Zheng Xuan spoke wonderfully, and many professional numbers stood out in his mouth, just like a sophisticated computer connected to a printer, and whatever you need can be quickly presented.

Maekawa looked at him with burning eyes. She is an excellent woman, although she has encountered all kinds of hardships and experiences, but this has also created her ability to discern people. If it weren't for grandma's obstruction, if she and her second uncle were combined, the picture wouldn't be too beautiful, Zheng Qimin thought secretly.

At this moment, the man he is deeply in love with shines, and what can be compared to this glory and happiness. A woman, in the short term, what she wants is material wealth, but in the long run, true love must be spiritual wealth, which is based on the continuous growth of both parties in love. Therefore, many so-called marriages into wealthy families or into the nest of wealthy phoenixes, and finally end up unhappy and depressed, in fact, are more internal factors. That is, when the original intention is forgotten, misfortune should come soon.

"Therefore, when Thai residents buy real estate in the city, they are buying 'shares' in the city. This is an important reason why the accumulation efficiency of Thai cities is much higher than that of other land privatization countries. It is also by virtue of this practice that Thailand has been able to complete the original capital accumulation of both industrialization and urbanization in one fell swoop.

This also explains why Thai housing has such a high rate of return - because the essence of Thai housing is capital goods, in addition to living, it can also share dividends - not only to share the rental value of public services now, but also to share the rental value of new services in the future! Of course, residence and dividends are not exactly the same in terms of financial properties such as liquidity, but in terms of financing functions, the essence is the same.

As a result, housing prices in Thailand and foreign housing prices are two very different concepts – the former comes with public services in itself, while the latter requires the purchase of additional public services.

In this sense, the concept of 'land finance' is fundamentally misleading – land revenues are financing revenues, not fiscal revenues. On the balance sheet of the city government, land revenues are 'liabilities' and taxes are 'revenues'. 'Land finance' is perhaps a description that is closer to the essence of land income than 'land finance'.

The understanding of 'land finance' helps to explain an 'anomaly' that puzzles most people – why is Thailand's economy growing at a high rate while the stock market has been sluggish for a long time? If we consider the property prices in different cities as the share price of the 'city company', you will see that the growth rate of the Thai 'city company' stock market is very consistent with the growth rate of the Thai economy, which is not abnormal at all, and dividends are distributed in the form of property tax exemption.

Since the financing efficiency of the land market is much higher than that of the stock market, many industries will rely on local governments to attract investment, similar to tie-in sales

sale) is a disguised way of financing through the land market. A large number of Thai businesses have financed in the land market rather than in the stock or bond market. For example, many industries with high initial investment and long return cycle often need to be paired with some 'commercial' or 'residential' land as a balanced land use. More often than not, the government auctions off the land around the project and then uses the proceeds to subsidize the business.

Although it is difficult to observe the difference in the efficiency of 'land finance' relative to tax finance, it can still be indirectly compared through some data.

In recent years, Thailand's M2 has continued to grow rapidly, but it has not triggered the expected superinflation. 'Balanced land use' through mortgage or direct transfer is the main means for local governments to finance infrastructure construction and attract investment. It also refutes the accusations that 'land finance' is inhibiting the real economy. An important reason is that the size of M2 is supported by actual demand. It is also popular to compare M2 with GDP. In 2012, the balance of M2 was 9,742 trillion yuan, and the GDP was about 51 trillion yuan, and the ratio of M2 to GDP reached 190%. Some people believe that the ratio of M2 to GDP is increasing year by year, indicating that the efficiency of capital and the efficiency of financial institutions are low. There are even more concerns about the return of inflation and the rebound in house prices.

However, practice has shown that there is no strict correspondence between M2 and GDP. 1996 was a watershed year. Since that year, M2 has surpassed GDP in Thailand, but since then inflation has remained low for a long time, and there has even been deflation for some periods. And then several big inflations came before that. This is because the size of a desirable currency issuance depends on the credit behind the currency, not on GDP itself. If there is a positive correlation between tax fiscal credit and GDP, the correlation between the credit provided by 'land finance' and GDP may be exponentially magnified compared with tax finance with the same GDP.

After the collapse of the Bretton Woods system, most of the world's currencies, which were once anchored by gold, were in a state of 'drifting'. The U.S. dollar has re-anchored itself by pegging it to commodities, especially oil, so that the U.S. dollar can absorb the inflationary pressure caused by the over-issuance of currencies through the rise in commodity prices. The euro has tried to find an anchor for the euro on the basis of carbon trading, but has so far been unsuccessful. The Japanese yen is basically anchored to the US dollar, and it must continue to hoard the US dollar on a large scale, and its currency is over-issued, and it can only rely on the appreciation of the US dollar to digest it. ”