The emperor has always been hesitant about the establishment of the capital market.

Although bonds were issued in the hope of pooling small funds into a large one and concentrating private capital for major projects, bond trading was still limited to private transactions by individuals, and there was no real bond market.

Of course, bonds are one of the most stable investment channels for banks, and both the central bank and the Industrial and Commercial Bank of China are investing in them.

The emperor felt that there were too few varieties of bonds, including the Ping Liao bonds, Jian Liao bonds, war bonds, and the planned railway construction bonds, and that it was too early and unnecessary to establish a bond market.

Since banks can issue and repurchase, private transactions among the people are not prohibited. Let it develop naturally first, and then adjust and improve it according to the specific situation.

"Your Majesty, Li Dan comes to bid farewell to the Emperor." Wang Tigan's report brought the emperor back to his senses while he was counting money.

The imperial farewell was a formality, and the emperor could be present or not. If not, he could simply kowtow outside the Meridian Gate and that was it. If he was present, it would naturally express the emperor's favor and regard for him.

"Announce." The emperor waved his hand without hesitation.

After submitting several memorials on the governance plan for Luzon and revising it several times, he finally received the emperor's approval. Li Dan was tired but also excited.

From a sea merchant to a local lord, Li Dan could never have imagined such a fate. Yes, in Luzon, he, the governor, was a king.

As a tycoon of maritime merchants, money was no longer important to Li Dan. If it meant he could live the rest of his life in peace, he would rather donate most of his wealth.

In feudal society, many people had this sense of crisis, or insecurity. Even the royal family and nobles felt this way, let alone a businessman.

But the emperor's appreciation gradually dispelled his worries and concerns. The emperor loved money, but he earned it in a proper way. At least Li Dan believed that if the emperor engaged in business, he would definitely be a good businessman who valued his integrity and kept his promises.

The offer of the Governor-General of Luzon suddenly fell on Li Dan's head, and he was initially confused. He came to give money and wanted to contribute to the attack on Luzon.

However, the emperor did not accept his donation and even intended to appoint him as the Governor-General of Luzon. These two surprises were truly unexpected.

After the great surprise, Li Dan submitted several plans in succession. Their eventual approval also made him understand the emperor's attitude towards territorial expansion and the division of overseas territories.

According to Li Dan's understanding, the emperor should have divided the original territory of the Ming Dynasty and the territory that was later opened up and occupied into three levels.

The first level was originally there, including those abandoned by previous emperors. Generally speaking, it was all the provinces within the Ming Dynasty, as well as Mongolia, Nurgandusi, the Western Regions, etc. that were not yet under the jurisdiction of the court.

The second level is Mekong Province. Although the emperor has regarded it as the territory of the Ming Dynasty, it is still different from the inland provinces.

The third level is overseas territories, including Borneo, Luzon, and the recently recovered Burma.

The emperor's attitude towards the first and second levels was firm. They must be firmly controlled or must be recovered.

As for the third level, it depends on the specific situation. If it develops well and the control is strong, it is not impossible to upgrade to the second or first level.

For example, in Luzon, the emperor is unlikely to invest heavily in resources in the early stages, but will instead make up for it with policies.

Whether they will settle permanently in Luzon like in Mekong Province, or just want to have a base, or give up, it all depends on what value Luzon can provide and to what extent it has developed.

After realizing this, Li Dan's campaign report found its focus and was approved by the emperor.

Li Dan breathed a sigh of relief and hurried back to make secret preparations. To be the Governor of Luzon, he must have a group of people he could trust, right?

Furthermore, if the navy still needed something, Li Dan was prepared to contribute generously, and the plan to attack Luzon next year must not be delayed.

"Your Majesty, I bow to you and congratulate you on your great victory in the war against Burma."

In response to Li Dan's kowtow and congratulations on his victory, the emperor nodded with a smile and said gently, "No need to be polite, but stand up."

"Thank you, Your Majesty." Li Dan kowtowed again to express his gratitude, then stood up and waited for the emperor's final words.

The emperor waved to the palace maid, who carried the box over and handed it to Li Dan.

"Here are the Governor-General's official uniform and seal. Keep them safe," the Emperor said with a smile. "But remember to keep it secret. If nothing unexpected happens, the conquest of Luzon will only take a few months."

"Your Majesty, I thank you for your great grace." Li Dan knelt down again and kowtowed to express his gratitude, his excitement evident in his words.

The emperor paused for a moment and said, "Luzon and Borneo have enormous potential for development, but a major disaster requires the full strength of the imperial court to respond, and the investment cannot be too great. Whether they can be governed effectively depends on Li Qing's ability."

Li Dan quickly bowed and assured, "Your Majesty, rest assured. I will do my utmost to govern Luzon like the inland counties of the Ming Dynasty."

If Mekong Province had not been developed first, Luzon would have been closer than Borneo. If the navy had not grown stronger, Luzon would have been the target of the emperor's conquest long ago.

Even so, after suppressing the Liao rebellion, the Ming Empire embarked on a path of expansion. Even the advent of a major disaster did not change the emperor's plan.

The purpose of supplementing domestic production with external resources has been determined and cannot be changed. Buying grain from overseas is naturally more expensive than growing it yourself.

The development and construction of Mekong Province is a successful example. Now with the newly acquired Burmese land, Ava's great granary will provide further support for overcoming major disasters.

Dongfan, Hainan, and even Borneo and Luzon are all areas that are less affected by major disasters and will continue to provide food to the Ming Empire.

This is only a short-term goal. In the emperor's grand plan, Dongfan, Luzon, Borneo, and finally Malacca will form the outer circle of the Ming Empire in the South China Sea.

Only then did the South China Sea truly become the swimming pool of the Ming Empire.

Given the population of the Ming Empire, allocating 10 to 20 million people would be enough to firmly control these places and make them the real territory of the Ming Dynasty.

Obviously, the emperor laid out the real difficulties, namely the great disaster in the country, and Li Dan also made a promise, which was in line with the emperor's wishes.

Just because it's not possible now doesn't mean it won't be possible in the future. A major disaster will only last a dozen years at most, and once it's over, the Ming Empire will have broken free from its last constraints.

By that time, with a million-strong, well-equipped army and a navy of thousands of ships, no country in the world would be able to resist.

Besides, Li Dan was a man of action. When the emperor refused to accept the donated money, he took out 500,000 yuan for charity and gave it all to the Shaoying Academy.

"Although you are the Governor-General of Luzon, as for Borneo..." The emperor thought for a moment and said, "If you invest, then invest. The court will not let you suffer any loss."

"Your Majesty, how dare I put public affairs above my own?" Li Dan said hurriedly, "The imperial court will take charge of the management of Borneo."

The emperor was worried that Li Dan would concentrate on Luzon and move his business away from Borneo, but he was relieved when he saw Li Dan's assurance.

……………….

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