Bai Yu thought to himself, as soon as he stepped forward, he saw Pu Yingying jogging along the stone path in the distance, wearing bright red hot clothes and hot pants.

"Hi, Mayor Bai!" she waved happily, "Mayor Bai got up so early."

"You're earlier...Which building did you live in?"

Pu Yingying pointed casually and was exactly the building where Zhuang Jidong lived. It seemed that Yin Yong had hidden ghost ideas when he arranged it, trying to let the young city leaders and single girls have something to do, so as to seize the handle to achieve the ulterior motives. Grandma, like this, the secretary-general with ulterior motives, would not be too much to withdraw 100!

Bai Yu said calmly: "I like jogging, you can do whatever you want."

Sure enough, Pu Yingying smiled and said, "I also like to jog. I happened to take advantage of the rare opportunity to ask Mayor Bai for financial knowledge. To be honest, through this deal with the municipal bond default crisis, I did realize that I lacked professionalism and incomplete understanding of financial tools..."

As he said that, he naturally jogged side by side with Bai Yu, and subtly lagged behind half an arm. Her body fragrance was obviously different from Mu Annie, which was a relatively mellow, layered and recognizable fragrance. For an inappropriate analogy, he might not be sure of Mu Annie when smelling two body fragrances in the dark, but Pu Annie was steady.

"Running is a physical job, you can't use your brain anymore," Bai Yu politely declined the proposal to talk about finance and said, "I just met Annie, and it seems that the beauties are very good at maintaining their figure."

Tell me in advance so that you won’t think that you have made an appointment with Mu Annie to run when you meet him. The girl is small-minded and talks a lot, so she should kill the rumors in the bud.

Pu Yingying smiled with her lips pursed and said, "Enjoy the benefits of being single. If you get married, how can you have time to run and exercise?"

"Then you have to criticize you," Bai Yu said seriously, "I'm afraid of this and that. This is a manifestation of marriage phobia. How can I imagine it in a mess before I get married?"

"Isn't it? There are a few girls in the company who pay great attention to their image before marriage. When they get married, they are all kinds of pressure. In the past, the smell of perfume came to their faces, but now they always feel a little choking..."

"Psychological effect, whose kitchen does not have a range hood now?"

"Anyway, being single is quite free and free, and you are not bound by any means," said Pu Yingying. "On a Friday morning in the first half of the year, I suddenly talked about sleeping in the prairie and yurts overnight. In the evening, I flew over with Annie and got what I wanted, and I happily played until I came back on Sunday afternoon. I was so comfortable."

Bai Yu pondered: "It sounds like this is the benefit of rich people. If one day I feel bored, take a plane to feed pigeons under the Paris Tower, it will have nothing to do with being single?"

Pu Yingying let out a crisp laugh: "That's right, it's very happy to be a single dog with no worries about food and clothing."

After jogging around the lawn for most of the time, Bai Yu quietly accelerated and then ran faster and faster. Pu Yingying still followed closely with laughter and laughter, with a steady and long voice.

"I have good physical fitness." Bai Yu praised.

"Report to Mayor Bai, I have been in college from freshman to senior year to school," Pu Yingying smiled, "By the way, I am still the breaststroke champion of the swimming team, butterfly swimmers, backstroke champion..."

Unable to help looking at her youthful, charming and energetic body, Bai Yu smiled and said, "I really can't tell that she is an athlete, I'm not respectful... I'm just like running, but I haven't lost anyone to backstroke. Which day will the competition be?"

Pu Yingying's eyes flashed and she said, "Okay, wait until you have time."

After running twice, he jogged a lap, but never met Mu Annie. Bai Yu thought to himself that the little girl was quite well-behaved, and probably saw that she and Pu Yingying ran together, took the initiative to avoid it.

When he went back to the room to take a shower, Bai Yu made a decision: he would not run from tomorrow, and of course, he would not have a swimming competition with Pu Yingying.

It is better to be less furious for single girls.

When he arrived at the office at 9 o'clock in the morning, Chai Jun brought the city bond information that was more than half a meter high. Not long after, Pu Yingying and Mu Annie both wore dignified and generous professional outfits to the small conference room.

Later, Deputy Mayor Men Daxu, Teng Chunxing, Zhao Wancheng, Director of the State-owned Assets Supervision and Administration Commission Yang Jiaqi, Director Wang of the Financial Office and other original personnel attended.

Bai Yu sat in the middle and said in a deep voice: "Although the 18 billion municipal bond redemption crisis has been passed safely, the redemption peak will be followed by a 67 billion yuan due one after another. According to the book of the book, Mayor Zhuang will arrange for me to be responsible for the next stage of rigid redemption work, and you will be members of the leading group. This time, we must prepare for the early arrangements and calmly fight the battle against the city bond redemption! Please introduce the basic situation to Mayor Daxu."

Menda Xu said: "As Mayor Bai said, 18 billion will be more stressed after passing the test. 17 billion will expire before the end of the year, and Mayor Shao has 1 billion IOU and will make up 18 billion. 12 billion in the first half of next year, 15 billion in the second half of next year, 27 billion in the year, and the year after that... Alas, comrades must not relax and work together to pay off their debts to prevent financial explosions."

