Just when Zhan Tianyou was visiting Qingdao, Yang Yuxin also made a work report to the Executive Yuan, giving a detailed introduction to his work in Shanghai, in fact, these situations were also reported in the telegram, and Yang Yuxin's focus was to put forward a proposal to attract investment, that is, to attract China's private capital to invest in the Shanghai New Area, so as to make up for the lack of construction funds of the East China government. However, this requires the East China government to come up with a system for attracting investment, and for external funds to come in, there must be a clear statement on the procedures, regulations, and preferential conditions.

Yang Yuxin's suggestion has also been unanimously approved by the Executive Yuan, because investment promotion is not a stranger to the traveler, in the old time and space, this is one of the important reasons why China can achieve rapid development, and for foreign funds, it is also completely necessary to give some preferential conditions in policy, after all, if you want others to invest in the area ruled by the East China government, there is no preferential conditions.

Moreover, the Ministry of Administration also unanimously held that not only in Shanghai, but also in Shandong and Tianjin, it is also necessary to attract a wide range of investment and investment, and try to absorb as much national capital as possible; on the one hand, it is to provide a channel for private capital to invest, to support the development of the national bourgeoisie, and at the same time, to speed up the economic development of the East China government. In the future development, as far as possible, the light industry and service industry will be handed over to private capital, while the government will only supervise, manage and guide, and concentrate its efforts on the development of heavy industry and the development of new science and technology.

Ye Yanfu, a member of the Commercial Committee, also pointed out that the East China Government should not only absorb private capital, but also vigorously attract foreign capital, and it should do its best to attract foreign high and new technology, so that it can not only solve the shortage of funds of the East China Government, but also speed up the technological development of the East China Government. At the same time, the investment methods can also be flexible and diverse, foreign capital can invest alone, can also be a joint venture with the East China government, or even an enterprise invested by the East China government, can also use the form of equity to attract foreign funds, etc., and do not need to stick to one form.

With regard to this proposal, some people believe that foreign capital should only be attracted to investment in high-tech and cutting-edge industries, but light industry and service industries should be restricted, because it is necessary to protect China's national bourgeoisie at present; some people oppose it, holding that this is not only unfavorable to the East China government in attracting foreign capital, but also unfavorable to the development of the national bourgeoisie, because there is no competition. If there is no pressure, there will be no motive force for development, and the national bourgeoisie must not rely only on the protection of the government, but must mainly participate in market competition, and only by growing up in market competition can it become the real pillar of China. Some people also believe that the government and enterprises absorb foreign funds, which will cause the problem of equity loss, and so on.

Seeing that he was about to quarrel, Xia Bohai hurriedly said: "Okay, okay, this matter will not be discussed in detail today, since it is a proposal put forward by the Commercial Committee, then the Commercial Committee will come up with a specific investment promotion plan, including domestic and foreign funds, and you can negotiate more with the Finance Committee and the Agricultural Committee on preferential treatment in terms of taxation and land." Let's talk about it again. Let Yang Yuxin participate in the formulation of this plan. ”

After hearing this, everyone stopped saying anything, and at this time, Jia Zhenzhao, the financial commissioner, said: "Chairman Xia, everyone, I have some other opinions. ”

Xia Bohai nodded and said, "What is your opinion?"

Jia Zhenzhao said: " Of course, I support investment promotion, and it is also very reasonable to give certain preferential policies in taxation, and our Finance Committee is trying its best to support, and the way of cooperation is not unacceptable, but I think that before that, we should first solve our financial system, because once someone invests in our ruling area, there will inevitably be a large amount of capital into our ruling area, if there is no perfect financial system support, I am afraid it is difficult to ensure financial security, if only domestic capital is better, after all, it is the silver currency used, but after foreign capital enters it is different, not only the circulation of foreign currency is an aspectThe exchange rate of foreign currency and silver is a major hidden danger, now we are the same as the Qing court, are using silver as currency, but the Qing court did not stipulate the face value of the currency, but only used the weight of silver to make the value of the currency, which caused a large number of inferior silver to flow into the currency market, which can not form a unified monetary standard, and is also affected by the ups and downs of the international silver price, compared with 10 years ago, the international value of silver has fallen by half, no matter in which country, such a currency depreciation is enough to trigger an economic crisis, because it is now that we do not have our own central bank, in this case it is easy to have a financial accidentWhen the time comes, it will not be detrimental to my economic development, and it will also affect the reputation of our government, so we cannot but think about it in advance. ”

Xia Bohai said: "Haven't we been preparing for the establishment of a central bank all along? ”

Jia Zhenzhao said: "Now that seventy or eighty percent of the work has been prepared, the organizational structure of the bank, the operation system, the management system, the staff, etc., have basically been determined, the personnel are also undergoing pre-job training, and the sample of the currency has also been made, and it can be manufactured in large quantities after everyone agrees." It is expected to be officially opened in June and July. ”

Wang Yunpeng said: "Isn't it very good? In June and July, our bank will be able to open for business, and then we can issue currency, so that we can standardize financial behavior, and even if it is to attract investment, it will not be so fast, and it will not be determined in a few months, as long as our bank can open in June and July, it will definitely be too late." ”

Jia Zhenzhao shook his head and said, " I'm not worried about our banks, in a few days I will submit the bank's complete plan and currency samples to the Executive Yuan for consideration, but rectifying and standardizing the financial order is not something that a bank can do, even the central bank, and now there are more than 10 foreign-funded banks in our ruling area, and although these foreign-funded banks dare not disobey the laws we have formulated, they have almost no restrictions on financial behavior, and even do not even have the capital to inject policy, which is obviously abnormal。 ”

Xia Bohai said: "So what are you going to do to close these banks?"

