On the Qingming Festival in the fourth year of Yuanyou, an 800-mile expedited pass through You Shixiong to advance to the center, and all the tribal leaders and nobles in the entire Tubo agreed to belong to the Great Song Empire, and the price of 5 million square kilometers of land was only 7 million. The annual expenditure is allocated by the central government to various Tutou people and tribes, large and small, as the price of their acceptance of jurisdiction.

It is mentioned that the leaders of all walks of life can gather 500,000 young and strong laborers to obey the military mobilization of the Song court when necessary, as long as the Song court bears the expenses of eating and chewing, and pays the military expenses and rewards equivalent to those of the van soldiers. Tubo, who had entered the feudal system from slavery in one step, obviously understood the advantages and advantages of military feudalism, and did not need to pay taxes, but also took money for nothing to improve his life.

To put it bluntly, the Song court spent money to buy the nominal ownership of 5 million square kilometers of land in Tibet and an army of 500,000 people. As for whether this is worth it compared to the expenses that have been negotiated between You Shixiong and many ministers, it is a matter of opinion.

The Chenji Group assured the ministers and the officials of the relevant border areas that the taxes would be increased year by year on the basis of the original taxes paid by the border state capitals until the expenditure of 7 million yuan was reached in the eighth year of Yuanyou. In other words, the Song court gritted its teeth, and the expenditure of about 21 million guan in the five years between it could be equivalent to far exceeding the sovereignty and control of the Tang Dynasty over Tibet. Not only did it permanently save nearly a quarter of the military spending on the border from Shanzhou to Lizhou, but it could also increase the territory and cavalry resources that could not be bought by tens of millions of dollars, and both sides thought they had taken advantage.

Of course, the biggest winner is still the Chenji Group, because as the main force of taxation, the Chenji Group almost monopolized the trade and logistics of Tibet through dumping, hiring laborers to build roads and houses, setting up commercial outlets, tax-inclusive contracts, colluding with old smugglers and officials and businessmen on various border lines. According to the data of the first quarterly report, 3 million yuan of new after-tax profits came from the trade in Tibet and the wholesale income of newly opened outlets in emerging material distribution centers such as Qamdo.

What makes the court princes feel even more exaggerated is that the Chenji Group did not let the central and local political axes spend a penny, and all the expenses were paid by virtue of the local political axes in Chengdu Fu Road, Lizhou Road, Qinfeng Road and other places, and the 'Tubo Construction Public Bonds' issued by the people. The total amount of 50 million public bonds is all underwritten by the newly established Chenji Securities Company, a subsidiary of Chenji Group. That is to say, the political axes at all levels did not spend a penny, and obtained a ten-year treasury bond income of 50 million yuan with an annual interest rate of 2.5% for repayment of principal and interest at maturity. Although the money has to be repaid after ten years, this money can not be repaid in the form of exchanging old debts for new debts, which means that a huge amount of money has been obtained for nothing.

Of this, 21 million guan had to be paid to various Tibetan nobles, and the remaining 29 million guan could be used to pay subsidies to the royal officials, build roads, and other expenses. This new open-source model made the entire court feel like a pot, and all yamen realized the business opportunities and benefits. Lee Ki, who had been communicating with Prime Minister Fan Chun-in and other executives for half a month, was tired and half dead, and it took a day just to explain how to get buyers to accept such a low interest rate.

This suddenly allowed the finances of the Great Song Empire to have a fiscal deficit rate of 30%, and this huge amount of money was raised through three months of issuance, and flowed into the relevant yamen, which greatly stimulated officials at all levels. The petition asking for the central government's approval for the opening of new national bonds was piled up almost overnight with the books of Zaifu and the Empress Dowager.

Of course, the wise Empress Dowager Gao immediately banned these trends, and severely rebuked some departments that had no need to run deficits for debt issuance. In the DPRK meeting, a special treasury bond plan was drawn up to strengthen the Yellow River embankment and dredge the water transport, and at the same time, a set of laws and systems to regulate the issuance of treasury bonds were formulated. Of course, there are many clauses that indirectly strengthen the monopoly position of Chenji Securities Company in disguise, all of which are added by Li Ji from the standpoint of serving the country and the people, and the Zai Fu behind the scenes. For example, in the margin system, if you want to underwrite the 1 million political axe bonds issued by the political axe, you must first pay a deposit of 500,000 yuan to the political axe, and after the end of the issuance period, the political axe only needs 500,000 yuan, and if the underwriter only buys 900,000 yuan, it will lose 100,000 yuan. This clause ensures that private merchants and wealthy families who do not have sufficient financial resources cannot enter the underwriting market and compete with the Chenji Group, and at the same time, it also ensures the stability and safety of the political axe to issue bonds. Without sufficient means and talents, it is impossible to issue these 50 million yuan of treasury bonds at the same premium as Chenji Securities Company.

