In the ninth floor library, Chai Jun, the head of the project management department, sat alone in front of the desk in the corner, with two large thick books in front of him, and other spaces on the table were also filled with auxiliary materials and draft paper.

Seeing the new executive vice mayor and executive deputy secretary-general suddenly come in, Chai Jun stood up nervously, not knowing what to say.

Open the titles of two books: pile foundation engineering and geotechnical testing; basic principles of soft soil consolidation and settlement control

"What professional theories are all about doctoral courses, right?" Bai Yu smiled kindly, sat side by side with Chai Jun, and asked while looking at the draft paper page by page.

Chai Jun said: "It is mainly practical application, and it can be used in urban construction projects. Although two or three parameters do not hinder the overall situation, it has a certain impact on project cost, construction period forecast, construction difficulty, etc.."

Bai Yu suddenly pointed at Pu Yingying: "President Pu complained, why is it impossible to add items in one size fits all? How can we absolutely avoid adding items when doing projects?"

If you change to an ordinary girl, you will definitely say, "Oh, I didn't complain" and "I firmly obey Section Chief Chai's request." Pu Yingying was half an official, standing on the other side of the desk and smiling without saying a word.

Chai Jun said formally: "Reporting to Mayor Bai, the provisions on not allowing for additional items are essentially counter-resistance. In the past few years, due to various reasons, urban construction projects were seriously increased and decreased at will while construction. Individual projects even had the cost of additional items exceeding the project budget, which caused trouble to the final accounts and audits of the project, and invisibly increased the financial burden. Therefore, with the acquiesce of the bureau leaders, I will not allow additional items to be added in one size fits. In this way, if someone urges to change this and that, first of all, the construction unit must strive to argue and will not agree easily unless the city leaders agree to sign the additional report."

"Comrade Chai Jun is responsible for the reasonable reversal boycott regulations," Bai Yu expressed his approval and asked, "Since there are regulations, what's going on with the several additional items submitted by President Pu?"

Pu Yingying said troubled: "When Mayor Shao inspected the construction site half a month ago, he asked for a change and agreed to sign it. Who knows... where are you asking me to sign now?"

Chai Jun shook his head and said, "No, no, if something happens, you will put the blame on the dead... Sorry, I'm talking straightforward."

"When Mayor Shao gave his instructions, there were several city leaders at the scene, and I can ask them to testify." Pu Yingying said.

Chai Jun still shook his head.

Unexpectedly, Bai Yu's ** point is not adding items, but-

"Secretary Chai's handwriting is well written. He usually writes various reporting materials. Who will write the speeches of the leader on the line?"

"Do it yourself, even though it is not very well written, it is all plain language," Chai Jun said mockingly, "Anyway, the leader has a secretary to polish it."

"What do you think about the default crisis of 18 billion municipal bonds facing CIBs?" Bai Yu asked.

Chai Jun seemed confident and pondered for a moment and said calmly:

"At present, the rumors on the market that sell assets and corporate joint guarantee methods may only stop bleeding. We must fundamentally solve the problem. I believe that the short-term transaction is based on circulation and long-term market value management of municipal bonds is needed. The two methods are completely market-oriented. The leverage ratio is very high but it will not add burden to local financial institutions. On the contrary, the state-owned assets system can also have more income, establish and improve a top-down and bottom-up collaborative debt system, and stabilize the financial environment and economic development momentum."

Bai Yu's eyes flashed and said, "From last night to tonight, I heard the term market value management as a financial professional, and it actually spoke it from the master's degree in architecture. It is worth encouraging to both the two masters of economics, Mr. Pu and I."

Pu Yingying's pretty face was so embarrassed that she wanted to kick the guy who liked to show off.

"What does circulating transaction mean?" Xun Liyuan asked.

Chai Jun said: "For example, among the 12 institutional investors currently owning 13 billion municipal bonds, two are really in a hurry to use money and can't afford it for a day. Then they can transfer their shares in advance at 99% or 98% off through the circulation trading platform. Naturally, they will not make trouble when they get the money. Institutional investors who are not so anxious still choose to wait, because even if Dianbao City Investment completely collapses and declares bankruptcy, the official government will definitely intervene in debt restructuring, and the interest rate will be reduced back to the benchmark. Even if the principal is extended for five years, the annualized yield is still far higher than that of bank wealth management products."

"Where is market value management?" Xun Liyuan smiled, "I'm afraid I don't understand the library now, right?"

The secretary was born as a secretary and spoke carefully, and skillfully avoided the embarrassment of Pu Yingying and even Bai Yu.

"For example, the secondary bond market of Dianbao City Investment bonds has sold a large number of times, and the 100-degree value has fallen to 96-97. Assuming the interest rate on the face value of 6%, the securities firm's book return is only 2-3%, which is essentially a loss! With such a market factor, no wonder institutional investors are not patient and eager to mature and eliminate the market. If the market value management is planned for the future, the securities holding institutions in Dianxi and even the provincial capital will make a few more transactions at the face value of 100, and the curve valuation will return to the central axis of the price. If the yield is stable, institutional investors will naturally be able to hold the bonds with peace of mind."

