Chapter 455
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At the beginning of 1978, Jardine's first fun was to spy on intelligence and bind interests. As a result, Jardine messed up. Basically, it was not paid much attention by the general public, and there was no in-depth interpretation. That is, there were some private discussions in the circle. After all, the problem behind this was very sensitive, and all parties concerned were not easy to provoke.
As for Gao Xian, in addition to a favor, he was also actively arranged to go to Beijing to meet with high-level officials.
This arrangement is not abrupt. As early as 1974, Gao Xian went to Beijing with the delegation to participate in the National Day activities of that year. Recently, he went to Yanjing for reasons including attending the meeting of the trilateral Committee.
However, there are still some special significance. After all, the senior management of Yanjing is a new one. It is really necessary for Gaoxian to go this year.
However, Gao Xian can see more clearly than others. The new pattern in Yanjing will take some time to be fully determined.
Therefore, Gao Xian's reply is that he is looking forward to his trip to Yanjing this year, but he is plagued with trivial things and may have to wait until the end of the year.
Such an attitude is impeccable. Yanjing wrote it down and waited for Gao Xian to arrange a specific schedule.
……
After Gao Xian had fun with Yihe, he still had to continue to do his business.
Fearing that the Xiangjiang stock market would again be flooded with irrational speculation like the frenzy of the early 1970s, the Hong Kong government imposed an 8% stamp duty on transactions in the Xiangjiang securities industry in 1977. The effect was immediate, and the Xiangjiang stock market cooled rapidly.
But the results show that the Hong Kong government's intervention is suspected of over correcting.
In 1976, when the Hong Kong government believed that speculation had resumed, the Xiangjiang stock market reached an annual trading volume of more than 13 billion; But in 1977, when the Hong Kong government tried to suppress it, the total trading volume fell sharply to more than 6 billion, down more than half.
What is this concept?
Even in 1974 and 1975, when the Hong Kong stock market was in a period of continuous decline, the annual trading volume was significantly higher than that in 1977. It is not too much to describe the Hong Kong government's efforts to suppress the Hong Kong stock market by itself for ten years.
In fact, the "four little dragons of Asia" economic development model like Xiangjiang is very "delicate", which is somewhat like watching others' faces eat. When the economic recovery of western developed capitalist countries, including the United States and Britain, is weak, Xiangjiang's economic development also shows the fatigue of insufficient power.
Naturally, the Hong Kong government can feel this most clearly. As a result, the performance of Xiangjiang stock market is so ugly that it is imperative to adjust the policy back.
When the Hong Kong government substantially increased the stamp duty on transactions in the securities industry, Gao Xian clearly expressed his concerns and dissatisfaction, but the Hong Kong government was decided by the British, and he could only accept the reality. This is the rule of the game.
But on the other hand, if you think about it, you can't show what is good without the worst.
Gao Xian believes that next, the Hong Kong government will no longer intervene in the Xiangjiang stock market in such a rough way. At most, it will use the way of adjusting the interest rate of the banking industry to exert influence by insinuation.
In other words, Xiangjiang stock market should begin to fly.
In fact, after the Hong Kong government's regulatory hand was released, the response of Xiangjiang stock market was very positive, and the trading volume expanded rapidly.
It is worth mentioning that while relaxing the supervision of the Xiangjiang stock market, the Hong Kong government asked the Xiangjiang stock exchange, the Far East stock exchange, the gold and silver stock exchange and the Kowloon Stock Exchange to promote the "merger of the four associations" as soon as possible, thus adding a lot of conference activities to the high string of managers in the Far East stock exchange and the gold and silver stock exchange.
In fact, as early as 1974, after the boom of the Hong Kong stock market in the early 1970s, in order to strengthen supervision, the Hong Kong government vigorously promoted and pressed the four exchanges to agree to form a federation of Hong Kong stock exchanges to exchange views on future development and merger.
However, the sense of existence of this organization is not worth mentioning. Its mediocrity since its establishment has fully proved that reform is by no means an easy thing in the face of vested interests.
In short, the Far East stock exchange, the gold and silver stock exchange and the Kowloon Stock Exchange, the three exchanges with Chinese background, basically have no big objection to the "merger of the four exchanges", and the biggest resistance is the Xiangjiang stock exchange.