According to the information deliberately leaked to the court internally, in this 50 million guan treasury bond issuance, it is divided into 100,000 shares with a face value of 500 guan each. Because of the seals of the three local divisions endorsed by the political axe, through the auction and centralized bidding, the merchants and tycoons who rushed to buy the treasury bonds basically speculated the treasury bonds with a face value of 500 guan to more than 508 guan in a few times. Few will compete for 100,000 yuan per batch of treasury bonds with a minimum mark-up of 10 yuan. It was initially estimated that the treasury bonds, which would require a three-month issuance period, were snapped up by wealthy investors from all over the country who had heard the news in just 10 days. Copper coins that do not earn interest are not interest-bearing, and interest-bearing treasury bonds with zero risk are popular. The copper coins received in cash even appeared in the century-old Taiping Tongbao and other fine products minted during the Taizong period.

At a high-level secret meeting after the internal celebration of the securities company, Lee Gi said to the public: "How many people know that the treasury can continue to run a deficit in a state of bankruptcy where the accumulated national debt exceeds the political axe assets? How many people are wealthy people who can accept the local political axe bonds issued by the Zhao and Song courts? The former is only a dozen of us, and the latter is almost endless. Not to mention the gilts with higher credit ratings, the central government axe bonds. Only by doing everything possible to learn from the advanced cases of the Luo family and holding in our hands the right to issue banknotes and the right to monopolize the underwriting of treasury bonds, we can be regarded as having a foundation for all generations and being in an invincible position. As for the process of making the ruling class of the Great Song Empire, which had no sense of financial security, accustomed to deficits, active deficits, and continuous deficits, until they had to agree to our establishment of a federal reserve system, and finally until we grasped the power to issue money, this will be the focus of the future work of the financial sector. We can't and don't have to deliberately guide this process, as long as we take the Song Ting's request along the river, we must not startle the snake and ruin the big thing. ”

"The emergence of deficits is nothing more than the inability to open the source and reduce the flow. It is better to count on the decline in the income of the Great Song Empire than to count on the increase in the expenses of the Great Song Empire. If we want to increase the spending of political axes, who is not more experienced than those of us who have experienced 'special' finance? At present, seventy percent of the central financial expenditure of the Great Song Empire is military expenditure, two percent is official expenditure, and one percent is the expenditure of education, science, culture, health, engineering construction, medical insurance, social security, and other services. For the time being, we have no way to make the central government raise its expenditures in this area by a large margin, and we cannot move our administrative expenditures, so we can only move the brains of the smallest construction expenditures. ”

Wang Neng watched Zhao Shouzhong lead the topic in this direction and couldn't help but say: "Why can't we make the central government increase the expenditure in this area for the time being, and the administrative expenses can't be moved?" We can completely use advanced technology and equipment to create a brilliant arms industry, and isn't it very good and powerful to make war money? The administrative cost is also very high, right? Directly pushing the political axe to extend the ruling power down to the rural areas, the shortage of grassroots officials has increased at least tenfold, and the administrative costs have increased at least five times. ”

"Is your brain caught in the door? We don't even have enough people to build blast furnaces, and we still have to open munitions factories? Also expand the rank-and-file officials? We took the initiative to help Zhao Song strengthen the foundation of his rule, how can we eat together. Did you hear that the monopoly non-political axe organization took the initiative to help the political axe consolidate its rule? Li Ji's remarks blocked the development trend of the crooked topic.

"Alright! Don't talk about him, he just said what we're going to do in the future, and he's in a hurry. To get back to the point, spending money on construction requires those high-level leaders to see that construction can bring sufficient benefits to the country and themselves. At this point, I can guarantee that it will only take three months to let everyone see the benefits of construction, and the cultural group started by me Zhao Shouzhong is not a dry meal! ”