I'm back in 1990

Chapter 566: Inviting 1 to Celebrate the New Year Together

Before the winter break, Huang Xiaochuan received a phone call from Australia.

"Guess who I am?"

Huang Xiaochuan was naturally familiar with the voice. He laughed and scolded into the phone, "I bet you've learned to play pranks on people after all these years!" The caller was Chen Zhe, who had obtained a PhD in Development Economics from the Australian National University. With his supervisor's recommendation, he obtained a teaching position at the Australian National University, where he worked both educating students and conducting research in development economics.

Huang Xiaochuan asked him again, "What's wrong? Is something the matter?"

Chen Zhe seemed to be in a good mood. He smiled and said, "I miss you all. I plan to go back to China before the Spring Festival and spend it in Shanghai."

Huang Xiaochuan was delighted: "Wow, you finally decided to come back? Did you book your ticket? Tell me the flight number, and I'll come pick you up."

Chen Zhe did not refuse Huang Xiaochuan's enthusiasm: "I'll send it to you via email."

After exchanging a few more pleasantries, the two ended the call. Huang Xiaochuan then dialed Ding Yi and Zhang Gaolei's numbers in turn to relay the news to them.

However, to Huang Xiaochuan's surprise, Ding Yi appeared in his office ten minutes later.

Huang Xiaochuan asked curiously, "Why are you here?"

Ding Yi didn't act like an outsider at all, and sat down casually: "I just finished a meeting in Shanghai, and came over as soon as I got your call."

Huang Xiaochuan said to his student Pu Shouzhong, "Shouzhong, go make a cup of tea for your Uncle Ding."

"Yes!" Pu Shouzhong responded readily and immediately went to boil water and make tea.

Ding Yi was familiar with Huang Xiaochuan's students, so he specifically instructed Pu Shouzhong: "Shouzhong, don't give me the tea your teacher uses to appease people. I can tell the difference. Make sure it's good tea, and brew it strong for me."

Pu Shouzhong turned around and smiled, "I understand!"

Huang Xiaochuan casually asked, "What kind of meeting is it today?"

Ding crossed his legs and said, "The higher-ups plan to open up B shares to mainland residents holding foreign exchange. Today's meeting is a seminar to discuss the specific implementation plan."

Huang Xiaochuan smiled and said, "Last year, the A-share market surged, but the B-share market was sluggish. So you've started eyeing the B-share market again?"

Ding Yi shook his head: "To be honest, our stock market is still immature. You'll see!"

Huang Xiaochuan interrupted Ding Yi, saying, "Shouzhong, close the door behind you when you leave."

After putting down his teacup, Pu Shouzhong replied, "Okay!" Then he turned and left, closing the door behind him.

Ding Yi naturally knew what Huang Xiaochuan meant, and he said nonchalantly, "It's not a secret, everyone knows it."

Huang Xiaochuan glared at him with displeasure: "Others say it's fine, but you say it's not? Don't you even know who you are now?"

Ding Yi knew his friend was reminding him, so he cupped his hands in a gesture of respect towards Huang Xiaochuan and said, "Understood!"

Then, she complained to her friend in frustration: "You have no idea how tired I am! The current policies and regulations clearly have loopholes, but the higher-ups just keep delaying the formulation of new regulations to standardize them."

Take last year for example. Both the Shanghai Composite Index and the Shenzhen Component Index surged, rising by 40-50% throughout the year. On the surface, this appeared to be due to active market trading and high investor enthusiasm. But in reality, it was all manipulated by market makers; it was all a charade. I can't even keep up with all the fines, and those people don't care about the penalties. They just change their names and keep going. It's truly outrageous!

Huang Xiaochuan, who has extensive research on the domestic economy and finance, was naturally aware of the phenomenon Ding Yi was referring to.

During this period, driven by capital and policy expectations, the market was highly speculative, and the phenomenon of "market manipulation" was very common. Some stocks were highly controlled, and their prices were seriously detached from their fundamentals.

The period from the late 1990s to the early 2000s was a legendary and somewhat chaotic time for the Chinese stock market.

During this period, market rules were imperfect, supervision was relatively weak, and information was severely asymmetrical, but at the same time, it was full of huge opportunities. During this special period, a large number of individuals and institutions emerged who made a fortune in the stock market by relying on their courage, capital, information, and special operating methods. Among them, the more famous ones were various "limit-up daredevils", "Zhongchuang", "Delong" and other institutions.

