The total market value of the US securities market is approaching 100 billion US dollars, and the total market value of the London securities market is also approaching 13 billion pounds.

What a horrible number this is in the age of the gold standard.

The United Index of China United Stock Exchange has been on a downward trend. In May, with the central bank hikes three consecutive interest rates, it saw two major declines, and its total market value has fallen from 58 billion yuan to 41 billion yuan.

The fiscal surplus of the central government is still very high. By the end of this year, it is expected that there will be an international surplus reserve of US$4.2 billion and a surplus of RMB 1.1 billion. The former is an overseas management reserve entrusted by the Central Reserve Bureau to CITIC.

This is the accumulated domestic fiscal surplus by the Ministry of Finance.

In fact, the central government's fiscal surplus is expanding every year. The most important reason here is foreign debt income and domestic investment income, because the proportion of military expenditure is not high, and there is no special burden such as social insurance.

The central government's tax revenue can itself maintain domestic fiscal expenditure, and the excess income continues to turn into surplus.

It does not mean that if the government has a surplus, it is necessary to invest largely in the country. Under the hard indicators of the gold standard and the principle of maintaining the structure of a free capital economy, it is definitely not a good thing to have a large scale of state investment.

It can even be said that the empire may need an international financial crisis to release its fiscal surplus.

The United States is now in a very false Coolidge prosperity, which itself is caused by a large government fiscal surplus. The reason for the US government fiscal surplus is the same as China, which is due to long-term government bond income after World War I.

This leads to excessively loose monetary policies and large-scale industrial and commercial investment, as well as excessive financial speculation.

The essence of the world financial crisis in 2008 was also related to the Afghan War and Iraq War in the United States. A large amount of government fiscal spending led to the overflow of currency issuance, driving the capital market to the illusion of Coolidge's prosperity, and ultimately triggering the bubble and collapse of the investment market.

Song Biao picked up the Ministry of Finance's report and read it again. Overall, he was very satisfied. Judging from the decline in Shanghai's stock market and real estate prices, the squeeze on the economic bubble in the first half of the year was very successful. This gave the market enough

Time to digest the foam.

Compared with the British Pound and the US dollar, the Chinese dollar is also in a tightening trend with a high preparedness rate, and its impact resistance can be stronger.

Judging from the trends and data of domestic economic development, as long as the empire increases domestic investment, relaxes credit and increases central and local fiscal expenditures, there is enough room for further expanding the domestic demand market and resisting the decline of external markets.

The main export markets of China's industrial products are Southeast Asia, West Asia, Central and South America, and Africa. If a global financial crisis occurs, these regions will be affected relatively less, which is also good news for China.

Anyway, this situation is still very good, and Song Biao is also very satisfied.

There is no more to ask Ouyang Xi now. Song Biao returned the annotated Ministry of Finance report to Ouyang Xi and said: "Okay. Just keep doing this. The current major policy will remain unchanged in the second half of the year.

, pay attention to observing changes in the international market."

Ouyang Xi stood up, bowed again, and said, "Emperor, I will say goodbye. If the emperor has other things to ask, I will listen to the news at any time."

Song Biao nodded slightly, waved his hand, and signaled Ouyang Xi to leave like this. He also called the inner court and asked Rong Xingqiao, Zheng Guiting and Chen Guangfu, who were waiting at the Far East Hotel in Kyoto, to come over.

Rong Xingqiao is not young now, as close to his seventies as Zhang Kangren, and he basically can't take care of too many practical things in his position as the general manager. Chen Guangfu, chairman of Far East Bank, and Zhang Naiqi, general manager of Far East Commercial Bank, are close to

The most prominent executives in the past decade are currently in charge of most of the work of the Far East Consortium.

Objectively speaking, Rong Xingqiao's group of people have generally retired. He is one of the very few people who continue to stay in office. It is also because his position is too important. However, after this year's annual meeting, Rong Xingqiao will retire and is relatively young.

Zheng Guiting, who was a few years old, could work for another two years, and he would be the last old antique.

They came down again and were Chen Guangfu.

