Essay on the 30th Anniversary of Reform and Opening-up

There are always some unforgettable memories in one's life. When we were young, we always used Paul Kochakin's poems to spur ourselves: "... when you look back, you won't regret your mediocrity." Now coincides with the 30th anniversary of the reform and opening up, and I have witnessed and witnessed the financial reform. Recalling my experience of participating in the establishment of Jiaxing financial market, the past is vivid and radiant. It can be said that we have all gone through an important journey in our life and career with the pace of financial reform.

1. 1984 is the turning point of Jiaxing's financial industry.

The finance of New China used to be a highly planned economy model. Before 1984, the bank employees at that time were all state cadres. Finance has more fulfilled the function of national financial cashier, and national funds have been decentralized. For example, banks in the west can't lend them to Zhejiang for use. In other words, the funds are not allocated according to market demand, but cut into pieces for use, and the ship will die in Tiantou. From 65438 to 0978, since the Third Plenary Session of the Eleventh Central Committee, China's economic system reform has spread all over the country like a spring breeze. With the deepening of the reform and opening up process, to 1982, the voice of accelerating the reform of the financial system in the society has become increasingly strong. It can be said that the financial reform conforms to the requirements of reform and opening up. 1983, China Finance once again carried out a major reform, and established China Industrial and Commercial Bank, transferring all the industrial and commercial deposits and loans originally undertaken by China People's Bank to China Industrial and Commercial Bank, and China People's Bank specially performed the duties of the central bank. From 65438 to 0984, the People's Bank of Jiaxing fully exercised its functions as a central bank, and since then, it has started a series of financial market-oriented reforms.

1April, 986, Jiaxing financial market was established. This is a pioneering work in Jiaxing's financial history, which means that funds can circulate like commodities. Du Yunchang, then mayor of Jiaxing, attended the inauguration ceremony. At first, the market was a membership institution with a capital contribution of 2 million yuan from major banks in Jiaxing. Although it is called a famous financial market, its content is single, and it is only a short-term position adjustment between banks, which is limited to 1- 15-day capital borrowing between banks in the adjacent areas of Shanghai, Jiangsu and Zhejiang. However, there is no denying its historical achievements. It is the cradle of financial marketization in Jiaxing. Jiaxing is the first region in China to establish interbank lending market. At that time, Jiaxing's financial market was co-located with the comprehensive planning department of Jiaxing People's Bank, and the main operators were retired employees of the bank. However, the business they are engaged in is brand-new and unprecedented in Jiaxing banking. It can be said that the old bank has encountered new business, so everyone is very cautious. The transaction at the establishment ceremony was confirmed a few days ago. The first deputy manager (overall responsibility) is Xu Xiaocun. He is a respectable old educated youth who came back from Daxinganling and Daqing 10 years. He laid the foundation for the future development of the financial market.

1987 I was transferred from the financial management department of Jiaxing people's bank to the comprehensive planning department, and I was engaged in fund lending full-time in the second year. Gradually, Jiaxing's financial market was decoupled from the comprehensive planning department and became an independent department of the People's Bank of China. I worked here for 10 years, from 1988 to 1999, when I was successfully revoked. I participated in the whole process of Jiaxing's financial market development. I have worked as a fund lending post, an accounting post and a securities trading post. Since 1993, I have been the general manager of Jiaxing Financial Market, during which the name of Jiaxing Financial Market changed. 1989 was renamed Jiaxing Financial Center, 1992 was renamed Jiaxing Financial Market, and 1994 was renamed Jiaxing Office of Zhejiang Financial Center. At the same time, there are two other brands listed: Jiaxing Financial Market Securities Trading Department and Zhejiang Securities Registration Center Jiaxing Agency. During this period, the national financial market experienced ups and downs, mixed reputation, three ups and downs, and the debate about the fate of the market continued. There have been many thrilling and meaningful stories in our Jiaxing financial market, and I don't want to talk about them.

Since its establishment ten years ago, our Jiaxing financial market has devoted itself to taking its own road and expanding its functions continuously. In addition to capital lending, it also launched treasury bonds trading, corporate bonds public offering, securities custody and other businesses. The annual financing amount has been revoked from the establishment to 1998, and the accumulated amount is nearly 1000 billion yuan, ranking first among peers in the province. 10 has no bad debts in its operation, which is rare in China. As for the public issuance of bonds by agents, we underwritten more than 10 enterprises and nearly 1 100 million yuan of corporate bonds, which also did not cause redemption risk.

