Chapter 542 A Moment of Greed: A Magnificent Adventure
Zhang Rujing sighed deeply: "Boss Wang, you really know how to save money."
He was known for his frugality. He could manage three meals a day with just a bowl of rice and a plate of vegetables, and he only flew economy class. He would never spend a penny on something that cost only a penny.
Even when the chip factory was laying its first foundation pile—a proper groundbreaking ceremony—he simply set off a string of firecrackers.
But he still felt that he was inferior to Boss Wang.
After all, he never cut corners on employee expenses, no matter what.
Boss Wang makes people figure out how to attract business themselves, and then still expects them to share profits with the website. He's truly a genius.
Jiang Shangzhou couldn't help but laugh: "How did you come up with that idea?"
Wang Xiao looked completely innocent: "It wasn't my idea; it was the college students who came up with it themselves."
Zhang Rujing and Jiang Shangzhou were both surprised: "They came up with this themselves? Where are these college students from?"
Both of them instinctively felt that the students were foreign. It wasn't that they looked down on their own people, but rather that China's information technology development was indeed lagging behind.
Wang Xiao laughed and said, "They were college students from Shanghai. They went to internet cafes to ask for sponsorship, but the owners weren't interested. They said the internet cafes were right next to the school, and all the students came to use the internet there, so they didn't need to advertise. Then they tried to persuade the internet cafe owners. The owners said they weren't interested in hanging banners on campus unless they advertised on TV. But advertising on TV was too expensive, and they were only willing to give 500 yuan in sponsorship."
The assistant, listening to the boss's storytelling, couldn't help but laugh.
The owner, however, remained serious: "What can you do with 500 yuan? At most, you can order a song on the local TV station. But the internet cafe owner has high standards; he looks down on local TV stations and wants a bigger impact. He pointed to the computer screen and said, 'If we can't advertise on Shanghai TV, at least we should print the internet cafe's name on Sina.com.'"
That's really wishful thinking.
Last year, Sina.com won an advertising contract from IBM, and the $300,000 advertising fee shocked the industry. At the time, many news media reported on it, considering it a groundbreaking feat.
You're trying to do something worth 3 million with only 500 yuan. Even though internet cafes are shady, it's still broad daylight. Can you please stop dreaming?
If it were anyone else, they would probably have realized by now that the boss was messing with them and wouldn't bother with him anymore.
But college students are never ordinary people.
If I can't access Sina.com, can I try another website?
They set their sights on the I network.
The reason I chose INet is because college students are familiar with it. Plus, INet is full of college students, which gives me a strange sense of belonging.
Then they sent an email to INet's public email address, which was seen again, and that's how the current ad space came about.
Zhang Rujing couldn't help but admire: "Young people are indeed sharp."
Wang Xiao got up with a smile and went to the office next door to turn on her computer with great interest.
When they arrived next door, they discovered that there was a small air conditioner installed in the office.
Tsk! Zhang Bo is really Zhang Bo, so stingy, he didn't even bring them in.
Zhang Rujing repeatedly cupped his hands in greeting: "It's only May, there's no need to turn on the air conditioning, the computer can handle it."
So this air conditioner isn't installed for people, but for computers?
They're really not just stingy, they're incredibly stingy.
In the early 2000s, when people on construction sites in Shanghai wanted to access the internet, there was no Wi-Fi or broadband; they could only rely on dial-up connections, which were extremely slow.
Wang Xiao waited for a long time before opening the I-Net interface, and then gestured to the curious Jiang Shangzhou to look: "Each college in each university has its own advertising space. When the Student Union gets sponsorship, it will show the advertising design to the sponsor and upload it after obtaining their consent."
Jiang Shangzhou found it increasingly interesting: "How is the cost of these advertising spaces calculated? Are they all the same?"
Wang Xiao shook his head: "It's different. The more famous the university, the more expensive its advertising space. On the one hand, famous universities are generally concentrated in relatively developed economic regions, even in the Northwest, they are basically provincial capitals. On the other hand, the more famous the university, the more people are willing to click to see it. In addition to looking at their own school, users will also look at schools that they are interested in, so the traffic is large."
Zhang Rujing asked curiously, "Won't some people have objections? They feel it's unfair, dividing schools into different tiers."
Wang Xiao laughed: "Universities have been divided up for a long time. There are rankings, there's the Ivy League. How much is their own advertising space worth? They decide that by their own vote."
