Qian Jun: Bitcoin is not gold and is not the best asset to avoid financial risk.

In times of great change, how can you see the difference and cross the circle? On December 12 and 13, the “2021 Phoenix.com Finance Summit” organized by Phoenix.com and hosted by Phoenix.com Finance was held in Shanghai. The theme of this conference is "Drugs and Cycles" and FAW Hongqi is a good partner. At the conference, 50 guests from national politics, business and education gathered to oversee national and international events, oversee development trade, and discuss the direction of the return of international trade and new avenues. for China's economic development.

Qian Jun, Dean and Professor at Fanhai International School of Finance at Fudan University, talks about the current financial risks and opportunities in the region. Speaking of cryptocurrency, he said that the cryptocurrency represented by Bitcoin is not gold or a valuable asset, and that is not the best bet for avoiding financial risk.

Speaking about the reason, he said that the cost of virtual currency is very unstable and unstable, and there are also many issues with virtual currency such as poor consumption of electricity, the concepts of protection of the environment today. Technically, Qian Jun said that virtual resources are not leaking, and current technology is already at risk of being stolen by hackers.

And why are cryptocurrencies so popular? Qian Jun said there were two reasons. On the one hand, many people invest in cryptocurrencies without paying for simple things. Second, after the virtual currency exchange is completed, it also plays the role of anonymous exchange and asset transfer. It is now understood that half of businesses use virtual resources, and it is not legal for buildings to use them for real estate transactions.

However, Qian Jun believes virtual money should be supported. On the other hand, he said, however, the digital banking system will improve in the future, the demand for anonymous businesses by organizations and individuals will always exist and can be strengthened. As long as there is an anonymous exchange, there will be a demand for crypto assets. Meanwhile, many large international companies have implemented exchange rates to trade bitcoin or virtual currency, or payment institutions have been affected, and the entire industry itself is trading and trading. . .

In the past it was called black box, but now I trade a lot of data is published so in general virtual currency is definitely not gold and not important tools.

Below is a list of quotes.

I'm so happy to have this opportunity to communicate offline because I'm the last person and can't miss lunch. But I want to stay a little quiet. Now talk about finances like going to the garden. Here we will tell you about the risks and options of finance. I want to talk about my products, we use three kinds of animals. views :

First Group: "Niu". This year is not the year of the bull, but still "bull" years. Talk about numbers too, even though teachers have said, I agree. If there is no danger to commercial market in China, the necessary route is very appropriate, there is no known core, and we do not know. In addition to bulls, many of the risk before animals first, "crazy cows". Jhang Yuyan (Jhang Yuyan) must have several types of US market, but now the biggest foam is the world tool. Recently, many people ask for my resources. Can you listen carefully to the young people under 3 years, and the largest business, Bi tercoin cast? Bitcoin transfers are slightly swiftly, and this year, 50% tomorrow, how did you get this product? Recently, virtual assets, including the digital call of encryption, have a new world ". Now, Yuan Yuxi found at home. The coin , a professor, says the instructor, that this is a crazy cow. But now the expansion is very strong, this is the first pet .

"Gray Rhino" means seeing danger. If you're not careful, hurry up to stand. It's a risk. I agree with Lian now. The largest gray rhino in China's economy believes it is a risk to the company's revenue. Another sector is local government. But now, especially with real estate companies and large corporations, real estate and contracts expire as the business grows, and in default files it is important to be careful of the risk of spread after default. Its very important. On the other hand, I also agree that there is no information about the risks as these risks need to be addressed with the help of government, schools and banks at all levels.

The last animal is the "black swan". Black swans are rarely seen. In our economy and our economy, the black swan refers to risks that have not been correctly predicted or measured. This year, the epidemic cannot be considered a black swan, and last year there have been many changes this year. In addition, what we are talking about now is mostly inflation, and how is that happening in each country? It is also very worrying. Here are the details of my statement.

