Thirty Years of Turbulence - Chinese Enterprises

作者：admin  点击次数：3  发布时间：2026-03-09

However, at the beginning, foreign investment did not seem to go smoothly. Newsweek cited two examples of failed investments in Hong Kong: "Two Beijing based companies - Bank of China and China Resources Corporation - spent $22.8 million to purchase 34.8% of Conic's shares. Afterwards, the Chinese side dispatched officials to the board of directors. A few months later, Conic's stock was suspended because the company's chairman sold all of his $10 million worth of stock to the Chinese side and borrowed $27.8 million from Conic under his personal control. Another thing is that a Chinese company initially announced the purchase of 8 under construction apartment buildings for $120 million, but later announced its abandonment. This behavior led to a decline in the stock market and the company lost its credibility. ”

These news may not be fresh to read many years later, but around 1985, the world still observed the efforts of a socialist country that had been closed off for a long time to participate in the international capital game, although these efforts seemed a bit clumsy.

Almost at the same time as the Hainan automobile case was named and stopped by the central government, another major economic event erupted in China, the Jinjiang counterfeit drug case in Fujian Province adjacent to Guangdong, which directly led to the downfall of Provincial Party Secretary Xiang Nan.