Song Biao has had a lot of contact with Chen Guangfu in the past few years, and even considered letting Chen Guangfu serve as the governor of the central bank. He just felt that the development momentum of the Far East Consortium in recent years was not as outstanding as in the past, and he still needed a truly suitable candidate to maintain the consortium for a long time.

After operation, he continued to stay at Ye Jingkui.

The Far East Hotel in Kyoto is very close to the Central State Hotel and the Military Department. It takes more than ten minutes to get to the Central Palace by car. These three people came very quickly. Because they were all talking about private matters, Song Biao went to Zixuan in the Imperial Garden.

The Pavilion met them.

Time drives people to grow old.

Since the establishment of the Far East Trading Company, it has been a 23-year span. Rong Xingqiao and Zheng Guiting, who were in their thirties, both looked very old, with white hair and vicissitudes. Rong Xingqiao has been working too much for many years, and his health has been overworked over the years.

Even worse, Zheng Guiting is a little better, with a rosy face and a tough body, so he can definitely take charge of the rudder for a few more years.

There is no need to be too dissatisfied with Song Biao and them. There are ministers on the cabinet, the inner court and the army are deployed, and the few people here are retainers. The close relationship is obvious at a glance.

When the three of them entered Zixuan Pavilion, Song Biao gave them a seat and asked Rong Xingqiao, "How are you in good health? Or are you coughing so hard or too late?"

Rong Xingqiao immediately bowed and replied, "Report to the emperor. I don't cough anymore, but I'm weak and weak. After all, I'm still old."

Song Biao sighed and poured a cup of tea for Rong Xingqiao himself, saying, "You are so hardworking. It's not easy to work hard all your life. I have talked with Empress Shu. I don't know where you plan to enjoy your youth after retirement.

There is basically no need for palaces in Guangzhou and Shanghai. If you go back to Guangzhou and Shanghai, I will give you the palaces to let you spend your old age well, which is my wish."

Rong Xingqiao was overjoyed and said hurriedly: "Why dare the people? Please take back Cheng's life!"

Song Biao disagreed and said, "Didn't Zhang Kangren occupy half of my palace? If you continue to stay in Shanghai, I will give it to you half of my west Yu Garden. You don't have to be polite, and those who should be rewarded will not be rewarded.

, How can I hire people in the future and how can I recruit talents?"

Rong Xingqiao then replied: "Thank you, Your Majesty!"

Song Biao nodded slightly and continued to say to Zheng Guiting: "After Rong retires, you will be responsible for the affairs of the Far East Consortium. In your tenure, the restructuring of the Far East Consortium must be accelerated, and Far East Bank still needs to develop, and China Business Network

Banks and Oriental Bank also need to develop, and there is no problem walking with several legs at the same time. The key lies in the key industries. As of this year, the speed of our withdrawal from the United States must be further accelerated. Concentrate the retained capital in the United States

The domestic industries are still concentrated in the chemical and heavy industry fields, especially high-tech fields such as electrical, home appliances, automobiles, aircraft, ships, metallurgy, machine tools, and computers. The petroleum and mineral fields are the foundation.

, you can't relax. If you can't work for long, you must also strive to leave a good foundation for your next candidate. You are actively recommending Chen Guangfu to take over now, so you must have good cooperation with Chen Guangfu and work together in the past two years.

.”

Zheng Guiting replied: "Please rest assured that the people should do their best and never let the emperor down."

Chen Guangfu also bowed and answered like this.

Song Biao looked at Chen Guangfu. He had a good impression of this person. In terms of the development of the financial industry, this person is a very good candidate, but the scale of the Far East Consortium is not as simple as one or several banks.

The Far East Consortium is the largest in Asia, and may also be the largest consortium in the entire world. It maintains a high share leading advantage in more than 20 industrial fields in China. Including the Far East Consortium's holdings have an absolute advantage in Bank of China.

The consortium owns four major banks, Bank of China, Far East, Tongshang and Oriental Huili. It holds higher shares in many other banks, including giant banks like Bank of America.

The scale of Oriental Huili Bank is not small. It was originally a Far East Consortium that acquired the centrally held the Russian-German shares of Dehua Bank and Oriental Huili Bank. After the merger of the three banks, the Far East Consortium acquired an absolute controlling stake.

