Thirty Years of Turbulence - Chinese Enterprises

作者：admin  点击次数：5  发布时间：2026-04-30

Fei Xiaotong traveled to Wenzhou, where he was the Vice Chairman of the National Committee of the Chinese People's Political Consultative Conference at the time. Naturally, he was surrounded by local officials and saw only superficial phenomena of prosperity. In fact, while he was walking in Wenzhou, an underground financial game called "Lift Club" was crazily performing on this land activated by money.

'Lift up' is a term used in southern Zhejiang to refer to private financing activities. In the early 1980s, private enterprises in Wenzhou were already very developed, and the demand for finance was urgent. In September 1984, Fang Peilin, who worked as a mailroom worker in a state-owned hospital, opened the first private bank in New China, "Fangxing Bank," in Qianku Town, Cangnan. According to Fang Peilin's later recollection, in order to find policy basis, he searched through central documents and found a sentence in the No. 84 document of the Communist Party of China Central Committee at that time: "Encourage farmers to raise funds to establish various undertakings, especially development oriented undertakings..." Fang naturally believed that "if fundraising is legal, then private individuals can also receive interest with the same nature as dividends