Although the Far East stock exchange has left Xiangjiang stock exchange behind in terms of trading volume, the details of Xiangjiang stock exchange can not be underestimated. Xiangjiang British capital and European capital are used to operating in Xiangjiang stock exchange.
As a result, Xiangjiang stock exchange, an interest group, believed that it had the best quality assets and merged with the three later mobs of the Far East stock exchange, the gold and silver stock exchange and the Kowloon Stock Exchange. It suffered heavy losses, and then all kinds of wrangling, and even the Hong Kong Government had nothing to do.
Gao Xian and Li Fuzhao met first. During this period, he couldn't help but say, "I feel that the pressure now exerted by Zhengfu may not exceed the pressure exerted when the Federation of Xiangjiang stock exchange was established. I'm afraid the" merger of the four exchanges "will be less thunderous and heavy rain."
"You're right. Those people in Xiangjiang club always think highly of themselves." Li Fuzhao shook his head in annoyance. "For example, there are hundreds of member seats in the Far East club, gold and silver club and Kowloon Club, and the number of member seats in Xiangjiang club can't even compare with any one. In the view of Xiangjiang club, there is a difference between the gold content of members."
"Perhaps it is not a bad thing that we know we can't talk about a result, and we have to go to the venue. At least it can make the Zhengfu see clearly that the real resistance to the merger of the four associations lies in the Xiangjiang Association, not us."
Gao Xian nodded. "I can squeeze out some time to show up before the Spring Festival. After the Spring Festival, I'll let others attend on behalf of me."
"I'm so calm." Li Fuzhao joked, "as long as there is no 'merger of the four exchanges', Gaoyi has to have membership seats in the four exchanges respectively. Don't you get annoyed when all kinds of costs add up?"
"What can I do?" Gao Xian shrugged. "It's more difficult to touch interests than to touch the soul!"
Gao Xian's description is very appropriate. When the officials of the competent departments of the Hong Kong government, the chairmen and directors of the four exchanges and the representatives of member brokers sit together, the typical wind of wrangling in the British Parliament blows up. People who hold one word each seem very reasonable, but they can't push forward the "merger of the four associations" even one step.
It is estimated that even Shi Weixian, the Commissioner of Securities Regulatory Commission of the Hong Kong government, could not bear to look at it, so he couldn't help making a proposal and said: "member brokerage is the most concerned issue. I have roughly calculated that the total number of member brokers in the four exchanges is 950, which is too much. It's better to reduce it to 300, so as to facilitate the redistribution of member brokerage seats."
As soon as this statement came out, the noise of the public saying that the public is reasonable and the woman saying that the woman is reasonable suddenly became a unified voice, "this is inappropriate, this is inappropriate..."
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At the beginning of 1978, Jardine's first fun was to spy on intelligence and bind interests. As a result, Jardine messed up. Basically, it was not paid much attention by the general public, and there was no in-depth interpretation. That is, there were some private discussions in the circle. After all, the problem behind this was very sensitive, and all parties concerned were not easy to provoke.
As for Gao Xian, in addition to a favor, he was also actively arranged to go to Beijing to meet with high-level officials.
This arrangement is not abrupt. As early as 1974, Gao Xian went to Beijing with the delegation to participate in the National Day activities of that year. Recently, he went to Yanjing for reasons including attending the meeting of the trilateral Committee.
However, there are still some special significance. After all, the senior management of Yanjing is a new one. It is really necessary for Gaoxian to go this year.
However, Gao Xian can see more clearly than others. The new pattern in Yanjing will take some time to be fully determined.
Therefore, Gao Xian's reply is that he is looking forward to his trip to Yanjing this year, but he is plagued with trivial things and may have to wait until the end of the year.
Such an attitude is impeccable. Yanjing wrote it down and waited for Gao Xian to arrange a specific schedule.
……
After Gao Xian had fun with Yihe, he still had to continue to do his business.
Fearing that the Xiangjiang stock market would again be flooded with irrational speculation like the frenzy of the early 1970s, the Hong Kong government imposed an 8% stamp duty on transactions in the Xiangjiang securities industry in 1977. The effect was immediate, and the Xiangjiang stock market cooled rapidly.
