Xiao Zhenlei knew where the money was spent, so he waved his hand and said: "I know about this, I won't talk about it here, since there is no money, then find a way to make money, do you have a way to get money?" ”

Bao Yuzhen, deputy minister of logistics, is not engaged in the economy, he is just a managerial official, it is not possible to expect him, Ma Jitao understands the economy, but he is only in charge of money, and it seems unlikely that he can make money, Xiao Zhenlei turned his attention to Chen Huizu.

Chen Huizu smiled bitterly: "President, if you expect me to make money, then I can't do it, but I have a way to raise a sum of money temporarily, but this money will have to be repaid later."

"What's the solution?" Xiao Zhenlei asked.

"It's the issuance of treasury bonds!"

Of course, Xiao Zhenlei knows about the issuance of treasury bonds, and he has never thought of this aspect before because he has not considered borrowing money from the people, and now the national finances are in difficulty, and Chen Huizu also mentioned it, he feels that it is necessary to consider it, the issuance of treasury bonds is not a scandal, many countries have issued treasury bonds, even the US government is no exception, and ordinary people can get interest on buying treasury bonds.

Treasury bonds are a kind of government bonds, which are issued by the government to investors, promising to pay interest and repay the principal at maturity in a certain period of time.

There are various purposes for issuing treasury bonds, some of which are to raise military spending, balance fiscal revenues, raise construction funds, and so on, and are divided into fixed-term and indefinite treasury bonds according to the repayment period, and can be divided into short-term treasury bonds, medium-term treasury bonds, and long-term treasury bonds according to the length of the repayment period. Short-term treasury bonds refer to repayments within one year, and medium-term treasury bonds refer to repayments of more than one year but less than 10 years. Long-term treasury bonds are repayments over 10 years. Indefinite treasury bonds refer to treasury bonds issued by the state that do not stipulate a period for repayment of principal and interest. Holders of such government bonds receive interest on a regular basis, but do not have the right to demand payment of their debts. This is the case with permanent government bonds issued in the UK.

Xiao Zhenlei asked, "Guangpu." What kind of national debt do you think should happen now? ”

Chen Huizu thought for a while and said: "Of course, it is a war national debt, and if you issue a national foreign debt." The number that can be issued should not be very large, after all, now that the whole world is involved in wars, it is basically impossible for foreign citizens to buy our country's treasury bonds, of course, except for overseas Chinese, I think that the main issue of national domestic debt, a small amount of national foreign debt, and according to our current situation, it is better to issue medium-term treasury bonds, that is, the kind that is repaid in more than one year and less than ten years. When the war is over, our military spending will be greatly reduced, and then the government will have a surplus to repay the loan, which is the best way! ”

Xiao Zhenlei smoked a cigarette and thought about Chen Huizu's suggestion, thought for a few minutes, and nodded: "Well, the issuance of medium-term war treasury bonds is good, and it is also in line with our current situation, so the country's domestic debts will mainly occur." A small amount of the country's external debt occurs! So how to issue it? ”

Chen Huizu obviously studied this very much, and he said unhurriedly: "At present, there are three kinds of treasury bonds issued by various countries at the issuance price, one is the parity issuance, that is, the issuance price is equal to the par amount. When the bond matures, the state should repay the principal and interest at this price; The second type is the discount issuance, that is, the issue price is lower than the par amount of the bond. When the bond matures, the state needs to repay the principal and interest at the par price; The third type of issue price is premium issuance, that is, the issue price is higher than the par amount of the bond. When the bond matures. The state only repays the principal and interest at the par price of the bonds, and my opinion is that they are issued at parity. In this way, a lot of interest could have been obtained, and the state would not have to bear too much pressure to repay! ”

Xiao Zhenlei nodded, took a puff of cigarette and said to Chen Huizu: "Well, go on!" ”

"Yes!" After taking a sip of tea, Chen Huizu continued: "As for the way of issuance, there are five methods, the first is the public offering method, that is, the issuance of treasury bonds in the financial market by public bidding, and the second is the acceptance method, in which the financial institutions underwrite all the treasury bonds and then turn to social sales, and the unsold part is borne by the financial institutions themselves. The third is the sale method, in which the government entrusts a marketing agency to directly sell treasury bonds through the financial market. The fourth is the payment issuance method, that is, the government's expenditure on cash payment is changed to government bonds. For example, the government is supposed to pay the salaries of civil servants, but in this way, the cash salary is changed to the issuance of state bonds, and the bonds are used as salary cash. The fifth is the compulsory apportionment law, which is the use of political power to force citizens to buy. I propose to issue it in the form of an open tender in the financial market! ”

Xiao Zhenlei asked, "Why do you use this distribution method?" Are the second and third ways of distribution bad? ”