Jiang Shangzhou pointed to a corner with the words "Hall of Fame" on it and asked, "What's this?"
Wang Xiao glanced at it: "It's a voting ranking for advertising works. It's divided into monthly, quarterly, semi-annual, and annual rankings, as well as city, regional, and national rankings. It puts these advertising works together and lets users vote to select the best in a certain period or region. It's currently in the experimental stage, and we plan to add language regions and even a global ranking later."
Jiang Shangzhou's eyes widened: "A competition you guys organized online?"
Wang Xiao nodded: "Users can send them little red flowers, and whoever gets the most flowers wins."
As for where the flowers came from? They came from logging in and checking in.
"Winners will receive rewards, including a featured ad on the homepage for their winning entry, as well as a cash prize for the creator."
Zhang Rujing asked with concern, "How much?"
"It varies from country to country, with different standards set based on GDP per capita. In mainland China, it's between 500 and 3,000 yuan, while in the United States it's between 500 and 3,000 US dollars."
Zhang Rujing looked at her suspiciously and joked, "You didn't sell those flowers, did you?"
Given Mr. Wang's personality, he felt it was very likely.
Wang Xiao immediately widened his eyes: "How could we sell it? If we sell it, we'll lose credibility, and how can we select good works? These college students worked so hard to bring us clients, and they even shared half of the sponsorship fees with us. After all that, are we not even going to give them the recognition they deserve?"
Jiang Shangzhou laughed from the side, immediately seeing through it: "You can take this opportunity to recruit new users. Anyone who wants more people to vote can bring in new users."
Although Zhang Rujing works in the chip industry, he also understands the internet market. These days, every platform is trying to increase its user base, and traffic is their biggest asset.
After realizing this, he really didn't know what to say.
So, the user acquisition work is done by the users themselves, without having to pay extra.
Wang Xiao laughed and said, "It's more lively with more people. Besides, we also hope that our works can get more support, so that if creators want to go into advertising and marketing in the future, they can put their works on their resumes. Look, even my simplest advertising work in school has received so much support."
Jiang Shangzhou was overjoyed: "You've really achieved a win-win situation. Indeed, there's always a way to overcome difficulties."
Wang Xiao sighed with a smile: "This is the only way we can do it. Website maintenance costs money, and so many people are waiting for their salaries. We have to find ways to increase revenue and reduce expenditure. But we can't expect college students to spend money on the website."
Times have changed. The core values of the internet in the millennium were freedom and free access.
Zhang Rujing sighed, "This is indeed a big problem."
To put it bluntly, the dot-com bubble burst because people were unwilling to pay for website services. Everyone thought websites should be free, but what aspect of maintenance doesn't cost money?
When they can raise funds, they can offer services for free, burning through cash. Once the money runs out, the website has no choice but to shut down.
Wang Xiao laughed: "Actually, we can't entirely blame everyone, because everyone has already paid for internet access, and internet fees are expensive to begin with."
In mainland China today, people either go to internet cafes or use their own computers at home to access the internet.
Going to an internet cafe costs at least 5 yuan per hour, and 30 yuan for an overnight stay. Given the current national income level, that's not a small amount. Many students only have two or three hundred yuan a month for living expenses.
While relatively inexpensive internet cards were indeed introduced this year, you need a computer to access the internet. How many students bring their computers to university these days?
People pay 5 yuan per hour to use the internet at internet cafes, subconsciously thinking that they have already paid money and are not willing to pay another one.
Jiang Shangzhou listened and nodded, "That's the only way we can do it."
Wang Xiao laughed beside him.
What she appreciates most about I-net advertising is that it cleverly reduces college students' impatience with online ads.
Did she not know she could make money by advertising on her website? The people who built the website knew it from the beginning.
The problem is that what students like most about the internet is its relative purity. Because of the characteristics of its user group, it has a distinctly academic character.
If you throw an ad in at this point, wow! The stench of money immediately wafts out, and nobody likes it anymore.
Student clubs can solicit advertisements themselves, and then the website provides a platform for them, so the website plays the role of a helper, similar to Cinderella's fairy godmother—see, everyone has double standards, and college students are no exception.
It is precisely because of this that Internet has found a delicate balance between commercialism and purity.
Jiang Shangzhou continued to praise, "Boss Wang, as expected, a strong general has no weak soldiers. No, you're a marshal now, and the generals you've trained are all great generals. No wonder you're so happy."