But the results show that the Hong Kong government's intervention is suspected of over correcting.
In 1976, when the Hong Kong government believed that speculation had resumed, the Xiangjiang stock market reached an annual trading volume of more than 13 billion; But in 1977, when the Hong Kong government tried to suppress it, the total trading volume fell sharply to more than 6 billion, down more than half.
What is this concept?
Even in 1974 and 1975, when the Hong Kong stock market was in a period of continuous decline, the annual trading volume was significantly higher than that in 1977. It is not too much to describe the Hong Kong government's efforts to suppress the Hong Kong stock market by itself for ten years.
In fact, the "four little dragons of Asia" economic development model like Xiangjiang is very "delicate", which is somewhat like watching others' faces eat. When the economic recovery of western developed capitalist countries, including the United States and Britain, is weak, Xiangjiang's economic development also shows the fatigue of insufficient power.
Naturally, the Hong Kong government can feel this most clearly. As a result, the performance of Xiangjiang stock market is so ugly that it is imperative to adjust the policy back.
When the Hong Kong government substantially increased the stamp duty on transactions in the securities industry, Gao Xian clearly expressed his concerns and dissatisfaction, but the Hong Kong government was decided by the British, and he could only accept the reality. This is the rule of the game.
But on the other hand, if you think about it, you can't show what is good without the worst.
Gao Xian believes that next, the Hong Kong government will no longer intervene in the Xiangjiang stock market in such a rough way. At most, it will use the way of adjusting the interest rate of the banking industry to exert influence by insinuation.
In other words, Xiangjiang stock market should begin to fly.
In fact, after the Hong Kong government's regulatory hand was released, the response of Xiangjiang stock market was very positive, and the trading volume expanded rapidly.
It is worth mentioning that while relaxing the supervision of the Xiangjiang stock market, the Hong Kong government asked the Xiangjiang stock exchange, the Far East stock exchange, the gold and silver stock exchange and the Kowloon Stock Exchange to promote the "merger of the four associations" as soon as possible, thus adding a lot of conference activities to the high string of managers in the Far East stock exchange and the gold and silver stock exchange.
In fact, as early as 1974, after the boom of the Hong Kong stock market in the early 1970s, in order to strengthen supervision, the Hong Kong government vigorously promoted and pressed the four exchanges to agree to form a federation of Hong Kong stock exchanges to exchange views on future development and merger.
However, the sense of existence of this organization is not worth mentioning. Its mediocrity since its establishment has fully proved that reform is by no means an easy thing in the face of vested interests.
In short, the Far East stock exchange, the gold and silver stock exchange and the Kowloon Stock Exchange, the three exchanges with Chinese background, basically have no big objection to the "merger of the four exchanges", and the biggest resistance is the Xiangjiang stock exchange.
Although the Far East stock exchange has left Xiangjiang stock exchange behind in terms of trading volume, the details of Xiangjiang stock exchange can not be underestimated. Xiangjiang British capital and European capital are used to operating in Xiangjiang stock exchange.
As a result, Xiangjiang stock exchange, an interest group, believed that it had the best quality assets and merged with the three later mobs of the Far East stock exchange, the gold and silver stock exchange and the Kowloon Stock Exchange. It suffered heavy losses, and then all kinds of wrangling, and even the Hong Kong Government had nothing to do.
Gao Xian and Li Fuzhao met first. During this period, he couldn't help but say, "I feel that the pressure now exerted by Zhengfu may not exceed the pressure exerted when the Federation of Xiangjiang stock exchange was established. I'm afraid the" merger of the four exchanges "will be less thunderous and heavy rain."
"You're right. Those people in Xiangjiang club always think highly of themselves." Li Fuzhao shook his head in annoyance. "For example, there are hundreds of member seats in the Far East club, gold and silver club and Kowloon Club, and the number of member seats in Xiangjiang club can't even compare with any one. In the view of Xiangjiang club, there is a difference between the gold content of members."
