Valley Emperor

Li Xuan's ideas are different from those of Chen Lifu and Xie Yiwei. Therefore, when Chen Lifu excitedly talked about his securities reform plan, what major positive impact will it bring to the implementation of the plan, and how good will the securities industry of the empire be? , Xie Yiwei, who is on the side, also occasionally interjects, from the perspective of a bystander, a traditional politician, to say how good the reform plan is. &1t;/

Li Xuan was pondering, at this time, what impact will the securities reform plan proposed by Chen Lifu bring? Will it affect financial stability, will it affect social stability, and how much economic benefits will it bring? Li Xuan didn't care much. &1t;/

In fact, as Li Xuan, who has the soul of later generations, he knows better than anyone in the Tang Dynasty that the securities policy implemented in the Tang Dynasty today is extremely flawed. &1t;/

Because Li Xuan, as a later generation, knows very well what a perfect securities industry should look like. Even in his previous life, he was not a practitioner in the financial industry, but he has never eaten pork and seen pigs running. In the era of information explosion As long as you pay more attention to some financial news and occasionally Baidu, you can basically have a general understanding of the financial system of modern society. &1t;/

The financial policy implemented by the Datang Empire today, including the securities policy, was formulated by Li Xuan with reference to the financial industry of later generations, and at the same time taking into account the reality of the Datang Empire. &1t;/

Let’s not mention financial policies, but only securities policies. The securities industry was formalized at first because of the sudden explosion of the gold mine crisis. At that time, Li Xuan launched relevant securities policies. In fact, the purpose was not to make the securities industry represented by securities companies become An important addition to the financial industry, but only as a temporary measure to ease the chaos of stock trading at the time. &1t;/

This can be seen from the huge difference between the securities companies in the Datang Empire today and those of later generations. &1t;/

Securities companies in later generations have another name, that is, investment banks, mainly engaged in securities banks, underwriting, transactions, corporate mergers, reorganizations, and acquisitions. Venture capital, financing and other businesses. &1t;/

One of the most famous representatives should belong to Goldman Sachs. &1t;/

The typical representative of the securities companies in the Datang Empire in this era is the Third Securities Company. Their main business is basically concentrated in securities transactions. Banking and underwriting are not their main business. In addition, they will end up in person. Participate in stock transactions, but not in large numbers, let alone mergers and reorganizations and acquisitions. &1t;/

To put it simply, a securities company in the Datang Dynasty is more often a fund company, absorbing investment funds for stock trading, and then earning fees and profit sharing. &1t;/

This also shows that the securities industry exhibition in the Datang Empire is still very primitive. &1t;/

At the same time, since the securities company is only a large fund company, it is deeply involved in stock trading, so it is very easy to manipulate the stock market frequently. &1t;/

Today, the securities reform plan proposed by Chen Lifu is to block this chaos! &1t;/

Chen Lifu's securities reform plan is actually not that complicated. It is to find out the many loopholes in the current securities trading, and then plug these loopholes. &1t;/

At the same time, it is also starting to guide the healthy exhibition of the securities industry, for example, towards securities banks and underwriting exhibitions! &1t;/

A securities company, what kind of stock trading does it do? It plays with stocks every day, issues bonds and underwrites bonds, and it is the right way to play the company's listing. Participating in stock trading in the secondary market is the business of the fund company. &1t;/

If there is no difference between the two, then the financial industry of the empire will not distinguish fund companies from securities companies. &1t;/

In today's imperial financial regulations, fund companies are fund companies, commercial banks are commercial banks, and securities companies are securities companies. But now, securities companies are basically no different from fund companies, and they have all become stock trading players. &1t;/

This will not work! &1t;/

In response to Chen Lifu's reform plan, Li Xuan was not able to judge the benefits and losses for a while. &1t;/

From the perspective of economic development alone, Chen Lifu's reform plan is in line with the process of financial development, but whether it is in line with the current Datang Empire, it has to be said separately. &1t;/

Many of the successful experiences of later generations can not all be transferred to the Datang Empire of this era, because the social background is completely different, and at most it is just a reference. &1t;/

Otherwise, Li Xuan would not have to try to reform slowly and gradually, and it would be over if he directly copied the political and economic system of later generations. &1t;/

But Li Xuan can be sure that if he really does not change at all and copies directly, the Datang Empire will not be far from the end! &1t;/

After Chen Lifu finished the report with excitement, Li Xuan left the securities reform report. He was going to summon people from the Economics Department of the Royal Institute of Technology to hear their opinions. &1t;/

Although many of the economic theories studied by the teachers and students of the Department of Economics of the Royal Institute of Technology were recorded by Li Xuan orally, they are after all the natives of this era, and they have a more thorough understanding of the economy of this era, so they can better for some better economic advice for this era. &1t;/