Wang Xiao laughed and sighed at the same time: "I have no choice but to find amusement for myself. The market is like this now, and the bursting of the bubble is inevitable. Apart from broadening my perspective and looking at it from a historical and global point of view to minimize the impact of the bubble bursting, all I can do is magnify the local situation and find good points to comfort myself."
Honestly, she didn't want the website's market value to plummet either.
But given the current environment, what could she do? Of course, she had to try to find the best opportunities.
If there are so many advantages, then the disadvantages can be ignored.
Jiang Shangzhou felt he couldn't find a good reason to comfort Boss Wang. What real money had been lost was nothing; what good would a few light words do?
Fortunately, Mr. Wang's nose was quite sensitive. He smelled the aroma of food outside and immediately became excited: "You've stir-fried chili peppers, haven't you? You've definitely stir-fried chili peppers, and there's pork crackling too. I can smell the pork crackling."
Then she turned to look at Zhang Rujing, full of expectation, "Zhang Bo, can I have a meal here today?"
The site manager happened to be looking for Zhang Rujing and was shocked when he heard the noise.
Are you kidding me? The big boss is eating at a construction site? He didn't even give us a heads-up, we weren't prepared at all.
Shouldn't you go to a restaurant? Especially since a leader is coming today. As the boss, you should invite the leader to a restaurant.
Wang Xiao only then remembered that they had guests today, so she quickly changed her words and said, "I was just kidding. Let's go, let's go, it's time to eat. Let's go out to eat."
Zhang Rujing had already taken a step when Jiang Shangzhou shook his head: "No need to trouble yourself, let's just eat here. It smells pretty good too."
Wang Xiao insisted, "That won't do. You should still be avoiding certain foods, right? You have to eat high-protein foods to replenish your body."
Jiang Shangzhou was both amused and exasperated: "I've had this surgery done for so long already! The incision has long since healed, why would I need to repair it?"
Wang Xiao almost blurted out, "Of course, you should eat pig lungs, because it's a case of 'like cures like'!"
She put it in her mouth, but swallowed it down.
The site manager was quick-witted and immediately told the head chef to cook two stir-fries.
However, Jiang Shangzhou insisted, "Alright, don't bother anymore. I've finished eating, and I should go back now. Seeing that everything is fine at the construction site, I'm relieved."
So, the last dishes served, besides the three dishes for the workers—braised pork with tofu, stir-fried cabbage stalks with chili peppers, braised pork skin, and braised pork cracklings with cabbage leaves—were just a plate of stir-fried water spinach and a chicken feather vegetable and egg soup.
The site manager said nervously, "I'm so sorry, we weren't prepared at all."
Jiang Shangzhou had already picked up his chopsticks and praised, "Isn't this great? Four dishes and a soup!"
Looking at the three meat dishes, he praised Wang Xiao, "Boss Wang, I've noticed that the food at your construction site is quite good."
The factory built here belongs to Wuzhou's own company.
There were three meat dishes for lunch, all with meat in them—although the meat was obviously made by frying fat to make oil, which was then used to cook other dishes. The pork cracklings were stir-fried with cabbage leaves, the pork skin was used to braise cabbage stalks, and the remaining lean meat was used to braise tofu.
But this is not easy either.
Go to other construction sites and you'll see that most of them boil vegetables in plain water, then pour a spoonful of oil on top at the end so that the soup looks like it has oil droplets.
Wang Xiao laughed and said, "I don't understand. My only requirement for them is that they must have meat and eggs every day. As for the specifics, I don't care."
For people who do heavy physical labor, meat is the most practical food, and eggs are also nutritious and easy to cook.
Jiang Shangzhou sighed: "It's very difficult to do that."
The site manager chuckled beside him, "Those multi-layered subcontracting schemes are indeed difficult to deal with. In the end, the foreman who brings the workers to do the work can't even make much money himself, so how can he possibly ensure the workers eat well? It will definitely be deducted from their food allowance. We're one of our own people, so it's easy for us."
Jiang Shangzhou humbly asked, "Do you always have this many people? With so many people, how do you arrange things?"
Everyone knows the risks of multiple layers of subcontracting: shoddy construction.
