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Chapter 1548 The New Economic Order

Edminster, an American, was embarrassed to pay for lunch at a fast-food restaurant in Haiphong with the dollars and francs he carried with him, and the salesman refused to accept foreign currency, saying that only Chinese dollars were allowed in South China, and that it was illegal for the restaurant to accept foreign currency without permission and would be punished by law. Pen @ fun @ pavilion wWw. ｂｉｑUｇE。 ｉｎｆｏ

Edminster was anxious and hurriedly asked how to exchange it for the Chinese dollars that could be paid?

The salesman politely explained that in fact, in the port area, Chinese dollars can be freely exchanged, and banks in various neighborhoods of Hai Phong City can also be freely converted. And because the Chinese dollar exchange rate is directly pegged to the US dollar and gold, there is no need for additional calculations, and it is very convenient to exchange.

Edminster left a member of the delegation as collateral at the fast-food restaurant, and then went to a bank office fifty meters to the right of the restaurant marked with a large English industrialandmercialbank. The manager of the office warmly received the guests, and after exchanging $50,000 at a ratio of 1 to 10 for spending in South China, the manager told the Americans about the various currency reform measures that were now underway in South China, and Edminster and his attaché nodded repeatedly.

After entering mid-April, the Central Bank of South China officially issued the Chinese dollar.

In order to consolidate the position of the Chinese dollar, unify the currency system, maintain the value of the currency, and stabilize social prices, the central government of Nanhua explicitly ordered financial institutions in various localities to accept the banknotes issued by the Bank of South Sichuan and the ocean circulating in Nanhua, and to exchange francs and Annam coins in unlimited quantities according to the price comparison. At the same time, it also prohibits the circulation and private trading of foreign currencies such as the pound and the US dollar in the South China market, and the foreign exchange is uniformly operated and managed by the state, and the exchange of the Chinese dollar with foreign currency is the basic ratio of 1 US dollar to 10 Chinese yuan, and the exchange of gold for 1 Chinese dollar to 0.08 grams, and foreigners who want to invest or consume in Nanhua need to go to financial institutions to exchange Chinese dollars, and South China capitalists who want to buy foreign commodities need to go to financial institutions to exchange Chinese dollars for foreign exchange, severely crack down on gold and silver foreign currency speculation, and strictly prohibit the circulation of gold and silver and private trading.

As a professional, the manager politely informed that Huayuan's issuance followed three basic principles: one was to adhere to economic issuance and oppose financial issuance; the second is to adhere to the planned issuance and oppose blind issuance; The third is to insist on centralized and unified issuance by the central government and oppose decentralized issuance. In other words, the right to issue Huayuan belongs only to the state. According to the economic situation of each year, the central government determines the currency issuance plan for the current year, approves the annual issuance limit, and authorizes the central bank to issue Chinese dollars in a centralized and unified manner in accordance with the requirements of the issuance instructions. The central bank is the only currency issuing agency in the country, monopolizing the currency issuance business, and the only legitimacy and independent national currency status of Huayuan in South China and the security control area is not allowed to be infringed upon.

Through the conversation, Edminster also learned that Huayuan has implemented a set of currency issuance and credit allocation control mechanisms, and implemented the "issuance treasury" and "deposit margin" systems. The issuance library is compared with the institutional system of the bank, and the corresponding establishment of the general treasury, sub-treasury, branch treasury and custody points, in accordance with the prescribed responsibilities to handle the issuance and allocation business, with complete independence and autonomy, the institutions and businesses of the issuance library at all levels are vertical leadership, and the issuance of the treasury is responsible to the higher level of the issuance library, the general treasury is only responsible to the central government committee and the government affairs yuan, the issuance of the treasury custody of the Chinese dollar bills, called the issuance fund, the issuance of funds deposited in the branch treasury is only on behalf of the general treasury, and the use of the issuance fund only belongs to the state. The lower level of the issuance library can only be handled by the order issued by the superior issuance library, and it is strictly forbidden for any institution or individual to use it without authorization, and the violators must be punished by law, and the Chinese dollar cash required by the banks around the country can only be collected from the designated issuance library with the order approved by the superior issuance library, and the cash collected by the banks every day exceeds the limit of their business inventory, and must be paid to the local issuance library in a timely manner, so as to make flexible allocations and adjust market needs.

