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

The winter snow of 1995 came exceptionally early, blanketing the streets of Kyoto in white. Yet, Professor Shen Mingyuan's home in the university staff quarters was warm and inviting. In the living room, a charcoal brazier burned brightly, the aroma of tea mingling with the sweet scent of fruit and pastries, as a reunion of his fellow students, the first in three years, was underway.

Shen Mingyuan sat in the main seat, looking energetic and full of satisfaction as he gazed at his disciples gathered around him. Apart from his senior brother Lu Zetao, who was serving as the municipal party secretary in Lingnan Province and was unable to attend due to official duties, all four other senior brothers and sisters were present—they were all now key figures in Beijing's financial sector, each holding important positions.

"Junior Sister Lin Wei, you're the Deputy Director of the Monetary Policy Department of the People's Bank of China now, right?" Shen Mingyuan smiled as he looked at the woman sitting next to him. She had a capable demeanor, wore thin-rimmed glasses, and had sharp eyes.

Lin Wei nodded, her tone humble: "Teacher, I was only recently promoted, and I still have a lot to learn from my seniors and juniors." She graduated from the Department of Finance at Huaguo University and later joined the central bank. With her solid professional foundation and pragmatic style, she quickly distinguished herself in just a few years, taking charge of the formulation and adjustment of monetary policy.

Sitting opposite Lin Wei was Chen Kai, the second senior student, dressed in a dark suit. He was the director of the Market Supervision Department of the China Securities Regulatory Commission (CSRC). Calm and composed, he immediately began discussing industry trends: "The capital market is becoming increasingly standardized, especially with the recent document issued by the General Office of the Central Committee regarding the disposal of land related to the restructuring of state-owned enterprises. This has greatly helped our regulatory work, and many securities firms have reported a significant increase in corporate compliance awareness."

The third senior colleague, Zhao Yu, works in the Finance and Banking Department of the National Development and Reform Commission, responsible for connecting finance with the real economy. He chimed in, "Speaking of this document, we have to thank our junior colleague. Our department is formulating supporting policies for financial support of state-owned enterprise reform based on the spirit of the document. Zhou Jin's proposal of lifelong accountability is truly hitting the nail on the head."

Fourth Senior Sister Su Manli, Deputy Director of the Financial Department of the Ministry of Finance, looked at Zhou Jin with admiration in her eyes: "Junior Brother, you are so young, yet you have made such great achievements in the General Office of the Central Committee. At the last State Council Economic Work Conference, many senior leaders mentioned you, saying that Teacher Shen has taught a 'guardian of the economy'."

Zhou Jin, sitting at the end of the table, quickly waved his hand upon hearing this: "Senior sister, you flatter me. It's all thanks to the teacher's excellent guidance and the paving the way for all the senior brothers and sisters. I was just lucky to have caught a good opportunity." Although he was the youngest, he was already well-known in the sect for his achievements in promoting the implementation of policies through his research in Handong.

Shen Mingyuan waved his hand with a smile: "You don't need to be modest. I have seen Jin'er's talent and sense of responsibility. The land disposal regulations and lifelong accountability system he proposed not only solved the current problems of state-owned enterprise reform, but also focused on the long term. Such foresight is rare among young cadres."

During the gathering, the conversation naturally revolved around current financial hot topics. Lin Wei discussed monetary policy adjustments: "Inflationary pressures are gradually emerging, and the central bank is studying a moderate tightening of monetary policy. It's challenging to both curb overheating and ensure the financing needs of the real economy."

Chen Kai continued, "The capital market is also facing similar problems. There are obvious signs of speculation in some individual stocks. We are planning to strengthen supervision and crack down on insider trading. This also requires the cooperation of the central bank and the Ministry of Finance to form a joint regulatory force."

Zhao Yu added, "State-owned enterprise reform is a current priority, and financial support must keep pace, but risks must also be guarded against. The junior colleague's suggestion of 'clarifying the ownership of land assets' actually provides a basis for financial institutions to assess corporate assets, avoiding credit risks caused by ambiguous collateral."

Zhou Jin listened attentively, occasionally adding her own insights: "During my research in Handong, I found that the difficulty in financing for grassroots enterprises stems not only from an imperfect credit system but also from unclear asset definitions. If assets such as land and factory buildings can be standardized, financial institutions will have more confidence in lending, which is crucial for revitalizing enterprise cash flow."

His words were unanimously agreed upon by his senior brothers and sisters. Su Manli nodded and said, "Junior brother is right. The Ministry of Finance is considering introducing relevant policies to encourage financial institutions to innovate credit products and issue loans based on the standardized corporate assets. This can be seen as an extension and implementation of your document."

Speaking of his senior brother Lu Zetao, who was unable to attend, Shen Mingyuan's tone was filled with expectation: "Zetao is the Party Secretary of Lingnan City. It is at the forefront of reform and opening up, with rapid economic development and an urgent need for financial innovation. He called me many times, saying that he wanted to invite Jin'er to Lingnan for research, to learn from Handong's experience, and to promote the reform of local state-owned enterprises and financial reform."

"You're very kind, Senior Brother," Zhou Jin replied. "If I have the opportunity, I would be very willing to go to Lingnan to learn and exchange ideas. Reforms in different regions have different characteristics, and we can learn from each other to avoid detours."

The gathering continued late into the night. Outside, the snow fell heavier and heavier, but inside, the atmosphere grew increasingly lively. His senior colleagues shared their work experiences and challenges with Zhou Jin, offering him valuable advice. Lin Wei encouraged him, "Junior brother, working on the platform of the General Office of the Central Committee of the Communist Party of China gives you access to the nation's core policy-making processes. You should immerse yourself in research; with your professional foundation and grassroots experience, you're sure to achieve great things in the financial field in the future."

Chen Kai added, "Financial reform is a long and arduous task. Our generation shoulders a mission, and we hope that our mentors and colleagues can work together to do more practical things for the country's financial stability and economic development."

Looking at his students' spirited demeanor, Shen Mingyuan felt a surge of pride. He picked up his teacup and said solemnly, "Seeing you all gathered here today, each with your own achievements, fills me with pride. Remember, wherever you go in the future, always stay true to your original aspirations, put the people first, be grounded in scholarship, be pragmatic in your work, and live up to the nation's nurturing and the people's trust."

"Please rest assured, teacher!" the disciples responded in unison, their voices firm.

When Zhou Jin left Professor Shen's house, the snow had stopped. Walking along the snow-covered streets, he was filled with emotion. This gathering with his mentor and fellow students not only allowed him to experience the deep bond between teacher and student and the support of his classmates, but also gave him a more comprehensive understanding of the current financial reform situation. The dedication and commitment of his senior classmates in their respective positions further strengthened his resolve—to cultivate a deep and abiding commitment in the financial field and safeguard the nation's economic development.

He knows that the road ahead is long and the challenges of financial reform will be numerous, but with the guidance of his mentor, the support of his family, and his own perseverance, he is confident that he can move steadily forward on this path, living up to his youth and fulfilling his mission.

(This keeps going back to the National Development and Reform Commission! Let's just write it as the National Development and Reform Commission from the start!)