Wu Ming: The fundamental way out for China's economy lies in strengthening its sovereign economy

U.S. Treasury Secretary Janet Yellen called for a shift in China's economic policy, saying that state-owned enterprises (SOEs) are too big to limit growth and that security agencies are too big to discourage investment.

Before and after Yellen's remarks, the leading Chinese mainstream economists, who had been silent for a long time, were busy, and suddenly, as if they had received some order, they published high-level arguments one after another, and their representatives, such as Zhou, Liu, Zheng, Huang, Wei, and Cai......

Their lofty views are nothing more than two sentences: First, China's economy is extremely difficult and there is no way out; second, if we want to solve China's economic difficulties, we must open up China's finance at a high level, with high quality, and in an all-round way, that is, open up finance to the US financial sauce, otherwise there is no other way. It is highly consistent with Yellen's tone.

According to them, it seems that as long as China continues to open up its financial sector and let American financial capital in, all the problems of China's economy will be solved, and it will not be a problem at all. If their "panacea" is not accepted, China will only get worse and worse.

They also cited a number of difficult manifestations: high unemployment, difficulty in finding employment, and slowing growth......

These are not problems, they are.

However, the problems caused by the thunderstorm and arrears of Evergrande and other real estate enterprises, and the thunderstorm of many P2P, Zhongzhi and other financial enterprises, have been kept silent! It seems that when the buyers are unable to get their houses, they will have to pay their mortgage loans on time, and there is no way to ask for help, and no one will mention them; the suppliers will not be able to get the payment for the goods and will be forced to go bankrupt, and no one will mention them; and the banks will not be able to recover the loans, and no one will mention them.

On the one hand, it is emphasized that there are serious problems in China's economy, and on the other hand, it is necessary to blur the focus of the problem, and even specific specific phenomena must be carefully avoided, for fear of accidentally directing the eyes of the Chinese people to the social problems caused by the thunderstorm in the real estate and financial industries.

I can understand that this is done in order to stabilize people's hearts. Solve problems in stability.

However, the ideas and methods proposed by these famous economists to solve China's economic problems are incomprehensible.

Studying China's economic achievements and existing problems, why not start from the perspective of ownership?

Obviously, according to the nature of ownership, China's economy can be divided into two parts, one is state-owned enterprises, national collective enterprises, national private enterprises, and small and medium-sized individual enterprises, which may as well be called sovereign economy. The other part is enterprises set up by foreign capital, especially US financial capital, as well as enterprises set up by comprador financial capital that has a close relationship with US financial capital, which can be called the comprador economy, which are mainly concentrated in the real estate, financial industry, Internet, and other fields, and are also trying to penetrate into the field of state-owned enterprises. What kind of economy of ownership is causing China's economic problems, or creating China's economic difficulties? Obviously, the phenomena exposed by the real estate and financial industries are basically comprador economic elements that create China's economic problems.

It is necessary to distinguish responsibilities and clarify responsibilities. Whoever has the problem, who is responsible, the board will hit whom, and you can't fight indiscriminately.

But what are so many famous mainstream economists doing?

First of all, everyone invariably avoided the huge problems caused by foreign capital and comprador capital such as real estate and finance, and real estate is essentially the financial industry. It seems that as long as these issues are not mentioned, the responsibility of comprador financial capital in real estate, financial industry, etc., can be ignored and can be borne by the "Chinese economy".

It doesn't matter that economists have come up with a way to solve China's economic problems, which is surprising and incomprehensible.

For example, the continued development of real estate and the development of the financial industry are, of course, to allow more US dollar financial capital to penetrate into China's financial sector, and some important figures have actually proposed to allow "private capital" to participate in the upgrading and strategic restructuring of China's state-owned enterprises, and let local governments sell their assets to repay debts. If the logic of repaying debts is followed, then how can the debts owed by the Bank of China be repaid? How many assets of the Chinese banks can be used to repay the debts? Are the property rights of those assets owned by these banks in China? If the property rights belong to the people of the whole country, then what qualifications does it have to sell the assets of the people of the whole country in order to repay its own debts? The same is true of the debts owed by the government, and if the "assets" of the government are the people of the whole country, then the government is not qualified to sell these assets to repay the debts that are so-called.

