Editor's note: Came 1978 2018, it is a paragraph of history that we once took an active part in with different age, we once lived with different role the real world of amid. We once broke up haze, confidence hundredfold; We once had bilk bilk, heart grey meaning is cold. But final, we did not lose way, we strode bravely a new era.
The chance that marks reforming and opening 40 years, offerred a contemplative hour for us fitly, make we can be answered look at the history in, record flourish and decline, balance benefit and fraud, appraise sth through discussion grows to be gotten with short, analysis with break, be able to seek those in idea concealing thereby under, involve process of the carry that fasten a country change force.
Change greatly relative to what last 40 years at this bureau, the article with 40 jumbly large and small indeed hard emersion its panorama, do not deserve to go up even the history of this paragraph of unique. Have no trickling sluggishly brooklet like that, of endless flow of He Lai history flush? Even if be reductive,one part is remembered, also conduce to us from force of the derive in the history, promote reform to new state.
Li Liming / civil
On January 11, 1999, the 2nd large fiducial investment of Chinese company -- Guangdong international is fiducial investment firm (abbreviation wide letter) Xiang Andong saved senior people court to hand over go bankrupt requisition. Meanwhile, 3 of wide letter follower wholy-owned subsidiary are the company of development of wide letter business, Guangdong international company that rent, wide because letter Shenzhen company appears serious endowment not pay a debt in kind or by labour, also put forward to go bankrupt to court of intermediate people of city of court of Guangzhou city intermediate people, Shenzhen application.
Wide letter is the first bankrupt finance orgnaization of Chinese, also be up to now exclusive a financial orgnaization that shuts through going bankrupt. Wide letter goes bankrupt in caused intense shock domestic and internationally, produced major effect to reform of Chinese banking industry.
Be in in those days " two meetings " on premier news conference, wide letter goes bankrupt become the topic with most query of reporter of China and foreign countries. Premier Zhu Zuo ji says: "I think, won't too much finance orgnaization will go bankrupt henceforth, perhaps did not have. Perhaps did not have..
Flourish and decline
Wide letter held water in December 1980, it is the enterprise of wholy-owned directly under of government of Guangdong province people, its dimensions is in 244 fiducial investment firms of countrywide the China International that is next to system of the State Council is fiducial investment firm (in letter) . 1983, wide letter is to be not company of bank sex banking by approval of Chinese people bank, have right of administration of foreign currency business at the same time.
Begin from 1983, after An Xinxian with day, beauty, flower, tens of home banks signed the country such as the law loan agreement, line of credit exceeds 300 million dollar. On international bond market, wide letter also is to hit out again and again, 1986, 1987, 1988, issue big bond every year to Hong Kong and European and other places. And be in whole 80 time, the debt of Chinese government sovereign rights that issues by the Ministry of finance has brushstroke only. 1989, wide letter is decided to be the whole nation external loan window, be called what Guangdong saves people government " window company " . At that time, have not obtain with respect to the travel that join project, Agriculture Bank and Construction Bank " window company " qualification.
After entering 90 age, those who enjoy policy first the wide letter of machine, the debt that acquired American Moody company and company of standard general Er early or late believes grade, and it is to be equivalent to at that time the grade of dominion debt. Wide letter continues to establish the current head of overseas financing.
80 time evening, the operation of wide letter expands ceaselessly, progressively from single-crop farming fiducial business, development makes the industry group that gives priority to with finance and industrial investment. To 90 time, wide letter has developed to have the large company group of one billion four hundred and ten million and sixty-five thousand four hundred and eight yuan of several asset. Its investment participated in more than 3000 projects, involve adviser of travel of finance, negotiable securities, commerce, hotel, investment, and traffic, the sources of energy, communication, raw material, chemical industry, spin, electron, medical treatment, high-tech tens of domain, in real estate pour into gigantic endowment, become Guangdong to save the biggest " landlord " . Arrive when wide letter accident, it has become the 2nd big fiduciary company of the letter in be next to, it is to be in the Chinese company that has certain effect domestic and internationally.