This is also the reason why Li Xuan knows a lot of knowledge of later generations, but still greatly refers to their opinions when formulating economic policies, because Li Xuan does not need these economic policies to be good or not, but needs to know whether they are suitable or not. &1t;/

This is also why the Royal Institute of Technology, as a typical science and engineering college that deals with research all day long, has this economics department that combines arts and sciences, because Li Xuan needs them! &1t;/

This is also the reason why the Department of Economics at the Royal Institute of Technology is so special! &1t;/

They don't know how to create, but they have a huge influence. In recent years, many economic policies implemented by the empire actually involve the Department of Economics of the Royal Institute of Technology. &1t;/

The most typical is the monetary system. The establishment of the monetary system and the subsequent monetary strategy of the Datang Empire is inseparable from the strategic planning of the Economics Department. &1t;/

The gold and silver double standard system implemented by the Tang Dynasty is the research result of the Economics Department! &1t;/

In the early years, the Tang Dynasty did not determine any silver standard or the like, and did not specify the currency standard system. Later, it began to issue silver coins and determined the silver standard system. &1t;/

However, with the massive import of silver, the Tang Dynasty continued to raise the status of gold, and the most typical policy was to adopt a gold settlement system for overseas trade. &1t;/

Subsequently, in the domestic bulk trade, the gold settlement system was also implemented for 6 consecutive years! &1t;/

In this process, the floating exchange rate of gold, silver and copper coins adopted by the Tang Dynasty played a vital role! &1t;/

Because of the floating exchange rate and the adoption of the gold settlement system for overseas trade and bulk transactions, even though a large influx of silver in recent years has caused silver to rapidly depreciate, it has not affected the financial stability of the empire too much. &1t;/

Therefore, this also formed the unique gold and silver dual-standard system of the Tang Empire. In the domestic economic order, especially in daily ordinary transactions, silver transactions were used, specifically silver coins and bank notes, while copper coins were used as a kind of Auxiliary coins are also attached to silver coins. &1t;/

However, in the case of bulk transactions and overseas trade, although silver bills and silver coins are still used, they are priced in gold. The value of a batch of goods changes with the exchange rate of gold and silver. &1t;/

At the same time, the use of gold for such bulk transactions and overseas trade also indirectly affects domestic price changes! &1t;/

To some extent, the Datang Empire already has a certain gold standard system! &1t;/

However, in actual transactions, because the amount of gold is scarce, it is very rare, and most of them are mainly silver and copper coins. &1t;/

As a result, the more complicated dual-standard system of gold and silver in the Tang Empire was formed. However, according to the monetary policy formulated by the Economics Department, the current dual-standard system is only a transition. After the empire reserves enough gold, it will gradually transition to Gold standard. &1t;/

The gold standard is the medium-term goal of the Datang Empire's monetary policy. As for the long-term goal, it is naturally the credit standard! &1t;/

What is the credit standard, that is, the currency is directly guaranteed by the credit of the Datang Empire. In theory, you can print as much money as you want, as long as the economic order is not collapsed. &1t;/

The credit standard is also the prevailing monetary policy of later modern countries. &1t;/

Today's Datang Empire is naturally very far away from the credit standard, not to mention the credit standard, even the gold standard is very far away. &1t;/

From the role of the Department of Economics in the implementation and implementation of monetary policy, then we can understand the influence of the Department of Economics. The Department of Economics of the Royal Institute of Technology is the real economic think tank of the Holy Son of Heaven. The Ministry of Finance and the Hanlin Academy The economics department is not. &1t;/

And now, Li Xuan has called people from the Department of Economics to ask them about their views on the securities industry, whether Chen Lifu's reform plan can be implemented, and what the consequences will be. &1t;/

As the economic think tank of the Son of Heaven, it will soon start work! &1t;/

They began to investigate, and then made a complete report and submitted it to Li Xuan. &1t;/

After reading the report of the Department of Economics, Li Xuan still had some doubts about the opinions in the report, but he still made up his mind! &1t;/

He signed his name in Chen Lifu's securities reform plan~www.wuxiaspot.com~. It didn't take long for this securities reform plan to be sent to relevant agencies, including the Ministry of Law, the Ministry of Finance, the Ministry of Taxation, and the Ministry of Commerce. and other departments, and then each department will carry out its own work according to the reform plan. &1t;/

The Ministry of Law will formulate new securities laws, the Ministry of Commerce will adjust the registration management of securities companies, and the Ministry of Taxation will also adjust the taxation of securities companies and other related industries. Needless to say, the Ministry of Finance, its subordinate financial department naturally needs to be busy of. &1t;/

A securities reform plan, once again let Chen Lifu's name spread throughout Jinling, and even spread all over the world, there is no way, in this securities reform plan, Chen Lifu's name is written on it. &1t;/

I don't know how many people cursed Chen Lifu for this reform plan. This Chen Rentu has started to harm people again! &1t;/

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