been cheerful, became extremely low-key and hardly appeared in public.He later revealed that Chinalco had repeatedly tried to hold the project but was declined. The fiasco of private capital is impressive.In the following two or three years, with constant reflection, Huang Mengfu, vice chairman of the National Committee of the Chinese People's Political Consultative Conference and chairman of the All-China Federation of Industry and Commerce, used the "glass door" to describe the embarrassing situation faced by private enterprises.He described, "Although there are no public restrictions on the access policies of some industries and fields, the actual entry conditions are quite restrictive, mainly setting too high a threshold for entry qualifications. People call this phenomenon of 'opening in name but restricting in practice' as The 'glass door' seems to be open, but in fact it is impossible to get in, and it hits a wall." Rong Hai, chairman of Xian Haixing Group, reflected more directly. He said, "The lessons of macro-control have once again proved that trade Entrepreneurs must underestimate their own abilities." Macro-control has a profound impact on the structure of Chinese companies, and even has a "foregone conclusion" effect for a long period of time. The unpredictable changes in economic policies are also reflected in the fluctuations and repetitions of business thoughts. In January, a document from Hebei sparked a big debate about the "immunity of original sin" of private entrepreneurs.The Hebei Provincial Political and Legal Committee's "Decision on Creating a Good Environment for the Perfection of the Socialist Market Economic System by Political and Legal Organs" approved by the Hebei Provincial Committee of the Communist Party of China in the "No. If the statute of limitations for prosecution has expired, criminal prosecution procedures shall not be initiated; within the period of prosecution, the nature, circumstances, consequences, performance of repentance, and the current operating conditions and trends of the company where the crime is committed shall be comprehensively considered, and the punishment shall be mitigated, exempted or sentenced to probation according to law.This "exemption document" is like many events and announcements