In recent years, a series of accidents have occurred, including the collapse of the 240-meter-long cantilevered pedestrian walkway on the Huxi Bridge in Liuzhou, Guangxi; the collapse of the Jiaojiawan Bridge in Badong, Hubei, while it was still under construction; the sudden collapse of the Jizhong Bridge in Xuzhou the day before its scheduled ribbon-cutting ceremony; and the complete collapse of the Rainbow Bridge in Qijiang, Chongqing, after only three years of construction.
Countless civilians were killed or injured.
Although the final investigation results showed that the factors were very complex, such as insufficient design experience, inadequate qualifications of construction teams, and lack of management and supervision mechanisms.
But everyone knows the problem lies in the layers of subcontracting. The people who do the work at the later stages of the subcontracting are neither qualified nor make any money, so the materials used will inevitably be substandard, and the supervisors will definitely have to pull strings.
But if the primary contractor does it themselves, there's the problem of how they could possibly support so many people who become permanent employees.
Because there aren't always big projects, but even if regular employees don't have work, you still have to pay them their salaries.
Wang Xiao smiled but remained silent.
The site manager explained, "Actually, we don't have many permanent workers. Many of them are hired temporarily. It's just that the company brings people directly from the village, without them going through any other intermediaries."
Jiang Shangzhou became increasingly curious: "How do you bring people here? Can you just go to the village and recruit people?"
The site manager nodded: "Our company has built houses in rural areas of Liangjiang Province before, and we have connections with local bricklayers. When we need people, we just call them and they come over on their own."
He laughed and said, "The national policies are good now. It's cheap to install telephones in rural areas, and it's convenient for them to make calls."
Jiang Shangzhou pressed further: "So, in other words, they're essentially your temporary workers?"
The person in charge nodded and then emphasized, "However, the wages and benefits are the same when we work. It's just that we don't usually need this many people."
Jiang Shangzhou became more and more interested as he listened: "In their situation, is there any insurance or anything like that?"
Honestly, that's asking too much.
Because in the year 2000, not all urban residents had pension and medical insurance, especially during the mass layoffs.
And what about rural areas?
The site manager was stumped by the question; he genuinely wasn't entirely sure.
Wang Xiao answered again: "There's only old-age insurance. Currently, in rural areas, including Liangjiang Province, there's only old-age insurance. Rural cooperative medical care has long been defunct. Farmers have to pay for all their medical care out of pocket, and the government doesn't have any corresponding policies to support it. This year, at the CPPCC meeting in Jiangdong Province, we submitted a proposal on this issue, asking if we could pilot the implementation of both rural old-age insurance and medical insurance in Jiangdong. Liangjiang Province still has an advantage in this area because township enterprises are relatively developed, farmers have more disposable income, and their willingness to pay is higher, so enterprises and the government each contribute a portion of the subsidies."
She laughed and said, "Now we don't expect it to be comparable to urban residents' medical insurance. At least half of the costs will be reimbursed, which will be a much smaller burden for rural families."
Jiang Shangzhou only then remembered that she was also a member of the CPPCC of Jiangdong Province.
Ultimately, their levels of understanding are different.
He nodded and said, "This is something that really needs to be addressed. Otherwise, it just doesn't make sense that so many farmers in our country don't even have basic social security."
Everyone ate and talked at the same time.
Jiang Shangzhou tried all the dishes except for the spicy ones, and even drank a bowl of soup before wiping his mouth, getting up to leave: "Thank you for your hospitality. I won't bother you any longer, I should go now. Actually, the main reason I came here today is to share some good news with you. The government has approved it, and the project is now legal."
Yes, although the 12-inch chip factory project started in March, it actually only has a temporary construction permit issued by the Shanghai Municipal Government to date.
It was thanks to the permit that Director Jiang secured that construction was able to begin.
A month after the first pile was driven in, the Ministry of Information Industry finally approved the project in principle.
However, the Ministry of Information Industry's approval in principle doesn't mean anything; the National Development and Reform Commission is also involved.
Then the project got stuck at the National Development and Reform Commission. As is customary, it's not surprising that such projects take about six months to get approved.
Even though Jiang Shangzhou went to the National Development and Reform Commission to urge them, it was no use.
There are so many projects waiting for approval, and which one isn't urgent?
"Finally, it was Premier Hong who personally gave the instructions, saying that our piles were almost finished and we shouldn't wait any longer, just approve it directly."