But, because wide letter invests blindly, lay the structure of an organization in disorder, on many projects investment fails, its are undesirable asset also is in accumulate gradually. In the meantime, after 90 time, the policy environment that fiducial course of study faces also is changing. Of the country bring endowment battle to be adjusted somewhat slightly external, begin to issue dominion debt morely; Loosen pair of state-owned commercial banks and policy sex bank on policy at the same time external the limitation of financing. The country made clear a regulation 1995, local government cannot be lifted by oneself borrow external debt, the government also cannot be offerred for window company again assure, decide to execute full requirements to manage to external debt. Such, wide letter company of this kind of window has original special place no longer.
Long-term excessive raise debt, lack manages effectively and supervise however, pull plus much high interest put, manage outside Zhang, random short-term loan, random investment violate compasses management activity, bury to wide letter issued tremendous disbursement risk, the balance of company finance affairs gradually unbalance.
Begin from 90 time metaphase, wide letter enters the fastigium of repay a debt gradually. Because capital has not enough to meet the need, wide letter must be used " borrow return newly old " , " borrow short long still " , " borrow return high low " method tries to deal with. However, director of company of wide letter Shenzhen second half of the year was arrested because of be suspected of economy committing a crime 1996, the exposure of debt of a huge sum of Shenzhen company, wide letter problem showed one of icebergs horn, the credit of wide letter is damaged badly. When Asian finance storm begins indulge in wilful persecution, wide letter had shown certain decline sign. 1997 after second half of the year, wide letter still overseas money market runs, plan new debt of round of hair or it is silver-colored round loan, but main motive has been become borrow return newly old, main way still is to borrow short long still, borrow return high low.
The height of repay a debt that 1998 is wide letter year, wide letter expires external debt exceeds 1.2 billion dollar. Face crisis of southeast Asia banking at that time, the country is handle financial crisis, ensure of China external economy is safe, begin to strengthen the management that collects the market external. Because wide letter existence violates compasses suspicion, panel of investigation of Chinese people bank was garrisoned in June 1998 wide letter, immediately of crisis of wide letter debt is disclosed. Deputy secretary-general of Guangdong province government, wide letter goes bankrupt memory of elder brother of Liu of liquidation group group leader says: "Wide at that time letter reachs his to be in global subordinate company, 3 days a cable, 5 days of one portion fax, a huge sum that to Guangdong province government critical report is faced with pays the crisis. A huge sum that to Guangdong province government critical report is faced with pays the crisis..
Tremendous disbursement pressure makes new the administrative layer sleeping and eating that assume office is installed hard. Lin Hanshu was appointed to be company president on September 3, 1998, he says: "Those days, think every day, those who discuss, of anxious is a thing -- repay a debt! Think every day, those who discuss, of anxious is a thing -- repay a debt!!
After a month on October 6, had not waited for Lin Hanshu there's still time to be familiar with a company, wide letter eventually because of cannot paying a huge sum debt be shut by sex of administration of Chinese people bank.
From shut go bankrupt
On October 6, 1998, chinese people bank announces, cannot pay quite in view of wide letter expire debt, carry out administration to shut since this day, organize liquidation group by Chinese people bank, undertake shutting liquidating to this company. Chinese people bank explains in liquidation announcement, legal liability is preferential outside the condition that registers to legal liability of the individual or classics pay off.
Close group of wide letter liquidation at the same time announcement says, bank of classics China people and Chinese card inspect can be approved, the negotiable securities that buys Yuan Anxin respectively by Guangdong stockjobber and joint-stock company of Guangdong negotiable securities does business ministry and investment fund. This kind of consideration that deal with is: Maintain the interest of the stability of security market and shareholder and creditor, if do not defeat antenatal to deal with in wide letter, once wide letter announces to go bankrupt, be sure to cause shareholder panic sex to squeeze raise earnest money, what can cause security market not only is confused, and because squeeze,can carry the vendibility that brings about negotiable securities business ministry and fund to drop substantially.
Enter in November, two subsidiary that wide letter is in Hong Kong because endowment not pay a debt in kind or by labour proclaims clear by Hong Kong law respectively dish.
