The lost 30 years, financial monopoly capitalism

The Nikkei 225 index has recently seen a sustained rally, with the Nikkei 225 index reaching a recent high of 38,865 and approaching a 30-year all-time high of 38,957. Our economic experts say that "Japan's Lost 30 Years" is actually not accurate, because the Japanese stock market has begun to reverse since 2012 and has been rising for 12 years until this year. The Japanese stock market reached a low of 6,994 points during the 2008 financial crisis, and then bottomed sideways for four years. This has something to do with the slow economic growth of the Japanese economy, but the stock market will always return in value, after a long-term downturn in the Japanese stock market, long-term investors like Warren Buffett, international capital into the Japanese stock market to buy the bottom, with the lifting of Japanese economic deflation, the stock market is slowly approaching a record high.

I know that many Chinese economists ridicule Japan's lost 30 years, but in fact, these economists who ridicule Japan are the most ridiculous, because these economists believe that Japan's lost 30 years is because under the pressure of the United States, it was forced to sign the Plaza Accord and liberalize foreign exchange controls in the financial market, so the Japanese economy is not working. I was the first to point out that the fundamental reason why the Japanese economy lost 30 years was that Japanese companies did not seize the opportunity of the network technology revolution and were lost in the competition in science and technology. RECENTLY, I AM PLEASED TO SEE THAT SOME EXPERTS AND SCHOLARS IN CHINA HAVE BEGUN TO AGREE WITH US THAT IN FACT, IN THE PAST 30 YEARS, JAPAN HAS MISSED THE ERA OF THE PC INTERNET (REPRESENTED BY GOOGLE AND MICROSOFT) AND THEN THE ERA OF MOBILE INTERNET (FACEBOOK AND APPLE). Among the global network technology listed companies, there is not a single Japanese technology company in the top 20 by market capitalization, whether it is software, hardware, or business model innovation, Japanese companies have not kept up with the technological innovation led by the United States, which is the essential reason why Japan has lost 30 years.

Chinese economists have begun to face up to the reasons why Japan has lost 30 years, but none of them have asked a single question: Why has Japan not kept up with US innovation? Is it true that there is not a single scientific and technological innovation talent among Japan's more than 100 million people? Has there not been a single official in the Japanese government who has realized the importance of scientific and technological innovation to the Japanese economy?

I think this is a return to the rise of the Japanese economy and the loss of 30 years. In just a few decades, Japan has risen rapidly from a defeated country in World War II, and even threatened to buy the entire United States by selling it to Tokyo. But then Japan's prosperity flew into the sky like a brilliant firework, and all the dust fell. How did Japan's economy evolve step by step after 30 years of stagnation? Chinese economists say that Japan's economic decline was caused by Japan's acceptance of the Plaza Accord and the appreciation of the yen, but then the yen depreciated strongly, so why did Japan's economy still not improve? Some people say that the economic crisis broke out in Japan and the economic recession caused by the bursting of the real estate bubble, why did the real estate collapse in the United States, and even the housing provident fund bonds like Freddie and Fannie Mae in the United States had a major incident, triggering the global financial crisis in 2008, but the US economy recovered rapidly, and the stock market continued to rise for 10 years.

Speaking of Japan's lost 30 years, we must first start with the reasons for Japan's economic prosperity after World War II.

After World War II, about 40% of Japan's factories and infrastructure were destroyed, and a large number of workers lost their jobs. At the same time, due to the extreme attrition of the war, Japan also owed a huge amount of debt. Moreover, after the war, the United States restricted Japan's trade, Japan was short of materials, and the various bulk commodities produced and imported after the war were less than one-tenth of the pre-war period, and some categories were even less than one percent, inflation skyrocketed, most of Japan's transactions were carried out in the black market, the city was not regulated, fraud, crime, and the underworld were prevalent, and Japan entered the dark age.

However, due to the sudden changes in the international environment, the victory of the Chinese revolution led to a major mistake in the layout of the United States in Asia, and at the same time, in the context of the struggle for hegemony between the United States and the Soviet Union, in order to contain the Soviet Union, the United States urgently needed to re-establish a base in Asia, and in addition to Japan's special geographical location in Asia, the United States set its sights on Japan and carried out a nanny-level transformation of Japan. Including a series of reforms such as writing the constitution, land law reform, labor reform, education reform, etc., and at the same time giving money and technology, Japan has completed a big turnaround like a nouveau riche in a very short period of time.