Wang Xiao chuckled and kept thanking him, "Thank you for your hard work, thank you for your hard work, leader, thank you for your hard work. Back in Jinning and Xiaozhou, the time it took to get approval was much longer than this."
In fact, at that time, it was a case of taking the train first and then buying the ticket later.
If any central ministry takes it seriously and refuses to approve the project, the factory will simply be left abandoned and abandoned even after it's built.
I was really bold back then, but thankfully it turned out well in the end.
Jiang Shangzhou waved his hand repeatedly: "You're too kind, you're too kind. I wasn't much of a help."
He even suspected that Premier Hong was acting out of consideration for Wang Xiao, or more specifically, because of Mr. Ivanov. (Note ①)
Regardless of the reason, the fact that the central government approved it sooner puts everyone's minds at ease.
Zhang Rujing said earnestly, "Your presence here is a pillar of strength for us and for China's semiconductor industry."
The site manager almost choked on his own spittle. Good heavens! Who would have thought that Dr. Zhang's flattery was so subtle and effective?
He is indeed a skilled manager.
Anyway, the leader left with a smile on his face.
Wang Xiao saw the person into the car, and Jiang Shangzhou even rolled down the car window to thank Wang Xiao: "Boss Wang, I've been wanting to thank you. If you hadn't made me get a medical check-up, I don't know when we would have found out."
Although he said lung cancer was just a bad cold, early detection and treatment increase the chances of survival, which is a good thing, right?
If it's discovered late, after surgery, chemotherapy will be necessary, which will affect the body and cause significant disruption to work.
Wang Xiao smiled and said, "You're too kind. If you really want to thank me, you must get some rest. Health is the foundation of everything. Doesn't Tsinghua University encourage everyone to strive to work healthily for the motherland for at least fifty years? You can't go against your alma mater's teachings."
Jiang Shangzhou laughed out loud: "Yes, yes, it's still a long way from 50 years of work, so we really can't retire too early."
After the car drove away, Mr. Wang stood there in a daze again.
Zhang Rujing was now quite familiar with her and had long since gotten used to her occasional lapses in concentration, so he ignored her and went back to work.
Don't assume that just because the foundation piles haven't been driven in, there's nothing to keep an eye on at the construction site.
In fact, building a chip factory is a complex undertaking. He has to mentor his apprentices step by step. When building a second or third factory, he doesn't need to oversee it alone anymore; they can even be built simultaneously.
He has a dream of a chip empire, and he doesn't want to just stand here doing nothing.
Mr. Wang looked at the sky for a while, then at the ground, and then stared at the big willow tree. Suddenly, he blurted out, "Are there silkworm pupae now?"
Suddenly I have a craving for silkworm pupae. There's no other reason; I just want something exciting.
The assistant shook his head: "It doesn't seem to be the right season yet."
Anyway, no one heard the cicadas chirping.
Wang Xiao could only smack his lips regretfully: "Okay."
So what should we eat tonight?
When night fell, she had her answer. She ran to Shouning Road and devoured a bowl of spicy crayfish.
Not only did the assistant shock him, but Xiao Gao and Xiao Zhao were also stunned. Goodness gracious, the boss really has a big appetite.
Wang Xiao, whose mouth was burning with hunger, downed two more bottles of salt soda before he felt satisfied.
The bodyguards and assistants didn't dare to chime in unnecessarily, because they couldn't tell whether their boss was genuinely happy or not.
Don't be fooled by the boss's eloquent analysis of the financial crisis and his repeated emphasis on it being a once-in-a-lifetime opportunity.
Sometimes, the more people emphasize something, the less likely it is to be true.
I didn't even notice the boss wasn't worried about whether his face would be swollen tomorrow, and he opened a third bottle of soda.
It turns out that eating so much spicy crayfish at night is really bad. Because you'll get thirsty, you'll keep drinking water, and then you'll have to go to the toilet.
No matter how rich a person is, they still have to rely on themselves for everything, from food and drink to basic necessities.
She finally managed to fall asleep just before dawn, and when she woke up, it was already noon.
As the assistant watched his boss leave for lunch, he immediately beamed and announced some good news: "The stock price went up, and it wasn't just us. Yesterday, the Nasdaq closed at 3816.75 points."
He guessed that the boss actually didn't want the stock market to crash.
Wang Xiao raised an eyebrow and suddenly understood where her unease came from.
So she didn't bother eating, turned around and went back to her room, and immediately called Zhou Liang: "Buy it all, buy it all right now."
