Zhang Weiying: The Biggest Obstacle To The Reform Of State-Owned Enterprises Is Monopoly And Distribution Of Interests.

Former dean and professor of economics, Guanghua School of Management, Peking University

The following is a record of dialogue:

Tencent Finance: your participation in the discussion is state capitalism, and your academic research on SOEs is relatively deep.

I want to ask, what is the biggest obstacle in the reform of state-owned enterprises?

Zhang Weiying: objectively speaking, the reform of state-owned enterprises in China is all pressure reform, and this pressure is in the past when the loss was serious.

In 1992, the loss of the whole industry in the whole industry was more than profit, and it also caused a series of reforms to "grasp the big and the small."

In this sense, a lot of state-owned enterprises are now in a state of high price because of the soaring prices of resources and non competitive status, such as private enterprises can not enter freely, such as telecommunications, which makes their profits look better, so there seems to be no impetus for reform.

In addition, it is also related to interest orientation.

A lot of state-owned enterprises are actually internal controls. State owned enterprises always arrange the government, so the government departments have no incentive to change them.

In particular, many of the state-owned enterprises are out of the country, but after the profit, the common people do not share the benefits.

In this way, he can protect the interests of a small number of people under the cover of the common people.

But there are still some ideological obstacles. Leaders and even workers, or propaganda, still work for state-owned enterprises. This is more honorable. If they are unwilling to give private enterprises, they will encounter such problems in the past.

So I think this is the main problem.

Tencent Finance: some time ago, under the WPP, there was a BrandZ China. He commended the most influential brands in China. In the top ten, eighth and ninth were listed in Tencent and Baidu, all of them were state-owned enterprises.

State owned enterprises are not only profitable but also popular in brand influence.

Zhang Weiying: this can not be called deeply rooted in the hearts of the people. In fact, he does not earn the profits of the whole entrepreneur, the monopoly that he makes, and the profits of administrative protection.

Because the profit of an entrepreneur depends on innovation, but now his brand is the boss in many industries. In the past, private or other businesses were not allowed to do so.

These are some sectors which are very important for people's life or national conditions, which are basic and original. So this thing will be very important, which is not quite the same as the brand value we usually talk about.

Like TV, CCTV must be the best brand. Those hosts of state-owned enterprises, who are the hosts, are famous.

Like you, you are also famous because you must look at your face.

He is different from the brand formed by competition, such as Tencent, Baidu, Lenovo, HUAWEI, CITIC communications, all of which are competitive brands.

Tencent Finance: then how do you think private enterprises can catch up?

Zhang Weiying: different industries are not the same. They also rely on many different policies. Some governments do not allow private enterprises to run. In fact, it is difficult for private enterprises to catch up.

In the same industry, the competition of state-owned enterprises by private enterprises must be much higher than that of state-owned enterprises.

If the cost of state-owned enterprises is ten, you are nine, eight, or even seven, you will not compete with him.

Only if you are five or four can you compete with him, you can only be more efficient.

There are many other things that belong to some special PI in the country, such as steel enterprises. Private enterprises are more efficient than state-owned enterprises.

There are many policies to say that if you disagree with integration, you will be cut off.

The competition between state-owned enterprises and private enterprises is very similar. When emperors and ministers play chess, it is very difficult for ministers to win. Sometimes they dare not win. It is not your level.

Since you win, you have no future. You have done a good job of offending the emperor. We all understand this truth, and we should not run away with the state-owned enterprises and survive.

In fact, many private enterprises are like this, which is very bad for the development of the country.

Tencent Finance: do you have any suggestions?

Zhang Weiying: just look at it. Don't talk about it.

Tencent Finance: are there any new ideas?

Zhang Weiying: there are no new ideas. They are all old ideas. What I have just talked about is old ideas. There are not so many new ideas.

Tencent Finance: at the meeting just now, Liu Chuanzhi Liu also said that he talked about the experience of Lenovo's merger and acquisition of IBM, but actually many Chinese private enterprises were not going smoothly when they went out.

Zhang Weiying: what is the strength of your own enterprise?

Tencent Finance: what kind of strength do you think you can go out?

Zhang Weiying: in my opinion, in many cases, when a certain brand or management ability reaches a certain level, you have a certain degree of ideological atmosphere.

Many things like sports, like National Games, can be the champion in the National Games.

First of all, you must have a good foundation for yourself. When you go out, you choose many partners to prepare for it.

A lot of enterprises fail because they are not prepared to go to war and see mergers. They see that hundreds of years of business are sold at such a low price. There is a great temptation to do it. In fact, they are not ready.

Sometimes, you can't avoid experiencing lessons. You are prepared to fail well.

Just like children learn to walk, Chinese enterprises must go wrestling internationally. As long as you don't fall badly, you will be stronger and stronger if you don't lack arms and legs.