On January 10, 1999, the assistant of Guangdong province governor that Chinese people bank appoints, shut An Xinqing to calculate group group leader Wujiesai announces to journalism: According to liquidation group 3 months close the preliminary result of liquidation, wide letter total assets 21.4 billion yuan, always be in debt 361 4.5 billion yuan, endowment not pay a debt in kind or by labour 146 9.4 billion yuan. Board of directors of original wide letter in view of the company serious endowment not pay a debt in kind or by labour, cannot pay expire debt of inside and outside of a huge sum, the decision reachs his by Yuan Anxin 3 subsidiary of company of development of business of the company of accessary Guangdong international that rent, wide letter and company of wide letter Shenzhen apply for to go bankrupt to the court. Wide letter make one's bow goes bankrupt program.
Wujiesai expresses, wide letter is all debt repays basis international convention, except small depositor will be obtained outside taking care of, the liquidate of debt of all inside and outside treat equally without discrimination, external debt does not have lien. He says, no matter be,Thailand, Malaysia is like in Asian developing country, still be like the United States in Euramerican developed country, go bankrupt the company is first without external debt repay precedent. And of China " go bankrupt law " preferential without external debt also the regulation that repay, accordingly, wide letter is all debt repays treat equally without discrimination, strict according to China " company method " , " go bankrupt law " operation.
President of Chinese people bank allows to wear photograph dragon when to " Wudouyi inspects debt of all inside and outside colleague " the explanation says, chinese people bank explains in liquidation announcement, legal liability is preferential outside the condition that registers to legal liability of the individual or classics pay off, the wish with reflected Chinese finance to be in charge of a branch good to protecting a of person of right of condition external debt lawfully. But, manage discovers the Qing Dynasty that passes 3 many months, the deficit specified number of wide letter wants than what imagine so serious. Such, if implement the countervail debt measure previously, so, a lot of orgnaizations of churchyard, include foreign capital bank, Chinese-foreign joint venture, state-owned company to will cannot get pay off, appear even same a foreign bank, the loan that gives wide letter in Hong Kong gets repaying, and its Guangzhou branch cannot get the circumstance that repay however to the loan of wide letter. This endangered the interest of churchyard creditor apparently.
According to clearing a panel up to the statistic January 6, 1999, declare register absorption natural person to deposit money in all 7 7.9 billion yuan. Wujiesai says, depositor amounts to more than 20000 people, involve an area wide, if processing is undeserved, influence society is stable, in view of this, clear group of proposals and get Guangdong saves people government to agree, by Guangdong province finance hall is filled up endowment, wide letter is accepted to go bankrupt in the court before the case, buy the creditor's rights of depositor with name of Bank of China, pay deposit principal to depositor, accrual does not grant liquidate; Exceed the creditor's rights of 500 thousand yuan natural person to deposit, after discriminating approval via forming a group about the branch, pay principal.
Wujiesaitan bear, check digital deficit actually to may be compared preliminary checked result is even big. Wu Jie thinks of citing to say, what liquidation group belongs to domestic company to undertake checking to 105 Yuan Anxin, endowment not pay a debt in kind or by labour 81 500 million yuan, and the result that office of Bi Mawei accountant checks is 11.1 billion yuan however, accordingly, reckon actual number will be compared preliminary those who check is big.
China " go bankrupt law " regulation, go bankrupt the enterprise puts forward to go bankrupt 7 days of application inside, whether does the court accept the decision business failure application, return those who have 3 months to register next period, as to wide letter debt when liquidate, want to undertake compensate pay according to forensic ruling ability.
On January 16, 1999, guangdong saves Lv Baitao of dean of senior people court to announce to unit of 19 news outside churchyard: 4 business management such as wide letter are exceeding and confused, serious endowment not pay a debt in kind or by labour, cannot a huge sum outside pay off churchyard expires debt, according to " business failure law " the 3rd, the 8th regulation, visit town of senior people court, Guangzhou court of intermediate people of city of intermediate people court, Shenzhen parts make a ruling, declare wide letter and the home is thirdly wholy-owned subsidiary because cannot pay off a huge sum expires Wu of churchyard external debt and enter go bankrupt program of repay a debt.
