My Lord, you need to stand up!

Chapter 996 Avoiding Rash Actions is the Key to Guaranteed Profits

Therefore, people with vision and insight will inevitably have a different perspective on things.

This was also Xiong Guoming's first time going abroad.

He initially worked in labor and personnel departments within the western district, and sometimes even served as Lao Fang's driver.

He became a manager in the social security department; that's considered a promotion in his thirties.

Only then are they eligible to go abroad.

Basically, 99% of people from mainland China who go abroad at this time are dazzled by the advanced and affluent lifestyle.

Labor protection officials, however, are more concerned with what a place produces, how labor protections are in place, and whether the industrial distribution is reasonable.

They immediately sensed something was wrong: "This is the famous Colt military factory, which prospered over a hundred years ago through manufacturing, publishing, and insurance, and also produces electric vehicles..."

The sight of a Colt pistol hanging from his waist startled Wei Dong, who stopped him in surprise: "An electric car? Over a hundred years ago?"

Indeed, Xiong Guoming didn't realize there was anything special about this place: "What's so special about it? Aren't the children's electric cars in Yuezhou Park just like this? I saw it in an insurance company's city brochure. It cost three thousand US dollars apiece. In the end, it was replaced by gasoline cars because the battery couldn't go very far."

Wei Dong calmly took it back. Oh, it's still a battery problem. The electric car that the president was secretly working on with others will most likely also get stuck on the battery in the end.

Unless battery research and development reaches that stage, it will be difficult to produce usable products.

What Xiong Guoming perceived was: "As more and more black people came here, the manufacturing plants and printing plants gradually moved away, and in the end, only the insurance industry was left. The city then thought of redeveloping and planning the residential area, and the insurance companies stepped up to run the real estate. It turns out that insurance companies can get involved in so many investment industries."

As a district under Pengzhen, Xiqu actually bypasses Pengzhen completely and is a special zone within a special zone.

They can explore and implement anything on their own, even the speedboat port to Hong Kong.

This was a situation that Wei Dong could never have imagined, even if he racked his brains.

Now everything is under his control.

The dock and the national market were originally owned by him as the largest individual shareholder.

The industrial park site is adjacent to a town in the western district that has little presence in the area.

The two horses that Lao Fang ultimately handed over to Rang Weidong were the bank and the insurance company.

Old Wang, who is over fifty years old, still thinks about doing counter savings business, believing that this is what a bank is all about.

They were able to get mortgage loan business from the Shanghai International Community, and they thought that was a major business development opportunity.

Instead, Xiong Guoming isn't in a hurry to take over Wei Dong's existing businesses. He's been observing business operations in Hong Kong, at Apple, and now at Citibank's East Coast insurance headquarters.
"Like Shanghai, this place rose to prominence as a river port city, becoming an important hub for the flow of goods between Daying, Bermuda, and the Far East. Captains often gathered at the docks and cafes to discuss informal agreements for sharing maritime risks and profits, which gave rise to the insurance industry, initially focusing on marine insurance, and later expanding to more areas..."

The insurance general manager, who was in his thirties, was very excited.

Wei Dong, on the contrary, spoke slowly like a man in his sixties: "Are you planning to come here for a while to learn something?"

After having dinner, we sat in a coffee shop chatting, and the wife naturally led the group to go shopping. The secretary wanted to stay, but was pulled away.

So there were only two men at the outdoor cafe table, like tourists:
"No, no, no, we should let foreign insurance companies become shareholders in our company. Wouldn't that allow us to directly learn the most advanced international insurance business and technology?"

Wei Dong's teacup trembled slightly: "Do you think that because Lao Fang has retired and I'm not part of the system, you're just pushing me to the front lines as a mine-clearing soldier? We just got the license for the first private insurance company in China approved, and you want to bring in a foreign insurance company as a shareholder? Aren't you afraid people will call you a traitor and a sellout?"

Xiong Guoming was puzzled: "Both the national container terminal and the port have European foreign investment. Without European port management companies and European container companies as shareholders, they will not be included in the global port system at all. Our containers cannot be loaded onto other people's ships. The same problem exists in the insurance business, especially our most direct marine insurance. As long as foreign investment is introduced, everything will be solved."

Wei Dong shook his head in denial: "The dock is there, and even if there is foreign investment, nothing major will happen. Besides, customs and border guards are watching it. And containers are just metal boxes, what's the big deal? But the introduction of foreign investment into the financial industry makes a world of difference."

Xiong Guoming played with his coffee spoon: "I know that you and Chairman Fang are the rarest people with great wisdom and vision. I just followed along to fight the war. In fact, it was you who opened up this channel of reform, which made it possible for me to promote the development of insurance. What makes me different from others is that I am willing to take responsibility for this. As long as you let me go and let me take the lead, I dare to rush to the forefront."

Wei Dong scoffed: "If something goes wrong, I'll be the one to cover it up. You might even be able to walk away unscathed, while I, as the state-owned private enterprise owner of the entire bidding bureau, will have to take responsibility."

