The Republican Army's fiscal revenue was still good, and the fiscal revenue in the earliest year was only 200,000 yuan. Then, with the rapid expansion of the Republican Army, this figure soared to 3.5 million yuan, of which 30 percent came from factories, 30 percent from banks, financial income, then 20 percent from transportation, and a relatively small proportion of agriculture. Thanks to preferential taxation on agriculture and the help of interest-free loans for agriculture, the IRA is gradually reducing the tax burden on farmers. So, the tax revenue provided by agriculture is a very small part.

The financial industry and industry are the two places that contribute the most to finance and taxation. Among them, the banking industry is the most important, because they alone contribute 20% of the fiscal revenue, which is a large proportion. Without banking, the IRA's revenues would have been cut considerably.

In short, the income is still very good, and it is also possible that it may rise to 4.5 million yuan in the next year. After all, the Republican Army banknote printing house printed a lot of banknotes.

But the problem is that the IRA's debt is also staggering.

After continuous fighting, the IRA issued more than $25 million in war bonds. That's seven times the revenue. Therefore, the Republican Army has its own reasons for stopping large-scale attacks. Such a large amount of debt is unprecedented.

Not only in terms of war bonds, but at the same time, the Republican Army also issued 4.5 million economic infrastructure bonds, which were mainly used for the construction of some roads, the repair of road conditions, as well as some water conservancy facilities, and urban construction. The money ran out quickly. Relying on this part of the expenditure, the IRA developed rapidly, and at the same time brought a large number of jobs. Although the government's debt is very large, the problem can be dealt with properly.

The main problem of the IRA at present is that they have a large debt, which is a very heavy burden on the government, and there is no way for the IRA to develop very quickly, and they have suddenly come out of the situation that took a long time to develop in the past, and behind the rapid changes are extremely serious financial problems for the IRA.

It is the government that issues bonds, and it is the banks that sell bonds, and some of the banks hold a considerable amount of bonds, and the reason why they hold bonds is not because the bonds cannot be sold, but because they see the advantages of holding bonds, that is, the government must recycle this part of the bonds, and this part of the bonds can bring them a lot of returns.

This is just one of them, and some of the clever bankers have seen the benefits of the right to issue paper money in the hands of the Republican Army, because to have the right to issue paper money is to have all the wealth in their hands, because paper money is linked to most of the trade, without which they would not have been able to do some of these things. That's the shrewdest thing a banker can do.

However, the IRA will not take out such a thing easily, because it is completely inconsistent with all the views, which will have a great impact on the financial security of the IRA, and finance can quickly promote the economic development of the IRA, but at the same time, it will destroy everything. It's a double-edged sword. Good or bad is in the hands of the person who can control all this, if you can't control everything well, the result will bring them a great disaster, Shang Wu knows this too well. Therefore, it is impossible for him to leave such things to the bankers, although they are very sensitive to money and are good at doing such things, but they are still businessmen in essence, and when the businessmen develop to a certain extent, they will appear in a state of dizziness, greed is one of their nature, otherwise, they would not buy so many bonds.

The basic holders of bonds are still the people, and within the jurisdiction of the Republican Army, the people have begun to do some investment and financial management, they know the benefits of bonds, and at the same time, they also attach great importance to bonds. Most of their bond purchases are treated with a mentality of repaying gratitude. After all, their good life comes from the protection of the Republican Army, and the development of the Republican Army is inseparable from the support of some people like them. It's an extremely unpretentious idea.