On April 20, 1999, the court is clear dish committee announces, wide letter endowment not pay a debt in kind or by labour is as high as 32.3 billion yuan of RMBs, than estimating tower above formerly one times. Creditor's rights bank the creditor's rights that wait reclaims rate it is 17 ％ only.
Go bankrupt clear last a period of time 4 years. On Feburary 28, 2003, guangdong saves Lv Baitao of dean of senior people court to announce: Wide letter goes bankrupt the case is terminative go bankrupt program. Via Guangdong quadrangle of tall courtyard, Guangzhou, Shenzhen quadrangle is tried, wide letter and thirdly the insolvency of company of the company of international of wholy-owned subsidiary Guangdong that rent, wide letter development and company of wide letter Shenzhen pay off rate is respectively: 5 ％ of 52 ％ of 12 , 11 , 28 ％ and 48 ％ of 19 . So far, orgnaization of finance of first blame bank of countrywide goes bankrupt case end.
This is orgnaization of the first finance of Chinese goes bankrupt case, also be countrywide court accept up to now involve property amount the biggest go bankrupt case. " wall street daily " review course, wide letter by suspend payment, make Chinese banking industry moved toward the market truly, in indicating, legal system enters the country from now on epochal.
The expert thinks, wide letter goes bankrupt incident, adumbrative move goes one kind by promiscuous, already became credit of a kind of bubble actually " window company credit " undone, this will make leasehold both sides handle affairs according to market regulation and international convention truly. This is a milepost of economy of Chinese trend market.
Ren Andong saves hill of standing vice-governor Wang Qi to go bankrupt wide letter when this one great and decision-making analogy is " uncover roof, open a window " lift. The fact proves, wide letter goes bankrupt, to dissolve financial venture in the round " fought way of a blood " .
Concussion and controversy
The message that wide letter goes bankrupt is just as remarkably original and forceful, lift massive billows on global money market instantly.
Wide letter 80% above borrow the debt of 100 million yuan of hundreds RMBs to include country and the area such as Hong Kong of Japan, United States, Germany, Switzerland, China oneself many 130 famous bank.
Before although China is in,wide letter goes bankrupt, chinese country develops trust company, Hainan bank, medium the precedent that achieves investment firm to wait for financial orgnaization to be compelled to shut, but what owe external debt amount as a result of wide letter tremendous, creditor involves range wide, and in handling a process drag in reachs many open to question point, wide letter problem is in at the beginning international is financial raise a mighty uproar.
International is financial go bankrupt to feel generally to wide letter astonish, but the view is divided roughly for two cliques.
Bound of be in harmony of Europe U.S. dollor basically shuts wide letter to give bigger front the opinion to administration. Because Chinese national condition is special, the information exposure of debit is finite, foreign bank is right the financial orgnaization such as fiducial investment firm or other in endowment support and assure what the financing of the enterprise depends on square backside to have a government completely, and fail to undertake be assessmented in the round with respect to the risk of debit. Will carry out principle of depart of politics look forward to further henceforth as China, leasehold both sides needs recognize the sense that who lends to return. They think, let wide letter go bankrupt specification, administration determination severity deals with the financial orgnaization that has a problem, devote oneself to financial reform, long-term in light of, this will conduce to China preventing Fan Yuan the financial venture at home.
