On the Uneconomical Growth of the Nationalist Government's Finance:Taking Taxes and Debts in the Cigarette Industry as Clues
Increasing taxes and issuing bonds are important measures for the Nationalist government to solve the financial crisis.Nearly 80％of the Nationalist government's consolidated tax revenue comes from cigarettes,and the cigarette treasury bonds,which are backed by the consolidated tax on cigarettes,are also one of the earliest bonds issued by the Nationalist government.In the early days of the Nationalist government,there was an intention to restore government credit,and each cigarette treasury bill had tangible tax guarantees.However,the market price of treasury bills continued to decline,which deviated from the growth of tax.Affected by a series of economic and political unfavorable factors such as the Great Depression,the Nationalist government cancelled the tangible guarantee of bonds in 1932 and encouraged the financial sector to invest in the government bond market.As a result,the price of government bonds rose in line with taxation.However,the resulting fiscal growth is an uneconomical growth that to some extent hinders the healthy development of the industrial economy,laying the groundwork for the financial collapse of the Nationalist government later.
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