in the history of reform. Although there are still gaps and debatable points in the legal operation, it is a strong policy signal.However, with the start of macro-control, the "exemption topic" was quickly abandoned, and public opinion turned around 180 degrees, and began to conduct "original sin liquidation" of "unforgivable" various phenomena in property rights reform. In this liquidation campaign, the protagonist is a finance professor from Hong Kong. Born in Taoyuan, Taiwan in 1956, Lang Xianping graduated from the Wharton School of Business in the United States, which is world-renowned for its finance and financial teaching.Lang Xianping has an old-fashioned star face, a head of stiff gray hair, and is eloquent. He claims to be "a scholar who likes to live under flashing lights". After 2000, he was employed as a professor at the Chinese University of Hong Kong and Beijing Cheung Kong Graduate School of Business, and he traveled and lectured in mainland China all the year round.During this period, he used financial tools to conduct systematic research on the financial governance of Chinese companies.Just in the summer of 2004, he published papers and speeches consecutively, raising strong doubts about the property rights reform plans of some well-known enterprises. On June 17, he publicly questioned TCL, arguing that its shareholding reform plan was actually a process of diluting state-owned equity, a process of "using equity incentives as a signboard and using the securities market as a channel to gradually flow state-owned assets to individuals."According to his calculations, Li Dongsheng holds 5.59% of TCL's equity, with a maximum market value of 1.2 billion yuan, so he "becomes the biggest beneficiary of TCL's reform." On August 2, he published "The Metamorphosis of Haier - A Twist and Ingenious MBO", directly targeting Haier, the most well-known home appliance company in China.He analyzed that Zhang Ruimin had "transformed" Haier's property rights three times. "First Metamorphosis" was in 1997.This year was the first year of large-scale property rights reform. Haier established an internal employee stock ownership association. In 2000, Haier Investment was established with the stock ownership association as the main body. The internal transaction profit was as high as 3.4 billion.Lang Xianping believes that the Haier trademark does not belong to the Haier Group, but to Haier Investment. This is a typical "shareholder, nanny, and employee" role. "Second Metamorphosis" was in 2001.