Also, who are these debts? Who are the creditors? I am very worried that the creditors of these debts of the government and banks are likely to be the American financial oligarchs.

In short, in the view of these famous economists, the development and opening up of the financial industry is the way out for China's economy, and of course it is the only "panacea" for solving China's economic problems.

Real estate and the financial industry, these two super traps, are precisely the places where China's economic problems are most concentrated, and these two fields are the areas where foreign capital and comprador financial capital are most concentrated. At present, the solution given by mainstream economists to solve China's economic problems is not to restrict foreign financial capital and comprador financial capital, not to hold them accountable for creating many thunderstorms in the real estate and financial industries, and not to reflect on the responsibility of opening up finance, developing real estate pillar industries, and financial liberalization. I am very strange that the real estate and financial industries that have been created by foreign financial capital and comprador financial capital have already turned China's economy into what it is today, so why are you still so keen on foreign capital and open up finance? Let US financial capital participate in the upgrading and transformation of China's state-owned enterprises and the strategic reorganization, not to mention the inevitable change in the nature of ownership and sovereignty of state-owned enterprises, you are not afraid that US financial capital will once again turn China's industry, agriculture, commerce, science and technology, and infrastructure into real estate. The financial industry, once again creating countless mines similar to Evergrande and Zhongzhi?

It is not difficult to see that the sovereign economy represented by state-owned enterprises and national enterprises is providing the pillar role for China's economic construction and development, and that there are no problems in the fields dominated by state-owned enterprises and national enterprises, such as high-speed rail, transportation, transportation, aviation, aerospace, communications, electronics, nuclear, shipbuilding, military industry, and automobiles. However, in the real estate and financial sectors, where foreign capital and comprador financial capital are concentrated, there are many problems, disasters, and chaos. In this way, it is not difficult to speculate that the fundamental solution to China's economic problems is, of course, to develop and expand state-owned enterprises and national enterprises, and to greatly increase their proportion in the national economy! At the same time, it is necessary to limit comprador financial capital!

However, in the face of such simple facts and logic, a number of economists, such as Wei, Zhou, Zheng, Liu, Wang, and so on, turned a blind eye and did the opposite, preferring to stumble over the same brick twice, repeatedly emphasizing that they begged for dollar financial capital, opened the door to China's finance, and let dollar financial capital come to China to continue to cause disasters.

Could it be that Yellen's words are so good, and does Zoellick report that the ghost is not gone?

Some comrades said that a fierce financial war between China and the United States is about to break out! In fact, the financial war has already begun. More recently, Yellen's remarks and the close echo of Chinese economists are a manifestation of this struggle. If we go a little further, the focus of the Sino-US financial war is the struggle for control over the occurrence and circulation of the renminbi, and the financial market is the key place for the struggle for control over the issuance and circulation of the renminbi, and it is the strategic commanding height. Therefore, both Yellen and Chinese economists have denied the establishment of an "open" place in the financial sector, and handed over this strategic commanding heights to US dollar financial capital.

How exactly the Chinese side responded, now it seems, there is progress, but there is also some confusion. Considering that the comprador forces in the economic and financial fields have been deeply cultivated for many years, the power is strong, and there is some chaos, which seems to be normal. According to sources, the US Congress passed a special bill five years ago to use $1.5 billion in spending to train Western journalists to write negative reports on China. So, will the United States also spend a lot of money to train and support Chinese economists, so that they can specifically encourage China to open up its finances? It is easy to catch ordinary spies, but how can we catch such open, legal, and large numbers of spies?

The winter solstice has passed, the days are getting longer, the nights are getting shorter, but the cold has not passed.

(Author: Special Researcher of Kunlun Ce Research Institute; source: Kunlun Ce Network [Author's authorization], reproduced from the WeChat public account of "Jiuxiao View of the World"; the picture comes from the Internet, invaded and deleted)