Immediately afterwards, the Korean War broke out, the United States sent a large number of military orders to Japan, a total of 5.2 billion in the broad sense of special needs, compared with less than 2 billion aid from the United States in 1946-1952, coupled with the system and technology provided by the United States, Japan's manufacturing industry began to recover, Japan's export industry flourished, coupled with the wave of economic globalization, Japan became the world's factory, and the Japanese economy began to run wild like a mad cow. From 1954 to 1972, Japan's growth rate was above 10%, and such a sustained high growth rate stunned economists around the world at that time, so this period of time was also known as "Japanese speed" in history.

Why is Japan's economy so special? Let's start with a popular statement, and then let's talk about our own opinion. Some people say that there is a very important underlying reason why Japan has been able to maintain rapid growth for 20 years and then collapse rapidly: the consortium system. From 1860 until before World War II, Japan's entire economy was controlled by a number of very large families, who controlled the major lifeblood industries, and these families called zaibatsu. At that time, there were four major chaebols in Japan, so powerful that even the Japanese government had to consult with them if they wanted to get some money. After World War II, under the leadership of the United States, all these chaebols were dismantled, and many assets were owned by the state. But Japan's chaebol culture has been deeply rooted in the bone marrow of the Japanese, and I didn't expect that after a few years, the dismantled chaebols would actually get together again to form a new big consortium.

The six newly formed consortia have dominated Japan's economy for half a century, and these consortia are all centered on a number of large banks, and then horizontally control a series of industrial chains such as electronics, oil, food, and automobiles. Within the consortium, the connection between the companies is very close, including the mutual shareholding between the companies, and the senior executives often hold meetings and socialize together, forming a huge business ecological chain. The consortiums not only span multiple fields horizontally, but also vertically integrate industrial chains, such as most of the manufacturing giants, Nissan, Toyota, etc., are from raw materials to production and sales.

In a consortium, there will even be tens of thousands of companies, which is typical crony capitalism. At a time when Japan's economy was growing rapidly, the system of the consortium economy was very advantageous. Improve efficiency, integrate resources, reduce unnecessary competition, and employees are basically employed for life, so you don't have to think that the job change personnel are very stable. Across a thousand years, the fire in Chibi will burn in Japan in another form, and here is a foreshadowing, which will be explained in detail later. So financial history is like a history of war, and we will do a series of videos on financial history later, remember to pay attention to it.

Speaking of Japan, in the 70s, in 1973 and 1979, 99.7% of Japan's oil was dependent on imports, and oil prices skyrocketed, leading to imported inflation, and consumer demand began to decline rapidly. Although the impact of the oil crisis on Japan was not small, he successfully completed an economic transformation, from the original very extensive production-oriented to technology-oriented. For example, Toyota, at that time, created a Toyota production system called TPS, which greatly improved the production efficiency of the automobile assembly line. Coupled with the oil crisis, oil prices soared, and Japanese cars innovated fuel-saving characteristics, which made Japanese cars greatly favored all over the world. In 1960, Toyota produced only 150,000 vehicles a year, but by 1980, it had soared to 3.3 million units. Other Japanese brands, Sony, Toshiba, Panasonic Toyota, Mitsubishi, ...... All of them became frequent guests in the homes of consumers all over the world at that time.

However, it was during this economic crisis that Japan's GDP growth slowed to 4%. But at that time, the whole world was sluggish, so Japan's 4% was already very good. Just when everything was going well in Japan, the United States began to sit on pins and needles.

In the 70s, the United States first unilaterally announced the decoupling from gold and the Bretton Woods system, and then the two oil crises plunged the United States into high inflation, which was as high as 14% at one point. At the same time, the economy stagnated and fell into a very serious stagflation, when the newly appointed central bank governor of the United States, Paul Walker, made a big swing of his sword and decided very aggressively to raise interest rates to curb inflation. In 1981, the federal interest rate was directly reduced to 20%, and inflation was suppressed, but the side effects were also very obvious. Radical measures have suppressed the U.S. economy and even fallen into recession, while currency appreciation has created a huge stock market bubble. At the same time, due to the appreciation of the dollar, US exports have been severely damaged, and there is a large trade deficit. Even so, Paul Walker was very bold at the time, sacrificing economic growth and foreign trade in the short term to curb inflation. The Fed's hawkish interest rate hike was also considered a textbook crisis management decades later, in exchange for decades of rapid growth in the United States. Think about the fact that the inflation rate in the United States is also very high today, and the Federal Reserve has started the steepest interest rate hike in its 40-year history, will it also trigger a recession in the United States? If the United States economy declines, what impact will it have on China's economy and the global economy?

