Beiyang reactionaries

A lot of data only needs to be known by insiders.Therefore, Duan Xun must know some content in advance before the meeting.

Talk to Wang Yongjiang about the financial issues in 1924 today.But the financial problem is more serious than imagined.

"How can there be so many? 4000 million? How can there be so many deficits?"

Duan Xun frowned.

This year's fiscal revenue has once again reached a new level.China's central fiscal revenue has reached 18 billion this year, and the fiscal revenue has grown rapidly.But the deficit is also widening, reaching $7000 million.

4000 million, which is a quarter of fiscal revenue.

So many deficits came out.

"Prime Minister, this is just a domestic fiscal deficit. This year we have increased our purchases from abroad a lot, and our imports have reached 9000 million U.S. dollars, setting a record for our country's imports. Although our exports have increased a lot this year, our imports and exports are still the same. The overspending is very serious, and the deficit is huge. We don’t have that much foreign exchange in our hands, so we used a lot of gold and silver from the Bank of China. Then, based on the gold and silver used, we issued an equivalent amount of legal currency. But the fiscal deficit is still so serious. "

The gold and silver in the hands of the Bank of China are private gold and silver exchanged for legal currency, as well as gold and silver and foreign exchange exchanged in the hands of major Chinese banks.Because of insufficient foreign exchange, the foreign exchange earned from export is not enough to pay.Therefore, when introducing a lot of machinery and equipment, this part of gold and silver was used.

However, since this part of gold and silver has been used to purchase foreign materials and machinery and equipment, it is tantamount to increasing domestic wealth.Because these materials and machinery and equipment are transported back to the country, it is to increase domestic wealth.Therefore, based on the import of these materials, the Bank of China issued an equal amount of currency and put it on the market.This part of the funds is not a small amount.

But the deficit remains large.

"How can there be such a large deficit?"

When formulating the plan, it is completely based on fiscal revenue. The fiscal revenue in 1924 was about 1923 million French currency more than that in [-], but there was so much deficit.

It is equivalent to saying that there was an error of more than [-] million in the plan made at the beginning of the year.

This error is too serious.

"Prime Minister, I have studied it carefully. The first point is that our understanding of industrial investment is far from enough, and the plan formulated is too problematic. In fact, this year we did not complete the plan formulated at the beginning of the year, but the investment was 40.00% more than the plan About. Then there is the issue of education reform. Last year, our country promoted a vigorous literacy campaign. There were more than 7000 literacy schools and more than 4000 various literacy institutions across the country. Although the students in the school were mobilized, professional literacy Teachers also hired about 4 people. So the investment in this part is still huge. Especially the teaching materials needed for literacy are all directly undertaken by the Ministry of Education. Then the country launched a great development of vocational schools, and the country opened within half a year There are more than 2000 vocational colleges. Because of the lack of talents, many people are even hired from abroad. Therefore, the investment is huge.”

"kindness."

There are many unexpected things.Frustrated in the middle of the industrial plan, the cabinet can only decide to change the direction of personnel training.Vigorous literacy campaigns and vocational college programs were launched across the country.

Dai Kan was personally in charge of the project.

Dai Kan worked very hard.Moreover, Dai Kan, the deputy prime minister, is personally in charge of this project, and various resources are constantly concentrated in it.In less than a year, literacy schools, literacy institutions, and vocational colleges have sprung up across the country.But vocational colleges are easy to open, and the teachers they need are very scarce.

Dai Kan diverted many teachers and students from many universities to support vocational schools, but it was still not enough.Therefore, many technical personnel have been hired from foreign high-tech companies.

I don't know how much it took.

"There is also the Ministry of Communications, where the stalls are too large. The promotion of railway construction and road construction has cost a lot of money. Prime Minister, we were still too optimistic when we made the plan, and we made mistakes in grasping the budget."

"Then how do you want to solve it?"

The deficit is serious, and we must find a way.