Xiong Guoming still didn't believe it: "Under your leadership, how big of a mess could I possibly make?" Wei Dong laughed inwardly, thinking that someone dared to create a massive pitfall worth trillions of yuan, but he kept a straight face: "I can tell you clearly, it's impossible. As long as I am in charge of the Investment Promotion Bureau, I will not allow foreign capital to enter the financial industry, such as insurance and banking. This is a bottom line issue."

Xiong Guoming didn't argue directly: "Then I'll think of another way. The main problem is that without guarantees and asset trusteeship, we can't get credit rating authorization. As a result, Zhaotou Insurance can't issue shipping insurance policies in the international market. You know that most insurance policies are just free money. If we follow the idea of ​​letting Dong develop the international shipping market, it will be a huge financial loss. It's better for us to earn the money ourselves than for foreigners to earn it."

Wei Dong nodded: "I'll figure something out. International financial groups and Wall Street financial asset management companies, you know. I might have some business dealings with them recently, and you can come along and take a look."

He never thought he could hide his huge profits. Two years ago, when he had some funds flowing to Hong Kong, Lao Fang found out and that's how he found Jiangzhou to bring him to Pengzhen.

Now we might as well make it public.

Xiong Guoming beamed with delight: "I always said that Dong is the one who understands the future of the financial industry best. My current plan is not only to do insurance, but also to get involved in banking, securities, and trusts..."

Wei Dong couldn't help but burst into laughter, thinking to himself, "Sigh, this is how terrifying intelligent people can be once they open their eyes."

Old Wang's China Merchants Bank is in grave danger!
Xiong Guoming has great ambitions. He took advantage of his trip to Hong Kong and North America to quickly understand that in the modern financial industry, insurance, banking, securities, and trust are all about collecting money from various channels and then making large investments to preserve and increase profits.

The tax authorities must also roughly understand this principle.

It's hard for poor people to make money.

While the profit margin for selling cured meat for 200 yuan is high, one must be careful to avoid speculation and being caught selling itinerant meat, as the risks are not insignificant.

Wei Dong is becoming increasingly wealthy. If he lowers his expectations for returns, he could engage in some more conservative business ventures.

For example, buying ships and leasing them to others, building containers and leasing them to others, and investing in the construction of the Shanghai deep-water port are all long-term, profitable, and risk-free businesses with a high chance of success.

In the financial industry, there's definitely a probability involved; a certain percentage of business is profitable, and a certain amount of loss is permissible, which greatly increases the probability of making a profit.

Anyway, thirty or forty years later, people in the tax bureau complained that during the entire economic downturn, only banks were making money.

So now I just laugh and say, "Taking too big a step will only lead to trouble. The stock market isn't even open yet, why are you thinking so much?"

Xiong Guoming hurriedly reported the news: "It's coming soon. I heard that they are already studying the establishment of a stock exchange. Last month, the shares of Pengzhen Development Bank were officially listed for trading on the special economic zone securities company and put to public sale. But I heard... it's been met with a lukewarm reception. Why don't you go and buy some to support their work?"

Wei Dong was both amused and exasperated: "Three years ago, a department manager of mine bought hundreds of thousands of shares in Shanghai to support our work. Now it has evolved into us investing in Shanghai Vacuum Electronics Factory, producing picture tubes and becoming a part of Apple's OEM supply chain. We are genuinely engaged in industry, not financial speculation."

Xiong Guoming expressed his envy at being able to participate in such a project: "Next time there's stock trading, please take me with you to learn. Zhaotou Insurance must expand its business areas in the same way as securities, trust, and banking to better serve the domestic financial market."

Wei Dong immediately investigated him: "Alright, come with me to Yale University to meet President Di. If I were to lay an undersea fiber optic cable from Citibank to Asia, it could cost tens of billions of dollars. Would you dare to participate in the investment and apply for insurance?"

Xiong Guoming was immediately speechless: "We've only just been established, and we don't yet have the capacity to take on such a large project."

Wei Dong retorted sarcastically, "So don't try to run away before you've even learned how to do it properly. First, focus on building up your domestic insurance business... Hey, where are they? They're gone!"

Xiong Guoming dared to mutter, "What you said is true, but insurance business is everywhere, and so many overseas businesses are throwing money into the water every day."

Wei Dong retorted, "People in China get old every day, and there are workplace injuries and falls every day. In the end, you just look down on those small, hard-working businesses and want to grab big overseas orders to earn foreign exchange. If you're so capable, manage both domestic and international operations. Dong Sheng has 30,000 to 40,000 employees. Can you guarantee their social security and housing fund? That's what serving the people is all about. If you can't get this priorities right, don't blame me for not helping you. Figure it out yourself."

Xiong Guoming fell silent.

In fact, it would be better to let Wei Dong know that he was right, and that he himself was the narrow-minded or cowardly one.

It's very difficult to sell insurance in China because almost everyone lacks awareness of insurance. People are willing to risk their lives to earn more money, but they are unwilling to spend even a little more to buy insurance.

This idea of ​​a private insurance company taking the lead and seizing the overseas business that the only state-owned insurance company has failed to secure is actually a good one.

But Wei Dong wanted to curb the other party's overly aggressive pace.

Doing it this way right now is really too risky.

(End of this chapter)