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

After his trip to Shanghai, Zhou Jin quietly returned to Peking University with 5 consecutively numbered and unopened stock subscription certificates. He made no announcement, immediately depositing the heavy metal box into a private safe deposit box at a bank near the university, keeping the key close to his body, and never mentioning the gains from his trip to Shanghai to anyone else—in his view, the subscription certificates were a choice to support national development, not capital to flaunt; moreover, prematurely revealing wealth would only create more trouble.

For the next year or so, Zhou Jin immersed himself in his doctoral studies. He maintained his low-key and composed demeanor, focusing intently on lectures and spending his free time in the library or laboratory, working closely with Professor Shen Mingyuan on the topic of "Capital Market Development and Risk Control." Professor Shen Mingyuan valued this student even more, not only entrusting Zhou Jin with core research tasks but also frequently taking him to domestic and international academic conferences, allowing him to exchange ideas and insights with top scholars.

Zhou Jin and Chen Panpan's relationship continued to blossom during their time on campus. Chen Panpan was now a third-year student majoring in Chinese Literature at Huaguo University, having shed her girlish naiveté and gained a more intellectual and gentle demeanor. Although they were in different majors, they had endless topics to discuss. Every evening, they could be seen strolling side by side by Weiming Lake and under the ginkgo trees in Yan Garden; on weekends, the window seats in the library became their regular "study corner"—Zhou Jin would bury himself in writing papers and analyzing data, while Chen Panpan would organize his academic materials and proofread manuscripts, occasionally asking him questions about economic common sense. Zhou Jin would then put down his pen and explain the basic logic of "stocks" and "capital markets" to her in simple and easy-to-understand language.

"Brother Jin, in your paper 'On the Risks and Prevention of my country's Stock Market,' the 'investor education' you mentioned, is it about helping people like me to learn more about basic economics?" Chen Panpan pointed to Zhou Jin's first draft of the paper, her eyes full of curiosity.

Zhou Jin smiled and nodded, ruffling her hair: "That's right. For the capital market to develop healthily, it needs not only a sound system, but also rational investors. The fact that you're proactive in learning about this already puts you ahead of many others."

Chen Panpan blushed slightly and said softly, "I want to learn more about your profession so I can better support you."

Their tacit understanding and perfect match became the envy of everyone on Peking University campus, earning them the nickname "golden couple" from their classmates. However, the two always maintained a pure way of getting along, without being overly intimate, but showing their appreciation for each other in every little detail—Chen Panpan would remember that Zhou Jin didn't like sweets, so she would deliberately avoid pastries when bringing him breakfast; Zhou Jin would pay attention to the poetry collections that Chen Panpan liked, and give her a signed hardcover copy on her birthday.

Academically, Zhou Jin's talent has become increasingly dazzling. Under the guidance of Shen Mingyuan, he combined his practical observations of Shanghai stock market subscription warrants to write several academic papers, including "The Significance of the Subscription Warrant System to the Capital Market" and "On the Risks and Prevention in my country's Stock Market." In these papers, he affirmed the positive role of subscription warrants in raising funds and cultivating investors in the early stages of the capital market, while also accurately predicting potential problems such as excessive speculation and regulatory loopholes in the stock market. He also put forward specific suggestions such as "strengthening investor education," "establishing a dynamic regulatory mechanism," and "improving the information disclosure system."

Shen Mingyuan praised these papers highly, believing they "combined theoretical depth with practical value," and personally submitted them to the Economic Research Center of the State Council. Soon, some of the viewpoints in the papers gained the attention of relevant departments, and the suggestion to "incorporate investor education into capital market development planning" was even included in subsequent capital market development policies. When the news arrived, Shen Mingyuan patted Zhou Jin on the shoulder and said with satisfaction, "Xiao Zhou, you have truly 'applied what you've learned,' which is the responsibility that an economics researcher should have."

Zhou Jin remained humble: "It's all thanks to the teacher's excellent guidance; I was just doing my duty."

In June 1994, Huaguo University welcomed its graduation season. The ginkgo leaves in the campus turned yellow again, and the graduation ceremony was solemnly held in the auditorium. 22-year-old Zhou Jin, dressed in his doctoral gown, stood tall and straight among the graduates, his eyes resolute. He graduated with top honors in his major, earning a doctorate in economics. His doctoral dissertation, "A Study on the Opening and Risk Control of China's Capital Market," was awarded the title of "National Excellent Doctoral Dissertation."

After the graduation ceremony, Shen Mingyuan approached Zhou Jin privately and handed him a sealed letter of recommendation. "Zhou, this is a letter of recommendation I wrote for the General Office of the Central Committee of the Communist Party of China," Shen Mingyuan said in a steady and powerful voice. "Your talent, vision, and initial aspirations are all suited to serving the country in a more important position. The General Office is the place closest to national decision-making, allowing you to better utilize your strengths."

Zhou Jin accepted the letter of recommendation, his fingertips touching the heavy envelope, his heart filled with mixed emotions. He knew that most of Shen Mingyuan's students held important positions in national departments, and this letter of recommendation carried immense weight, representing the greatest recognition of his years of hard work. "Thank you, teacher. I will certainly not let you down."

Shen Mingyuan nodded, his eyes full of expectation: "Remember, no matter where you go in the future, you must stay true to your original aspirations, put the people first, and not be misled by power and interests."

As he left the auditorium, Chen Panpan was waiting for him at the door. She was wearing a light blue dress and holding a bouquet of white gardenias. When she saw Zhou Jin, a bright smile appeared on her face: "Brother Jin, congratulations on your graduation!"

Zhou Jin accepted the bouquet, the faint fragrance of flowers lingering in his nostrils. He looked at the girl before him, from their childhood friend at six to their now inseparable confidante; this friendship spanning over a decade had become the most precious foundation of his life. "Panpan, thank you for always being there for me."

"We'll go even further together," Chen Panpan said, her eyes sparkling. "I'm graduating next year, and I plan to apply for a reporter position at the Kyoto Daily News. Then we can work in the same city."

Zhou Jin felt a warmth in her heart and nodded solemnly: "Okay, let's work together for our dreams and for this country."

As the sun set, golden rays streamed down the stone paths of Peking University, casting long shadows of the two men. Zhou Jin clutched Shen Mingyuan's letter of recommendation, his heart filled with anticipation for the future. He knew his campus days were over, and his new journey—a journey to fulfill his initial aspirations and realize his ambitions in a core national department—was about to officially begin.

Meanwhile, the 5 stock subscription certificates in the bank safe deposit box, along with the gradual maturation of the capital market, began to quietly accumulate enormous value, laying an important foundation for his future life.