Ye Tan: The Reform Of State-Owned Enterprises Can Take Third Roads.

In March 18th, Mr. Zhang Weiying said it was hard to imagine that in such a large proportion of state-owned enterprises, such an important position, China can enter the real asset economy, state-owned enterprises have become one of the main obstacles to China's further growth in the future.

"A large number of state-owned enterprises, especially the central state-owned enterprises, have been listed. Their shares have prices, they can be pferred through the market to these non-state-owned sectors and individuals, and they can also be allocated to ordinary people through semi pferable and semi exclusive ways like Britain."

In March 21st, Mr. Wahson said that if it were broken up,

We should never forget why we should withdraw from the country and move towards the country and move forward. In 2004, there were so many people who opposed the marketization reform at that time.

The writer arrived in a medium-sized city in the first two days, and an old local company was bought by the company executives. The vested interests bought the enterprise at a low price, but failed to make progress. The employee's rights and interests could not be guaranteed at all. Such a privatization process would certainly trigger a strong rebound in the society.

The way of stock split put forward by Mr. Zhang Weiying has been implemented in the former Soviet Union. As a result, powerful officials bought stocks at a low price, and formed oligopoly in important industries in a very short time.

Have we entered a vicious circle instead of going to the road of capitalist capitalism, or letting inefficient state-owned enterprises occupy the market and then gradually emptying state-owned assets in the way of gray income and wealth inherited? This is a deep mistrust of nationality and human nature.

With the rational, objective and increasingly open gaming platform that Chinese people are gradually recovering, China can take the third road to a fair market economy reform.

At present, the benign pformation has already begun to take shape. People's livelihood, the consumer society and the substantial increase in the income of low-income people in recent 3 years are the vane of a fair market society.

Whether the state owned enterprises will be allocated to the nationals in the form of shares, whether they will go to the crony capitalism or to the fair society that people share with people's livelihood will depend on the restrictive factors.

One of the two constraints is trust liability, and the two is the bottom line of legal relief.

In the process of privatization of state-owned enterprises, there are two ways to protect the law. One is to establish a society of trust and responsibility, and each is responsible for its own actions. The two is to establish a basic line of legal relief. When vulnerable sectors are violated, they can get justice through the bottom line relief.

Lack of trust responsibility is one of the main reasons for lack of interest in healthy markets and rent-seeking groups.

In the stock market, in the process of issuing new shares, institutions can use the price of human rights to dispel the fairness and effectiveness of the inquiry institutions, while in the PE market, the direct investment of securities firms will make PE a risk free pmission.

Enquiries do not have to be responsible for their quotations. Brokers do not have to support the inspection of the companies they invest. All professional integrity companies can only stand aside.

After listing, all rent-seeking income will be shown in cash.

In this way, the accurate pricing of marketization can not be achieved in China's stock market, and there is no real Vc firm other than rent-seeking companies, let alone angel investment, seed fund and other Vc firm.

At present, the improvement of securities and other markets focus on establishing.

In the process of privatization, the interests of vulnerable groups will inevitably be infringed.

At this point, it is the first step to guarantee the rights and interests of the disadvantaged groups through the system. For instance, when a class voting mechanism is established in the stock reform, ordinary investors can vote by hand for the first time, rather than vote with their feet to leave the market.

The abolition of class voting system after the stock reform is a retrogression and a appeasement for a strong group.

At present, some listed companies even deliberately cancel the voting on the Internet, increasing the cost of shareholders' opinions, which is a serious damage to the rights and interests of ordinary investors.

If the system design is not enough to prevent infringement, the independent and fair law will be the last firewall, whether it is the civil compensation mechanism or the class action mechanism, it is the protection of the interests of the citizens.

Without independent laws, judicial relief will become a bubble.

Finally, it is emphasized that the key to privatization reform is whether the interests are the main and whether the bottom line exists.

Why can our land reform in Taiwan be successful? Go to the top officials in the field and urge the farmers not to sell the land. In the process of industrialization and urbanization, the reform of farmers' enjoyment of land value-added income will not fail. Why is Russia's privatization strongly resisted? When the former government officials and former owners of state-owned enterprises have changed themselves, they will become the biggest beneficiaries of reform, and such reforms will inevitably fail.