Thanks to the continuous investment of Vientiane Group, Timor-Leste's economic growth in recent years has always been the first in the world, except for a slightly lower one year, and the GDP growth rate has been more than 50% every year since.

As of last year, Timor-Leste's GDP totaled $9.45 billion, and its human development index exceeded the world average at 0.718, in stark contrast to Indonesia's continued poverty.

Over the past four years or so, the Jacco Island Group, part of the Vientiane Group, has made a decisive contribution to Timor-Leste's economic growth.

Fifty per cent of Timor-Leste's economy is created directly by the Jacco Island Group, with a significant portion created indirectly.

It can be said that it is almost impossible for anyone in Timor-Leste today to not have contact with the Jacques Island Group.

In addition to making East Timor prosperous, the heavy construction of the Vientiane Group has directly led to a series of unrest in West Timor.

West Timor, also known as the western part of the island of Timor, is part of the Indonesian province of Donu Province, and is predominantly inhabited by Timorese people with the same roots as East Timor.

Looking at Timor-Leste, which is becoming increasingly prosperous and well-off in an all-round way, and West Timor, which is still suffering from poverty and hunger, the mentality has collapsed directly.

Naturally, West Timor has not stopped in recent years, with national sentiments exploding, daily demonstrations, riots, repeated bans on smugglers, and even several bloodsheds.

In addition to the prosperity and development of East Timor, Timor-Leste's response policy and the Vientiane Security Service's military deterrence have also played a crucial role.

As soon as the West Timorese were able to come over, the East Timorese Government welcomed them with both hands, completed all the formalities on the same day, and arranged their shelter and work.

If the Indonesian government intervened, it would be directly confronted by a group of well-equipped Vientiane security companies.

On one occasion, when Indonesian border guards pursued smugglers across the border, Vientiane security fighters killed several Indonesian soldiers on the spot. The incident caused a stir in the international community, and the Indonesian government even protested to Huaxia, but in the end it was not resolved.

In addition, fueled by the Jacco Island News Agency and the Chinese forces in Indonesia, Indonesia's own thinking has also begun to be confused, and anti-racism sentiment is rising.

More and more Indonesians are keen to embrace the characteristics of other countries and peoples, whether they are true or false, good or bad.

One of the reasons why Vientiane Group is willing to invest heavily in Timor-Leste is that Timor-Leste has actually become a social science testing ground for Vientiane Laboratory.

Vientiane Laboratory is the only giant scientific research organization in the world that uses a country as a social science test field.

At present, almost all policies in Timor-Leste are planned by the political, economic, legal and other social science groups of the Vientiane Laboratory.

It was under the guidance of this social science team in Vientiane that Hillary's campaign team finally did not cheat like last time, so that she won the election easily.

In this part of Timor-Leste, of course, there are not many invasive species.

The main reason why Lin Han made a special trip was because the Jacco Island Group and the Timorese government were preparing to issue Timor-Leste's legal tender, the East dollar.

Originally, as one of the poorest countries in the world, Timor-Leste itself did not have an official legal tender and directly used the US dollar for settlement.

Now, with the rapid development of the economy, it is necessary to issue national currency, and at the same time, this is also an important experiment in the fields of economics and finance of Vientiane Laboratory.

After arriving in Timor-Leste, Lin Han first attended some public welfare activities, especially those related to the "Lin Han Scholarship" organized by various schools, and showed his face in front of the media several times before rushing to Dili, the capital of Timor-Leste, to attend the meeting.

In addition to him, more than a dozen people attended the meeting, including the President of Timor-Leste, the Minister of Finance, Chen Zhixian, CEO of the Timor-Leste Group, the head of the Timor-Leste Financial Group of the Vientiane Laboratory, the president of the Bank of Jeko Island, the president of the Timor-Leste branch of the Vientiane Bank, and the president of the Timor-Leste branch of the Huaxia Industrial and Commercial Bank.

In fact, most of these people, including Lin Han, didn't talk much, mainly Li He, the head of the Timor-Leste financial team of the Vientiane Laboratory, who was talking eloquently on the stage.

Li He, a former professor at the University of Hong Kong and dean of the School of Economics and Finance, was dug up by Vientiane Lab and began working in Timor-Leste two years ago.

Now that everything is in place, and the issuance of the TEA is imminent, this meeting is just for Li He to explain the plan to the main parties concerned, and then the top boss Lin Han, who happened to come to East Timor, nodded and signed.

“…… According to Paul Krugman's triadic paradox, the independence of domestic monetary policy, the stability of exchange rates, and the free flow and outflow of capital cannot be achieved at the same time, and the other two must be achieved by abandoning one of them. Li He said slowly.

In the face of the trilemmary paradox, almost all countries must choose one to save the other two in order to save the other two. As for which one to choose, it depends on the respective decision.

Of course, there are no exceptions, for example, because of its unique position in the world monetary system, the dollar has all kinds of transcendent characteristics. To a certain extent, it can be said that the United States is the only country that has jumped out of the trilemma.

“…… Based on a comprehensive review of Timor-Leste's level of economic development, we believe that TECO should abandon the independence of monetary policy and adopt a peg approach to the renminbi to achieve exchange rate stability and free capital flow and outflow. ”

Soon, Lin Han read the documents in his hand several times, and then listened to Li He's speech.

Li He continued: "Timor-Leste's upcoming legal tender will be issued in yuan, and it has a fixed exchange rate of 10.0:1 with the renminbi, which means that ten eastern yuan can be exchanged for one yuan. ”

"The unit of the auxiliary currency of the Eastern Dollar is cents, and 100 cents is one dollar, which is the limited legal currency. ”

"Only coins of 1 dollar and below are issued...... The maximum denomination of banknotes is EC$500. ”

Coins can effectively reduce the loss of currency in the process of circulation, so most of the currencies with small denominations and frequent circulation are coins.

The issuance of large-denomination banknotes breeds corruption, money laundering, counterfeiting and other problems, so the maximum denomination of TECO banknotes is 500 yuan, which is equivalent to 50 yuan of the renminbi.

As for larger transactions, electronic settlement is sufficient, and Timor-Leste already has a good foothold in this regard thanks to the early deployment of Vientiane.

"The issuance of the TED is handled by the Bank of Jacques Island, the Timor-Leste Branch of the Bank of Vientiane, and the Timor-Leste Branch of the Huaxia Industrial and Commercial Bank, and for each certain amount of TED issued by the three banks, the equivalent amount of RMB ...... is required to be submitted to the Financial Supervisory Commission of Timor-Leste."

Li He gave a detailed account of the plan for the issuance of the East Dollar, and then went to the presidents of the three major banks and the Ministry of Finance of Timor-Leste to make a brief statement.

Finally, Li He looked at Lin Han: "Mr. Lin, what do you think?"

"Not bad. Lin Han nodded very dryly, and then took a pen and signed his name on several decision-making documents of the Bank of Jacques Island, the Bank of Vientiane, and the Financial Supervisory Board of Timor-Leste.

Subsequently, the President of Timor-Leste, the presidents of the three major banks, and others also signed a pile of documents one after another.

At this point, the Democratic Republic of Timor-Leste has its own legal tender – the Eastern Dollar.

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