Chapter 548

"No no, I don't look down on anyone."

Li Ye denied Cai Cai Minying's accusation; after all, this little junior sister was someone even Yu Yu Xiufen feared, so Li Ye, as the junior brother, better not quarrel with her.

But Cai Cai Minying spoke bluntly: "You don't need to deny it—I've met too many people like you since I came back."

They sneer at us returnees in their hearts, yet pretend to be polite."

For example, this proposal—I was asked by them to write it based on overseas success stories and submit it, yet it ended up back at the teacher's desk. How hypocritical."

Li Ye glanced at his teacher, Zhang Zhang Qiyan, thinking, "It's your turn now."

But Zhang Zhang Qiyan looked back at Li Ye, as if saying, "Adults don't meddle in kids' squabbles."

Li Ye couldn't help smiling, then said: "I know several friends who studied abroad—I deeply respect them, so please don't make unfounded assumptions, Sister Cai."

Li Ye truly didn't reject returnees—or rather, he didn't reject "pragmatic" returnees; Ni Ni Dashen was a perfect example.

But before Ni Ni Dashen went overseas, he had already spent many years working at the grassroots level, so every decision he made upon returning was grounded in reality.

Ni Ni Dashen understood clearly: any plan, to be implemented, must consider not just its correctness, but also the environment for implementation and the capacity of those carrying it out.

You can't expect someone who's never seen a computer to learn coding in three days, can you?

The tactic of "I only care about results, not the process" can indeed squeeze out potential—if used well. But if used poorly, it forces people to rebel.

So in today's mainland, every reform measure must consider its consequences after implementation.

Cai Cai Minying, with her outstanding academic record—bachelor's, then master's, then returning home—is a classic theorist; her suggestions are built entirely on theory.

Will this policy work? Of course it will! Just look at the Lantern Nation, look at Britain—they did exactly that, and succeeded absolutely.

But what if it fails? Who bears the massive losses?

In the end, they'll still be spread across the common people's shoulders.

So any change made on today's foundation must be cautious, cautious, and even more cautious—carefully calibrated, then calibrated again.

And Li Ye, this cheat who knows the final outcome, can stand on the most correct side.

If Cai Cai Minying had humbly consulted him, Li Ye wouldn't have minded lending a hand; after all, they were fellow disciples, and forming a good connection wasn't bad.

But now that Cai Cai Minying is brimming with arrogance, why should he get entangled in her karmic web?

Yet people like Cai Cai Minying, who return after "seeking the scriptures," are always eager to prove their worth.

Today, she wanted proof from Li Ye himself.

"Fine then! You say you don't understand—where exactly do you not understand? Let me explain first, then we can discuss, okay?"

Li Ye finally understood how stubborn Cai Cai Minying was—she loved arguing logic, which was even harder to deal with than outright irrationality.

Li Ye thought for a moment, pointing to two points on the proposal: "Let's discuss these two. Why do you think mainland railways and power grids can be privatized?"

"Why not?" Cai Cai Minying asked, puzzled. "Have you never ridden a mainland train? Don't you understand that smooth transportation is a vital guarantee for unleashing productivity?"

"And electricity is even more critical—without sufficient power, industrialization is impossible. We lack funds, advanced management experience, advanced technology..."

Cai Cai Minying listed a long string of real-world difficulties and needs, then asked: "So tell me, Li Ye, if you think privatization is wrong, what's your solution?"

Li Ye fell silent for two seconds, then said coldly: "If you know how vital electricity and railways are, you should understand we must never be held hostage by others."

Borrowing money for development? Fine. Importing equipment and technology? Fine. But private equity is forbidden—foreign capital equity is absolutely forbidden."

In his past life, Li Ye had heard certain arguments:

Like: "Railways lose money → Railways are state-owned → State-owned enterprises lose money → State-owned enterprises are inefficient → It's a systemic problem → How to fix it? Let private economy take control! Let capital drive profits!"

Or: "The Two Oil Giants are suffering heavy losses—privatize them!" and so on.