Having said that, as the dollar soared, Japan's cheap electronics, automobiles, etc., quickly occupied the American market. Japan accounts for one-third of the U.S. trade deficit. The U.S. government was forced to start a trade war with Japan under pressure from labor unions, especially those of automobile companies. The U.S. has directly restricted the number of Japanese cars imported each year, while imposing tariffs of up to 100% on Japanese electronics, but it has not worked. In 2018, Trump reacted to a trade war with Chinese companies, which is one of the reasons why the current round of inflation in the United States has been high.

On September 22, 1985, the United States summoned representatives of Japan, France, Britain, and Germany to the Plaza Hotel in New York, and the five parties reached a famous Plaza Agreement, which jointly sold the dollar and depreciated the dollar to alleviate the trade deficit of the United States. Of course, the United States is mainly targeting Japan and Germany, because its trade deficit with these two countries is too large, and at the same time, it also asks Japan and Germany to appreciate their currencies to help relieve the pressure on the United States. This became an important trigger for a series of problems that Japan encountered in the future. As soon as the agreement was signed, the yen began to soar wildly, and the dollar almost doubled against the yen within one year, from 250 yen per dollar to 130 yen per dollar, which means that the export price of Japanese products doubled instantly, which had a huge impact on Japan's exports.

In the fourth quarter of 1985, Japan fell into recession, the economy declined, the yen continued to appreciate, and inflation was relatively low. Since 1986, the Bank of Japan has cut the benchmark rate from 5% to 2.5% for two consecutive years. Since then, Japan's economy has largely returned to normal, the yen's appreciation against the dollar has eased, and there has been no inflation in the country.

So this wave of operations is actually very successful, but there are also big problems. Low interest rates mean that liquidity is put into the market, and it becomes easier to borrow money, so a large number of loans are generated, and there is more money in the market, and there must be a place to flow more money, but it is nothing more than two places, on the one hand, it flows to the real economy, leading to inflation, and on the other hand, it flows to the capital market, resulting in asset bubbles. In the case of Japan, the latter problem arises, with a large inflow of money into the stock market and the property market. As a result, the average price of commercial housing in Japan tripled from '85 to '91, and the price of a big city like Tokyo was even more outrageous.

In 1988, housing prices in Tokyo's Ginza district reached $220,000 per square meter, and the Japanese stock market quadrupled to 39,000 points. This also created a spectacle at the time, with Japanese companies accounting for 7 of the top 10 most valuable companies in the world. At that time, most Japanese companies would also use their own money to speculate in stocks, and in '89, Nissan made more money from the stock market than he made from selling cars. As soon as the stock rose, Japan took advantage of their world-leading valuation to buy land and companies all over the world. For example, Sony spent 3.4 billion to buy Columbia Pictures Real Estate, and Mitsubishi acquired 14 Rockefeller buildings (19 in total) at Rockefeller Center for $1.373 billion. Rockefeller Center is a "national historical landmark" recognized by the US government, and at that time, various American media hyped up the "Japan threat theory", saying that Japan launched another Pearl Harbor attack with capital weapons. The reason why this deal was able to be completed is summed up in one sentence, on the one hand, there is a real lack of money, and on the other hand, there is real money. At that time, the whole atmosphere in Japan was very fanatical, very extravagant, and full of self-confidence.

It is not only interest rate cuts that have contributed to such a big bubble, but also a very important player, that is, the Japanese consortium.

Japanese people are actually very conservative, working hard to earn those money and honestly deposit in the bank. So Japan has always been a very simple operating mechanism: everyone makes money and deposits it in the bank, and then the bank lends that money to the company, and the Japanese government, if it wants to control the speed of money circulation in the economy, will tell the major banks, whether you will borrow more or less, and what industry to lend. This mechanism is called window guidance, and it has always been very stable, but in the late 70s and early 80s, the market began to slowly change.

