Rebirth 2010: I taught Mr. Lei how to make a mobile phone

Chapter 949 This time, I can't lose!

The same speech can yield drastically different information depending on one's perspective and cognitive framework.

To Chen Mo, the speech conveyed the message that the country will continue to rely on and encourage companies like Beyond as core representatives of "new growth drivers," playing a leading role in promoting consumption, boosting employment, stimulating innovation, and driving industrial upgrading.

What he perceived was that the macroeconomic environment upon which the business's continued growth depended remained positive and clear.

To Lao Ma, these words conveyed another message: companies must proactively adapt to the new regulatory paradigm of "inclusive and prudent" and reach higher standards in areas such as data security, privacy protection, algorithm ethics, workers' rights, intellectual property compliance, and anti-monopoly.

Businesses need to operate in a more standardized and transparent manner and assume broader social responsibilities.

What is "inclusive and prudent"?
In his understanding, "inclusivity" means that as long as companies do not cross the line in exploring new businesses, the regulators will still leave some room for them to explore new businesses, which actually preserves the possibility of trial and error for innovation.
"Prudent" means that regulators will follow up gradually after observation, especially in areas with potential risks such as financial innovation, big data price discrimination, algorithm monopoly, privacy and workers' rights. Regulatory measures will be introduced one after another, and the group must conduct compliance self-inspection in advance.

"Anti-monopoly and preventing disorderly expansion of capital", "stabilizing the macro leverage ratio", "firmly safeguarding the orderly development of the economy"... these keywords resounded repeatedly in his mind like alarm bells.

Something was wrong, very wrong.

The subsequent Q&A session with reporters further confirmed his premonition.

A domestic financial reporter asked: "I believe that all the Chinese and foreign guests present here, like me, have gained a lot of important information from your speech."

My question is about credit and financing, and deleveraging. Many of you here probably share my concerns and would like to hear your thoughts on these issues.

"While the macro leverage ratio is not the lowest internationally, it is not the highest either."

In the past few years, leverage ratios have risen rapidly, so we have been promoting "stabilizing leverage" in recent years. In fact, the growth rate of leverage ratios has slowed down year-on-year in the first half of this year. It can be said that the year-on-year increase in leverage ratios was declining in the first half of this year.

We emphasize 'structural deleveraging' precisely because leverage was too high in certain sectors, and the leverage ratios in these sectors are currently steadily declining...

However, we have also noticed problems with some individual companies and are planning to introduce a series of measures to address them…

Everything in the world has its advantages and disadvantages. As the ancients said, you can't have your cake and eat it too.

We've come this far because we want to have the best of both worlds.

We know this is a challenge, a test of our wisdom. We also hope that everyone here, and all insightful individuals from various sectors, will offer us suggestions and advice. We are determined to achieve our goal, even if there are setbacks along the way.

Thanks! "

Another reporter followed up, saying, "China's financial sector has made some breakthroughs in opening up in recent years, but the degree of openness of the financial industry is still relatively low compared to the rest of the world."

Some foreign financial institutions still face numerous restrictions. Could you please elaborate on your future plans?

"Looking back over the past 40 years, compared with our own past performance, we can say that the scale and depth of our efforts have exceeded our expectations at the time, and we have benefited from them."
Of course, the financial services industry is a rather special sector, and its degree of openness is often linked to a country's stage of development, economic level, and regulatory level.

For China, as such a large global economy, maintaining financial stability is essential not only for itself but also for the world.

Therefore, we must be determined to continue opening up the financial services industry, while also proceeding in an orderly manner.

In the coming years, we will further open up the financial services industry.

Of course, an important prerequisite is that the joint venture must be compliant, reasonable, and legal.

In any country, qualifications are required to work in the financial industry, and we are making the necessary preparations accordingly.

During that time, whether it was a misperception or not, Lao Ma seemed to feel the old man's gaze on the stage sweeping past him almost imperceptibly.

Subsequently, when asked about the "latest progress in promoting innovation and entrepreneurship," the speaker fully affirmed the role of the "mass entrepreneurship and innovation" policy in cultivating new growth drivers, and specifically pointed out:

"The efficiency and fairness we are talking about have been fully reflected in this process... 'Internet+' has become a common phenomenon of pooling collective wisdom."

As entrepreneurs, they all aspire to economic success and have career ambitions. One company that has excelled in this area and taken the lead is Beyond Technology Group. Furthermore, the group's chairman is a proponent and practitioner of the "Internet Plus" strategy.

At this point, the old man turned his gaze to the audience and smiled gently, "Chen Mo, could you briefly share your understanding?"

The whole place was in an uproar.

It is extremely rare for someone to be called upon to speak in such a setting, which undoubtedly demonstrates a high level of recognition for the company.

In an instant, the cameras of domestic and foreign media all turned towards Chen Mo's location.

Being suddenly called out caught Chen Mo off guard. A hint of surprise flashed across his face, but he quickly regained his composure.

He took the microphone from the staff member, quickly gathered his thoughts during the brief pause, and then calmly began to speak:
"Respected leaders and distinguished guests, I am Chen Mo from Beyond Technology Group."

Regarding innovation, my takeaway is that it is not the privilege of a few, but a right bestowed upon everyone by the times.

The opening remarks set the tone, prompting the elderly man on stage to nod slightly.

"In the past forty years, humanity has created more GDP than in the previous two thousand years combined. And the technological explosion of the next decade will dwarf today's growth rate..."

It is precisely based on this belief that the company has successively established a 10 billion yuan entrepreneurship fund and founded Wutong Academy, dedicated to supporting small and medium-sized enterprises and entrepreneurs…

Chen Mo concluded: "'Mass entrepreneurship and innovation' is a policy with far-reaching strategic significance, which has injected vitality into China's economy during its transformation period and cultivated new momentum."

However, at the implementation level, we still face challenges such as resource allocation, bubble risks, and regulatory lag.

Time is limited, so I'll keep it brief: We should shift our focus from 'quantity' to 'quality,' strengthen in-process and post-process supervision, improve the innovation and entrepreneurship ecosystem, and rationally guide capital investment.

How to maximize benefits and minimize drawbacks is a continuous test of our governance wisdom and market maturity.

As you said, we are trying to have our cake and eat it too.

Thanks! "

After Chen Mo finished speaking, the entire audience responded with enthusiastic applause.

However, at this moment, Jack Ma had no interest in the other person's speech; a chill silently spread from the bottom of his heart.

Once upon a time, it was he, and Alibaba, that were publicly recognized and regarded as benchmarks.

At this crucial juncture, with Ant Group about to go public, such a shift in "role model" undoubtedly sends a strong signal.

Wild animals can always sense impending storms and respond to impending threats with roars and bristling fur.

At noon, a phone call confirmed his thoughts: the listing plan might face changes, and he needed to step forward and speak out.

He will speak first in the afternoon forum's speech session, while Chen Mo is scheduled to speak last.

This is not the first time they have clashed on the same stage.

Although there was no clear winner or loser in their previous public encounters, he had gradually come to the disadvantage overall.

But this time, he didn't want to lose, and he couldn't afford to lose.

Come on then!

(End of this chapter)