On July 13, 1932, at the monthly work meeting of the Ministry of Commerce, Li Chenggang, the Ministry of Commerce, listened carefully to the summary of the data for the first half of the year.

“…We used the textile technology introduced from Japan to our textile equipment and finally produced cotton yarns of quality that exceeded France. The cloth made of these cotton yarns has received a good response in the French market. Although our cloth has begun

Sales started in France, France still has a low acceptance of our country's ready-to-wear... In terms of metal products, only variable speed bicycles and agricultural 28 bicycles have been successful in France, with annual sales exceeding 30,000 vehicles...

…Porcelain, silk and other traditional advantageous projects performed well… Tea sales were greatly successful after we opened a direct store… Drug sales were very successful…”

The data on the long list was summarized as the content of the minister's report. Li Chenggang's eyes swept over and had basically understood it. In terms of summary data, in the first six months of 1932, China exported 2.9 billion goods to France.

, basically all are light industrial products. 4.1 billion francs of goods imported from France, basically all are bulk commodities and heavy industrial products. The deficit is as high as 1.2 billion francs, which is about 20 million pounds.

Judging from the simple data, only half of the time has passed. The annual deficit may reach 2.5 billion francs. This seems not a big figure for China's current GDP of 120 billion Chinese yuan, or about 120 billion francs.

If this situation is not reversed, it will inevitably be a big deal.

But at the State Council Working Conference the next day, the Ministry of Commerce did not mention this matter at all. Minister Li Chenggang listened quietly to the report of the Minister of Finance, "GDP reached 70.4 billion yuan in the first half of this year, exceeding the plan. And this year we will start

Repay France's loans. Due to this excess, there is no preparation for tax increases or bonds issued in the second half of the year..."

These reports must be made public. Seeing these numbers, private financial newspapers immediately became excited. Editors from all walks of life began to make a fuss about these numbers. On July 16, the headlines of several private newspapers were "China began to fall into a debt crisis"

》.

These newspapers did not make up random things, and the data cited were all official data released by the state. Starting from 1932, the 20 billion francs borrowed from France would be repaid in 10 years, with a deficit of 2 billion francs per year. The deficit with France in the first half of the year was 1.2 billion francs.

, multiplied by 2, the whole year may reach 2.5 billion. For France alone, the deficit is 2025=4.5 billion francs.

For example, the Times Asian Edition did a simple calculation. China now has a population of about 500 million, and each Chinese has an average deficit of 9 francs per year.

People who care about these news are concentrated in cities. Over the years, I have read many foreign newspapers and Chinese officials have written some commentary articles on it. Chinese readers have also developed a concept. The Asian versions of newspapers from various countries serve their motherland, not really.

For China's service. Moreover, the relationship between Britain and France is not a secret for Chinese readers today. People who read these newspapers understand that the exchange rate between the Chinese Yuan and the Franc is about 1:1. Even every Chinese buys it every year.

The goods of 9 francs cannot affect life for the Chinese people today. The British newspapers write this to incite the Chinese people to dislike French goods.

There is no shortage of pro-British elements in China, and many of them are in the newspaper industry. The articles written by these people for various purposes are somewhat consistent with the British view. The number of educated people in China is increasing so far, but many readers here do not

The pro-English people began to care about national affairs. After seeing these news, their emotions were inevitably affected.

In August, the Security Bureau discovered some fake news. For example, 1 franc exchanged for 10 Chinese Yuan. The Security Bureau immediately reported the matter, and Propaganda Minister Li Runshi soon received the document transferred. After a moment of thought, Li Runshi understood.

Immediately asked the official newspaper to publish an introductory article with the "Chinese Exchange Rate and International Exchange Rate" as the propaganda point.

After learning the news, He Rui didn't say anything, but just admired Li Runshi's quick response. He Rui ordered the Security Bureau to investigate what channels the fake news was released from.

At the end of August, a report was delivered to He Rui. Based on the information collected at this stage, the release of false news that the exchange rate between France and the RMB was 1:10 was not released by pro-British people, nor was it released by pro-French people.

The source of the news was probably confirmed by some Chinese radicals with low cultural qualities.

Nowadays, the Chinese people do not like foreign countries. It has only been eight years since He Rui unified China in 1924. From 1840 to 1924, it has been 84 years. The accumulated humiliation in 84 years cannot be completely lost in 8 years.

.The radicals are fierce nationalists, and their political stance is similar to those of foreign radicals. They all praise the Chinese nation in a high-profile manner, believing that China is the best nation in the world and has the obligation and responsibility to rule the world.