Tencent Finance: now China's foreign exchange reserves have reached three trillion. Do you think this part of the foreign exchange will be used to invest abroad? {page_break}

Zhang Weiying: the question is who you are going to invest in. In a sense, it is investing in itself, and buying Treasury bonds is also an investment.

Who is responsible for this thing? For example, CIC is investing now.

If you allow state-owned enterprises to vote, in fact, the risk is also very large, the key is the last deficit who is responsible, no one is responsible.

In this sense, you might as well be safer in the United States.

Tencent Finance: what problems do you think China will face in the "12th Five-Year" period?

Zhang Weiying: we have discussed a lot about this issue. I think "12th Five-Year" and "13th Five-Year" will continue to look at it for a long time. We should not always pursue which five is better. We should continue to focus on China's sustainable development. We should focus more on institutional reform, move more towards the market, reduce resources that the government controls, and intervene too much in the government to reduce the proportion of state-owned enterprises.

To give entrepreneurs greater security and freedom, the good things in China's economy depend on entrepreneurs to solve them, like expanding employment opportunities, all of which are solved by entrepreneurs.

Like pformation and innovation, we rely on entrepreneurs to solve them, and the government itself can not solve them.

That is, we should not use the idea of the planned economy to answer our questions. If we use the idea of the planned economy to solve the problem with the government, we will only make things worse and worse.

I am opening up the domestic market by opening up with entrepreneurial spirit, not by stimulating the government's macro policies, so I think this is something we are most concerned about.

In addition, you see that the cost of China's economic labor force will be higher and higher. This is also true. With the rapid change in the structure of our labor force, the cost of labor will be high. One is only in the development itself, and the value created by a worker in the enterprise is high.

Second, coupled with the supply of our countryside, it will definitely begin to decline in 2020, so the challenges ahead will be great.

By 2020, when the labour force began to grow negatively, China's economic growth of 8% was impossible.

It's great that you reach 5%.

So if you want to overcome the problems caused by these factors, you must be more innovative and pioneering in terms of system and system.

These problems are more critical and important than the energy, environment and climate changes we are talking about, because everything can be changed by human behavior.

For example, your technology has doubled energy efficiency, which is equivalent to doubling resources, so these are all problems that can be solved.

Tencent Finance: we see the economic data for 2010 10.3%.

Zhang Weiying: it's too high.

Tencent Finance: is it a bit overheated?

Zhang Weiying: anyway, this is too high. This is too high a consequence of the previous two years' stimulus policy. If it is so high, the problem will be bigger in the future.

Tencent Finance: for example, inflation?

Zhang Weiying: if we do not expand, the overall economic structure will be distorted because we are now relying on investment, and many investments are inefficient.

Effective investment is certainly not a problem. Tightening our belts is an effective investment, because our economic development has a problem to tighten our belts. If everyone does not produce them, if we eat them, we will not have capital and there will be no development.

The efficiency is very low and the trouble is big.

Some investments are reasonable in the long run, but if they are too concentrated in the short term, if infrastructure is too concentrated in the short term, it may be difficult later.

Tencent Finance: it will be difficult to continue in the future. Do you mean this growth?

Zhang Weiying: Yes, as you buy clothes, you are now buying eighty years old clothes, and what to do next.

Investment is like this. There is a time problem.

Tencent Finance: we just got a message that Chongqing and Shanghai have issued the rules of property tax, which is in the first hour.

Zhang Weiying: I think so, the real estate tax itself as a means of income regulation, because the government always asks for money, and what is the best way to get money?

But as a measure to regulate property prices, this may be problematic.

Tencent Finance: so you think you can't adjust the price of housing at all?

Zhang Weiying: I can't say that. He wasn't used for that purpose.

I don't understand the real estate tax, but we should try not to solve the problems caused by macro policies by microcosmic means.

Tencent Finance: what do you think should be done to solve this problem?

Zhang Weiying: now, the biggest problem of us is that, like you ask me, we always ask how to solve this problem. We must look at it far away.

Just like two years ago, the real estate was going down and the government dragged the market, but how the house and property fell down, this is a problem in itself. Why should he be afraid of falling off?

You have to reflect on what aspects of the problem, now reflect, in fact, excessive monetary and credit, the total demand for these problems caused by micro regulation, do not let the loan and so on, will certainly have a role.

When we adopt a policy, how to prevent the institutional nature of this policy is that your system is like that you are sick and take medicine, but the general medicine will have side effects.

But the medicine you take is not too large or too fatal. Some of the diseases are gone.

Like people abroad who have a cold, they do not encourage you to take vitamins, give you medicine, rest and drink water.

Tencent Finance: so do you mean to ignore him first? Do you think this is a normal phenomenon?

Zhang Weiying: even if you manage, you need to reflect, if you can't solve the problem fundamentally.

Don't think these problems are solved.

The problem now is that the monetary stimulus policy of the previous two years has led to the fact that cars, like the government's desire to send a car to everyone in 2009, is now a traffic problem.