Chapter 849: The Korean Crisis

Downstairs, Fang Zhanbo and Long Jiwen ran into each other by chance.

Upstairs, Director Director Director Guan Zu Zu, the workhorse currently processing documents, received a call from Li Fujian.

"Oppa~~~ Can you come to Korea for a trip?"

"I miss you."

Director Director Director Guan Zu Zu was as righteous and awe-inspiring as ever: "My career is currently in its ascent phase; I can't get away."

On the other end of the line, Li Fujian pleaded: "Just come over, please? Also, our family has encountered a major problem. I was wondering if you could help out?"

Upon hearing this, Director Director Director Guan Zu Zu immediately shook his head.

Help out?

You Koreans, I'm not helping.

Director Director Director Guan Zu Zu: "Fujian, I really can't get away here. That group of hot money speculators led by Soros is currently attacking Hong Kong. I am shouldering the heavy responsibility of the Hong Kong economy for the two capitals and thirteen provinces... uh, no, that's not right, I'm shouldering the heavy responsibility of the Hong Kong economy, I really can't get away."

Li Fujian cried on the other end: "Oppa, we really need you. The Samsung Group has encountered difficulties, is burdened with debt, and the capital chain is on the verge of breaking... Oppa, you must help us..."

"And the International Monetary Fund over there has put forward many demands, the government can't help us..."

The International Monetary Fund (IMF), what kind of organization is that?

Although it bears the name of an international organization, it is controlled by the United States and the European Union.

The United States has veto power over the allocation of fund quotas and voting rights, which is to say, the International Monetary Fund is actually a leek-harvesting machine controlled by the United States and packaged as an international organization.

When it comes to harvesting leeks, this organization has always been clearly priced, taking your life while you are sick.

The way they strike is truly ruthless!

(Image: International Monetary Fund (IMF) · South Korea protests)

Li Fujian: "Right now, the only person with money who can save Samsung is you, Oppa."

Director Director Director Guan Zu Zu: "??"

Wait.

Samsung? Difficulties?

Director Director Director Guan Zu Zu's expression immediately turned serious.

He had long coveted Samsung and had been waiting for this opportunity.

Now the opportunity had truly arrived.

"Oppa~~~"

"Oppa~~~"

As Li Fujian spoke, she began to cry.

"Woooooo~~~~"

As for whether it was real crying or fake crying, only Li Fujian herself knew.

Director Director Director Guan Zu Zu was silent for 5... 4... 3... 2... 1 seconds, then finally let out a long sigh: "Baby, when you cry like this, my heart aches!"

"Forget it, nothing can go wrong in Hong Kong for the time being, I'll go over for a trip."

I am doing this in pursuit of true love!

It is definitely not for some Samsung!

Director Director Director Guan Zu Zu held his head high!

"Really? Thank you, Oppa!" Li Fujian was incredibly surprised on the other end of the line.

Clenching her fist, Yay~~~

Sure enough, women who know how to cry have an advantage!

On Director Director Director Guan Zu Zu's side, after hanging up the phone, he made an international long-distance call to Song Zihao: "Brother Hao, I'm going to Korea tomorrow. Prepare the current situation of the chaebols in Korea, the national economic situation of Korea, and most importantly, the situation of Samsung."

Song Zihao: "Understood, I will arrange for people to do it immediately."

And at this moment,

A plane arrived from New York, USA, and landed at Kai Tak Airport.

Gao Hu was back.

In a suit and gold-rimmed glasses, one look and you could tell he wasn't a good person.

He was 23 years old this year, but after training at Citibank on Wall Street for over a year, his temperament had become much more composed, with a bit more workplace shrewdness and a bit less childishness.

"Brother Hu!" Gui Yan, Gong Gu, and Xiao Fen were at the arrival hall to welcome Gao Hu.

"Ah Gui, Xiao Gu, Xiao Fen..."

"I brought you some American specialties..."

"Oh yeah~~~~~"

The next day, at 10:00 AM, Director Director Director Guan Zu Zu took Xu Xi, Abu, Xia Houwu, and Gao Hu, and boarded a plane,

Heading to Korea!

At this time,

Director Director Director Guan Zu Zu was looking at the data emailed back by Song Zihao.

In December 1996, Director Director Director Guan Zu Zu went to Korea once.

Now it was the end of October, meaning for 10 months Director Director Director Guan Zu Zu hadn't really kept up with news from Korea.

During these 10 months, many major events had happened in Korea.

The most important of which was————the chaebol collapse.

On January 22, 1997, the Hanbo Steel Industry Company, under the Hanbo Group, which ranked 14th in Korea, declared bankruptcy because it was unable to repay its loans. Hanbo Steel was Korea's second-largest steel enterprise at the time, and following its collapse, several of its subsidiaries also declared bankruptcy in the following days.

Just over a month later in February, the Sammi Group also fell into bankruptcy distress.

Since then, well-known Korean enterprises such as Korea's largest brewer, Jinro, and Dainong, collapsed one after another in the first half of the year due to problems like broken capital chains.

By now, at the end of October 1997, the number of bankrupt enterprises reached as high as 30,000, the stock market fell by 72%, and the Korean won depreciated by 59%.

And in July, the Kia Group, one of Korea's top ten, collapsed with a bang. At this time, Kia's financial situation had deteriorated sharply, its debt-to-asset ratio exceeded 500%, and it owed nearly 10 trillion won (about 11.1 billion US dollars) in debt.

Then,

In the data,

Director Director Director Guan Zu Zu understood why so many Korean chaebols collapsed all at once.

The root of all this has to be traced back to the Miracle on the Han River.

Park Chung-hee, who came to power through a military coup in 1961, was determined to revitalize the Korean economy.

And in the early 1950s, Japan had already explored a successful path for rapid economic development, so Park Chung-hee imitated Japan and put forward three slogans: "Trade-based Nation," "Export-first Principle," and "Prioritize the Development of Heavy Industry."

From 1961 to 1979, Korea's GDP grew from 3.9 billion US dollars to 66.9 billion US dollars.

During this period, Korea gained a foothold in the international market through the development of labor-intensive industries and primary industrial products.

In October 1979, Park Chung-hee was assassinated, Chun Doo-hwan took power, and promoted shipbuilding, steel processing, electronic assembly, and automotive parts, with significant results.

Entering the 1990s, Korea began to exert effort toward mid-to-high-end manufacturing, strengthening investment and development in electronics, medicine, and complete automobiles, with momentum far exceeding Japan just after its bubble burst.

In 1996, Korea's GDP had increased ninefold on the basis of 1979, and its per capita GDP reached 13,400 US dollars.

Korea also leaped to become the leader of the Four Asian Tigers because of this economic achievement.

Why did it develop so fast?

Because Korea followed the path of — carrying foreign debt, borrowing US dollars, and developing domestically.

The borrowed US dollars were forcibly issued to major chaebols through banks as low-interest or even negative-interest loans.

The chaebols: "Can I refuse?"