Sharpening the Blade Against the Red Wall: From Hong Kong to Handong

In the autumn of 1987, 15-year-old Zhou Jin stepped into Peking University with a simple bag. As a "prodigy" who skipped a grade to enter the Department of Economics, he was three years younger than his classmates, but with his maturity beyond his years and solid foundation, he quickly adapted to the pace of university. During his three years of undergraduate studies, Zhou Jin always kept a low profile, focusing on listening attentively in class and spending his time in the library after class, systematically consolidating his foundation in Western economics, political economy, and other basic courses. At the same time, he secretly integrated the practical experience and theories of top financial experts from his previous life, quietly honing his analytical logic. He never deliberately showed off in class, but he could always use concise and accurate remarks to pinpoint the core of the problem in group discussions, leaving a deep impression on his classmates and teachers.

In the summer of 1989, 17-year-old Zhou Jin graduated with top honors in his major and was successfully recommended for a combined bachelor's and master's program. He had shed the naiveté of a freshman, and his eyes now held the sharp intellect of a seasoned researcher. In an elective course on International Finance, the lecturer was Professor Shen Mingyuan, a 60-year-old national-level economic authority and economic advisor to the State Council. Professor Shen, a scholar with decades of experience in international finance and capital markets, known for his rigorous scholarship and keen insight, and rarely praising others, was deeply captivated by Zhou Jin's presentation in this class.

The topic of discussion was "The Impact of Financial Globalization on Developing Countries." While most students focused on the opportunities, Zhou Jin bluntly stated, "Globalization brings capital and technology, but it inevitably exacerbates the transmission of financial risks. my country's financial market is still in its early stages, and we need to proactively establish a cross-border regulatory system and a risk warning mechanism. We cannot blindly follow the trend of opening up." These words not only hit the nail on the head but also coincided with the national-level research project that Shen Mingyuan was currently studying. After class, Shen Mingyuan specifically asked Zhou Jin to stay behind. The two discussed everything from international financial crisis cases to the current state of China's capital market. Zhou Jin's clear and logical analysis, keen insight into economic laws, and occasional forward-looking judgments amazed Shen Mingyuan: "You, this child, have a far deeper understanding of economics than your peers. You were simply born for this field."

In 1990, Zhou Jin officially entered the postgraduate research stage, and Shen Mingyuan took the initiative to offer to take him on as a disciple, personally guiding his studies and research. "Little Zhou, if you follow me, I can't guarantee you'll become famous quickly, but I can help you truly grasp the essence of economic operation." Shen Mingyuan's words were simple yet powerful, and he indeed shared everything he knew—from the dialectical thinking of Marxist political economy to the practical logic of monetary banking, and then to the complex games of international finance, Shen Mingyuan imparted his life's research results and academic insights to Zhou Jin without reservation.

Under Shen Mingyuan's guidance, Zhou Jin's academic horizons broadened considerably. He was no longer satisfied with textbook knowledge but instead deeply involved in the national-level research project "Research on the Development Path of China's Capital Market," which was led by Shen Mingyuan. This was Zhou Jin's first experience with a national-level economic policy consultation setting: he followed Shen Mingyuan to visit the China Securities Regulatory Commission, the State Planning Commission, and major state-owned banks, participated in closed-door seminars, and witnessed firsthand the high-level leaders' cautious considerations regarding the capital market's "pilot projects first, steady progress, and controllable risks." He gained a profound understanding of the underlying logic that "reform requires both daring to explore and experiment, as well as taking steady steps."

During the research, Shen Mingyuan assigned Zhou Jin to lead the core sub-topic of "Capital Market Risk Prevention and Control." Drawing on her memories of the financial crisis from her previous life, Zhou Jin analyzed the development lessons of countries like the United States and Japan, and combined this with China's specific circumstances to draft the "Implementation Plan for the Phased Opening and Risk Prevention and Control of the Capital Market." This plan proposed a concrete approach of "first improving domestic basic systems, then gradually opening up cross-border capital flows, and simultaneously establishing a dynamic regulatory mechanism." Shen Mingyuan incorporated this report into the final deliverables and submitted it directly to the relevant departments of the State Council, where it received high-level approval.

Meanwhile, Zhou Jin's performance in class became increasingly impressive. At a seminar on "Political Economy," addressing the controversial topic of "the relationship between market economy and planned economy," Zhou Jin proposed the view that "the two are not contradictory, but rather complementary": "A planned economy can concentrate resources to accomplish major tasks and guarantee the basic needs of the people, while a market economy can stimulate vitality and optimize resource allocation. The key lies in finding a balance that suits the national conditions, rather than an either-or approach." This insight not only aligned with the direction of national reform but also demonstrated theoretical depth, impressing the professors and students present.

In the summer of 1992, 20-year-old Zhou Jin successfully completed his postgraduate studies. His graduation thesis, "A Study on Risk Isolation Mechanisms in Financial Opening," was awarded the title of Excellent Thesis at the university level for its combination of theoretical innovation and practical value. On the eve of graduation, Shen Mingyuan approached Zhou Jin earnestly: "Zhou, with your talent and knowledge, if you dedicate another three years to completing your doctorate, your future achievements in the field of economics will be limitless. I hope you can stay and continue your research with me; I will allocate all resources to you."

Zhou Jin hesitated. He knew his initial aspiration was to contribute to the country's economic development, but he also understood the importance of a strong academic foundation. Just then, his grandfather, Zhou Jianguo, and father, Zhou Chengbang, called him. "Jin'er, you're still young. There's no need to rush into society," Zhou Jianguo said in a steady, powerful voice. "Pursuing a doctorate isn't a waste of time; it's about accumulating knowledge and experience. What the country needs now are high-level talents who understand both theory and practice. Three more years of preparation will allow you to do so much more in the future."

Zhou Chengbang added, "Your father works at the State Planning Commission and is well aware of the scarcity of high-end economic talent. By completing your doctoral studies under Professor Shen, you will not only solidify your foundation but also build a stronger network of contacts, giving you more confidence whether you enter the system or participate in major national projects in the future."

With the support of his family and Shen Mingyuan's sincerity, Zhou Jin finally made up his mind. He found Shen Mingyuan and bowed deeply: "Professor Shen, I am willing to stay and pursue my doctoral studies under your guidance."

Shen Mingyuan's eyes were full of satisfaction. He patted him on the shoulder and said, "Good! I didn't misjudge you. Remember, doing academic work is like doing anything else. You have to calm down, endure loneliness, and only then can you truly do practical things for the country and the people in the future."

In the autumn of 1992, Zhou Jin officially became a doctoral student under Professor Shen Mingyuan, continuing his academic pursuits at Peking University. By this time, he was no longer simply a "child prodigy," but had gradually grown into a young scholar with theoretical depth, practical vision, and a strong sense of national responsibility. Under the guidance of Shen Mingyuan and with the support of his family, he was steadily moving towards his initial aspiration of "contributing to the country's economic development."