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The elites of the financial community are also vigilant, especially the governor of the central bank, Zhang Jiaao, believes that the economy has been overheated, and has adopted multiple rounds of interest rate hikes, and there is no mandatory interest rate hike system in this era, and banks are through your financial instruments to complete interest rate hikes, such as through the purchase and sale of bonds, the central bank buys bonds in large sums, which is to inject funds into the economy, and selling bonds is to tighten funds, so as to achieve the impact on borrowing interest, and will also take ways to increase the discount rate to affect the capital situation in the banking industry.

Zhang Jiaao also raised China's interest rate to 5%, but the amount of investment still continues to rise, especially the amount of money invested in the minerals, real estate and stock markets is getting bigger and bigger, and the amount of new investment in the country reached 20 billion taels last year, equivalent to 26 billion US dollars, while the new investment in the United States is only 16 billion US dollars, which is 10 billion more than the United States.

After the outbreak of the U.S. economic crisis, he has successively telegraphed with the central bank governors of Britain, France and Germany, agreeing to work hard to maintain the stability of the world economy, especially insisting that the gold standard system can operate well, which requires all countries to ensure that gold can flow freely between countries.

Zhang Jiaao was relieved by the British acknowledgment that it would never restrict the inflow and outflow of gold, and he promised the British that they would not repatriate gold deposited in London or sell the pound sterling foreign exchange.

After all, the economic ties with Europe are not too close, so Zhang Jiaao did not penetrate the European financial markets, for example, without promising to lend to Germany, which is losing gold.

At present, the largest in this East Asian financial market is naturally China, with Japan third, Siam third, Nanyang fourth, North Korea fifth, the newly joined Philippines can only rank sixth, and the last place is the Ryukyu Kingdom, which has just reached 100,000 people.

The center of the economic system composed of these five countries and one region is naturally Shanghai, so Shanghai bears the responsibility for stabilizing the economic stability of the region, and the specific responsible persons are a large number of active banks in Shanghai, among which the central bank controlled by Zhang Jiaao and the Yangzi banking group are the heavyweight responsible persons.

If they have problems, China's economy will naturally have problems, and then Japan, North Korea and other countries will definitely be implicated, China has multiple economic crises, they will only be more serious, and they must not be exempt.

Although Zhang Jiaao has always regarded maintaining currency stability and market stability as his own responsibility, and has not asked Yang Chao, Yang Chao's actions still make Zhang Jiaao feel good, and understand that Yang Chao is different from those bankers in Shanghai who are crazy speculating in the stock market when they see money.

Yangzi Bank's continuous tightening of funds is tantamount to a curb to the overheating of the market, but it cannot completely reverse the economic structure, and the market is still sliding downward on the track of crisis.

Zhang Jiaao has self-esteem, as the governor of the central bank, he will not ask for help like Yangzi Bank, so he prefers to maintain the economic stability of East Asia through his own efforts, and even he is vaguely looking forward to this economic crisis, if China can remain an exception in the European and American crises, it is very attractive to him, this is an opportunity to realize his ambitions.

Therefore, after reaching a consensus with the European and American banking industries, he quickly held close talks with the Japanese banking industry, and asked Japan to strive to maintain the current monetary policy, and promised to provide financial support to the Bank of Japan if necessary.

Japan needs Zhang Jiaao's support, because after the earthquake, although the Hawaii crisis stimulated their national spirit, but the impact of the earthquake is far-reaching, Japan is still a debtor country at this time, owing China at least 500 million taels of debt, and the impact of the US economic crisis on Japan is the largest in East Asia, because the economic ties between Japan and the United States are the closest in East Asia.

China dared to sever economic ties with the United States, but Japan did not, and even after the Hawaii crisis, Japan took the initiative to strengthen its economic ties with the United States, and the Americans saw that China was the biggest threat to them, and even if the Hawaii crisis started because of the Japanese diaspora issue, they also endured this breath and quickly adjusted their relations with Japan.

The three major U.S. auto companies, Ford, General Motors and Chrysler, quickly launched their investments in Japan, and led by the three major auto companies, Japan's machinery manufacturing industry quickly recovered from the impact of the earthquake and began to recover profits.

In recent years, Japan has largely returned to its pre-earthquake economic situation, but it has not been able to pay off its debts, or even reduce them.

Cooperation with the United States has allowed American cars to enter China through Japan, and Japan has been given the opportunity to create jobs and drive downstream industries, while Mitsubishi, Mitsui and other chaebols have also continued to copy European and American cars, and Japan's automobile industry has begun to take shape.

However, the United States suddenly had an economic crisis, and the Japanese government was worried that the three major automobile factories would be affected, and these three automobile factories were too important to the Japanese industry, and the three major automobile factories were all with an annual output of 100,000 vehicles, and exported 250,000 cars to China every year.

