Lin Mu didn't expect that this three-year-old man could say such a rational, orderly and well-researched expert in his mouth, and he couldn't help but be stunned. Ignoring the pain in his body, he looked to his side, except for Maekawa, the others were also like him, looking at Zheng Xuan blankly.

Zheng Xuan didn't care, he lit a cigarette, then shook the match in his hand, and when the flame was extinguished, the smoke like the soft beauty skirt rose, he took a hard breath, and continued:

"After the door of modern Thailand was opened, Thailand not only did not complete its own original capital accumulation, but became a source of original capital accumulation in foreign developed countries.

The great breakthrough of Thailand's urbanization model began in the late 60s of the 20th century. At that time, the model of relying on the agricultural sector to provide accumulation for Thailand's industrialization was no longer sustainable. In 1966, Bangkok took the lead in changing the original land transaction model and gradually formed a modern land circulation market. On November 8, 1967, the first public auction of a plot of land with an area of 3,528 square meters was struck in the Tawivana district, which sounded the 'first gavel' of land auction. The following year, the constitutional amendment added to Article 5 that 'the right to use land may be transferred in accordance with the provisions of the law', and the circulation of urban land use rights gained a constitutional basis. Since then, Thailand has created a unique path to accumulate the original capital of urbanization based on land as a credit base. This is what is now widely criticized as 'land finance'.

The tax reform of 1976 greatly reduced the proportion of tax revenue shared by local governments, but allocated land revenue, which was still small at that time, to local governments, laying the institutional foundation for local governments to move towards 'land finance'.

With a series of institutional innovations such as the reform of the housing system in 1978 and the land bidding, auction and listing in 1983, the 'land finance' has been continuously improved. Instead of declining, local governments that have seen their tax revenues cut off have become rich rapidly. The exploding 'land finance' has helped the government accumulate raw capital at an unprecedented rate. The construction of urban infrastructure not only gradually pays off the arrears, but even some of them are ahead of schedule, such as high-speed railways, airports, administrative centers, and so on.

Hundreds of cities are rising day by day. Both the speed and scale of urbanization have exceeded the most daring imagination of the institutional designers at the beginning of the reform. From the perspective of human history, such rapid growth can only be described as amazement.

It is true that without 'land finance', many of the problems of the Thai economy today would not have arisen, but equally, there would not be the rapid development of Thai cities today. An important reason behind Thailand's great achievements in urbanization is the creative development of a system that uses land as a credit basis - 'land finance'.

Why is it that Thailand can follow this path while others such as Myanmar, Laos, and Cambodia cannot? This is because the nationalization of urban land and the collectivization of rural land established by the planned economy have created the conditions for the government to monopolize the primary land market. In 1966, at the beginning of the urbanization movement, the government acquired the ownership of land owned by capitalist industry and commerce through redemption, and transformed individual peasant land into collective land by various means.

This has created a pattern in which state-owned land is the mainstay, and collective and private land coexists, with more than 90% of the city's land owned by the state. The role of 'land finance' is to use the market mechanism to turn this hidden wealth into huge capital to start the urbanization of Thailand.