Returning wealthy individuals develop their hometowns and become rich in the 1980s

"Where is Comrade Chen Dong now?"

In fact, Lin Deying had already seen Chen Dong by now. After all, Chen Dong was wearing a white shirt and blue trousers, and his big gold watch was very eye-catching. Standing among a group of villagers dressed in patched gray clothes, he was so conspicuous that Lin Deying couldn't help but notice him.

Tian Chulian turned around and called out to Chen Dong and Chen Zaiguang, "Zaiguang, Zaidong, come here quickly, County Party Secretary Lin is here!"

Chen Dong and Chen Zaiguang walked over with smiles. Chen Dong extended his hand first and shook hands with Lin Deying, who also extended his hand. "Secretary Lin, hello, I'm Chen Zaidong!"

"Hello, Secretary Lin, I am Chen Zaiguang!"

Lin Deying looked at Chen Dong and Chen Zaiguang in front of him with a smile. When Guangdong Company was established, Feng Yuanshen from the Industry and Commerce Bureau brought the documents to his office and asked him, the county party secretary, to approve them. At that time, Chen Dong's application form clearly stated that the capital injection was 100 million US dollars.

When Lin Deying was in his office, after reviewing the application forms for Lianzhai Village to hold 1.5% of the shares, Chen Zaiguang to hold 58% of the shares, and Chen Dong to hold 40.5% of the shares, he approved Chen Dong's application to establish "Guangdong" company without hesitation.

"Comrade Zai Dong, the batch of engineering equipment you purchased from Japan has already been shipped over from Tuogang. I wonder when you plan to start construction?"

Chen Dong could easily understand the meaning behind Lin Deying's words. Although he didn't explicitly ask Chen Dong when he would transfer the promised 100 million US dollars, the implication was already quite subtle.

Chen Dong smiled and said, "Secretary Lin, the project equipment is complete and construction can begin at any time. I will also call my bank in Hong Kong in the next couple of days to have them transfer the funds over."

"But regarding the road construction plan leading to Tuocheng city, I wonder when Secretary Lin can coordinate with the Tuocheng Municipal Party Committee and provide a land acquisition plan and funding as soon as possible."

"I will go to the municipal party committee to communicate about the specific coordination as soon as possible. It mainly depends on you, Comrade Dong. You need to speed things up. After all, if the municipal party committee comes up with a plan and implements it, but the funds are not disbursed, it will be difficult for the municipal party committee to explain," Lin Deying said with a smile.

"I'm not very familiar with how banks operate in mainland China. I wonder if it's feasible for me to transfer money directly from Hong Kong to a bank in mainland China?"

Lin Deying had consulted with the president of the Tuocheng City Bank beforehand to understand the specific situation, since the amount Chen Dong wanted to remit was quite large. At the time, Lin Deying asked the president of the Tuocheng City Bank, "If an overseas Chinese wants to remit money from Hong Kong to the mainland, what are the procedures?"

The bank manager smiled and said, "Secretary, our country currently implements strict foreign exchange controls. Individuals or organizations need to be reviewed and approved before they are allowed to conduct cross-border fund transfers, and foreign exchange cannot be directly exchanged for Chinese yuan!"

"China is still a planned economy. Although the central government has proposed economic reforms, it differs from Hong Kong. Hong Kong's banking system was integrated with the international financial system earlier, and cross-border fund transfers are not yet available!"

The bank manager added, "And as you said, Secretary, there are certain restrictions on the amount of money that overseas Chinese can remit to the mainland."

"Whether it's remittances from overseas Chinese or foreign investment, the nature of the transaction differs, and the departments that need to intervene and approve it will also be different!"

"The approval process might be handled by the city or the province, and it also requires joint approval from multiple departments, including the Planning Commission, the Foreign Investment Commission, and even the People's Bank of China. This process can take up to six months at most, but if the paperwork isn't complete, the timeframe is unpredictable!"

Upon hearing this, Lin Deying's face twitched. He bluntly asked the president of Tuocheng City Bank, "The incoming funds are substantial. The overseas Chinese want to invest in factories and road construction, and they need it done quickly. Do you have any suggestions for expedited transfers?"

After listening, the bank manager understood that what Secretary Lin Deying meant was, if they couldn't go through the official approval channels, what other ways were there to transfer money in?

Of course there is, but as the bank manager, he couldn't say it outright. However, since Secretary Lin Deying had asked, he whispered to Lin Deying, "Secretary, there is another way, which is quick and safe. It can be done with just a telegram, but you will need to coordinate with the provincial government through the municipal party committee."

Lin Deying immediately asked, "Just tell me, and if it's feasible, I'll go to the city to discuss it."

The bank manager smiled mysteriously and said, "Our country has an international account with Swiss Bank. If the overseas Chinese you mentioned really needs to transfer foreign exchange into our mainland, you can contact the provincial government through the municipal party committee and ask the provincial government to coordinate with the Foreign Investment Commission."

"At that time, the money can be transferred directly from Hong Kong to our country's international account in Switzerland. The Foreign Investment Committee will issue a document, and the central bank can directly release the loan."

Lin Deying smiled and nodded in satisfaction after listening. He did not tell the president of Tuocheng City Bank that the overseas Chinese he mentioned would transfer one hundred million US dollars in one go. If the president knew that the amount was so large, he would definitely not have helped to propose such a method.

When Chen Dong inquired about the transfer, Lin Deying smiled and gestured for Chen Dong to talk as they walked. They headed towards the village brigade headquarters. Once inside Tian Chulian's "office" at the brigade headquarters, Lin Deying told Chen Dong about the bank manager's proposed plan.

Chen Dong frowned and asked Lin Deying, "Secretary Lin, is this method reliable? Can the China Foreign Investment Committee really connect with your central bank and directly release a loan of 100 million yuan?"

Chen Dong was quite worried about this kind of transfer that didn't go through proper procedures. What if the Foreign Investment Committee didn't acknowledge the transfer after he transferred the money to Swiss Bank?

Chen Dong grew up in America, where people are naturally skeptical of governments and banks. He was not keen on engaging in such informal cross-border remittances.

But after listening, Lin Deying laughed and said to Chen Dong, "Comrade Zai Dong, you may have some misunderstandings about our Chinese government personnel. I can't say much about local officials, but our central ministerial-level cadres are people of their word!"

"As long as the provincial government coordinates with the Foreign Investment Commission, and the Commission agrees, once you transfer the funds to Switzerland, the central bank will definitely approve the loan. I guarantee this in my capacity as the Party Secretary of Tuocheng County!"

Chen Dong recalled that the reason why China was able to attract foreign investment was twofold: firstly, the Chinese government had an excellent reputation, and secondly, China offered very favorable treatment to foreign investors, which was effectively implemented.

This was during the early stages of China's economic reforms, and the old man attached great importance to attracting foreign investment to China. After weighing the pros and cons, Chen Dong gritted his teeth and decided to trust the credibility of the Chinese government this time.

"Okay, Secretary Lin, I can transfer the money as you instructed!"