He Rui, who had similar experiences when he was young, knows this group of people very well. Although this group of people has a low level of cognition due to lack of knowledge structure, it is not a saying that they hate the National Party. Moreover, the radicals in China are after all

Although Chinese people will also sing Man Jianghong's "Ambition to eat the meat of the barbarians and laugh at the thirsty and drink the blood of the Huns", Chinese radicals really won't do this in person. At least the Chinese government is not a fascist government like a mustache.

At the time, it will never be so radical.

Although He Rui didn't care, some comrades in the central government had to care. At the central meeting, someone asked Li Runshi how to deal with the domestic talk about the annual deficit of 4.5 billion francs against France.

Li Runshi looked calm, "We can promote lies. This kind of worry is based on reality. The propaganda department does not think it is necessary to respond to the normal emotional response of the people."

When Li Runshi talked about this level, the other ministers asked the question no longer continued. Because asking again, it was equivalent to questioning the Minister of Propaganda's decision to tell his personal will into the Propaganda Department. If you question this level, you must make the Minister of Propaganda.

Leaving the State is a fierce political struggle. Although the current civil sentiment makes some ministers feel that they may not be allowed to let it go, this is just a personal opinion. In the current professional government, we can only wait for things to continue to develop.

He Rui did not interrupt because nothing was appropriate at this time. The Central Conference continued to report on work, and the Minister of Finance introduced the current financial issues, "... Since the Prime Minister's Meeting of the Asian Coal and Steel Consortium ended, Japan has begun Its industrial chain has been adjusted. Judging from the data obtained now, the total steel demand in 1932 was around 18 million tons. my country's steel output reached 11.59 million tons, and Japan's steel output was about 5.41 million tons. As a result, part of the Steel demand can be released next year, and the gap of nearly 1 million tons of steel will lead to an increase in steel prices this year. Domestic inflation is emerging in various fields at present. I hope the central bank can give it a solution to the view of controlling inflation."

After the Ministry of Finance finished speaking, the Governor of the Central Bank spoke, "According to the central bank's assessment, the inflation problem will last for 2-4 years before insufficient production capacity and optimize the import process of commodity raw materials..."

Even though the central leaders were very well-educated, they couldn't help it at this time, and a noise came from the conference room.

He Rui really appreciates the current performance of the central bank. In a modern country, the main task of the Ministry of Finance is to reduce unemployment through economic development, and the main task of the central bank is to control the direction of currency issuance and circulation to control inflation. If a country's economy is high

Developed, and at the same time in a situation of low unemployment and low inflation, this stage will inevitably become a famous golden age in the country's history, and will also be the "beautiful old time" that the country's people miss. The reason why beautiful old time is missed

, because this situation rarely occurs.

Under normal circumstances, it would be the current situation where the Ministry of Finance and the central bank seems to be in a completely different direction, but they have to discuss and compromise with each other, and each other comes up with some policies, trying to seek a demand between high growth, low unemployment and low inflation.

The point of good balance.

The current central government can build this level, which means that China has entered a rather industrialized level, and He Rui is very satisfied with this. However, what He Rui is satisfied with is the construction results, and the problems in front of him have not been solved.

The central bank governor explained the source of high inflation to the central comrades. China is currently in the process of rapid urbanization, and the core cities in the economic circle planned by the central government are experiencing a stage of rapid expansion of urban scale. The Chinese people are currently weak

The consumption power is insufficient to buy a house in full, and China's urban planning does not accept slums. Therefore, the city builds a large number of small apartments and provides loans to buy a house. This creates huge debts, which are reflected in the form of currency.

Enterprises and workers involved in infrastructure have obtained a large amount of money, and the consumption generated by a large amount of money directly drives prices. At this stage, China has borrowed huge foreign debts and invested in the synthetic ammonia and internal combustion engine industries. These two industries promote rural areas.

The growth and improvement of logistics and transportation capacity. A considerable part of the infrastructure construction is roads. With roads, logistics is even more fierce. This has led to a significant increase in the circulation of various commodities, but it is different from the economy in the agricultural era. The huge demand volume

After being released, it directly led to price increases.

Moreover, the huge market demand has led to more private funds pouring into the production field, which has led to a much higher rate of price increases.

After introducing the recent data, the governor of the central bank said firmly: "At this stage, the central bank can only continue to release currency in response to demand. If it does not release so much currency for loans, it is likely to lead to a huge number of enterprises going bankrupt."
Chapter completed!