Since the 70s, Japan has undergone a series of financial market izations, partly because it is a natural trend. But more importantly, the United States is exerting pressure, and the United States is very dissatisfied with Japan's control of financial markets and exchange rates, and demands that the Japanese government completely liberalize it. After liberalization, another very critical problem emerged: enterprises can raise funds through the issuance of bonds, and the issuance of bonds in the open market is cheaper and less convenient than borrowing from banks, so those large listed companies in Japan have borrowed money from the original banks

Moved to the open market to issue bonds.

From 1985 to 1990, Japanese companies borrowed heavily mainly from bond issuance, rather than bank borrowing. Now the bank is having a hard time, the low interest rate itself is not conducive to the bank to make money, and now no one wants to take out a loan, and it is even less profitable. However, the central bank will also give various banks loan indicators, and banks can only go to the street to arrest individuals and ask if they want to lend, so they will set the loan threshold very low. And don't forget, it was a time when the stock market and the housing market were skyrocketing, so what were you going to do with a low-interest loan? As a result, banks over-lend, credit over-expanded, and everyone borrowed money to speculate in stocks, housing prices and stocks rose even more, and bubbles blew bigger and bigger.

In fact, as early as 1987, when the interest rate had just dropped to 2.5 percent, they began to feel that there would be a bubble risk, and at that time there was an internal discussion on whether to raise interest rates, but according to different sources, there may be three reasons why they have not increased it for a long time. The first is because the United States did not allow it, because in 87, the United States had just recovered its own currency, so he didn't want to continue to depreciate, so he signed a Louvre agreement with Japan and other countries, requiring everyone to control interest rates and not raise interest rates. The second is that in 87, the U.S. stock market crashed by 30%, and Japan was stupid when it saw it, so it didn't dare to raise interest rates. The third is a rumor that Japan's internal Ministry of Finance and the central bank do not deal with each other very well, and there are various internal struggles, so the central bank has been delaying and deliberately not raising interest rates.

Whatever the reason, the fact is that it wasn't until 1989 that the central bank made up its mind to raise interest rates to puncture the bubble, and this time it went straight from 2.5% to 6%, and the liquidity suddenly tightened, and the fastest response was the stock market, and by December '89, the stock market fell wildly, from the original 39,000 points to 17,000 points in two years. Real estate was a little slower, and it lasted for more than a year, and it wasn't until 91 that everyone found that there was no one to take over. The property market in Tokyo, led by Tokyo, began to plummet, and Japan's asset bubble began to burst across the board. Next, there are the lost 30 years of Japan.

But why is this loss 30 years old? The dot-com bubble in the United States and the bubble in China in 2007 are basically alive and kicking again a year or two later. Japan's bubble burst in 90 years, and the bursting of the asset bubble will indeed bankrupt many people, but you can still continue to work, so that the economy can slowly develop, and it can be recovered. But at that time, when someone fell to the ground in Japan, he kicked him hard, and this kick made Japan lie on the ground fiercely, and this lie was 30 years.

This brings us back to the banks in the Nippon Foundation at that time. As mentioned above, during the bubble period, the bank lent blindly, and there were a bunch of houses in their hands as collateral, on the one hand, the people who borrowed money could not pay the money, and the houses also plummeted, so the collateral was not worth much, and there would be a lot of bad debts on the bank's side. The people's life savings are in the bank, so the bank cannot collapse, and the government must save it, which will give the bank low-interest loans to help him tide over the difficulties. On the surface, just looking at Japan's GDP, it was almost relieved in '92 or '93, but in fact, at that time, the bad debts of the banks were increasing, and the consortium and the banks had to support each other, so the banks had to save the consortium after they got the loans. As mentioned earlier, within the consortium, the ties between companies are very close, including mutual shareholdings between companies, and senior executives often hold meetings and socialize together, forming a huge business ecological chain. In a consortium, it will even reach tens of thousands of companies. Do you remember what I said earlier? The fire in Chibi finally ignited again in Japan's financial markets after a thousand years.

Some of the enterprises in the hands of the consortium that should have been eliminated from the last position were stubbornly supported by the consortium and the banks. And the profit margins of banks have been miserable since 95 years, and even fell into negative numbers. The economic vitality was originally due to competition, but there are such zombie companies that are hard to prop up everywhere in the market, and over time, those companies that are doing well are also dragged down, and the overall economy is slowly dragged down, and everyone survives together, so that a large number of industries in Japan completely lose their vitality.