"Perhaps it is not a bad thing that we know we can't talk about a result, and we have to go to the venue. At least it can make the Zhengfu see clearly that the real resistance to the merger of the four associations lies in the Xiangjiang Association, not us."
Gao Xian nodded. "I can squeeze out some time to show up before the Spring Festival. After the Spring Festival, I'll let others attend on behalf of me."
"I'm so calm." Li Fuzhao joked, "as long as there is no 'merger of the four exchanges', Gaoyi has to have membership seats in the four exchanges respectively. Don't you get annoyed when all kinds of costs add up?"
"What can I do?" Gao Xian shrugged. "It's more difficult to touch interests than to touch the soul!"
Gao Xian's description is very appropriate. When the officials of the competent departments of the Hong Kong government, the chairmen and directors of the four exchanges and the representatives of member brokers sit together, the typical wind of wrangling in the British Parliament blows up. People who hold one word each seem very reasonable, but they can't push forward the "merger of the four associations" even one step.
It is estimated that even Shi Weixian, the Commissioner of Securities Regulatory Commission of the Hong Kong government, could not bear to look at it, so he couldn't help making a proposal and said: "member brokerage is the most concerned issue. I have roughly calculated that the total number of member brokers in the four exchanges is 950, which is too much. It's better to reduce it to 300, so as to facilitate the redistribution of member brokerage seats."
As soon as this statement came out, the noise of the public saying that the public is reasonable and the woman saying that the woman is reasonable suddenly became a unified voice, "this is inappropriate, this is inappropriate..."
At the beginning of 1978, Jardine's first fun was to spy on intelligence and bind interests. As a result, Jardine messed up. Basically, it was not paid much attention by the general public, and there was no in-depth interpretation. That is, there were some private discussions in the circle. After all, the problem behind this was very sensitive, and all parties concerned were not easy to provoke.As for Gao Xian, in addition to a favor, he was also actively arranged to go to Beijing to meet with high-level officials.This arrangement is not abrupt. As early as 1974, Gao Xian went to Beijing with the delegation to participate in the National Day activities of that year. Recently, he went to Yanjing for reasons including attending the meeting of the trilateral Committee.However, there are still some special significance. After all, the senior management of Yanjing is a new one. It is really necessary for Gaoxian to go this year.However, Gao Xian can see more clearly than others. The new pattern in Yanjing will take some time to be fully determined.Therefore, Gao Xian's reply is that he is looking forward to his trip to Yanjing this year, but he is plagued with trivial things and may have to wait until the end of the year.Such an attitude is impeccable. Yanjing wrote it down and waited for Gao Xian to arrange a specific schedule.After Gao Xian had fun with Yihe, he still had to continue to do his business.Fearing that the Xiangjiang stock market would again be flooded with irrational speculation like the frenzy of the early 1970s, the Hong Kong government imposed an 8% stamp duty on transactions in the Xiangjiang securities industry in 1977. The effect was immediate, and the Xiangjiang stock market cooled rapidly.But the results show that the Hong Kong government's intervention is suspected of over correcting.In 1976, when the Hong Kong government believed that speculation had resumed, the Xiangjiang stock market reached an annual trading volume of more than 13 billion; But in 1977, when the Hong Kong government tried to suppress it, the total trading volume fell sharply to more than 6 billion, down more than half.What is this concept?Even in 1974 and 1975, when the Hong Kong stock market was in a period of continuous decline, the annual trading volume was significantly higher than that in 1977. It is not too much to describe the Hong Kong government's efforts to suppress the Hong Kong stock market by itself for ten years.In fact, the "four little dragons of Asia" economic development model like Xiangjiang is very "delicate", which is somewhat like watching others' faces eat. When the economic recovery of western developed capitalist countries, including the United States and Britain, is weak, Xiangjiang's economic development also shows the fatigue of insufficient power.Naturally, the Hong Kong government can feel this most clearly. As a result, the performance of Xiangjiang stock market is so ugly that it is imperative to adjust the policy back.When the Hong Kong government substantially increased the stamp duty on transactions in the securities industry, Gao Xian clearly expressed his concerns and dissatisfaction, but the Hong Kong government was decided by the British, and he