青岛海尔利用增发募集资金和部分自由资金共计20亿元，向海尔投资溢价收购青岛海尔空调器有限公司74.45％股份，产生的股权投资差额20亿元一次性转让给海尔投资。海尔投资手中有了运作的“第一桶金”。此后，海尔的金融资产扩张几乎都是以海尔投资的名义来进行，如控股长江证券、设立海尔纽约人寿。加上非金融资产扩张，海尔投资旗下的公司可查证的就已经达到12家，总资产（包括海尔品牌）已经超过650亿元。 就在《海尔变形记》发表的一周后，郎咸平掷出第三颗“震撼弹”。他在上海复旦大学发表题为《格林柯尔：在“国退民进”盛宴中狂欢》的演讲，直指顾雏军使用多种伎俩，“利用一些地方政府急于加快国企退出的思路，将收购与改制打包在一起，玩了一把双方互惠互利的双赢游戏”。顾雏军得手科龙后，又用同样手法入主另一家冰箱企业安徽美菱。后来的事实表明，当时的美菱电器与其母公司美菱集团有大量的债务关联，其现状十分类似科龙电器与容声集团，顾雏军承诺进入后将一切都“既往不咎”。为了让这起交易显得更有说服力，顾雏军宣称投资24.9亿元在合肥建设格林柯尔——美菱工业园，它成为当年度安徽省最大的招商引资项目。 郎咸平的三次讨伐在企业界、舆论界和经济理论界平地掀起了一场轩然大波。在整个秋天，它甚至转移了人们对宏观调控的关注。某种意义上，这位来自香港的、敢于放言的金融学教授对开始于1998年的产权清晰化运动进行了一次“总清算”。他的结论是，“我不反对国企改革，但是目前有些国企通过'国退民进'，将国有资产以贱卖的方式（包括MBO）转成私人资产以提高效率的做法是我所反对的。当前这种利用法制不健全的空当，合法地侵吞国有财产的现象，和当初俄罗斯私有化运动极为类似。”语锋犀利的郎教授还打了一个很生动的“保姆”比喻——“我的家又脏又乱又差，找来一个保姆，帮我把家收拾干净了，她算是有功劳，可是这个家突然就变成保姆的了。这是一件很荒谬的事情。”据此，郎咸平提出三个观点，必须暂停产权交易、必须禁止MBO、民营企业与国有企业争利问题不是当前经济改革的重点。 在郎咸平的炮轰中，三大企业表现各异。海尔仅仅发表了一个简短的声明称，“郎先生发表的文章是以海尔是国有企业为前提的，众所周知，海尔不是国有企业，海尔没有任何违规、违法行为，不予评价。”TCL也如出一辙地“不予评价”，李东生甚至在一次媒体追询下反问说，“郎咸平是谁？”中国企业在产权改革中的法制空缺尴尬终于暴露无遗。在过去的几年里，几乎所有的产权改制方案都是“见光死”，没有几家企业经得起、法律及财务意义上的公开审查。郎咸平显然不是第一个提出质疑的人。如果所有被质疑的企业都顾左右而言他，三颗“震撼弹”将有去无回。富有戏剧性的是，其中一个中弹的人居然起而反击。 反击的是性情自负而暴烈的顾雏军。在郎咸平复旦演讲后的第四天，顾雏军发出严厉的律师函，声称其演讲造成了诽谤，要求郎咸平发表更正并道歉，否则将“采取一切必要的手段以保护他的名声”。正愁没有对手的郎咸平当然不会示弱，三天后，他在北京长江商学院的办公室里召开媒体见面会，公布了顾雏军的律师函，声明“决不会更改或道歉”，并控诉“强权不能践踏学术”。第二天，顾雏军当即向香港高等法院递交了起诉状，以涉嫌诽谤罪起诉郎咸平。 郎顾之争很快升温、升级。郎咸平提出的质疑，涉中及国企改革的路径抉择与道德倾向性，所以让一大批经济学者都卷入其中，一时间观点针锋相对，护顾卫郎之争，十分热闹。一些学者认为郎论偏颇，对中国企业变革的大方向有误读，不够宽容。复旦大学张军教授认为郎咸平的案例研究“攻其一点，不及其余，有失偏颇”。Professor Zhang Weiying of Peking University also delivered a speech, calling on the public opinion environment to "treat entrepreneurs well and not demonize them".同时，也有一些以“新左派”自居的学者为郎咸平大声叫好，中国社科院研究员左大培等十多人联名发表声明“声援郎咸平”。这场大论战顿时掀起惊天骇浪，中国经济界几乎所有重量级的学者都发表了自己的观点，立场鲜明对立，构成近20年来经济理论界规模最大、火药味最浓的一次大论战。 在学者们的隔空交战中，贸然出头的顾雏军成了唯一的“炮灰”。格林柯尔在产权并购上的手段原本就游走在法律边缘地带，“只能做，不能说，一说全是错”，怎么经得起放在舆论的“显微镜”下考验。顾雏军为了证明“清白”，还十分高调地邀请国务院发展研究中心企业经济研究所协办，举办了“科龙20年发展与中国企业改革路径”的研讨会，会上，企业经济研究所罕见地为科龙出具了一份验明正身、全面肯定改革经验的报告书。第二天，这份报告书的摘要以广告的方式被刊登在各大财经媒体的版面上，顾雏军颇为得意地说，“外面很多评论让我恍若隔世，仿佛回到文革年代……现在又是一夜之间，许多经济学家认为我没有问题。”