Chapter 251: Chapter 243 Attracting Business and Investment_1
Yan Xing’s proposed economic system reform for Eternal Domain was to shift from the unified supply system to a market economy and to convert a portion of the Lord’s industries into tradable private industries. Put simply, it was no longer a one-size-fits-all communal meal.
The Lord would now pay wages to each person working for the domain, which were essentially the Grain Tickets from the Eternal Grain Bank. From now on, subjects would use Grain Tickets to purchase anything they wanted. The more you work, the more you earn.
At the same time, Eternal Domain also encouraged its subjects to break away from the current production system of the domain and manage their individual economies. To assist these people, the Eternal Grain Bank could provide them with low-interest loans. The domain’s policies would also offer them the necessary support.
Through the domain’s information network system, Yan Xing displayed to his officials a list of existing domain industries that could be sold and allowed for private operation.
"The unified supply system of Eternal Domain could concentrate efforts on great deeds when the population was small," Yan Xing explained. "But with a growing population, various drawbacks have emerged, resulting in a tremendous waste of manpower and materials. The transformation of the domain supply system is the trend of the times, and it’s impossible for me alone to manage the ever-increasing and expanding scale of industries. I will retain control over the industries that protect the core interests of the domain, but there is nothing that can’t be sold or outsourced. Let everyone involved in the development of Eternal Domain benefit, and let every intelligent and talented person have room for development."
For the ministers present, Yan Xing’s words and decisions were undoubtedly a bolt from the blue, leaving them feeling completely at a loss. Looking at the list of domain industries available for sale on their laptop screens made the ministers tremble all over.
The Lord was putting up sixty percent of the domain’s industries for sale.
Has the Lord gone mad?
No!
The Lord is wise and farsighted; how could he be mad?
It must be me who is mad!
But why would the Lord sell off his private assets just like that?
The Lord’s wisdom is like the vastness of the galaxy; we mere mortals can only look up to it, not speculate...
The entire assembly fell silent, as nobody knew what to say. The domain reform proposed by Yan Xing had already exceeded their limited understanding. In their eyes, it was an act of supreme squandering by the Lord.
None of them, however, dared to speak out.Yan Xing had anticipated their reactions to his proposal for domain reforms.
It might be easier for them to understand no longer providing communal meals but issuing wages instead. But selling off the industries from my own hands must seem utterly absurd to them. Yet, they failed to understand... Under the Grain Ticket financial system, have I *actually* sold these industries? The advantages of the unified supply system are clear, but so are its disadvantages. The communal meal breeds lethargy and can bury many talents in a low-competition environment. A market economy and privatization, on the other hand, will enable talented people to unleash their full potential for their own prosperous lives, thereby creating far more wealth. In Eternal Domain’s unique financial system, this wealth is essentially the domain’s wealth. As long as I maintain control over the Eternal Grain Bank and the domain’s core industries, it doesn’t matter who holds the other industries. This way, Eternal Domain can offload some burdens and focus all its energy on the cutting edge. By stabilizing its base, it can let private industries compete externally. If the business owners earn more, they’ll have the motivation to expand the market.
Yan Xing couldn’t be bothered to explain to the thoroughly confused ministers. After all, it’s no use explaining now. Once they taste the benefits of this reform, the power of capital will naturally drive them to do what they ought to do. Productive forces determine production relations.
Yan Xing intended to create the first batch of capitalists.
"You don’t need to understand the purpose of these reforms," Yan Xing stated. "Just follow my instructions. As my trusted senior officials, I allow you to have the first pick from these industries for sale for your investments. The Eternal Grain Bank will offer you the most favorable loans, and the technology department will provide the techniques you need. As for the policies... you all sit in these positions, so I suppose you don’t need me to teach you."
Since Yan Xing had spoken so decisively, the ministers no longer raised any objections, nor could they. They all carefully reviewed the list of industries the Lord planned to sell, weighing which projects to invest in based on their capabilities and resources.
Yan Xing didn’t actually sell any of his industries during the meeting; he quickly brought the meeting back to the usual agenda. The economic reform of the domain was not as simple as just outlining a plan and implementing it. If many detailed aspects weren’t executed properly, policies meant to benefit the people could become harsh measures that harmed them instead. Through the computers distributed to the ministers, Yan Xing detailed the specifics of the domain’s economic reform. He also restructured the departments of the domain, adding where necessary and eliminating what was redundant, all in service of ushering the domain into a new stage of development.
Beyond the reform of the domain’s economic system, Yan Xing planned the next direction for the domain’s development. Now that the roads were open, it was more convenient for outsiders to reach Eternal Domain. Yan Xing then proposed an investment attraction plan for the domain.
Eternal Domain had its advantages, and the Magic World had its own. If Eternal Domain could leverage its burgeoning industrial strength to mass-produce specialty items from the Magic World, the resulting cost-effectiveness would make products manufactured in Eternal Domain highly competitive in the market. This would undoubtedly be very attractive to investors and masters of technology. As long as the collaboration was successful, the technology would naturally stay in Eternal Domain. This was particularly true for unique magic and Alchemy Technology, which couldn’t be obtained from books, nor easily verified through calculations.
Yan Xing expected his officials to maintain an open mind. They should daringly welcome anyone willing to open factories and invest in Eternal Domain. Ignoring race, nation, or allegiances, they should recognize only money and technology. All departments must actively cooperate with any project that could complement the industries of Eternal Domain. If the technology was advanced, it didn’t matter if the other party took a larger share of the profits.
"Eternal Domain is an open commercial city," Yan Xing declared. "We do not make enemies with anyone deliberately, and I welcome anyone to Eternal Domain. This must be reflected in our domain’s governance policies moving forward. We accept humans, as well as the Elves currently at war with humans. If Orcs wish to do business in Eternal Domain, we should also welcome them warmly. Werewolves are one of the primary races of Eternal Domain; when we welcome Werewolves, we must never exclude Lizardmen, who are hostile towards Werewolves. In the city, I’ve observed the presence of Lizardmen. The Immigration and Foreigner Reception Department has done an excellent job in this regard! Arlanda, the road through Thunderous Swamp that will connect the north and south is about to open; you can convey my goodwill to your Elf Race. The Thunderous Swamp will not allow your Elven armies to pass through but will protect your merchant caravans. In Eternal Domain, I will also provide the greatest protection for you."
Arlanda lifted her head to look at Yan Xing. She was first happy and then saddened upon hearing that the road through Thunderous Swamp was about to be opened.
"Yes, Lord," she replied. "I will write to the commander of the Snow Elves stationed at Wildwind Highlands and introduce the benevolent and friendly Eternal Domain to my kin. But the Elves may not believe..."