But on the other hand, because be faced with Japanese home to still wait for the bad debt of a huge sum that settle,this sends day endowment bank, it is in Asian banking crisis disastrous, touch the wide letter that goes up to never had been imagined to go bankrupt again, one disaster after another of it may be said. Below such setting, day endowment bank gives negative opinion generally to wide letter incident. Day endowment bank thinks, wide letter just is being handled in there are two big problems on incident. Above all, chinese people bank makes clear in the announcement that published on October 6, 1998, wide letter is owed want to already undertook external debt register to bureau of Chinese state exchange control only in external debt, will obtain preferential repay. But subsequently wide letter decides to press " go bankrupt law " processing, not preferential repay external debt. Although in just inspect the external debt that register to not be equal at enjoying special assure to have its reason, but let creditor feel policy make unpredictable changes in policy however, especially disappointed. The deal with problems arising from an accident after Chinese authority concerned is handling wide letter to shut has not good place really on the job. Next, be how the supervisory liability issue of look upon government and Chinese people bank. Apt of day endowment bank is equal the loan to wide letter at the financing that saves to Guangdong, regard as namely state sovereignty debt. Going bankrupt additionally the discovery when processing, wide letter exceed the time limit exceeds loan of 5 years to occupy the 47 ％ of its loan amount unexpectedly, management circumstance is in a complete mess. Day endowment bank reduces the loss that borrows money to wide letter in do one's best, the Guangdong province government that emphasizes regarding wide letter as partner consequently and the Chinese people that superintend a branch as financial orgnaization bank cannot play truant.
When these objection that face day endowment bank, dai Xianglong says, chinese administration was not offerred for wide letter assure. He admits, the local government in the time in the past has the circumstance of interpose banking industry to happen really on behavior means, but administration executes politics look forward to already adamantinely to part, right endowment not the enterprise of pay a debt in kind or by labour is executed recombine, counterpoise group is executed invalidly going bankrupt is a major reform apparently. King Qi hill says: "The debt of wide letter did not resemble going to come down by governmental package in that way, however ' adopts whose child ' , this decides an adumbrative major change, the business that which class government runs is solved by which class government, state sovereignty credence, local government credence and company credit want to be distinguished stage by stage. State sovereignty credence, local government credence and company credit want to be distinguished stage by stage..
After the financial orgnaization that wide letter has numerous debt this outside churchyard goes bankrupt, produced the effect of certain level to the international credit of the grade of Chinese dominion debt and domestic company, make inside very long period of time, chinese government and difficulty of financing of generation of respect of financing of domestic company overseas are increased, cost mentions advanced appearance.
After wide letter is compelled to shut, foreign capital bank is comprehensive and constrictive in be opposite endowment the financing of the enterprise. From 1998 the fourth quarter begins, in asking in succession as a result of each country bank endowment the enterprise repays loan, in capital tight situation falls, the fiducial investment firm of and other places of Guangzhou, Dalian does a business with a lot of local government place, the sea that be like another name for Guangdong Province, Hua Min, announce to cannot repay captital with interest, management get into trouble.
Existence of wide letter incident understands a problem, it is foreign investor still hold country will is opposite the idea of financial orgnaization and in full charge of state-owned company debt. Meanwhile, chinese part enterprise also lends this misdirect foreign country investor.
After wide letter goes bankrupt, the personage outside the condition thinks, foreign investor will need reappraisal to be opposite henceforth China the risk of investment or loan, and China more need comprehensive self-criticism how to just can rebuild international credit of China. This is wide letter the 2nd large fiducial investment of this China the cost that the company goes broke.
March 1999, 9 2 times the conference shuts National People's Congress on backstage premier news conference, reporter of Japanese joint company asks Zhu Zuo ji the prime minister: "Wide letter closes down case damaged the foreign finance orgnaization that includes Japan inside the accredit to China, do you have He Ping to talk to this? Do you have He Ping to talk to this??
Zhu Zuo ji answer says: "An Xinshen goes bankrupt please this thing, it is process of Chinese finance reform is medium each fastens incident. It issues an information to the whole world: Chinese government won't be repay a debt of company of a banking, if if this debt is not,be being assured by various government institute. This that is to say, when foreign bank and financial orgnaization have loan to these financial companies, must undertake the risk is analysed, careful be engaged in. Most public opinion thinks this kind of Chinese practice held to the principle that finance reforms, accord with international convention.
"I feel the estimation of those creditor's rights banks and certain finance orgnaization to this problem is too pessimistic, think China had produced financial crisis namely, did not pay ability, do not keep promise. Chinese economy maintains rapid development, there is 1 465 now the foreign exchange reserve of 100 million dollars, balance of payments is a balance, wu of repay a debt of completely capable countervail, the problem is this kind of debt should be repaid by the government.