从事后的效果看，这次研讨会、报告书及软文广告起到了负面的效应，顾雏军好像越描越黑，在公众印象中，他已经显然成了侵吞国有资产的符号化人物。在新浪网进行的网民调查中，超过90％的网民认为“顾雏军肯定有问题”。就在研讨会召开的同时，国家审计署悄然进驻科龙电器，展开调查。 11月，深交所与香港联交所一起进驻科龙总部，对其财务问题进行集中核查。 2005年1月，香港联交所以关联交易为名对顾雏军进行公开谴责。科龙股价应声下挫。顾雏军为自己和科龙引来烧身大火。 On July 29, 2005, Gu Chujun was arrested by Foshan public security officers. In September, he transferred Kelon shares to Qingdao Hisense Group in the detention center.The equity interests of Meiling and Yaxing have been acquired or transferred one after another. 2006年8月，科龙电器公布前一年的年报，宣布巨额亏损36.93亿元，刷新内地上市公司亏损纪录，涉及93宗诉讼官司，公司的净资产为-10.90亿元。 郎咸平发动的这场“讨伐”，让他如愿以偿地成了一个明星级经济学家。不过，郎顾之争最后的结局其实已超出了这位公司财务专家的初衷。他本人也在这样的论战中走向极端，提出了“大政府主义和威权政府”的概念，还以中国电信等垄断公司的经营业绩来证明“中国国有企业从来不比民企差”。在很多人看来，郎咸平好像是安徒生童话《皇帝的新装》里的那个小男孩，他大胆地喊出了真相，不过却说错了真相背后的答案。美国《洛杉矶时报》在评论中认为，“郎咸平对中国经济改革的某些批评并不是孤单的声音，他代表着一个被称为'新左派'的日益有着影响力的团体，他们对国有企业民营化和中国经济的试验进行抨击。”北京大学教授周其仁在一篇《我为什么要回应郎咸平》的文章中说，“我是想破脑袋也想不出来，到底怎样郎咸平才觉得对。”周其仁的观点是：“产权改革不是什么好事之徒策划出来的。就是把主张产权改革的经济学家全部枪毙，只要走市场经济之路，公有制企业还是要搞产权改革。问题是公有制企业的改革实在前无古人，困难自成一家。当初没有清楚的约定，倒回去厘清产权份额谈何容易！正是在这个意义上，我一直认为实践具有第一位重要的品格。” 从宏观调控到“郎咸平风暴”，2004年的中国企业界可谓大戏不断、惊心动魄。一直到秋天，人们才突然记起，2004年是很多著名公司创业20周年的“庆典之年”。 1984年被称为“中国现代公司的元年”，海尔、联想、万科、四通、科龙、健力宝均创建于1984年。对于商业研究者来说，20年是一个具有指标意义的年份。1982年，年轻的麦肯锡顾问汤姆彼得斯与罗伯特沃特曼出版了改变当代管理潮流的《追求卓越》，其研究方法便是以20年间成长性最好的43家美国企业作为基本分析样本，从而归结出了卓越公司的八大属性。不过，当人们把目光投注到这些名声显赫的“中国20年公司”的时候，看到的事实却是，它们都无一例外地身陷于成长的突围期，成长路径的惯性让这些一度十分成功而自负的公司开始陷入集体徘徊。 当年出名最早的南德集团早在5年前就已灰飞烟灭，曾经的“资本运营大师”牟其中现年已经64岁。在武汉的监狱中，他每天跑步4000米，冬天坚持用冷水洗澡，同时不断地为自己喊冤。这年，他读到了德隆崩盘的新闻，对唐万新这位爷被关押到武汉的万县小老乡很是关注，还专门写了一段自己的评论，“我在狱中看到的有关德隆的资料非常有限。这让我想起了成都'武侯祠'的一幅楹联：'能攻心则反侧自消，自古知兵非好战；不审势即宽严皆误，后来治蜀要深思。'在我看来，德隆今天的命运跌宕，是在国内宏观环境，即法制条件、金融条件、道德条件尚未具备时，又不采取特殊的防范措施，以为自己处于成熟的市场经济环境中，孤军深入，身陷计划经济重围的结果，结果只能是被人聚而歼之。”其言辞感怀，颇似“借他人之酒杯，浇自家之块垒”。 四通曾是中关村高科技企业的一面旗帜，而此时的却已经找不到“主营业务”。过去几年里，它最成功的一件事情是“碰巧”拥有一个叫王志东的天才员工，并投资创建了新浪网。在2003年2月至2004年2月的一年时间里，作为新浪大股东的四通电子先后15次在纳斯达克套现，共获得1.47亿美元，这成为四通最重要的盈利点。 2003年12月，总裁段永基出人意料地宣布四通出资11.7亿港币收购史玉柱的“脑白金”业务，今后四通发展的两大产业是网络文化和保健品。An interesting detail is that when Duan Yongji announced the acquisition news, he bluntly said that "Melatonin is nothing."他说，“脑白金就其技术含量来说，什么都不是。但是，就这么个东西他能卖得这么好，而且持续6年，现在还在持续增长。真的白金卖出白金价，不是本事；而把不是白金的东西卖出了白金价，那才是真功夫。”当大学教授出身的段永基与曾经被视为“中国青年楷模”的史先生为了一个“什么都不是”的商品举杯相庆的时候，全中国的消费者只有远远地默视无言。 广东的科龙和健力宝，无疑是过去20年里中国最优秀的家电和饮料公司，可是现在它们正身陷乱世。