The Chance Of Miracles, Wenzhou Shoes Enterprises Do Not Have To Fear The Real Economy.

"If China's growth in the past 30 years is a miracle, then Wenzhou is one of the wonders of the miracle."

Many economists have talked about Wenzhou and talked about the "Wenzhou model" which represents the development of China's private shoe enterprises.

But after thirty years' time, the "Wenzhou model" has gone far beyond the original interpretation of economics and sociology. It is confused in development and is advancing in difficulties.

In the past 2011, Wenzhou was once shrouded in negative information such as breaking the chain of private lending, running away, usury, and financial risks. The words "Wenzhou pain" and "Wenzhou crisis" also appeared frequently in the eyes of the world.

However, in just a few months, Wenzhou has once again become the most eye-catching and most anticipated focus in China's economic and financial field.

"Wenzhou financial comprehensive reform pilot area" this not too gorgeous phrase has been repeatedly mentioned by the major domestic media.

Almost overnight, Wenzhou has assembled many well-known economic circles from the top to the bottom, and all kinds of gold Reform Summit Forum has sprung up like mushrooms.

These think tanks have brought a loud voice.

But whether it is "hot hymn" or "cold thinking", there is an answer that all the "brains" are seeking. That is, how can Wenzhou take advantage of this financial reform to complete the new pformation of the "Wenzhou model"?

Yao Jingyuan:

The problem, like the whole country, is also disregarding the real economy.

This is a disease, despising the real economy, not a problem of Wenzhou entrepreneurs, but a system problem.

What is the most prominent problem in China's economy? It is the economic downturn.

China's economic growth rate was 9.7% in the first quarter of last year, 9.5% in the two quarter, 9.1% in the three quarter, 8.9% in the fourth quarter, and 8.1% in the first quarter of this year. Now China's economy has been falling down for 5 consecutive quarters.

Yao Jingyuan, the chief economist and spokesman of the former National Bureau of statistics, is best at talking about data.

What is the reason why the overall growth rate is going down? Yao Jingyuan thinks that a big problem is that everyone is neglecting and unwilling to do so.

This has led to the weakening of the real economy. "After so many years of social problems, I know some entrepreneurs who haven't seen each other for two years. The dry fund has gone. We are not willing to do the real economy, and the real economy is not making money."

Wenzhou has a keenly felt pain in the real economy.

Yao Jingyuan had come to Wenzhou many times, and in his view, Wenzhou started with the real economy - the beginning of it.

Poor quality. Later, Wenzhou entrepreneurs were determined to burn their shoes, and then Wenzhou's leather shoes defeated Europe.

But now, the problem of Wenzhou is the same as that of the whole country. It is also despising the real economy. "This is a disease, despising the real economy, not a problem of Wenzhou entrepreneurs, but a system problem."

Shi Jinchuan, director of the social science department of Zhejiang University, and director of the private economy research center, likened Wenzhou to the construction of a water supply network and the installation of bibcock.

If the pots and pans of the real economy are leaking, then the water will be put in again, which is a waste of financial resources.

Therefore, the success of Wenzhou's financial system reform depends not only on the financial system itself, but also on the real economy that the financial system serves.

Ye Tan: as long as the risk pricing is done well, financial pactions will become active, even if angels and demons are coming, they will not be afraid.

The Peking Opera "phoenix return nest" begins with a scholar's marriage, and the scholar's original intention is to marry one of the two beautiful sisters.

In China's famous financial commentator and financial columnist Ye Tan, this risk exists because the information is not open, resulting in risk can not be controlled.

More than a month after Wenzhou gold reform, ye Tan is one of the most active financial commentators.

In more than a month, she made 7 comments on the issue of Wenzhou's gold reform.

She believes that the focus of Wenzhou's financial reform is to control risks.

The first is risk control.

The reason why usury is rampant is that the risk is not well controlled.

The two is risk pricing.

The outbreak of subprime mortgage crisis in the United States is not a correct pricing of real estate risks.

"Only by grasping these two points, can financial reform catch the core."

The question of how to control risk and risk pricing.

Ye Tan believes that, first of all, the need for information pparency.

Otherwise, it will lead to the situation of Peking Opera "Feng Nei Chao".

If information asymmetry, risk control will also be wrong, which is particularly important for private lending platform.

Second, we must complete the formalities.

In the past, most of the procedures for private lending in Wenzhou were not available. In the financial reform, a series of platforms will be established. The government needs to complete the necessary procedures for these platforms, rather than administrative intervention, so as to protect the borrowers and borrowers.

Thirdly, intermediaries, rating agencies and other financial institutions should make accurate and authoritative evaluation.

There are mainly two ways to make risk pricing.

Ye Tan said that in interest rates, a pricing method is based on the standards of the central bank, and it wants to be slightly more active, which can be carried out 4 times higher than the standard interest rate. This is the operation level of small loan companies.

The risk of usury is large, mainly because of the loss of risk pricing. Many usurs are mostly eyes closed, giving a high interest rate, no matter what you borrow.

The other is market pricing, which is determined by the market itself. The high interest rate is more expensive, which is very important for the reform of small loan companies.

"If risk pricing is done well, financial pactions will become active. Even angels and demons will not be afraid."