"Be realistic and truthful - and tell Hong Kong businessmen honestly that they should go for long-term investments since it is unlikely money can be made in the short haul"
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Zhu Rongji’s line lands like a scolding wrapped in policy. The blunt pairing of “realistic and truthful” with “tell Hong Kong businessmen honestly” isn’t just advice; it’s a demand that a market famous for speed and opportunism recalibrate its time horizon to suit Beijing’s needs. Coming from a technocratic premier known for hard-edged economic reform, the sentence reads less like persuasion than like managerial instruction: stop treating the moment as a casino, start treating it as a restructuring.
The subtext is political as much as financial. Hong Kong capital, in the late-1990s and early-2000s shadow of the Asian financial crisis and the post-handover uncertainty, represented both a resource and a risk. Zhu is effectively saying: if you want access, stability, and regulatory predictability, you’ll have to buy into the long game - and accept that the short-term upside may be deliberately throttled. “Unlikely money can be made in the short haul” functions as a preemptive deflation of expectations, a way to undercut speculative bubbles and, just as importantly, defuse future resentment when quick profits don’t materialize.
What makes the rhetoric work is its inversion of the usual courtship between state and capital. He doesn’t flatter investors; he disciplines them. The moral language (“truthful”) masks a strategic bargain: patience becomes a proxy for loyalty, and long-term investment becomes a vote of confidence in the post-1997 order Beijing is trying to consolidate.
The subtext is political as much as financial. Hong Kong capital, in the late-1990s and early-2000s shadow of the Asian financial crisis and the post-handover uncertainty, represented both a resource and a risk. Zhu is effectively saying: if you want access, stability, and regulatory predictability, you’ll have to buy into the long game - and accept that the short-term upside may be deliberately throttled. “Unlikely money can be made in the short haul” functions as a preemptive deflation of expectations, a way to undercut speculative bubbles and, just as importantly, defuse future resentment when quick profits don’t materialize.
What makes the rhetoric work is its inversion of the usual courtship between state and capital. He doesn’t flatter investors; he disciplines them. The moral language (“truthful”) masks a strategic bargain: patience becomes a proxy for loyalty, and long-term investment becomes a vote of confidence in the post-1997 order Beijing is trying to consolidate.
Quote Details
| Topic | Investment |
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