The reason for this is that there were few stocks and a small circulating share during this period. A few individuals and institutions with large amounts of capital could relatively easily control the direction of one or a few stocks. In fact, Huang Xiaochuan and Ding Yi did this quite often in the early 1990s. They also had cases where they accidentally became shareholders by speculating in stocks.

During this period, these market manipulators typically use methods such as wash trading, cross-trading, position shifting, information manipulation, and exploiting policy loopholes to conduct gray-area operations.

Huang Xiaochuan comforted Ding Yi: "Alright, everything takes time. The securities industry in China has only been developing for a few years. Do you expect to become an expert overnight? For our country, the financial securities industry is still a relatively new thing. We're exploring as we develop. If the regulations are too strict all at once, it won't have the desired effect. The approach of first opening up and then regulating is correct. Instead of complaining, I think you should do some in-depth research on this phenomenon, incorporate some of your feasible solutions, and write a research paper to submit. Maybe that will work."

Huang Xiaochuan comforted Ding Yi: "Alright, everything takes time. The securities industry in China has only been developing for a few years. Do you expect to become an expert overnight? For our country, the financial securities industry is still a relatively new thing. We're exploring as we develop. If the regulations are too strict all at once, it won't have the desired effect. The approach of first opening up and then regulating is correct. Instead of complaining, I think you should do some in-depth research on this phenomenon, incorporate some of your feasible solutions, and write a research paper to submit. Maybe that will work."

Huang Xiaochuan's words immediately gave Ding Yi a sense of enlightenment.

He stopped crossing his legs, sat up straight, and slapped his leg: "Yeah! I just couldn't remember!"

Huang Xiaochuan laughed and said, "You! You're too caught up in the situation to see clearly. All you think about all day is how to outsmart those bookmakers. Don't you realize that anything not prohibited by law is permissible? In fact, their current practices are just violations, not illegal ones. If you want to completely eliminate these problems, you have to find a way to improve the regulations."

Upon hearing this, Ding Yi felt as if he had grasped a lifeline: "I think your research on securities development is much more profound than mine, so why don't you help me write this paper?"

Huang Xiaochuan quickly waved his hand in refusal: "Get lost! I have my own problems to deal with, I don't have time to study this with you."

But Ding Yi wasn't about to let Huang Xiaochuan off so easily: "It's too late for you to say no now. Who gave you this idea? If you don't agree, I'll sleep on the floor at your house."

Huang Xiaochuan was also exasperated by Ding Yi, so he dug out one of his annual research reports from his old papers and threw it at Ding Yi.

"This is an annual economic research report that I just wrote at the beginning of the year. You can take a look at it. The contents of this report will help you study the future development path of Huaxia Securities and formulate and improve the Securities Law accordingly."

Ding Yi took the research report and began reading it quickly.

This report mainly describes the economic situation in 2000 and the outlook and expectations for economic development in 2001.

In this report, Huang Xiaochuan pointed out that from the perspective of macroeconomics and the external environment, China's economy has stabilized and improved. After successfully resisting the impact of the Asian financial crisis, China's GDP growth has returned to above 8%.

As a former top stock market operator and now a securities industry regulator, Ding Yi can naturally connect these concepts with the stock market, because continued GDP growth can provide fundamental support for the stock market, which is a good thing for the future of China's stock market.

Huang Xiaochuan also mentioned the impact of the bursting of the internet bubble on China's economy in the report, including internet technology concept stocks in the A-share market. The report believes that the bursting of the internet bubble had a great impact on these stocks.

Furthermore, China has made significant progress in its WTO accession negotiations, and the expectation of WTO accession has strengthened the prospects for China's economic growth.

Seeing that Ding Yi was engrossed in the discussion, Huang Xiaochuan reminded him, "These are some macro-level views on economic development. You can take them as a reference, but you'll need to polish and supplement the details yourself, since you have more experience in this area than I do."

There are some points I haven't included in this report, but I want to remind you in advance. Last year's bull market in A-shares masked the financial bubble and problems originating in the United States, but these problems won't disappear on their own. I believe they will erupt this year because the impact of the global tech stock bubble bursting will gradually spread. You must pay attention to this. Submit a written report as soon as possible to prevent any serious securities-related incidents.