The deposit margin is the deposit in the central bank prepared by commercial banks to ensure the needs of customers to withdraw deposits and fund settlement, and it is the funds prepared to limit the credit expansion of commercial banks and ensure the needs of customers to withdraw deposits and fund liquidation, and its proportion is usually determined by the central bank.

Since the Central Bank of South China is the issuance center of the Chinese dollar, all the receipts and expenditures of the Chinese dollar start and end at the bank, and play a monetary role in market circulation through the channels formed by various social and economic activities. The main channels of Huayuan's delivery channels are: 1. State enterprises, institutions, government agencies, schools, troops, groups, collectives and private economic organizations withdraw cash from banks to pay employees' wages, bonuses and allowances and various labor expenses; Two. Acquisition placement. Commercial, foreign trade, cooperatives and other economies purchase agricultural and sideline products, handicraft products, industrial and mining products, waste materials and exchange of gold and silver; Three. administrative costs by economy; Four. Fiscal credit allocation, including the issuance of agricultural loans and relief funds, the withdrawal of savings deposits, and so on. There are many ways to recycle Huayuan, but it mainly relies on the return of savings, that is, factories and individuals deposit cash in banks, in addition to various taxes, financial charges, fees, fines and extra-budgetary income.

Edminster benefited greatly from this exchange, and after returning to the restaurant to pay for lunch in Chinese dollars, the group found a newly opened hotel in Haiphong.

The owner of the hotel, a Frenchman who has obtained South Chinese nationality, was very enthusiastic when he saw the American guests visiting, and invited the guests to the hotel's café to enjoy afternoon tea for free. Edminster was trying to find out what was going on in South China and readily agreed. In the conversation with the French master, I once again gained an in-depth understanding of the economic policy of South China.

"Nanhua is very good here, the industrial construction is tense and orderly, the agricultural reform is deepening step by step, and there is a strong and decisive central government, and the public security environment is good.

The hotelier couldn't help but join his supervisor's assumptions.

In the midst of a cordial conversation, a Jewish financial scholar who was staying at the hotel joined in. Miel. Originally a Jew from the Sudetenland, he came to South China with his people in January this year, and according to his specialty, he is currently working at the Syrian Provincial Research Institute.

"I have to admit that the leaders of the South China government are indeed very capable, at the beginning, I thought that the launch of Huayuan would die quickly under the suppression of speculative capital, but I didn't expect to get through the difficulties so quickly, aside from the political level, this is something in common with Hitler's Nazi government."

Edminster, who was also Jewish, dared to ask with interest: "Mr. Miel, what happened to make you feel so emotional?" ”

Miel. Duofu smiled and told him what he had learned.

Only then did Edminster understand that the original issuance of the Chinese dollar had stimulated the sensitive nerves of some speculative capital in South China, especially private banks, who felt that their own survival was seriously threatened, so they began to hoard and raise prices, and maliciously speculated on gold, silver and foreign exchange in the black market, resulting in the rapid depreciation of the Chinese dollar in the first few days of its issuance.

Under these circumstances, the central government of South China urgently enacted the "Monetary Law," announcing that it would prohibit the free circulation of gold, silver, and foreign currency, and that the central bank would be responsible for collecting and exchanging them, and that commercial institutions should resolutely ban and crack down on the use of silver dollars, gold, and foreign currency for speculation on the black market. At the same time, we will resolutely ban usury and other illegal credit institutions to ensure the stability of the financial order.

Now Nanhua, relying on southern Sichuan and southern Yunnan, as well as the Ou's consortium, Hong Kong South China Group, Hong Kong Xingshe and other foreign trade channels, gauze, salt, meat and other supplies are not worried at all, plus Nanhua has harvested a season of grain, the inventory is sufficient, speculation capital in the face of the government's open supply, like a snow lion to the fire, instantly melted, not even a little resistance to the strength of the South China government, the South China government almost bloodless to destroy the speculative capital, now South China financial order, the slightest can not see that this is a new country, The economic situation is even better than that of some of the old capitalist countries.

