Chapter 25 Li Kangnian proposes "Twenty Years of Redemption"

Not long after the "gongs and drums of the movie" sounded, the "gongs and drums" from the business community also shocked the whole country. It was Li Kangnian from Shanghai's industrial and commercial circles who sounded the "gongs and drums". Li Kangnian is the chairman of Shanghai Public-Private Joint Venture Hongxing Weaving Factory, the general manager of China Watch Factory, and the manager of Cuizhong Weaving Factory.On January 8, 1957, he made a proposal at the first meeting of the second session of the Shanghai Municipal People's Congress. On May 17, 1957, "People's Daily" reported his proposal as follows:

The main content of the proposal is to call for the abolition of the method of fixed interest rates and the issuance of a "repurchase certificate of deposit for the transformation of industrial and commercial enterprises".Certificates of deposit, like public bonds, are bearer.The issuance amount is calculated on the basis of the total value of joint ventures of private enterprises across the country, totaling 2.2 billion yuan.The redemption deposit certificates are issued to capitalists, asset agents, and bourgeois elements who need care at one time, and they will be cashed out quarterly from 1958 to 1975 in 20 years.

Li Kangnian cited nineteen reasons in his proposal.He believes that the current fixed interest method adopted by the state is to pay a fixed interest rate of 5% of the share capital every year.The capitalists' share capital "should be able to get the full price in twenty years." If only counting up to 1962, "it seems that the redemption has not been completed yet." He also thinks that fixed interest has many disadvantages.If there is a fixed interest rate, it will be considered that the private parties still hold shares in the joint venture, and "remnants of exploitation still remain", thus causing all kinds of conflicts between the public and the private parties, between the workers and the private parties, and between the private parties and the private parties. contradiction.Therefore, he advocated returning all capital to capitalists in order to "redeem it to the end".In doing so, he believes that the "tail of exploitation" will be completely cut off, and all kinds of contradictions will disappear.

He also stated that if his proposal was adopted and all 2.2 billion redemption certificates of deposit were issued to capitalists in 1958, then the transformation would actually have been completed.Public-private joint ventures can be changed to state-owned; and "at this time, the bourgeoisie only has some redemption certificates of deposit in their hands, which are similar in nature to national public bonds", so the transformation of the bourgeoisie is "basically completed". Li Kangnian's proposal is called "Twenty Years of Redemption". On June 6, 1957, the "People's Daily" published "Li Kangnian Reiterates His Proposal for Redemption for 20 Years".Li Kangnian said: "My suggestion is based on the People's Daily editorial."

Li Kangnian explained it this way: On November 22, 1955, the "People's Daily" published an editorial titled "Unify understanding, make overall plans, and earnestly do a good job in transforming capitalist industry and commerce."This article, I think, is the policy of the party and the state on the redemption policy, and it is also the creed of the party and the state's redemption policy to the industrial and commercial people. The first paragraph: "Our country will basically complete the transformation of the private ownership of the means of production within the period of about three five-year plans, and build a socialist society." This shows that it will take about fifteen years to build a socialist society.

Section 1 of the fifth paragraph: "For the working class in our country, it is most appropriate to redeem the means of production of the bourgeoisie, and not to buy them all at once, but to buy them gradually over a period of more than ten years. The capitalists get less than a quarter of the dividends. The income of the capitalists does not seem to be a lot, but according to the national statistics, there are several hundred million yuan a year. It is completely sufficient as the price for buying all the means of production of the national bourgeoisie." This shows that the state will buy all the means of production of the national bourgeoisie with several billion yuan.

After Li Kangnian's proposal of "Twenty Years of Redemption" was published, it aroused widespread reactions. Someone applauds.For example, Lin Binghui, a member of the private sector, cited eleven advantages of Li Kangnian's proposal.Lin Binghui said: "The interest rate has been fixed for seven years, and the redemption has already reached 35%. If it is delayed, a few percent will be added, and the profit distribution before the fixed interest rate will be added. It is almost the same as 2.2 billion yuan. It is better to issue a certificate of deposit. , one-time redemption. He agreed to use the redemption certificate of deposit, and the ownership system can be changed immediately, which is conducive to the unity of workers and private personnel, and is conducive to the relationship between public and private. Many private parties of small and medium-sized joint ventures are not clear about the changes in the nature of joint ventures. The misappropriation of public funds can no longer happen. Some people think that buying certificates of deposit as a way to simplify the current procedures for receiving fixed interest payments has certain merits.”

There are many opponents of Li Kangnian's proposal.The initial objections, however, were mild and discussion-like.As the People's Daily reported on May 17, 1957: "During the discussion, most people did not agree with Li Kangnian's views. They believed that Li's proposal was not clear about the redemption policy, and regarded redemption as a 'sale' and 'repayment of principal'. "During the discussion, everyone believed that Li Kangnian's opinion was representative among business people, so this suggestion deserves further discussion."