创业者潘宁和李经纬都已经先后离职，前者出洋做了寓公，后者躺在广州医院里待罪“双规”。通过暧昧手段得手这两家企业的顾雏军和张海显然无法掌控这两艘大船，就在这年，顾雏军突然遭遇“郎顾之争”，身陷其中不能自拔。年轻的张海则一改李经纬主攻城镇市场的策略，转而主打北京、上海等中心城市。健力宝陷入无比凶险的营销困境。在今后的一年里，顾、张将相继黯然出局，科龙、健力宝最终落得被廉价出售的悲惨下场。 更上述企业相比，深圳的万科集团和王石则要显得顺利得多。自从专心于地产后，万科此去几无艰险。1998年前后，王石突然被查出患上一种很奇怪的心血管疾病，医生断言，最长一年，他一定会坐上轮椅。突如其来的疾病彻底地改变了王石，这位身上流淌着强悍的军人（父亲）和游牧民族锡伯族（母亲）血液的男人开始重新思考生命与商业的意义。他在自己的“王石online”网页上引用捷克前总统兼思想家哈维尔的一句名言：“病人比健康人更懂得什么是健康，承认人生有许多虚假意义的人，更能寻找人生的信念。”便也是从这时开始“病人王石”疯狂地喜欢上了有利于心脏和血管扩张的登山运动。他发誓要登遍全球各大洲的最高峰。2002年2月，王石登上非洲最高峰乞力马扎罗峰，5月，登上北美最高峰麦金利峰。2003年5月，52岁的他成功登顶珠穆朗玛峰，成为登顶珠峰的年龄最大的中国人。他在登山日记中写道：“登山是一个后悔的运动，一进山后，马上会出现头昏、恶心等高山反应，感到后悔。身下就是深渊，令人不寒而栗！因为难度大，上攀的队员压在这里，有的费一个小时才能通过，见到这种情景，瞬间产生恐惧感。……那个时候在峰顶上，一方面是因为太疲惫，另一个方面是因为缺氧，人有点麻木，所以没什么崇高激动地情绪。” 不断地攀登，让王石很快成了企业家群体中的“异数”，他的名字有时候会出现在报纸的时尚版和体育新闻版。他还成为中国移动通信、摩托罗拉手机和大众汽车的广告代言人，在他之前还从来没有出现过这样的事情。人们开始拿他与“欧洲顽主”雅号的英国维珍集团CEO理查德·布朗森和喜欢作秀的美国地产大亨唐纳德·川普相提并论。万科的具体事务都交给了比王石小14岁的郁亮打理，这是一位毕业于北京大学国际经济系、有着干练的财务与管理才能，同时又颇有理想的年轻人。一个奇妙的现象发生了，王石离万科越远，他对万科的影响力和品牌贡献越大，对高度的追求和无所谓的浪漫气质竟让万科跟王石一样成了中国公司中的一个“另类榜样”。 9月，万科迎来创业20周年的纪念日。当记者请王石谈感想时，这位“不务正业”的企业家竟表现得有点焦虑。他说到了两个例子。2003年10月，王石去云南弥勒参加中国企业家论坛，探讨企业的伦理道德问题。王石发言称，万科多年诚信守法，从来没有行贿。与会主持人问在座的各位企业家，“谁敢说你们没行过贿？没有行贿的请举手。”在座的数百个老总就开始你看我，我看你。过了一会儿开始有人举手了，举手的姿态很缓慢，像做贼心虚似的，最后有五六位举手。不久后，王石又去一家大学的MBA班上讲演，谈到这次论坛上的感受，主持人又做了个现场调查，“不相信万科没行贿的同学情举手”。结果举手的超过半数。王石感慨，“大家似乎都默认，在多数新兴企业中，一定存在行贿，不行贿才是不正确的。”王石问，“我们是不是已经病得很重了？” 在20年公司中，青岛的海尔与北京的联想无疑是最令人瞩目的两家，张瑞敏和柳传志是过去年里成就最大、公众知名度最高的两位企业领袖。在很多时候，这两家企业的前途被视为中国公司成长的风向标。让人吃惊的是，在创业20年的光荣时刻到来的时候，它们好像都处在一个艰难的抉择关口。 海尔的现状不容乐观。这家企业的命运转折其实是在1997年前后，在此前的民族企业振兴浪潮中，海尔被寄予厚望。它被国家有关部门列为冲刺“世界500强”的6名“国家级种子选手”之一，张瑞敏也颇以此自许。然而，随着亚洲金融风暴的爆发，原定的扶强战略突然转向，家电产业不再成为国家政策倾斜的重点领域，海尔的财团化扩张道路中断，“500强梦想”陡然变得艰难起来——事实上，联想、长虹等公司日后的成长路径的衍变均与此相似。一向激情四射的张瑞敏变得沉默起来。 在过去的六七年里，他一直在坚定地做着两大工作，一是海尔产权的清晰化改造，二是海尔的国际化战略，前一项只做不说，后一项鸣鼓而进。张瑞敏认为，“在加入WTO以后，对中国企业来讲，走出去，实现国际化是一个必然的选择。”从海尔公布的数据看，它确实是最为积极地实施海外投资的中国家电企业。到2002年底，海尔在菲律宾、伊朗和美国等地建立了13个工厂，海外营业额达10亿美元。在国际信息公司欧睿（Euromonitor）发布的全球家电排行榜上，海尔在白色家电制造商中跃居全球第五，海尔冰箱的市场占有率跃居全球第一。不过，它的国际化战略及实际成效，还是受到了舆论的质疑。2002年3月，美国《商业周刊》刊文《质疑海尔》。该文称，“海尔的一些海外投资并不明智，得不偿失，并且因为公司广泛进入如金融、个人电脑等产业而分散了主业注意力。此外，据说海尔因为大肆扩张而负债累累。但由于其董事会守口如瓶，从不谈及债务问题，所以具体负债情况如何，不得而知。那么赢利情况如何呢？公司说所有的部门（分公司）都是赢利的，但没有透露细节。北京的一位美国零售顾问说：海尔是个谜。” 这篇报道被发行量很大的《南方周末》转载。7月，国内另一份很有影响力的政经杂志《南风窗》刊长篇报道《六问海尔》，对海尔全球营业额的真实性、公司治理结构的合法性、产能扩张战略的风险以及海尔的企业文化等都提出了尖锐的