Edminster repeatedly praised the swift and targeted response of the South China government, and it was clear that the leaders of the new country were excellent. Edminster then asked Miel. The reason why Duofu came to Haiphong.

Miel. Dofu frankly informed that he would only use his vacation time to buy a batch of government bonds to be issued tomorrow.

Originally, in order to maintain the stability of the currency, the South China government began to issue government bonds, denominated at the real ratio of US dollars to gold, with an annual interest rate of 10%, to be repaid in five years. It is important to know that internally, the purchase of public bonds by the people is relatively advantageous to the purchase of public bonds by purchasing principal and interest compared to the total loss of the falling part of the currency after the value of the currency falls. Externally, the Nanhua government has a huge industrial base in southern Sichuan and southern Yunnan, coupled with the huge resources of Nanhua, there is absolutely no problem in terms of payments. As a result, as soon as the government bonds were launched, they were in short supply, and every batch of bonds underwritten by banks in Nanhua was quickly sought after.

Since the central government of South China has different priorities and quantities of bonds to be put on the market according to the actual conditions of various localities, Haiphong, as a municipality directly under the central government, has won a larger share of sales, a higher limit on individual purchases, and a higher time for issuance.

Miel. Dover is going to eat a batch of bonds in Nanhua, and then when he returns to Syria, he will eat another batch, and his goal is to sweep up the bonds at the branch of the China Construction Bank near the hotel. Tomorrow at two o'clock in the morning, he will go to the front of the bank to line up, so that tomorrow morning, when the bank opens, he can enter the bank as quickly as possible, and get the purchase opportunity of 100,000 Chinese dollars per person (50,000 yuan in general areas), and at an annual interest rate of 10 percent, he can get a stable benefit of 10,000 Chinese dollars a year, and if the Chinese yuan depreciates during this period, according to the actual exchange rate of the Chinese yuan with the dollar and gold, the income will be even more.

Miel. A few days before the issuance of the bonds, some people began to line up in front of the bank, and he was not very sure that he would be able to buy them in Syria, so he took advantage of the opportunity to come to Haiphong to buy them. He said that the South China government has a plan to issue public bonds to the United States if the United States establishes diplomatic relations with South China, so that American capitalists can also benefit from it.

Edminster was very interested, as he had heard on many occasions that the Chinese dollar was pegged to the dollar and gold, and he had an inexplicable good opinion that the South China government did not choose to be pegged to the pound and the franc.

Edminster then asked about the tax situation for French hoteliers.

The hotel owner informed that in order to ensure the stable and rapid development of economic construction and the stability of fiscal revenue, the Nanhua government abolished as many as 126 kinds of taxes and miscellaneous taxes of the colonial government of French Annam, and replaced them with new 18 taxes, including stamp duty, value-added tax, business tax, resource tax, deed tax, education surcharge tax, land use tax, real estate tax, urban and rural and road maintenance and construction tax, consumption tax, vehicle purchase tax, vehicle and vessel tax, tobacco tax, customs duties, ship tonnage tax, fixed asset investment direction adjustment tax, and enterprise income taxIndividual income tax, of which 16 taxes are collected by the tax department, customs duties and ship tonnage tax are collected by the customs, and value-added tax and consumption tax on imported goods are collected by the customs department. These taxes have little impact on the current society in South China, where the agricultural economy is the main body, and because of the abolition of agricultural taxes and the payment of public grain, they are deeply supported by the peasants.

As far as the operation of hotels is concerned, French operators need to pay 3% of the business tax, at the same time pay the urban and rural and road construction tax according to 7% of the business tax, pay the additional tax on education fees at 3% of the business tax, collect stamp duty according to the registered capital and 5/10,000 of the paid-in capital in the account books, pay the enterprise income tax at the three rates of 15%, 25% and 34% of the operating income according to the boundary of 25,000 yuan and 75,000 yuan, and pay the individual income tax at the three levels of income tax of 15%, 25% and 34%, in addition to the payment of salary withholding and payment of personal income tax.

After listening to the introduction, Edminster understood that Nanhua already has a very complete financial and tax system, which greatly facilitates the entry of American capital.