"Dianbao has a ready-made plan?" Teng Chunxing said with a bad face, "You can't just say that there is a blast and don't care about anything, throw the bags to the main mansion!"

Since Jiao Zhaohua fled, Pu Yingying has been scolding and grievances openly and secretly. There is no way, the company executives are the only one who is left to escape. Who are they not looking for if they don’t look for her?

It seemed as if he didn't understand Tengchunxing's words, or he didn't hear them at all, Pu Yingying's expression did not change and said, "I turned on the material" and said:

"There are currently two sets of forming plans. One is the backdoor listing that Mayor Shao went to Beijing to work hard in the early stage, and the other is to use a new financing tool, namely commercial acceptance bills, to delay the debt cycle..."

"The backdoor listing has proven unreliable. It is playing with the credit of the official house and losing the interests of small and medium-sized investors. If it weren't for this, Mayor Shao would not have stayed in Kyoto for so long, and Jiao Zhaohua would not have fled in panic," Zhao Wancheng said with a look of hesitation, "The world has changed, and there is no money to tell stories. I suggest solving the problem down-to-earth, rather than using one scam instead of using another scam!"

Director Wang asked: "Yingying introduced the instrumental function of commercial acceptance bills, and has never been exposed to it before."

Mu Annie took over the conversation and said: "There were commercial and exchange tools in the past. Now, in the four major financing channels - domestic or overseas listing, development of loans, and trusts, not to mention that equity financing and credit bonds are almost stagnant, commercial and exchange has become a tool that can bypass the regulatory red line financing. I explain that the financial circle divides commercial and exchange into two categories: one is trade ticket exchange, which refers to the supplier tickets issued by consortiums with actual transactions to suppliers; the other is financing tickets without actual transactions, which refers to issuing interest-subsidized notes for cash when financial financing is not available. To put it bluntly, it is to issue debts. The hidden thing about it is that the interest-free debt is realized on the surface, so interest-bearing debts can be included in the balance sheet, but are included in the accounts payable or bills payable, so it has become a magic weapon to reduce the net debt ratio. At present, many real estate companies that touch the regulatory red line adopt this routine..."

"I didn't understand." Teng Chunxing shook his head.

Mendaxu said: "I don't understand, can Annie speak more directly? What are the benefits and the disadvantages?"

Mu Annie said: "The advantage is that Dianbao Company's books are very beautiful, and it is impossible to lend new debts to repay old debts. And every penny is paid down the quota of municipal bonds in the nominal way. The negative impact is that commercial exchanges can be transferred or discounted in advance in the secondary market. Although there is no interest, there will be discount interest during the transfer process, or guarantee companies and small loan companies also have interest spreads when mortgaged notes. These high costs will eventually be paid by Dianbao Company. When the cost is too high to accept, the bill will be refusal. Refusal will affect the credit of Dianbao market, but in short, the impact is much smaller than the default of municipal bonds."

Teng Chunxing snorted: "The more you explain, the more confused you become."

Bai Yu noticed that Pu Yingying obviously understood, but the leaders looked confused, and she didn't jump out to speak.

A girl with a good sense of proportion.

Yang Jiaqi said: "Does it mean that Dianbao Company issued 17 billion commercial acceptance bills in exchange for cash to repay municipal bonds due before the end of the year. When the six-month payment period ends, it doesn't matter if you have money. It doesn't matter if you don't have money to refuse to pay a part of it. Is this the operation?"

Mu Annie said: "After the urban investment projects are completed and commercially available, funds will be recovered, so repayment, commercial exchange, and repayment are constantly flowing. Even if the refusal is just a single large order, it will not cause financial explosions."

"Yes, as long as there is no thunder, everyone will be happy!" Teng Chunxing's mood became faster as June.

Men Daxu said: "Let's go back and open a one-billion-dollar Shangdui to cushion the hole in the Dianhong District Caizheng, and block my door every day, and make a fuss to die together."

All eyes gathered on Bai Yu's face and waited for him to make a decision.

"I did a special research on commercial and redeem tools ten years ago. Commercial and redeem tools are essentially fund pool business and are often adopted by real estate companies at the core of the supply chain, relying on their strong goodwill as endorsement. Some strong real estate companies will use this to delay payments to alleviate cash flow tightness. In addition, reducing the net debt ratio of the regulatory red line is also its popular secret!"

Bai Yu said slowly, "The commercial and exchange circle is essentially different from the secondary bond market. The entire field is in a gray area of ​​formal supervision. Whether to repay or not depends entirely on the corporate consciousness and the professional ethics of holders during various transfers. It can be said that it is highly binding on the creditworthiness of the company. As long as one of the links collapses, it will cause unpredictable catastrophic consequences! Moreover, the large number of commercial and exchanges issuing commercial and exchanges leads to inflated debt repayment ability and conceals debt risks, which is the biggest risk in itself! To sum up, I do not agree with expanding commercial and exchange solutions to urban bond redemption plans."

"Then there is no alternative..." Mu Annie said disappointedly.

Pu Yingying smiled and said, "Mayor Bai is proficient in economics and finance and various leverage tools. Is there a more mature and comprehensive solution?"

Director Wang also followed up in time: "Yes, yes, what instructions does Mayor Bai have in terms of the plan?"
Chapter completed!