Some well-meaning folks bundled these ideas together and called it "The Buyout Quick-Start Guide."

Cai Cai Minying shook her head with amusement: "In every developed country in the world, railways are privately operated. I truly don't understand what you're worried about—what are you worried about?"

Cai Cai Minying's words included her teacher, Zhang Zhang Qiyan, who had also strongly opposed her ideas.

But Cai Cai Minying felt she was right!

Railway passenger losses are a global problem; in later generations, how many democratic nations, unable to bear such losses, privatized their railways—and then raised prices.

If mainland railways were privatized, would ticket prices on popular eastern routes double? Would train frequency on underused western routes be halved?

That's still being generous. If you're heartless, you'd scrap the cheap green-skin slow trains entirely and force everyone to pay premium prices for high-speed rail.

Once privatized, they'd find endless ways to drain your pocket—methods you can't even imagine, but they'll do them all.

Of course, the more likely outcome is that, anticipating losses, many railways simply won't be built—maybe even high-speed rail won't exist.

According to a European research institute, China's high-speed rail price is the lowest in the world—at about 0.04 euros per kilometer.

Spain is 0.19 euros, France is 0.22, Germany is 0.27, Italy is 0.25, Japan is 0.22.

Even accounting for income multiples, mainland high-speed rail prices remain very low—and to accommodate frugal travelers, green-skin trains still run.

As for electricity, it's even more absurd: decades later, the mainland spent 60 million yuan just to electrify seven households along its border—this doesn't even include ongoing maintenance costs.

Try getting a private power plant to do that for you?

Sixty million yuan! How much per kilowatt-hour would you have to charge to recoup that cost?

So when Li Ye asked Cai Cai Minying whether Western free-market economics benefits the poor, she had no answer.

Because in Western economic systems, there's no such thing as "loss-making ventures."

"Forget it. Let's drop this topic for now and analyze the agreement signed in New York instead."

Seeing Cai Cai Minying and Li Ye about to clash, Zhang Zhang Qiyan finally intervened to end their debate and shifted focus to the Plaza Agreement.

Though he didn't understand why Li Ye had no patience today—unlike his usual habit of carefully discussing with fellow disciples—he knew that compared to the Plaza Agreement, Cai Cai Minying's proposal was insignificant.

Wang Wang Zhiyuan spoke first: "In recent years, Japan's exports have been too strong. I believe the Lantern Nation is coordinating with other countries to suppress Japan and revive its own manufacturing."

Zou Zou Mengcheng said: "If Japan's exports are hit, they might consider shifting manufacturing overseas—and we're in a position to accept it."

Cai Cai Minying agreed: "Zou Ge is right. Given our current relations with Japan, we should seize this chance to absorb the industries Japan shifts out—it's a great opportunity."

During Japan's "Lost Three Decades," its domestic manufacturing did suffer, but due to yen appreciation, it massively invested overseas in factories, leading to astonishing profit growth abroad.

Later generations speculated that Japan may have known about the Plaza Agreement's conspiracy all along, but, bound by its master's orders, pretended to comply—weeping and wailing while secretly shifting industries.

After hearing all his senior classmates finish speaking, Li Ye smiled and teased: "I believe the yen will surge sharply in the short term, and the dollar will depreciate rapidly. If you have connections, grab the chance to exchange some currency now—make a little fortune."

"Hahaha, Li Ye, your advice is so practical—I'll go exchange some yen tomorrow and stash it away."

"Li Ye, this doesn't help us—we don't have dollars like you. We can only sit here and watch the chance to get rich slip by!"

"Hahahaha!"

Everyone laughed at Li Ye, but Cai Cai Minying said coldly: "Look at your petty ambition—after studying with the teacher for so long, you're still fixated on these trivial gains."

Li Ye couldn't help rubbing his nose.

Are these trivial gains?

Within two months after the Plaza Agreement was signed, the yen appreciated 20–30%. Li Ye's capital, measured in hundreds of millions, with a little leverage, would yield endless cash!

(End of Chapter)