Zhou Liang was taken aback.
After the US stock market crisis two years ago, he was mainly responsible for the website's listing, and later focused on developing online payment tools, never again taking on the role of a financial trader.
Moreover, two years ago, neither Ibuy nor Inet were listed on the stock market. Even when the US stock market plummeted, they remained unaffected, and all their actions were purely investment-related.
If the Nasdaq falls, the website's stock price will fall too; no one can escape it.
Besides, we're all in the same boat, and it seems unethical to be bearish on the entire market at this time.
So he took a deep breath before asking to confirm, "Shortcut?"
He also knew about the Nasdaq's rebound yesterday.
Wang Xiao replied without hesitation: "Yes! Buy short. The Nasdaq will fall further, and the Federal Reserve will likely raise interest rates again to curb inflation."
Without a doubt, raising interest rates at this time would be bad news for all stock market investors, and both the Nasdaq and Dow Jones would suffer a severe blow.
However, Dow Jones Industrial Average mainly consists of established, traditional companies, so the impact should be less severe.
Tech stocks that are more abstract and focused on storytelling are less reassuring and are bound to suffer heavy blows.
Zhou Liang only needed his boss to give clear instructions: "Which stock should we short?"
It's definitely inappropriate to be bearish on the entire market directly. Although he could complete this process through roundabout channels.
But one should always be prepared for the unexpected; there are no absolute secrets in the world.
As the owner of a Nasdaq-listed company and a well-known internet queen, betraying her own company's market would directly lead to a crisis of trust if exposed.
Wang Xiao was certainly aware of the risks involved, and understood that Guangwei Zheng's approach was to try every means to save the market.
The problem is that in such a large-scale crisis, shouldn't it be the government and regulatory agencies that should be responsible for rescuing the market and introducing macroeconomic policies to stabilize the market and repair the economy?
For practitioners, self-help is key.
Since the mud and rocks are all falling and the capsizing of the boat is inevitable, we must try our best to protect our own interests.
How to protect it? Of course, by making more money.
Without money, nothing else matters.
Without hesitation, Wang Xiao said, "You make the arrangements. Invest in whatever you think is suitable. It's all going to fall anyway."
After hanging up the phone, she felt the tightness in her chest finally dissipate, replaced by excitement.
Yes, the exhilaration of adventure.
Why was she so hesitant? She clearly predicted the stock market would fall back in January. She should have taken the initiative and profited from the market's mispricing.
The most terrifying thing is never a crisis, but complacency.
When the market is fearful, that's when she should be greedy.
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Note ①: This point is not a forced reference to Ivanov, but rather that the world in the novel differs from actual history.
In reality, the bombing of the Chinese Embassy in Yugoslavia did occur. Prior to this, China's semiconductor industry had fallen significantly behind due to missteps in technology imports and market shocks. The bombing incident made the entire society acutely aware of the importance of independent control over core technologies and national security. Against this backdrop, the government and the public significantly increased their focus on and willingness to invest in independent scientific and technological research and development. In 2000, China's R&D expenditure as a percentage of GDP reached 1.00% for the first time. Simultaneously, the "Document No. 18," issued in 2000 to support the semiconductor industry, was implemented precisely in this atmosphere of prioritizing independent technology, attracting substantial investment and a return of overseas talent.
However, in the novel, due to a series of domino effects, the United States did not actually intervene in the Kosovo crisis, and naturally, there was no bombing of the US embassy in Yugoslavia.
Therefore, without that overwhelming sense of national humiliation, the semiconductor industry was being promoted as a normal high-tech project. Jiang Shangzhou suspected that the Premier had paid special attention to the project's progress out of consideration for foreign dignitaries, allowing it to receive approval ahead of schedule, which wasn't surprising.
In reality, SMIC drove its first foundation pile on August 1, 2000, and received in-principle approval from the Ministry of Information on September 1. However, the project stalled at the National Development and Reform Commission (NDRC). On October 25, at a State Council meeting, Premier Zhu Rongji said, "I heard they've already driven their piles, what's the point of further approval? Approved!" And just like that, the central government's directive was granted.
Later, due to WTO rules, the core support policy of VAT refund for integrated circuits in the original "Document No. 18" was required to be adjusted due to a complaint from the United States, and the "immediate refund upon collection" provision was officially cancelled in 2005.
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