In terms of the local economy, the development of various places is very positive, and the newly annexed Hexi Prefecture is mainly animal husbandry, which will provide a small number of war horses and more cattle and sheep. Hexi's economy does not depend on these industries to develop. The reason is very simple, the local land is barren, the development of planting is difficult, the input and output are extremely uneconomical, and the Huns have been entrenched there for a long time, although the republican army digested and drove away some of them, but it is still too difficult to make the situation there improve all of a sudden, and there is only one way. That is to develop trade

Relying on their unique geographical advantages, they actively traded with the northern nomads, and many of the Huns, who were originally Manu and various slaves, also began to actively become translators, and they actively went to the schools opened by the Republican Army to study, and followed the merchants to translate and trade. Their technical superiority in horses, cattle and sheep makes them better consultants. Of course. The main trade is still from the merchants of Hedong, they are still the main force, recently they have started a new business, the slave business, the Wuhuan people of the northern steppe, become their best choice, they will take care of all these people, they will put on heavy shackles, and then concentrate, press the brand, they will be sent to the coal mine to mine coal, a large number of coal resources will be found around Pingyang County, there will be a new coal demand for the Republican Army, the locals of Hedong will enter the city, or stay on the land, Their instinctive rejection of coal, coupled with the enrolment of suffrage, made it impossible to increase their coal production, and the coal mine owners were very fond of the slaves they sent because they could desperately squeeze the value of their labor. As for their life and death, that is not their consideration, in comparison, the benefits they generate are still quite considerable.

The local economy in Hexi Prefecture is not too optimistic, the only optimistic thing is trade, the main trade object is the north, of course, there is also a part of the southern business, mainly for Guanzhong, but that is the smuggling business.

Hedong Prefecture is a region with rapid economic development, although they have not been in the republican army for too long, but their development is very fast, the war disrupted all the economic order, and the transplantation of the economic order of the republican army quickly made it developed. Land is highly annexed, and a large number of farmers have appeared in agriculture, with the least of their land being 900 mu and the largest being an astonishing 10,000 mu of land, and their tax burden is relatively small, but they still pay a considerable amount. In contrast, however, agriculture produces far less economic value than factories. Factories get a large number of military orders, as well as a variety of living orders, plus a lot of resource development, coal mines, edible salt, etc., urbanization has accelerated the speed of development, in the new city in the value of two shops more than 500 acres of land income, which makes people more yearning for urban life, because the city can provide more employment opportunities, everywhere factories, handicraft workshops, people are thinking about how to make a fortune, the concentration of population, the development of urbanization, accelerated the development of trade, On the one hand, they entered Hexi State. It was the northern trade of the Xiongnu, and the orders there were quite ferocious, but they were all military orders. However, they soon noticed two other directions, one was the annexation of the state, where there were smuggling landlords Haoqiang. Another place is Guanzhong, they can cross the Yellow River and transport a large number of goods to Guanzhong by small boats, where Dong Zhuo is controlled, and they also need a large number of arms and weapons. These are the reasons for the rapid development of Hedong.

Hedong's special geographical location determined that his development rate was quite high, and although he did not join for too long, they did grow faster than the other states controlled by the Republican Army.

The situation in Luzhou seems to be stable, and its plantation, industry, trade, and transportation industries are developing rapidly. Although there is no outstanding, but the development is very balanced, which has a lot to do with their geographical location, the Shangdang Basin provides a unique agricultural base, plus there is basically no big war here, the population loss is less, not only that, after eliminating the security hazard of bandits, but let the economy here develop rapidly.

Although the industries are well balanced and do not seem to stand out, it gives them a great sense of security, and this is probably the most stable state in the area controlled by the Republican Army.

The Republican Army-controlled Jizhou has only half of the land, but its economic development is the most complete. However, the security situation is not good. Because here are plains everywhere and there is nothing to defend.

But the economic development here is very fast, is the first in the area controlled by the Republican Army, especially Handan, is a special economic zone of the Republican Army, Handan has a population of more than one million, this is a very large city, there is industry, trade is developed, plus the promotion of the financial industry, so that this is a big metropolis.

The main feature here is that the industry is developed, as well as the financial industry is developed. This is the core area of the Republican Army, but there is also a big security threat, and if you don't handle this kind of thing properly, the development here will also bring you a lot of trouble.

That's one of the biggest challenges in their development.

In the current situation, they need a lot of development, and this is the economic map of the Republican Army. These economic zones provide a great deal of economic support.