Second, Jiaxing financial market has contributed to Jiaxing's economic development.

Jiaxing's financial market is a product of the financial system reform, a place for banks to circulate funds, trade treasury bills and issue bonds by agency enterprises, and a new field of financial industry, which consists of three major businesses: financing, securities trading and securities registration. As mentioned earlier, banks in the planned economy period have always operated according to the superior system, but financial market business is a new thing, and there is no ready-made system and model to copy. As the first generation of entrepreneurs, we have formulated a series of management measures such as Jiaxing Financial Market Charter, Internal Management Measures and Financial Management Measures according to actual needs. This ensures that Jiaxing financial market does not blindly follow the trend in the process of going to the market, and effectively avoids risks when the national credit crisis occurs. Specifically, there are three major businesses:

1. Boldly carry out off-site financing business and be at the forefront of financial reform.

Capital lending is a new product of financial system reform, which has both policy risks and operational risks. Since 1984, financial industry funds can be circulated across regions, and the national interbank lending market is surging and spreading in an all-round way. To some extent, it has solved the bottleneck problem of funds and promoted China's economic development. But it is undeniable that while invigorating the capital market, it also brings some management problems, some of which are even very serious. At that time, in order to borrow money, financial institutions carried out various publicity and public relations activities, similar to the current commodity fairs or customer talks. Business travelers in the name of loans are flying all over the sky, just like the buyers of some enterprises in those days. 1993, civil strife and lending across the country once led to chaos in the money market, which led to inflation and an increase in bad bank funds. The high interest rate difference in some areas in the south (mainly trust and investment companies) has caused idle funds in some underdeveloped areas in the north to flock to the southern coastal areas in various names and ways, and even some serious problems have appeared, such as rejecting interbank borrowing funds. Some banks link the income of lending funds with the interests of small collectives and individuals, and blindly borrow, so they suffer heavy losses. A large number of real estate "semi-finished products" projects in Hainan and other places were the sequela at that time. Up to now, there are tens of billions of non-performing loans in China, which have become a "historical legacy" with China characteristics. In order to rectify the "three chaos" in finance, the central government decided that Premier the State Council would concurrently serve as the governor of the People's Bank of China. It can be seen that the central government attaches importance to this issue.

And our financial market in Jiaxing should be said to have survived, which is inseparable from our cautious concept and the "Confucian heart" of Jiaxing people. In our work, we not only strictly implement the national financial laws and regulations, but also flexibly use the market rules, rationally use the time difference, geographical difference and peer difference of funds, and extensively carry out financing business nationwide. The financing amount and comprehensive evaluation always rank first among peers in the province. We don't lend indiscriminately, but actively introduce funds to serve Jiaxing's economy and finance. In the case of long-term shortage of funds in Jiaxing, we have ensured that Jiaxing, as the main grain producing area in China, will not pay a blank in the acquisition of agricultural and sideline products. There are no bad debts, which strongly supports Jiaxing's economic and financial development.

I haven't forgotten that we make every effort to make friends with sincerity, treat people with trust, and keep close contact with banks and capital markets all over the country. By then, we can cooperate with Wuhan, Chongqing, Inner Mongolia, Xi and other big markets. Jiaxing 1988 has no program-controlled long-distance telephone. To make a long-distance call outside the city level, the post office needs to dial manually and wait for a long time. Jiaxing is an agricultural and sideline product acquisition market, and the bank has always been a lender. There is a shortage of funds. In the peak season of agricultural and sideline products purchase, when the bank is short of funds, we have invisible pressure and responsibility, and our work can't be done step by step, and it seems that it will never be finished.

I have never forgotten Liu He of China People's Bank for his understanding and help. At that time, the price of borrowed funds was very high, and the monthly interest rate was about 1.5%, while the spread we earned was only about 0.0 15%. In other words, if the funds can't arrive on that day, it means that the transaction is a loss. At that time, bank remittance had not yet achieved "heaven and earth docking", and it was necessary to send money by telegram from the post office. It was the comrades in the sales department who were anxious for us and provided us with accommodation, so we made up for it by telegram and fax first. These practices were also illegal at that time, and they were also under pressure. Fortunately, we have established a good reputation relationship with each other's remittance market, and we also know each other's corporate cultural background. In the current words, it is "know your customers".