This is a comparison of China and US GDP. It is very good for seeing 9.8% of GDP growth since the first 3Q, but our growth often concerns it is the same as the United States. All funding announced the new information from November 6.2%. Of course, their expectations are 6.7%, and good news is very high but high. What did I say to you? In front 2, the rising itself said it is the Macro issue. The affected treasure is still possible that it should be paid for capital resources, but your role is to come to you. Increase is coming to you. There is no more click on the wages, but it can be serious. In the past three, increase administration is the best time that the management increase. For example, in stock market, the flowers are fast and stock rate is never good effects.

When it comes to inflation in China, one of the hallmarks is that the PPI has increased rapidly this year. The PPI rose to 13.5%. The implications for different companies, upstream companies and downstream companies are very different. If you are doing business, you can think outside the box. Keep in mind that our main markets are A shares, Hong Kong stocks and US stocks. The US economy is still bullish, but there is bad news. If you look at the US stock market, one of the most important is the stock, the big red line is computer stocks from 2016 to Thursday. The most important product in information technology is around 6-8 weeks, and its American name is FAANG, which is a technology company with technological terms. Old urine and valuable information encounter many consumers. For example, the largest company in the world by market capitalization is Apple, with a market capitalization of $ 2.5 trillion. But what is Apple's value for money? In the Chinese A-share market, 40 times, less than 40 times, can not be considered an expensive product, and Apple has been very profitable.

Now, Mr Yuyan has said that the US stock market has a 20% chance for next year, and depending on how it raises interest rates, the result will be over 20%. Also, as long as the stock price of a company like Apple starts to go down, you will go up. In uncertain times, which assets can be managed and increase in value? It is the same product as Apple. Why do you say that? First, the profits were very good and the indicators were not high, Second, there was about $ 350 billion in the Apple account, and when the stock price fell, it is called stock management. market value, where the money can be used to collect the goods. You make money by owning Apple products, finding gold, and buying it back when stock prices fall. It was a bubble, but it was also after the bubble burst.

Hong Kong's commodities markets are also on the red line, undergoing a major overhaul recently. Information technology in the Hong Kong product market is owned by Chinese companies such as Tencent, Xiaomi and Meituan. Recently there have been a few tweaks to a lot of things like national regulations saying if you don't drink a lot of water every day you can't play. So, in fact, the price of large computer products in Hong Kong is now very reasonable. Heritage.

Third, the A-share industry, which has been in the A-share industry for 16 years, is clearly different. The white thread was used because it symbolized alcohol, the alcoholic agent of China. Is the price high? It is very high, you have to drink, it is the main equipment of China A commodity market to date.

The material has become more important in recent years and this is due to the absence of cores. Twice as low, the leverage comparison involves a variety of measures and metrics. The most dangerous period was the first half of 2015, which is now also stable. We are now waiting for that "bull" to come.

In one word, all interested in various activities, dinos, Jewelry and we still know what happened. For large industry of the KAGAG sentence, and for 6 major business people is the first name to name. Think of. The second is to build jewelry. After registering, there are 223 companies. The most unusual jewelry and boards are that the diamond is not the limit of restraint or characteristics. Finally, north-round, this is north-of-exchanging, this is not important to open the northwhening material after a week. There are two waves of the names of the population. There are 7 new sofa, and the income is, along with each other. All IPO cannot be reached because it's in front of our new chair. A rapid value is enough. Top 10 benefits of new items are better. We have to pay for Beijiao, but when we have to pay for Beijiao, I remember it is generous to write new teams. He wants to rely on new products. Company that runs the layers should not be the most important things.

Numbers problem, gray rhino. The blue line in this image is the GDP below. The bar represents financial relationships. All the people involved in the industry in China join the new financial system for a year, the bar begins to rise every year, and their financial importance is a "debt" loan. Justice and equity increase little, why should we pay attention to debt? The first is slow growth and the second is the annual increase in new spending. The most important of these new expenses is the bank loan. 60% of community finances are bank loans, the second is new contracts. If you need assistance on 08, 09, 19 and 20, a new credit will be added. So don't be afraid of spending while growing, but be careful because spending increases when growth is slow.

I have to say that the real business is the most important part of the business, and the housing is the hardest part.