So Duan Xun asked Wang Yongjiang.Wang Yongjiang said: "Prime Minister, it depends on the determination of the Prime Minister. Whether the Prime Minister will continue to proceed according to the current plan, or change the plan a little bit and slow down the development."

"I want to hear your opinion. If we continue to advance the plan, and the finances can bear it, then of course we must continue to advance the plan. According to our plan, the two five-year plans are just an industrial foundation. If even this When will our industry be able to develop. But if you say that there is really no way to finance and cannot accept such a serious deficit, then the only way is to adjust the plan. I cannot let our finances go bankrupt for the sake of industrial development."

"Prime Minister, there are ways. But there will be after-effects."

"Tell me."

Duan Xun looked at Wang Yongjiang.

The financial deficit is serious, but Duan Xun has always trusted his God of Wealth, Wang Yongjiang.Duan Xun has been running a fiscal deficit all the way from the southwest over the years.But until now, it is all thanks to Wang Yongjiang.

"As usual. Medium- and long-term treasury bonds are issued, mainly in seven-year, ten-year, and 15-year terms."

"This should."

Duan Xun nodded.

Issuing government bonds is the most commonly used method.When there is a fiscal deficit, the government usually uses the method of issuing national debt to make up for this part of the deficit.Duan Xun has also issued national bonds many times over the years.

Now that the fiscal deficit is so serious, it is inevitable to issue some treasury bonds.

"Tax increase."

"Premier Wang, haven't you always supported tax cuts for national industries to revitalize the economy?"

Duan Xun was taken aback.

Wang Yongjiang has always supported tax cuts.Over the past few years, Wang Yongjiang's tax reduction work has been very effective.Domestic national enterprises and small-scale handicraft industries have developed rapidly.Because a lot of previous taxes have been cancelled, these enterprises have become more active.

Not to mention anything else, just look at the number of registrations of new factories.

"Prime Minister, I don't mean to increase taxes on them, but to increase taxes on some special industries."

"Which special industries?"

"Tobacco, tea, and wine. Prime Minister, the sales volume of these products is astonishing and the profits are huge. Although the current government monopolizes these industries, the companies that operate them still make a lot of money. I think we can deal with these Heavy taxes are imposed on several industries, which can generate tens of millions of taxes a year. Moreover, these industries are not necessities such as rice, flour, and salt, so the impact on the market will not be too serious. Especially heavy taxes can be imposed on wine , thereby reducing food consumption.”

Duan Xun nodded, understanding what Wang Yongjiang meant.

Tobacco, tea, and wine are all industries with astonishing profits in China, and it should be said that they are profiteering industries.Like British American Tobacco, which was hit by Chinese nationalism and suffered heavy losses, its annual profit was around 400 million at its peak.However, "Nanyang Tobacco Factory" currently has a yearly profit of more than 700 million. The important thing is that the recent profit has increased rapidly.

At present, cigarette factories all over the country add up to more than 5000 to 30.00 million in annual profits.More importantly, the current national cigarette market is expanding rapidly.The profits of those cigarette factories increase by around 40.00% and [-]% every year.If left unchecked, the profits of these cigarette factories will exceed [-] million within a few years.

The same goes for other teas and wines.

Profits are high.

But they are not necessities of life.As long as the price of food is under control, there will be no major problem if the price of these things rises.

"Will it affect the tobacco, wine and tea market?"

"There may be some impact in the short term, but there will be no problem in the long run. We impose heavy taxes on these industries, which will bring huge tax revenues to the finances. If the operation is good, let alone the government monopoly The profit, the tax alone may reach more than [-] million."

"can."

Duan Xun nodded.

Since these industries were included in the ranks of monopoly, the control over them has been very strict.Originally, the monopoly profits of these industries were very high, and the supplement of taxes to the finance was very large.

"anything else?"

"Printing French currency."

"What about the scale?"

"Under the normal supply of money, the fiscal revenue is printed between 5.00% and [-]% each year."

Duan Xun understood what Wang Yongjiang meant.