Ding Yi naturally understood what Huang Xiaochuan meant. He closed the report and said, "I understand. I can borrow this report for a while."

Huang Xiaochuan quickly waved his hand: "Don't mention borrowing it, it's yours. I have a backup."

Ding Yi was excited to leave after making his purchase, but Huang Xiaochuan quickly reminded him loudly, "Chen Zhe is coming back in a few days, don't forget to come with me to the airport to pick him up."

Ding replied without turning his head, "Just give me a call beforehand!" Then he ran off.

Huang Xiaochuan watched his friend's retreating figure, shook his head with a smile, and thought to himself, "That guy is still as energetic as ever."

After Ding Yi left, Huang Xiaochuan checked the time and left the office to go to the teachers' family quarters next to the school.

He arrived at Wang Deyi's house with familiarity with the place, where the old man was wearing reading glasses and reading an article.

Upon seeing this, Huang Xiaochuan began to complain, "Do you even want to keep your eyes open? I already told you! I'd have Xiao Zuo read it to you, why won't you listen?"

"Oh!" Huang Xiaochuan found a stool and sat down.

He came today to discuss something with the old man.

"Grandpa, the New Year is just around the corner. Before you had your eye surgery, I told you that starting this year, you would celebrate the New Year with me. We're going to Suzhou for the Spring Festival this year. You haven't forgotten, have you?"

Wang Deyi waved his hand, "No, no, I'm used to being alone, so don't worry about me."

Upon hearing this, Huang Xiaochuan became angry: "No way! If you don't agree this time, I'll send people to carry you away. I've already told my Xiaoduo and Xiaodong that you'll spend the New Year with us. The two little ones were overjoyed to hear that you'd be spending the New Year with us."

Upon hearing Huang Xiaochuan mention the two little ones, Wang Deyi's eyes lit up instantly, and he couldn't help but smile.

Seeing the old man's expression, Huang Xiaochuan knew this trick would work, so he quickly struck while the iron was hot.

"Don't you think about how boring it would be if you were all alone during the New Year? It would be so much better if you came to Suzhou with us, chatted with my grandma, and even learned to play mahjong from her! Plus, my two little ones would be there with you, how lively would that be!"

Besides, don't you love our local mutton cake and braised mutton the most? How can you taste freshly cooked braised mutton if you don't go? That's the authentic way!

Wang Deyi originally wanted to persevere, but when he heard his beloved student mention his two children and his favorite dishes, mutton cake and braised mutton, his mouth watered and his resolve wavered.

He couldn't help but feel emotional, thinking that the best thing he had ever done in his life was to take on this last disciple. Ever since they met, his student had taken care of him meticulously, even more so than a biological child. Wang Deyi felt a warm glow in his heart.

"Ugh! Fine! Fine! I'll do as you say, I'll go with you!"

Huang Xiaochuan's face lit up with a smile when he heard Wang Deyi relent.

Just then, the family's nanny, Xiao Jiang, returned carrying a stainless steel pot and two radish-filled flatbreads. Upon seeing Huang Xiaochuan, she quickly greeted him with a smile.

"Professor Huang, you've arrived!"

Huang Xiaochuan took the stainless steel pot from Xiao Jiang and placed it on the dining table.

While arranging things for the old man, Huang Xiaochuan asked Xiao Jiang, "Xiao Jiang, what are your plans for the Spring Festival this year? If you're not going back, then come with us to Suzhou. You won't have to do anything, and we'll even pay you overtime."

Xiao Jiang smiled and declined, "No, Professor Huang, my hometown is in southern Anhui. I've been away for so long and I'm thinking of going back for the Spring Festival! But don't worry, I'll be back on the sixth day of the Lunar New Year."

Huang Xiaochuan arranged, "Alright, I'll have someone buy you some New Year's goods later, so you can take them back with you and let your family share in the joy!"

Xiao Jiang didn't refuse, and thanked him with a smile, "Thank you, Professor Huang!"

Watching Wang Deyi leisurely eat his tofu pudding, Huang Xiaochuan felt relieved. He then chatted with the old man for a while, discussing some academic issues. Huang Xiaochuan also told the old man some funny stories about the children recently, which made Wang Deyi laugh heartily.

Seeing that it was almost time, Huang Xiaochuan got up, said goodbye, and left.