Punters jostled to follow his example. If a warehouse-keeper with an elementary education, living in a one-room flat, could make a fortune in the markets, so could they
He was travelling to Hefei, in Anhui province, from Shanghai, his home town, to buy Chinese government bonds. In 1988 the Communist regime, needing to rebuild the economy and shore up its state-owned enterprises, had decided in a limited way to let the public become investors. Bonds could be freely traded, at first, in only seven cities. But Shanghai and Hefei, two of the seven, were only a night’s train ride apart.
On April 21st 1988, therefore, he had been at the doors as the bond sale started, with 20,000 yuan saved from his job as a warehouse-keeper at the Shanghai Ferroalloy Factory and from his wife’s business ventures on the side. That morning he put his money into a single bond; in the afternoon he sold it at a profit of 800 yuan, or more than his annual salary. He was hooked.
Wealth did not seem to change him much. After his first windfall he treated himself to some fancy foreign cigarettes and shared them round the factory. He bought a sharp suit or two. But a polo shirt or an anorak was more his style, and he carried on living for some time with his wife and son in the one-room flat where, early on, he had spread out his profits in bundles all over the bed.
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