In the midst of this catastrophe, Japanese companies began to sell off overseas assets in order to survive, and this is finally the Rockefeller Building. In July 1996, Mitsubishi's Rockefeller Group sold 14 Rockefeller buildings (19 in total) for emergency relief. And these 14 buildings were resold to the good friends of the third generation of Rockefeller leaders, and the way of heaven is good reincarnation. Japan is really a very interesting country, because the US atomic bombs on Hiroshima and Nagasaki did not teach Japan a lesson, and I wonder if they have understood anything about the nuclear explosion of Japan's finances? Is it true that the United States is as merciful as China? That is some people who almost wiped out the indigenous Indians and engaged in the slave trade.

In 1997, everyone couldn't hold on, even though the Japanese government had just injected a large amount of relief money, Nissan Insurance Company still declared bankruptcy in April '97, becoming the first insurance company in Japan to go bankrupt after World War II. Half a year later, in November 1997, a number of financial companies went bankrupt and closed, and on November 26, a large number of Japanese people lined up in front of many banks to withdraw money, and the banking system faced the risk of a run.

In order to avoid panic among the people, the Japanese Ministry of Finance immediately ordered them to give as much as they wanted, and there was no money for the Ministry of Finance to come out of the way. At that time, the Japanese media was also very interesting, and they all closed their eyes unanimously and did not report the news of the crowd. In this way, a bank run that could have devastated Japan's entire economy was stopped.

At a deeper level, many financial companies in Japan are really unable to hold back because of bad debts, and even if they receive relief money, it will not help. These companies were forced to liquidate or merge with other companies, and the Ministry of Finance and the central bank began to bail out the market aggressively. This time it was the collapse of the real economy, and the financial crisis in Japan broke out in full swing.

After the bubble burst, Japan's stock market continued to fall for another decade, falling from 39,000 to 8,000 by 2003. Japan's unemployment rate is starting to soar, and so is Japan's suicide rate. The six major consortia slowly began to merge due to the impact of the '98 financial crisis and the '08 global financial crisis, and the government also realized the harm of the consortia, so it weakened their rights little by little.

And these huge consortia began to slowly merge in order to protect themselves, forming a larger consortia. But they are far less connected to each other and less influential to the economy than they once were. It is in this economic and social environment that there is a large number of hidden youth in Japan, similar to social withdrawal disorder, who do not want to socialize with anyone and trap themselves at home. It is estimated that there are about 700,000 hidden youths in Japan, and the number of people with autism in Japan today may even exceed 1.5 million.

Japan has fallen into deflation due to insufficient domestic demand and an aging population. Japan's GDP has remained largely unchanged from what it was 30 years ago.

This is the popular saying that Japan's loss is related to the foundation system.

However, we think that Japan actually had a consortium from the beginning. In order to contain the Soviet Union, the United States first dismantled the four major chaebols when it began to carry out head-to-toe reforms in Japan, but a few years later the four major chaebols became the six major conglomerates. But the difference is that the previous four chaebols hindered Japan's economic development and also hindered the strategic intentions of the United States. Later, the six major conglomerates that were rebuilt promoted Japan's economic development and conformed to the strategic intentions of the United States, so it was able to exist. It's just that Japan's strategic role in the United States is only to contain the Soviet Union after all, the collapse of the Soviet Union in 1991, and the outbreak of the Japanese financial crisis in 1900~1992. Japan has never clearly realized that its prosperity is inseparable from the support of the United States, and that as a country without sovereignty, its greatest role for the United States is to contain the Soviet Union. Even if he lost himself in the rapid development step by step, and was so arrogant that he bought the Rockefeller Building, is it not clear that Rockefeller has a position in the minds of Americans? That is the symbol of the American dream. Therefore, under the hype of the American media, coupled with the deteriorating trade deficit in the United States, people's emotions shifted to Japanese brands, and politicians began to attack the "evil" Japan in order to cater to public opinion, and then an anti-Japanese wave swept in, and the anti-Japanese demonstrations with American auto workers as the main force were vigorously launched, and finally evolved into smashing Japanese cars.

