The military has made significant cuts in personnel, and the Song Dynasty now only maintains a standing army of more than 600,000. Starting this year, it has also been slowly training a new firearms team. According to Zhao Jun, starting next year, the more than 600,000 standing troops will be replaced by half with cold weapons and half with firearms.

Within three years, the entire army will mainly use hot weapons. Although cold weapons will still be retained, it will be enough to just equip a ring-handled straight sword around the waist. This will allow the combat effectiveness of the entire Song Dynasty army to be taken to a higher level.

In terms of economy, the Ministry of Industry and Commerce reported that more and more companies were being registered. More than 30,000 companies were registered in the several industrial and commercial bureaus in Bianliang alone, and there were also many registered shops. Under the relatively relaxed business policies in the second year of the Qingli period, the business prosperity was increasing day by day.

Other areas of education, culture, and technology have also seen improvements. For example, in terms of technology, the School of Chemistry and the School of Physics have new breakthroughs every day. The School of Chemistry, in particular, is given priority in being supplied with equipment by the imperial glass factory. With the equipment, the extraction of various elements has become much more convenient.

To sum up, although the overall situation of the Song Dynasty has not improved much and cannot be said to have reached the level of the First Industrial Revolution, it has taken solid steps and is expected to officially enter industrialization in the next decade.

“The growth in various data is very encouraging.”

Zhao Zhen was very happy after hearing the report. This year's growth was much greater than last year's, and it would increase again next year. With rapid growth and improvement every year, the future of the Song Dynasty was just around the corner.

"Looking at the data now, it has indeed improved significantly. I have an idea."

Zhao Jun said, touching his chin.

"What idea?"

“I think it’s time to issue government bonds.”

“Is it going to be released now?”

"Yes, in preparation for next year. However, to be on the safe side, we will not issue government bonds to ordinary people, but only to the big landowners."

"Landlords?"

Everyone was confused. Now the big landlords across the country are resisting the equalization of land tax. How would they agree to it?

"This also gives them a new way to make a living."

Zhao Jun smiled and said, "If they don't want to accept high taxes or sell land to invest in industry, they can invest in government bonds. This will provide them with a stable interest rate. Although the interest rate may not be high, it is stable and can also make up for some of the tax deficit."

"Hmm."

Everyone understood immediately.

This is a win-win approach that gives you a reward while hitting you with a stick, and it can also make the national treasury richer.

"Besides that, we need to find ways to make business more active."

Zhao Jun thought for a moment and said, "How about this? We can cancel the Jiaozi deposit custody fee. Starting next year, you won't have to pay the bank for deposits."

"How do banks make a profit then? By lending money like in later generations? But the Song Dynasty currently has no plans for mortgages. This would be difficult both from a regulatory and operational perspective."

Zhao Zhen raised objections.

Zhao Jun smiled and said, "Don't we have government bonds? Let the Jiaozi Bureau handle it. Part of the bonds purchased will be used as operating expenses for the Jiaozi Bureau. As more and more people deposit money with the Jiaozi Bureau, the government will also start lending money in the future. For example, agricultural loans and commercial loans. This will also help to suppress the high interest rates charged by private individuals."

State lending is something that must be done, and the essence of Wang Anshi's reform is state lending.

In this way, because the country's interest rate is low, the people are naturally willing to seek loans from the court, and are no longer exploited by landlords and wealthy families at extremely high interest rates as before.

Therefore, although both government bonds and lending have certain problems, such as supervision, corruption, and bad debts, the benefits far outweigh the disadvantages compared to the smooth operation of the country's financial system.

Otherwise, all national banks in the world would not have lending businesses in the future. This is bound to be a process of progress.

"Um."

Seeing Zhao Jun's resolute attitude, Zhao Zhen did not object. "Okay, then, let's listen to your eldest grandson. Wang Anshi's reforms were similar anyway. Now that the administration is well managed, there shouldn't be the same mistakes he made."

"Alright then, we'll officially expand our development next year. I'm going to make sure everyone sees the train running by the end of next year, or the year after!"

Zhao Jun's promise also moved many prime ministers present.

them.

I really want to see this unprecedented prosperity before I die!

(End of this chapter)

dingdiange