could only accept the reality. This is the rule of the game.But on the other hand, if you think about it, you can't show what is good without the worst.Gao Xian believes that next, the Hong Kong government will no longer intervene in the Xiangjiang stock market in such a rough way. At most, it will use the way of adjusting the interest rate of the banking industry to exert influence by insinuation.In other words, Xiangjiang stock market should begin to fly.In fact, after the Hong Kong government's regulatory hand was released, the response of Xiangjiang stock market was very positive, and the trading volume expanded rapidly.It is worth mentioning that while relaxing the supervision of the Xiangjiang stock market, the Hong Kong government asked the Xiangjiang stock exchange, the Far East stock exchange, the gold and silver stock exchange and the Kowloon Stock Exchange to promote the "merger of the four associations" as soon as possible, thus adding a lot of conference activities to the high string of managers in the Far East stock exchange and the gold and silver stock exchange.In fact, as early as 1974, after the boom of the Hong Kong stock market in the early 1970s, in order to strengthen supervision, the Hong Kong government vigorously promoted and pressed the four exchanges to agree to form a federation of Hong Kong stock exchanges to exchange views on future development and merger.However, the sense of existence of this organization is not worth mentioning. Its mediocrity since its establishment has fully proved that reform is by no means an easy thing in the face of vested interests.In short, the Far East stock exchange, the gold and silver stock exchange and the Kowloon Stock Exchange, the three exchanges with Chinese background, basically have no big objection to the "merger of the four exchanges", and the biggest resistance is the Xiangjiang stock exchange.Although the Far East stock exchange has left Xiangjiang stock exchange behind in terms of trading volume, the details of Xiangjiang stock exchange can not be underestimated. Xiangjiang British capital and European capital are used to operating in Xiangjiang stock exchange.As a result, Xiangjiang stock exchange, an interest group, believed that it had the best quality assets and merged with the three later mobs of the Far East stock exchange, the gold and silver stock exchange and the Kowloon Stock Exchange. It suffered heavy losses, and then all kinds of wrangling, and even the Hong Kong Government had nothing to do.Gao Xian and Li Fuzhao met first. During this period, he couldn't help but say, "I feel that the pressure now exerted by Zhengfu may not exceed the pressure exerted when the Federation of Xiangjiang stock exchange was established. I'm afraid the" merger of the four exchanges "will be less thunderous and heavy rain.""You're right. Those people in Xiangjiang club always think highly of themselves." Li Fuzhao shook his head in annoyance. "For example, there are hundreds of member seats in the Far East club, gold and silver club and Kowloon Club, and the number of member seats in Xiangjiang club can't even compare with any one. In the view of Xiangjiang club, there is a difference between the gold content of members.""Perhaps it is not a bad thing that we know we can't talk about a result, and we have to go to the venue. At least it can make the Zhengfu see clearly that the real resistance to the merger of the four associations lies in the Xiangjiang Association, not us."Gao Xian nodded. "I can squeeze out some time to show up before the Spring Festival. After the Spring Festival, I'll let others attend on behalf of me.""I'm so calm." Li Fuzhao joked, "as long as there is no 'merger of the four exchanges', Gaoyi has to have membership seats in the four exchanges respectively. Don't you get annoyed when all kinds of costs add up?""What can I do?" Gao Xian shrugged. "It's more difficult to touch interests than to touch the soul!"Gao Xian's description is very appropriate. When the officials of the competent departments of the Hong Kong government, the chairmen and directors of the four exchanges and the representatives of member brokers sit together, the typical wind of wrangling in the British Parliament blows up. People who hold one word each seem very reasonable, but they can't push forward the "merger of the four associations" even one step.It is estimated that even Shi Weixian, the Commissioner of Securities Regulatory Commission of the Hong Kong government, could not bear to look at it, so he couldn't help making a proposal and said: "member brokerage is the most concerned issue. I have roughly calculated that the total number of member brokers in the four exchanges is 950, which is too much. It's better to reduce it to 300, so as to facilitate the redistribution of member brokerage seats."As soon as this statement came out, the noise of the public saying that the public is reasonable and the woman saying that the woman is reasonable suddenly became a unified voice, "this is inappropriate, this is inappropriate..."