Therefore, I think that even if Japan does not have a chaebol, Japan will be arrogant, unable to distinguish its role in the international community, and will not know how to keep its head in obscurity, and sooner or later it will encounter a financial crisis. Japan's growth only caught up with the wave of economic globalization with the support of the United States, and became the world's factory, ushering in a snowball era. But part of all this comes from external forces, which are combined with the weakness of their own financial system and the lack of relevant experience and experience in dealing with economic crises when external forces turn into resistance. Japan's financial market, which lacks foresight and sovereignty, is destined to be in ruins. This example can also refer to the "Lost Decade of Latin America" in the 80s of the 20th century. Attack the army, then attack, then attack, then attack the city. Japan has already lost if it cannot see the essence of its economic take-off in terms of strategy, not to mention that the United States has various means such as diplomatic restrictions and armed intervention. As the so-called cycle of cause and effect, the rise is also the United States, and the decline is also the United States. So it is not surprising that we now see Japan hugging the thighs of the United States.

What is the significance of Japan's painful lessons for our country's economy? I have seen that Chinese economists have summed up several fatal factors in the process of Japan's recession: First, sovereignty is incomplete. That's the most important point, but we don't have it, so we won't say more. Second, a free and open financial market. There is no good or bad market, but there are ranks. Obviously, as an emerging financial market, it has been running naked in a competitive market comparable to a primeval forest from the beginning, and lacks sufficient measures and experience to deal with the crisis, coupled with the fact that there is always a tiger around it, it is not like a pig that is getting fatter and fatter, and the end can be imagined. Third, Japan's own consortium system. Consortium We said before that a consortium even has tens of thousands of companies, with intricate internal relationships and mutual shareholdings, just like iron locks and boats, a fire can burn the bottom down. Fourth, the Soviet Union collapsed and Japan lost its strategic significance in containing the Soviet Union. At that time, China was just getting started, and the United States had no competitors. Therefore, there is no longer any need for the United States to continue to support Japan. Japan is destined to lose a huge boost in its economic take-off, which is one of the reasons why the United States has never intervened in the Japanese economy again in the lost decades. Fifth, after Japan's rapid economic development, it began to get carried away and become blind and arrogant. Sovereignty was incomplete, and the Japanese capitalists dared to buy the Rockefeller Building, causing an anti-Japanese wave among the American people. It has also become the fuse for Japan's economy to turn from prosperity to decline.

Therefore, if we do not look at the global technological changes, the technological innovation of the United States, the rise of China and South Korea, and the incompetence of the Japanese government, it is easy to attribute Japan's lost 30 years to the global economic crisis, the failure of the trade war due to the signing of the Plaza Accord, the excessive opening of Japan's finances, the bursting of Japan's real estate bubble, and the lack of complete sovereignty over Japan.

If it is because Japan does not have complete sovereignty, then South Korea also has American troops stationed. If we say that Japan's loss is due to the Plaza Accord and because of financial openness, then apart from China's A-shares, the global stock market is basically open, and the US stock market and South Korea's financial market are more open. If we attribute it to the economic crisis, does it mean that the global financial crisis is particularly focused on Japan's repeated outbreaks, or that Japan detonated the 2008 financial crisis, and that Japan detonated the bursting of the U.S. Internet bubble?

My point of view is that Japan's lost 30 years have indeed failed to keep up with the two network technology revolutions led by the United States, and at the same time, mobile phones and computers have been surpassed by South Korea's Samsung in consumer electronics, and home appliance manufacturing has been replaced by China. In the later stage of Japan's economic development, bureaucratic monopoly capitalism was formed, the Nippon Foundation. The characteristic of bureaucratic monopoly financial capitalism is that the financial industry allocates resources through power rent-seeking, and laws and regulations are better than the general conditions for the development of bureaucratic monopoly financial capital. In the early stage, bureaucratic monopoly capital will greatly promote economic development, but once it reaches the later stage of monopoly, all the problems of oligopoly capital will appear: curb competition, suppress innovation, corruption, and widen the gap between the rich and the poor. It can even be said that the reason why Japan has been lost for 30 years is essentially that Japan's state monopoly capitalist business model - the Japanese consortium is over-monopolized, and the Japanese prime minister is frequently replaced, but the status of Japan's zaibatsu politics remains unchanged at all. Therefore, the lesson we should learn from Japan's lost 30 years is that it is not the government to stop the process of financial marketization, but to prevent financial monopoly capital from lying on the fruits of 40 years of reform and opening up, sucking the blood of private enterprises for a long time, preventing financial opening, stopping innovation, and preventing the progress of network science and technology!