Chapter 159: Sorry, I Just Want to Make Money

"Is it true that the biggest credit for handling the stock market crisis goes to a young colleague named Zhou Ming? He single-handedly reassured the investors with his persuasive reasoning," Chairman Dong suddenly asked over the phone. Zhou Ming felt all eyes in the conference room turn towards him, which was unexpected. After all, the event had only occurred yesterday, and now Chairman Dong was mentioning him by name in the meeting. It was clear that no matter which faction they were from, everyone in the central government was paying close attention to the securities market.

This made sense, given that from a global perspective, the securities market is a significant concentration of capital. If it can be revitalized, it not only boosts a country's economy but also contributes substantial fiscal revenue daily.

Zhou Ming remembered hearing that in the future, the stock market could contribute over a billion in taxes in a single day. Such a figure is astounding, no matter how you look at it. The domestic securities market was still in its early stages, with low trading volumes, but its potential was evident. It was no wonder that when issues arose in the stock market in the past, the central government quickly took action, establishing the Securities Regulatory Commission and centralizing power.

Chen Yunfei responded affirmatively, and Chairman Dong continued, "Is this young colleague here today? I'd like to hear his thoughts."

This statement caused another wave of surprise in the conference room. Everyone was envious of Zhou Ming and puzzled by why both Elder Yang and Chairman Dong had specifically mentioned him. What made him so special?

Amidst the envy and curiosity, Zhou Ming awkwardly spoke into the microphone, "Hello, Chairman Dong, I'm Zhou Ming."

Chairman Dong did not engage in pleasantries and directly asked, "I understand you are the development advisor for the Nanjing Municipal Government and also a key founder of the securities company. What are your thoughts on the stock market collapse?"

"Chairman Dong, my personal opinion aligns with Governor Chen's view. I believe this stock market collapse was a normal reaction to the market bubble reaching its peak due to widespread ignorance about the stock market. It's akin to the recent global stock market crash that originated in the United States—a result that was bound to happen," Zhou Ming replied.

Chairman Dong pondered for a moment and then said, "Even if it's a market result, I believe some regulations can technically reduce the losses for the public."

Zhou Ming said, "That's correct, Chairman Dong. In fact, Deputy General Manager Luo from Nanjing Securities and I have been discussing implementing new regulations for the future securities market."

"Oh? What are these regulations?" Chairman Dong asked with interest.

"We propose implementing a system of daily price limits," Zhou Ming explained. "Simply put, this system would limit the daily price fluctuation of stocks. This can help curb excessive speculation in the market and mitigate significant losses during a market crash, as the maximum drop in stock prices would be capped. Ordinary investors would have the opportunity to sell their stocks before experiencing substantial losses."

Zhou Ming added, "Of course, this system might also restrict the market's growth to some extent. For example, if a company's stock suddenly performs exceptionally well, its stock price won't immediately reflect this."

"Gains come with losses," Chairman Dong said. "I believe this system of price limits is very good. Although it might somewhat restrict the speed of economic development, from a long-term perspective, it protects the market. Allowing speculative behavior to continue unchecked and experiencing frequent market crashes would be detrimental."

"Price limits are a good idea, but how should they be controlled?" Chairman Dong asked further.

"We are considering a limit of ten percent for both gains and losses. For companies facing financial or other issues, the limits would be halved," Zhou Ming answered. "This range, compared to the previous trading day's closing price, is what we and the securities company colleagues have calculated as a reasonable measure. It effectively controls market crashes without significantly impacting economic development."

Chairman Dong expressed his approval, "This approach is very good. It's neither overly conservative nor reckless. Has it drawn on advanced experiences from abroad?"

Zhou Ming replied, "Yes, Chairman Dong. Foreign markets implemented similar price limit systems during their early stages, and it has proven effective in addressing speculative behavior."

"Great," Chairman Dong said. "Apart from the price limit system, are there other regulations?"

Zhou Ming thought for a moment and said, "We are also preparing a T+1 trading system, where T refers to the trading registration day. Simply put, stocks bought today must be held at least until the next trading day before they can be sold."

"Why is that?" Chairman Dong asked with curiosity.

"This is also to prevent speculation," Zhou Ming explained. "Our analysis of the trading behavior during the previous stock frenzy showed that many investors engaged in speculation, buying stocks in the morning and selling them once prices peaked, then buying back when prices dropped or other movements occurred."

Zhou Ming continued, "I believe this is unfair to most investors because not everyone can spend their days at the securities company monitoring the market. Most investors have other jobs."

"If we let these investors stay at securities companies all day, it would not only make them lose their jobs but also create serious public security issues," Zhou Ming said. "The situation yesterday clearly showed the volatile emotions of speculative investors. Therefore, we need to address this issue, and we believe the T+1 trading system is the best solution. By enforcing a minimum holding period, investors won't have to constantly monitor the market."

Chairman Dong immediately applauded Zhou Ming, saying, "Your ideas are excellent! Your thinking is very dynamic, and you are aligned with international practices. Reform and opening up need talents like you!"

Hearing Chairman Dong's praise, Zhou Ming felt somewhat embarrassed. After all, his ideas were not original but rather adaptations of well-known stock market regulations from the future, where the domestic market was more mature.

However, Chairman Dong's next words made Zhou Ming's heart skip a beat. Chairman Dong said, "So, Zhou Ming, would you be interested in working at the State Council? We are preparing to establish an agency to oversee the development of the national securities market."

This statement caused an uproar in the conference room. No one expected that Chairman Dong would invite Zhou Ming to work at the State Council. This was an extraordinary opportunity—regardless of the final position, it would be a significant role overseeing the national securities market, a prestigious position indeed.

If this offer were extended to anyone else, they would likely be overjoyed. Yet, Zhou Ming felt a headache coming on.

The reason was simple: Zhou Ming was well aware that according to historical patterns, Chairman Dong would not last long in his position. Associating himself with him could be detrimental.

Thus, Zhou Ming responded to Chairman Dong, "Chairman Dong, this… might not be appropriate. I am very grateful for your recognition and trust, but I currently manage a business. If I were to take on an official position, there is a risk of abusing power for personal gain. Governor Chen often criticizes me for being a capitalist focused solely on making money, so I think it's best for me to stay in business and avoid interfering with government affairs."

Zhou Ming's refusal was unimaginable. Why would he turn down such an opportunity?

Everyone was bewildered, unable to understand why Zhou Ming would reject such an offer.

Their confusion stemmed from not seeing the bigger picture. If it were another leader extending the invitation, Zhou Ming might have considered it. Being a prominent businessman would naturally give him an advantage, especially in the current domestic environment. However, with Chairman Dong, Zhou Ming had no such intentions.

Despite being the President, Zhou Ming had little faith in him. Firstly, history showed the outcome, and secondly, Zhou Ming's impressions from their interactions made him skeptical. The way Chairman Dong overshadowed Elder Yang in the call seemed naive, and Zhou Ming doubted he was truly suppressing Elder Yang's authority.

Zhou Ming couldn't comprehend how someone in Chairman Dong's position could be so reckless. Despite his high rank, Chairman Dong's actions were inconsistent with the established political trajectory. Zhou Ming suspected that such a disregard for the existing order would ultimately lead to his downfall.

Although Chairman Dong's eventual failure was still a year away, Zhou Ming had to tread carefully and avoid any conflicts with him.