Therefore, the Japanese government immediately met with the Japanese managers of the three major automobile companies and asked them to guarantee production in Japan, and if necessary, they also planned to subsidize the three automobile companies, such as providing a loan to help them tide over the difficulties.

Japan's small abacus Chinese do not care, the Chinese are most concerned about the Miqing government.

After the New Year, Mi Qing completed the inauguration ceremony, proclaimed the constitution in the National Assembly, and then officially inaugurated as the fifth official president of the Republic.

The people of the whole country have placed high hopes on the Mi Qing government, and it is precisely this high hope that prompted Mi Qing to be elected with a high vote. And turnout created a discipline, with more than 100 million people voting for the first time, and 180 million people tall. Clearly, the 30 million workers who are eager to raise their wages, and the good wishes of their families and loved ones, as many as 100 million, are a huge political force.

On her second day in office, the first policy she withdrew from was what she had promised during her campaign, when she submitted a bill to parliament to legislate a minimum wage.

But Mi Qing is obviously too idealistic, he did not care about the different situations of the provinces, but a one-size-fits-all approach, requiring all provinces to achieve the bottom line of the minimum daily wage of one tael, and he couldn't make a difference, when campaigning, if it was said that the standard of one tael per day should be set for Shandong, and half a tael of Henan's daily wage, I am afraid that the people of Henan will not only not appreciate it, but will also abuse her.

The bill passed.

Congressmen do not dare to veto this bill, because this is the will of the vast majority of the people, and if they dare to veto this bill, they will be scolded tomorrow, and these congressmen are celebrities from all over the country who enjoy high prestige, even if they are the capitalists, they do not dare to be scolded by the people of the whole country in order to maintain profits, which is a kind of constraint on the rulers of traditional Chinese culture.

Raising wages, the expectations of all, and good ideas may not achieve good results.

The efficiency of the government of the Republic of China may not be as good as that of the people's republic of later generations, but the attitude of the Republic of China towards the law is extremely serious, and Wang Chonghui and other idealistic legal people have formulated a perfect judicial system.

So immediately after the passage of the bill, the legal authorities began to initiate the relevant legal procedures, the supervisory authorities began to intervene, and of course there were powerful trade union forces that were keeping an eye on the capitalists, and if they violated the law, they would immediately be taken to court.

In the case of the high cost of violating the law, no one will break the law, and the judicial cost will be reduced.

But the cost of breaking the law is high, and the capitalists dare not break the law, but they dare to reduce the number of employees.

In the past, as long as they waited under a certain bridge or a temple in front of the customary city in the city, someone would come to recruit short-term workers, and they could find some work almost every day, but this time they found that it was much more difficult to recruit work, and it took a day and a half to find a job at first, then two days, and then three days.

It is always the most vulnerable who are the first to suffer from the crisis, just as it is always the weakest that the disease consumes.

In the first month of Mi Qing's rule, only some temporary workers were affected, and in the second month, some factories with low profits found that they began to lose money, so they began to fire workers, and the unions actively intervened, negotiating, and working hard, not only could not stop this trend, but instead caused some factories to be unable to make a profit, and could not reduce the number of workers, and had to raise workers' wages, so these factories closed.

Why is this happening?

Some economists have begun to take aim at current policies, devising theories such as that forced wage increases are detrimental to the liberal economy. The capitalists, who did not support Mi Qing in the first place, also began to make frequent alarmist statements, warning the government that if you do not change the current policy, China's economy will definitely collapse.

But those who really know the inside story will know that in the past few months, China's machinery and equipment exported to Japan has suddenly dropped a lot, and the chemical fiber exported to Europe has also declined sharply, and the orders of the machinery manufacturing industry have decreased, and then the orders of downstream parts factories have naturally decreased, the prices of parts and mechanical products have fallen sharply, and the profit margin has been greatly reduced.

Why is the number of machinery and equipment imported from Japan decreasing? Because their exports to the United States of silk fabrics and cotton textiles have shrunk significantly, they have reduced their investment in the silk weaving industry and the cotton spinning industry, and reduced their imports of power generation sets, large machine tools, and other machinery and equipment from China.

The European economy is in a recession, so the people have no money to buy so many clothes, and European textile companies will naturally not import chemical fibers.

Although China's economy is less than 10% dependent on trade, the contraction of trade is enough to make China's industrial capacity generally overcapacity, which means that there are too many workers, and in order to maintain their business, the factory owners first lower their prices, and secondly reduce their wages, but they find that prices have fallen, profits have fallen, and workers' wages have risen, so they can't continue to operate.

So the Chinese finally felt the wave of crisis, albeit relatively mild, but firmly arrived.

But on the surface, it is true that the Miqing government's forced wage increase caused this wave of unemployment, and the Miqing government did have good intentions, but it got the most malicious ending.

It can only be said that heaven does not fulfill people's wishes, and heaven is not benevolent! (To be continued.) )