After all, Chai Jun was born in science and engineering, and he spoke concisely and without making boastful talks, and every word was put on the point.

Bai Yu heard it carefully and asked: "The fact is that some small and medium-sized investors shrouded in pessimism sell at a 10% discount or 20% discount. What should I do if the strength of the coupon holding institutions is limited to the ability of them to sell orders like snowflakes?"

Chai Jun was stunned and said for a while: "I, I... I don't have that deep research. You may need to establish a more complex and profound financial model for calculation..."

"Okay, I'll give you two days, and then write a report to my office in person. If you are not here, please contact Secretary-General Xun," Bai Yu stood up and patted him, "I really want to know the thoughts of inter-professionals on the bond default crisis."

"Ensure that the tasks assigned by Mayor Bai are completed!" Chai Jun said.

When he left the library and went downstairs, Bai Yu called Pu Yingying to his side and asked: "The issuance of urban investment bonds requires projects and asset guarantees. How can Dianbao issue 90 billion bonds with assets of 20 billion? Who is brave enough to make up fake accounts? Are all review and approval links blinded? Moreover, according to regulations, the cumulative amount of municipal investment bonds used for fixed asset investment shall not exceed 60% of the total investment of the project. The current situation in Dianxi is that all urban construction fixed asset projects fully occupy the bond raised funds. Which one gives you the courage?"

"Mayor Bai—"

Pu Yingying said slowly, but her eyes collided with Bai Yu for half a while and then flashed back, "According to Kyoto's regulations on local urban investment bond management, only 20 billion of the 90 billion belongs to Dianbao City Investment. This part is indeed guaranteed to have assets. I have always been responsible for this closed operation; the other 70 billion is a stock formed by historical reasons. Kyoto requires that the stock only decrease and not increase, and the local government maintains a state of non-decreasing and no increase in order to maintain the quota; according to Mayor Shao's request that the city investment bonds be handed over to Dianbao, it doesn't matter if it can't take out the money and performs the custody procedures, borrow funds to exchange shares and other means to secretly cross Chencang. In the end, other urban investment platforms are debt-free, and all nine hundred billion are pressed on Dianbao. Is it reasonable? Existence is reasonable."

Bai Yu saw that there were some words and some things Pu Yingying didn't want to say in front of Xun Liyuan, and nodded immediately and said:

"What you said is true, but Jiao Zhaohua, the company's executives' escape must have other secrets. The crisis of breach of contract is not related to Dianbao. I will ask you to learn more about the inside story if you have time in the future."

"I am always waiting for the leaders to come and guide you in Dianbao."

Pu Yingying smiled and stopped just in front of the steps, watching Bai Yu get in the car and leave.

The car drove out of the gate of the Housing and Urban-Rural Development Bureau. Bai Yu looked at Pu Yingying, who was still standing on the steps from the reflector, and said with a smile:

"Now, not only are young people getting married and having children late, but they are dating late. Mr. Pu should be thirty years old, right?"

Xun Liyuan said: "This year is exactly 30... Four years ago, Mayor Shao deliberately dug her to Dianxi from an investment bank in the provincial capital, and represented the Municipal State-owned Assets Supervision and Administration Commission to Dianbao as deputy general manager. It should be said that the closed management of 20 billion yuan is operating well, but the regulatory function is honestly not as effective as Mu Annie. Mayor Zhao is right. It is rare for them to be coaxed into the bed by Jiao Zhaohua."

"There are many people who are coaxed into bed by Jiao Zhaohua?"

"There are not 100, at least 80. He has money. How many girls can afford to eat tens of thousands or hundreds of thousands of dollars?"

"oh--"

Bai Yu was very surprised, but the young leader was embarrassed to ask more questions after all, so he pointed to the street lights on both sides of the street and said, "Why, the money is so nervous that the lights are so dim. How can the image of the city be established? The more you need to be bright and bright, so that the people can see the light!"

Xun Liyuan sighed: "There is another story when it comes to street lights... Five years ago, Dianxi launched an urban lighting project. The street lights were replaced with more than 6 million yuan, and the effect was very good. Who knew that your ex-girlfriend - Alas, if you can't get started with urban construction projects, you can do some scraps of materials. With an order, you can replace the street lights that have been used for a few years with solar energy. It is known as a green and environmentally friendly clean energy. Electricity is saved, but solar equipment is ridiculously high, and the failure rate is high during use, and after-sales service cannot keep up. These are all. The most serious thing is that Dianxi has more rainy days than sunny all year round due to geographical location and terrain. The light source is insufficient, and the luminous rate of these street lights is also low. The listless appearance makes people anxious!"

"Where did the power lights removed before? Replacing new ones will cause waste, can you replace old ones?"

"God knows! No one cares about that kind of trivial matter," Xun Liyuan pointed ahead and said, "The construction site has arrived..."

Just when Bai Yu was patrolling the construction site of the urban construction project at night, Lan Duo and Wen Xiaoyi sneaked into Dianxi from two different directions. They had different missions to explore, collect, and observe the officialdom and social situations of Dianxi from different angles.

Long Zhongjun also sent a text message saying that he was carefully summarizing relevant information and expected a comprehensive assessment of the Dianxi officialdom in the near future.
Chapter completed!