"In the meantime, I also think, although you go bankrupt,be lawful, close affection, reasonable, you also cannot go bankrupt casually, do not defeat a benefit to come, everybody is done go bankrupt to also be no good. I think, won't too much finance orgnaization will go bankrupt henceforth, perhaps did not have. But premise is each creditor's rights banks do not press for payment of debts, do not force they repay ahead of schedule loan, you force urgent, it is forced to go bankrupt. If everybody sits to talk according to international convention, adopt asset to recombine, note endowment, the method such as equity of debt adaptability in tactics, this problem can get settlement, your debt also can get repaying, it also not need goes bankrupt.
"You a moment ago said, this thing affected the debt of bank of a few Japan, I feel regretful. But if,I think great master the word of the joint efforts, the likelihood won't be recurrent henceforth such thing. The likelihood won't be recurrent henceforth such thing..
Add: 1999 memorabilia
Illicit look forward to is self-supporting imports and exports
On January 4, 20 first domestic privately owned produce an enterprise to obtain self-supporting imports and exports to counterpoise, the mark is worn economy of blame state ownership acquires the right that pursues foreign trade directly legally first inside countrywide limits.
"3 tell "
On March 17, full text of Xinhua News Agency broadcasts " the Central Committee of Communist Party of China is begun deep about be in cadre of leading group of party card of prefectural class above, leader with " say study, talk politics, stress healthy atmosphere " the opinion that the party spirit party conduct that is main content teachs " .
He Houhua
On May 20, zhu Zuo ji of premier of the State Council signs the State Council the 264th order, appoint He Houhua to be Special Administrative Region of Macao of People's Republic of China allow commissioner, assumed office on December 20, 1999.
Negotiable securities law
On July 1, " law of negotiable securities of People's Republic of China " carry out, this is law of the first negotiable securities of Chinese. Report of Xinhua News Agency, chinese government already decided to 2000 from 1998 the investment inside 3 years of the end of the year builds national innovation system 5 billion yuan, can develop continuously for 21 centuries implementation offer a technology to support.
Central branch structural reorganization
On July 6, conference of job of central branch structural reorganization is held in Beijing. The Central Committee of Communist Party of China decides to undertake structural reorganization of branch of the Party Central Committee. This is act of another after structural reorganization of the State Council and the local government body that having reformed afterwards 1998 major reform. This structural reorganization, basically be the need that works according to the center of phasic change and party, straighten function relation further, compact, adjust inside set orgnaization and personnel staff, optimize personnel structure, enhance body energy.
State-owend enterprise reform
In September 19 ～ 22 days, chinese Communist the 4th times the plenary session is in the 15th Central Committee Beijing is held. Plenary meeting is discussed passed " the decision that the Central Committee of Communist Party of China is reformed about state-owned company and develops a certain number of major problems " . Plenary meeting thinks, current, state-owned company reform and development are in crucial period, contradiction of a few deep administrative levels and problem must try to solve, it is timely that plenary meeting focuses the issue that studies state-owned company and necessary.
"Divine boat "
On November 20 Beijing time 6 when 30 minutes, airship of experiment of the first manned spaceflight of our country " divine boat " date launchs a center to enter the space in satellite of Chinese wine spring. On November 21 before dawn 3 when 41 minutes, airship in the Nei Monggol Autonomous Region mid area lands successfully. This is the experiment of first time flight of project of our country manned spaceflight.
E times
According to concerning statistic, to January 2000, chinese online computer has 8.92 million, online user number amounts to 2 250 10 thousand people. Website blossom everywhere, bubble of as a result is flush. The net loves emerge as the times require.
Super imitate beautiful
Of Beijing TV station " happy general mobilization " the column was rolled out " super imitate beautiful " , will " card pulls OK " civilian changes spirit to push perform acme, be in those days the most welcome put together art program.
Astral battle
On November 5, series of Lu Ka Sixing battle the 4th " the crisis of evil spirit shadow that passes before strategic defense initiative " be in China first show, it the fever heat that produces in the United States before 7 months copies China.
(article out economy observes the newspaper compiled 2008 " open China: 30 years of memory of reform " one book)