I haven't forgotten that I felt guilty when I saw that employees in other departments were preparing for the Spring Festival, while colleagues in our market were still contacting funds and adjusting their positions. At that time, hundreds of thousands to millions of dollars a day seemed to be not money, but a symbol. A transaction only needed a fax and a telephone record. A few of us can take the lead in holding financial market forums in some parts of the country, publicize Jiaxing, receive it warmly, and be as busy as a bee in order to win the inflow of funds from inside and outside the province; Of course, after seeing each other off again and again, we didn't drink less.

I haven't forgotten that several of us, with the cooperation of the Security Section of the People's Bank of Jiaxing, can bring millions and tens of millions of treasury bills back to Jiaxing by train and plane. Although we have a lot of market income, we are very frugal except for entertaining customers, staying in cheap hotels on business trips, crowding buses and eating food stalls. Achieved honesty and self-discipline.

2. Jiaxing's earliest securities market was born here.

Our Jiaxing Financing Center introduced the securities trading business to Jiaxing for the first time in 1989. At first, it was mainly the transfer of national debt. At that time, treasury bonds were national bonds with low interest rate, non-circulation and long term, and it was very difficult to issue them. From 65438 to 0988, under the impetus of financial reform, the transfer of national debt began to become a reality. On April 1989 and 1 day, we set up a trading counter, and newly allocated college students and two retired old banks carried out treasury counter trading and bulk institutional trading business. This is the embryonic form of Jiaxing's earliest securities market. Later, it was opened to the outside world in the name of Jiaxing Agency of Zhejiang Securities Company and Securities Trading Department of Jiaxing Financial Market. Later, banks, trust companies and financial departments also set up securities business departments, including stock trading, and some institutions also sent employees to practice with us during the preparation period. This is another story.

At that time, a group of business-minded people began to buy government bonds, and then came to our counter to trade and earn the difference. At that time, the yield of second-hand treasury bonds was also very high, with an average yield of 17%-27%. It brought rich returns to the earliest investors in Jiaxing. At that time, they could be seen dodging on the bridge at the station pier, because private transactions were still speculative and would be hit from time to time. Although their identities are different, and some people have even served their sentences, they should be said to be the first generation of securities brokers in Jiaxing. They go from one country to another to buy, sometimes in bundles and boxes. We didn't have time to count, so we had to tie up a large number of them first and hand them in the next day, which was very popular. In order to make use of their resources and worry about losing these customers, we receive them regardless of business hours and provide free lunch boxes. Because of their participation, our transaction volume is rising, but it has also attracted the attention of the unit supervision office, because we can't figure out why we should associate with traffickers. Once we went to the residents where traffickers are located to investigate. In the face of this situation, although we are unhappy, we are still open-minded and look at the daily profits, which is very fulfilling.

Because the face value of treasury bills is very small, mainly 10 yuan, which brings many hidden dangers and inconveniences to family custody. For the convenience of the citizens, on July 199 1, Jiaxing Financial Center opened the securities custody business. It was also a news in the newspaper at that time that the bank opened the custody business on behalf of it.

As the first group of practitioners in Jiaxing securities industry, at the beginning of the establishment of Zhejiang Securities Jiaxing institution, we also boldly tried to cultivate and develop Jiaxing securities and national debt market, actively explored new institutional models and trading methods, gradually combined financing with securities trading, cooperated with the Ministry of Finance and the Ministry of National Debt, and used funds flexibly through financing, securities repurchase, custody and other businesses, which improved the efficiency of capital use of commercial banks and achieved the role of rationally guiding market capital flow. At the same time, it has accumulated some wealth for Jiaxing financial market.

The development of securities trading business also enables us to explore the primary securities market boldly, issue bonds for enterprises, promote direct financing of Jiaxing enterprises, and lay the foundation for the prosperity of Jiaxing securities market. Jiaxing has formed a fully functional securities market, and publicized and popularized securities knowledge and risk awareness to the society.