Jia Zhenzhao said: "Of course, it is best to close these banks, but this will inevitably lead to us being in a very disadvantageous position in the current international relations, which is obviously unrealistic, but it is absolutely necessary for us to regulate and restrain the financial behavior of banks, that is, to formulate our [Commercial Bank Law]." ”

Only then did everyone understand what Jia Zhenzhao meant, but Jia Zhenzhao's suggestion was indeed very timely, and the [Commercial Bank Law] was a legal text that would be formulated by any sovereign country to regulate and manage the country's financial behavior.

Xia Bohai nodded and said to Wang Yunpeng: "This matter will be handed over to the Ministry of Justice to deal with, and before our bank opens, we will formulate our [Commercial Bank Law]." He also said to Jia Zhen: "However, the [Commercial Bank Law] is very professional, so the Finance Commission should also do its best to assist the Ministry of Justice." ”

Jia Zhen beckoned: "Okay." ”

Since the Ministry of Justice is not an agency of the Executive Yuan, it needs to be coordinated by Wang Yunpeng, President of the Executive Yuan.

However, the work of the Finance Committee was indeed very fast, and two days later, Jia Zhenzhao handed over the bank's operation plan to the Executive Yuan, along with a sample of the currency. And a set of currencies was issued to everyone in the Executive Yuan.

According to the plan of the Finance Committee, the name of the bank was set as the Bank of China, so that there was no need to change the name as a central bank in the future, and the currency issued was divided into two kinds, one was silver coins, the other was paper money; silver coins were divided into two kinds of yuan and jiao, and silver dollars were divided into three denominations: 1 yuan, 2 yuan, and 5 yuan, of which 1 yuan was the main currency in circulation, with a diameter of 38 mm, a thickness of about 3 mm, and a weight of 26.5-27 grams. However, the actual silver content is 90%, and another 10% tin is added, because the silver is soft, and the addition of tin can increase the hardness of the silver coin.

Silver coins of 2 and 5 yuan are about a circle larger than 1 yuan, with the same thickness and only a slight increase in quality. The silver horn is divided into three denominations: 1 jiao, 2 jiao, and 5 jiao, with a diameter of 24, 26, and 28 mm, a thickness of 2 mm, and a weight of 10-13 grams.

Banknotes are divided into two kinds of corners, points, and the face value is 1 jiao, 5 cents, 2 cents, and 1 cent, and a certain proportion of raw silk is added to the making materials of banknotes, so it is more wear-resistant than ordinary paper, and the pattern is based on China's landscapes, and the characters are used in the shape of ordinary people, and although the face is diluted.

And whether it is silver coins or paper money, they are all very exquisitely made, and they are not far from those in the old time and space.

Xu Jichao said: "Isn't the face value of the banknote too small, the largest denomination is a dime, how about issuing a banknote with a denomination of 5 jiao, right?"

Jia Zhenzhao explained: " In this era, the credit of paper money in China's folk is not high, so we did not dare to issue too high face value of paper money at the beginning, so as not to cause a greater impact on the currency market, and at present, our main circulation currency is still mainly silver coins, by its 1 yuan face value of silver dollars, and paper money is only used as a change auxiliary, 1 corner of paper money is widely used, but the denomination is not large, so that the impact on the currency market is smaller, and slowly cultivate the confidence of the people in paper money, and so that the people have accepted the paper money, and then gradually issue large face value of paper money。 ”

Xia Bohai said: "How many of these currencies are going to be issued?"

Jia Zhenzhao said: "The issuance of silver dollars is 10 million yuan for 1 yuan, 2 yuan and 5 yuan for 2 million yuan each, 5 jiao for 5 million yuan, 2 jiao and 1 jiao for 1 million yuan, and in terms of banknotes, 1 jiao for 3 million, 5 cents, 2 cents, and 1 cent for 500,000 yuan, so that the total circulation of currency is 25.5 million yuan, and the population under our rule is about 32 million, and there is a period of transition, which is completely sufficient." Among them, the silver coins of 1 yuan and 5 jiao, and the banknote of 1 jiao have the largest circulation, which is our consideration, these three denominations of currency should be the most widely used, because it is the silver coin of 1 yuan is the main currency we use externally, and the paper money of 1 jiao is the main currency for us to cultivate the credit of paper money. ”