Chen Huizu explained: "In China's current situation, the credibility of the government is very high, there is no need to use the fourth and fifth issuance methods, and the second will bring a lot of pressure to the banks, after all, most of our domestic banks contain private shares, if the second type, those bankers may not be happy, if the third type is adopted, let the intermediary marketing agencies make a lot of money!" ”

Xiao Zhenlei thought about it and thought that Chen Huizu's idea was too inclined to foreign experience, and foreign countries basically adopted the first method, which included Dutch-style single-price bidding and American-style multi-price bidding, but China's national conditions are different from foreign countries, and if bidding, the country's economy and finance are easy to be controlled by consortiums, after all, those who have the ability to participate in the bidding in the financial market must be rich consortiums, how can private individuals have the capital to participate in the bidding of such a large amount of treasury bonds? Will the U.S. government soon be controlled by corporations? So Xiao Zhenlei instinctively refused to adopt the first way.

He shook his head and said: "The first way will not work, if the first way is adopted, the country's economy and finance will be easily controlled by private consortia, we can't be like the United States, the regime can't be controlled remotely by the capitalists!" The third method is to entrust the marketing agency to use the financial market to sell the treasury bonds directly, don't care about the intermediary fee, since others have taken the money, they will work hard to promote the government, so that the bonds will be sold more, because only the more bonds are sold, the higher the intermediary fees they can get! ”

Chen Huizu thought about it and said thoughtfully: "That's not bad!" ”

Xiao Zhenlei said: "Then adopt this way, right? How to buy? ”

Chen Huizu said: "There are three ways of bearer, voucher and bookkeeping, I think these three methods can be released, it depends on how the people choose."

"Okay then, it's up to the people to choose!"

Xiao Zhenlei smoked a cigarette and said, "How to repay it?" What are the ways? ”

"There are five types, the first is the installment and gradual repayment method, that is, to stipulate several repayment periods for a kind of treasury bonds, until the maturity of the treasury bonds, the principal is fully repaid. The second is the method of drawing lots for round repayment, that is, by drawing lots according to the number of treasury bonds on a regular basis to determine the repayment of a certain proportion of treasury bonds, until the end of the repayment period and all treasury bonds are repaid by lottery. The third is the one-time repayment method at maturity, that is, the implementation of the full repayment of the treasury bonds at the face value on the maturity date. Fourth, the method of repayment through market purchase and sale, that is, the treasury bonds are bought back from the securities market, so that by the time the maturity of the treasury bonds is fully held by the government. The fifth is the method of replacing the old with the new, that is, exchanging the old treasury bonds that are due by issuing new treasury bonds. My suggestion is to adopt the fourth method, the market purchase and sale repayment method, the use of this repayment method is more flexible and convenient for both the government and the people, the government has money to buy back, buy back a part of the year, and the people need money, they can put the creditor's rights in the financial market to sell, until the end of the repayment period, the government has bought back all the creditor's rights."

Xiao Zhenlei agreed with Chen Huizu's suggestion, it was best to use the fourth method of repayment, and he nodded: "Okay, just use the fourth method." Minister Ma, the matter of issuing treasury bonds, you write a detailed report and submit a plan, first show it to Premier Song, and then bring it to me for approval, this matter will enter the implementation stage as soon as possible, and immediately after raising money, we will order more freighters from major shipyards, and increase our shipping capacity is the most important thing, and if we win this battlefield, we will earn back all the money we have spent, and if we can't win this war, we will not only not be able to earn it back, but also have to bear a huge amount of war reparations, which may be divided by the allies. In short, everything is premised on winning this battle."

Ma Jitao stood up and said, "Yes, President!" ”

Xiao Zhenlei said to Bao Yuzhen again: "Your logistics department will immediately place orders with the major shipyards, whether state-owned or private, so that they can expand production and start work as soon as possible, and at the same time sell these ships that have not yet started construction to businessmen who want to engage in shipping trade, and the money will go out from the government's hands to the shipyards, and we will recover more money from the merchants. Right? ”

Chen Huizu businessman nodded and said: "Yes, businessmen can invest in other businesses when they have money, and they can create jobs for more people and make more people money!" ”

Xiao Zhenlei said to Bao Yuzhen again: "In addition, the number of our arsenals is still too small, compared to the United States, our output is less than half of theirs, and we must also expand the scale of the arsenal, especially the bullet production line, guns and cannons are not too anxious, and the biggest consumption is ammunition, right?" ”

Bao Yuzhen nodded and said: "Yes, President, when I have the funds, I will immediately start to build several additional arsenals, mainly for the production of ammunition, I think if the arsenal specializes in the production of ammunition, both in technology and in quality, it can be improved!" ”

Xiao Zhenlei praised: "Yes, your idea is good!" (To be continued......)