In order to alleviate the contradiction of insufficient funds in Jiaxing enterprises, as the pioneers of Jiaxing financial market, we conducted in-depth investigation and study of enterprises, conducted feasibility analysis of bond issuance, and designed bond certificates and issuance plans. We underwrite more than 65,438+00 corporate bonds, such as Jiaxing Petroleum Company, Wujiaohua Company, Timber Company, Nanhu Cloth Factory and Electric Wire Factory, with a term of one year, two years and five years. We must ensure that there is no risk in approval, printing, sales, custody and payment. I think we used to chew bread and take turns to stand by the machines in Jiaxing Printing Factory to make sure there were no mistakes in the printing process. Every issue day, our business counter at the North Gate is crowded, and only the Security Section of the People's Bank of China is required to maintain order. "Watching Wuqiao Bank buy bonds at the North Gate" was a household name in Jiaxing at that time.

However, when we successfully run this entity enterprise, we are also under great pressure. Due to the direct financing of enterprises, the market risk is very high, which is still a difficult problem at present. Once there is a problem in the operation of the enterprise, it is very likely that there will be a run-on storm. In order to ensure timely payment, it is necessary to always pay attention to the troubles of bond issuers and help them coordinate funds during the bond holding period. Pray to god in your heart not to make any mistakes. Because we know that if the bonds purchased by the People's Bank of China cannot be paid on time, a storm will be triggered.

In order to standardize the securities market, we also set up Jiaxing office of Zhejiang Securities Registration Center in Jiaxing to register and custody the securities held by enterprises. In order to guide enterprises to standardize the disposal of equity and do a good job for enterprises preparing to go public, we mainly participated in the registration and custody of Qianjiang Biochemical, Jushi Group and Huiken Co., Ltd. (now controlled by Bao Zhong). I have done my part for their future listing.

Third, an unforgettable journey

Looking back, under the leadership of the State Council and the CPC Central Committee, the reform of the financial industry has advanced rapidly, especially in the last decade, a new financial structure has been formed. And gradually integrate into the international community. The once brilliant Jiaxing financial market has completed its historical mission, even forgotten and unknown. Today, when we recall this period of history, we commemorate the 30 years of reform and opening up and celebrate the great changes that reform and opening up have brought to China. Our financial supervision mode today is a continuation of this history. At the same time, we also thank the policy environment of seeking truth from facts, emancipating our minds and daring to innovate advocated since the Third Plenary Session of the Eleventh Central Committee for giving us opportunities and wisdom. It is worth mentioning that the enlightened, courageous and tolerant environment of the leadership of Jiaxing People's Bank at that time also allowed us to do it without scruple. History will never forget that since 1988, successive presidents of Jiaxing People's Bank, such as Zhu Jinhai, Shan Lirong and Wang Zhongjia, have made important contributions to the reform and development of Jiaxing's financial industry and the development of Jiaxing People's Bank. Especially since 1993, Comrade Wang Zhongjia, then deputy governor of Jiaxing People's Bank (now president of Jiaxing People's Bank), as the direct leader in charge of the financial market, let a group of people in Jiaxing financial market show their talents with keen discrimination, responsible spirit and open mind. It is precisely because of such decision-makers that our financial market in Jiaxing is vigorous and famous. Undeniably, we have also created good economic benefits.

Here, I would like to thank the banks in Jiaxing for their sincere cooperation with us, especially the comrades in the planning departments of the banks: Wang Qing Ying and Qian Yimin of ICBC, Feng Dexin and Wu Zhiyong of ABC, Wang Ping and Mao Lijun of BOC, Cheng Neng Pinghe of CCB and Ye He Gao Mingshi of the suburb of ABC. There are other comrades, including those from the planning departments of county-level travel agencies. Our Jiaxing financial market is brilliant because of your participation!

Today, some of our operators in those years continue to stay in the People's Bank of China, and some of them play a vital role in the supervision positions of the banking supervision department. I would also like to take this opportunity to thank and miss our colleagues who worked together in the old bank building in Wang Wu Bridge. They are: Zhong Sheng, Shen, Yang Ling and Zhang Yuping (now working in Jiaxing People's Bank); Xu Xiaocun,,, Shan Fang Yun, Zhao Jianlin (now working in Jiaxing Banking Supervision Branch); Li Shaofang (now working in Jiaxing Commercial Bank); Wang Liangen (now working for he cheng Cooperative Bank); Tang (now working in a guarantee company in Hangzhou); Fei Jinxing (now working for a securities company in Shanghai). In addition, there are retired old bankers from Jiaxing People's Bank, Jiaxing Industrial and Commercial Bank and Jiaxing Agricultural Bank. They are Yao, Zhang, Liu, Yu Lihua and Yao Jiemin.

/4352/more/ 16 10450/ztmore 16 10450 . htm