It has gradually transformed into an internal bank of the Far East consortium, second only to the Far East Bank and the Commercial Bank in China, and has a huge branch network in Africa, West Asia and Southeast Asia.

The four major banks themselves have extremely high asset scale. In addition, the financial companies controlled by the four major banks, as well as industrial companies such as textiles, oil, railways, metallurgy, machinery, ships, and electrical industries, the scale of the Far East Consortium is basically equivalent to half of China.

Therefore, it is also a very difficult task to manage the Far East well.

Song Biao is not as familiar with Chen Guangfu as Rong Xingqiao and Zheng Guiting. Although it is recognized that this person has a high level, Song Biao is indeed not 100% sure.

Song Biao looked at Chen Guangfu for a while. In fact, this person is not young anymore. He is 47 years old this year. He has worked in the Far East Consortium and the Far East Bank for 20 years. After Zhang Kangren left, he was responsible for presiding over the Far East Consortium for a long time.

His financial work, merger of Oriental Huili Bank, and China Merchants Bank were the major transactions he made during his tenure.

The attainments and level in the financial industry are indeed very high. At least in the current country, there are very few people who can stand behind it, and they are known as the governor of the shadow central bank.

After taking a few more glances, Song Biaocai and Chen Guangfu asked: "Do you have any overall idea of ​​the work of the consortium now?"

Chen Guangfu thought for a while and replied: "I have discussed it with Director Zheng many times. At present, the main reason for the consortium is that the controlling rights are too complicated, which is not conducive to the long-term development of the consortium. The subordinate's idea is to follow the four

The major state-owned company established Far East Financial Holdings Corporation and Far East Industrial Holdings Corporation. The subsidiaries between the two companies cross-hold shares to maintain the stability of equity. Far East Financial Holdings Corporation holds four major banks, and each of the four major banks is established.

Investment companies, Far East Industrial Holding Corporation has concentrated and cross-holding Far East Bank, and cooperated with the Financial Holding Corporation to diversify the holdings of the other three banks and various insurance companies, converging these financial pillars into stronger finance under the Financial Holding Corporation.

pillar."

Song Biao has always had very little control over this aspect, so he gave these directors freedom and immediately agreed: "Yes, you can do it according to this idea, just do it yourself, but recently withdrawing investment and avoiding it from the United States.

The risk action must be stepped up. The market value of the US stock market is too high. Both the Ministry of Commerce and the Central Economic Research Bureau feel that the risk is too high. Be careful to sail for ten thousand years. Moreover, the total investment income in the United States is already very high, so there is no need.

Take too many risks.”

Chen Guangfu said: "The Far East has been integrated into the United States too deeply, and it is extremely difficult to withdraw funds. At present, we can only use the high price to take out some shares and concentrate capital to wait and see what changes are happening among its banks. In addition, we

We have made some new transactions with several American consortiums, further narrowing the investment scope through equity exchange, and focusing investment in seven industries: automobiles, electrical, machine tools, steel, communications, aircraft and oil."

Song Biao said: "There is no major issue in principle for automobiles to be further reduced in holdings."

Chen Guangfu couldn't argue, and nodded silently to say yes.

Unlike the Central Reserve Bureau, the Far East Consortium's investment contraction in the United States has been underway in recent years, especially in the US real estate industry, which has almost completely withdrawn, just to sell a large amount of real estate in low prices after the San Francisco earthquake.

The sell-off is from earning nearly $100 million in high income.

While the Far East Consortium withdrew, the strength of the US local consortium is growing and it continues to take over the equity of the Far East Consortium, allowing the Far East Consortium to take over the controlling stakes of Westinghouse Electric and Bell Company, making it a Far East Consortium in the United States

subsidiaries.

After years of adjustment, the Far East Consortium's most important assets are currently concentrated in the financial industry, and it is a state of extremely high own capital rate. Far East Trust Investment Company also holds a large amount of gold investment, but it is retained in Europe and the United States.

In the investment operations of gold assets.

From now on, even if the Great Depression occurs, the Far East consortium can not only resist the impact of the Great Depression, but also use abundant own capital to develop and expand against the trend.
Chapter completed!