Most of the companies that have lost business in the past few years are private companies, but from last year until the first half of this year, mid-size companies have also started doing business. Last year and this year are illegal. What are the characteristics? I have a very high score a month ago I was 3 A What does that mean? A good student fell asleep and failed the exam before passing it, which indicates that the credit system of China's credit system is in serious trouble.

Here is a picture of a real estate company in Hong Kong, and as you all know domestic and foreign real estate companies pay for it. In the past four months, Fed Chairman Powell has spoken to Chinese companies three times at a press conference, as many people have asked questions. People asked him if the company's affairs would affect China's finances. Will this affect the business of Hong Kong? Will this affect the US global economy? The English name of this company is Ever grent. This indicates that his group has not been registered. However, there are directories in Hong Kong primarily engaged in real estate. Almost gone. The new Yellow Line is another private company listed on the Group, an unlisted real estate company whose four-year-old firm has been listed on the Shanghai Stock Exchange. Let's look at the difference in contract price at the time of donation, the value of the yellow line is 100, that is, the competitive price is 100., the lender will pay almost everything. Returns the face value.

What has happened recently? to dive. The last yellow line is not a normal affair. what is the truth? Since the estimated market value of the contract with a face value of 100 is RMB 29, the market should expect that it will not be possible for borrowers to recover the full price after the contract is terminated. This is our risk. speak now. How will he be judged? In fact, I'm only saying that you shouldn't take risks, but in addition to looking at real estate companies, you also have to look at the banks that lend to real estate companies. In other words, if the business goes bankrupt, the problem is not that bad, but when the loans start to get problematic, the problem gets worse.

So, can we thank for this? China is still a market for financial fraud, and the most important part of the economy is the economy. It can be seen that these risks exist in two very important ways. One is loan concentration, that is, the concentration of spending. It should be noted if the real estate company has a combination of certain debt companies. The second concentration of bank loans for housing companies, two concentrations are not common in the country, in particular, our main bank is also stable, banks are also stable. , so there is no trading company, this risk is spread. financial system.

As an industry, what should it be worried about? In fact, this is the most important and important work at this stage, the real estate market is not good now, if you want to sell your assets in cash, the sale price very low, negatively impacted and difficult. This is called a renewal agreement, and for renewal, a change in municipal government would be required. You can adapt your liabilities to medium and long term assets after or after the renewal period. In particular, our governance, including what President Lee said at the press conference, is that only real estate companies are a personal matter, and we must believe that risks will be addressed with the help of central banks and local governments.

The final picture is a yellow rose that is the structure of Bitcoin. Now what do you say this saying Bitcoin says Bitcoin is a hot new gold? If you are not sure, the increase is the asset of the risk of inflation. In these cases, in this situation, the temperature is not the best asset to avoid risking risk. The best asset is a stock that recently said. Measurement is not high. Cash is very strong. And it will be worth the business. Some products are the best assets of the best price. Why can't I use bitcoins as protection? You are unstable, unstoppable, and still many problems with the protection, it is an environment. There is a little coins of technology, not rivers and have a veterinarian strike. Why is the price to make it high because there is a lot of problems on the presentation? There are two reasons. Many people do not need to worry about his / her levels. There are many writings in the course of small coins to be responsible. There is anonymous business and load. What is allowed now? Bitcoin-related industry and the final food is associated with illegal activity. The employer is based on illegal activities that are important to replace the treasure using this. How can this product be used?

You should know that besides Bitcoin, many securities are called crypto assets because the asset class is not yet negligible. First, no matter how much the digital banking company improves in the future, the demand for anonymous businesses and individuals will always exist and can be increased. As long as there is an anonymous exchange, there will be a demand for crypto assets, which I think is important. Why should we pay attention to the second? This form of trading itself is also volatile and volatile, as many large international companies have set up Bitcoin exchanges, or payment institutions have been affected. It's called a black box, and while I was doing the exchange, a lot of information leaked out. So in general, Bitcoin is not gold at all.

I will stop. Thank you all.