701 can be said to be an extremely important year for the empire. No matter from any perspective, the empire achieved glory in 701. Many historians in later generations even believed that if the formal establishment of the Tang Empire was announced in 700, then 701 would be the beginning of the truly laid down the glory of the Tang Empire.

A series of laws and regulations have been issued. As the nominal law and regulations for soliciting opinions and discussion institutions for the empire, the empire's Imperial Senate and the Citizens' House of Imperiality spent two or three days discussing the provisions of a certain law or decree almost every week. I originally thought that this was just an embellishment used by the empire to decorate the facade, but now everyone has found that although these two houses do not see the real power operation like the State Council, as the formulation and promoter of laws and regulations, these two houses play an increasingly important role. After realizing this, all classes began to value this representative identity who had originally only sought honor for individuals.

In 701, the Imperial Senate and the Imperial House of Citizens discussed and proposed more than 30 laws, decrees and regulations, of which more than 80% were related to the economic development of the empire. Although many of them were copied from some legal provisions in the Western Continent at first, the subsequent continuous revisions and improvements made them in line with the actual national conditions of the empire have also become the main work of the representatives of the Imperial Senate and the Imperial House of Citizens. Countless amendments are proposed almost every week in the two houses. After fierce debates and quarrels, they are submitted to the Emperor for approval or handed over to the Government for approval.

The representatives of the Senate and the Citizens gradually realized their shallow knowledge of law and their lack of knowledge about a bill that concerns their own interests. Therefore, hiring representative assistants and secretaries became the most popular method for the representatives. So whenever the Senate and the Citizens were having a meeting discussion and debate, the so-called assistants or secretaries gathered outside the gates of the two houses. Later, at the suggestion of the representatives of the two houses, the Government Department allocated special funds to requisition land on both sides of the two houses, and specially built their respective offices for the representatives of the two houses, so that the representatives would communicate with their assistants and secretaries during the rest of the meeting, or solicit their assistants and secretaries’ views and opinions on a certain clause to see if it harms or is beneficial to their own interests.

Graduates from Imperial University and Northwestern University who study law and economy became the most popular for a time, and their salaries soared. In just 701, more than 100 previous and fresh graduates in this area became assistants or secretaries of these representatives. Many wealthy representatives even hired two to three secretaries and assistants alone. Some representatives representing the interests of a certain region or class even formed think tank groups to serve themselves, helping them plan and research proposals that contribute to their class or region's interests.

According to the Basic Law of the Imperial Constitution, in order to obtain the qualification to submit the imperial approval of His Majesty to the Emperor to become a law, it must be approved by more than two-thirds of the representatives of the two houses before it can be submitted to His Majesty in front of the Emperor. After obtaining the approval of His Majesty, it can become a law; while the administrative bill transferred to the Imperial Government is much more relaxed, and only more than half of the representatives of the two houses can be transferred to the Imperial Government. After the Executive Meeting of the Government Council is approved, it will become a bill with administrative effect.

The basic law of the imperial constitution is that after studying the Constitution of the Tanghe Empire and the Constitutions of the Western Continent, a group of legal experts in the Empire combined with the current reality of the Empire, after many renovations, they submitted Wufeng to the revision and promulgation of Wufeng himself, becoming the first basic law of the establishment of the empire and the basis of all laws. In order to be amended by the Imperial Constitution, it must be approved by more than three-quarters of the representatives of the Imperial Senate and the Citizens' House, and only after obtaining the consent of His Majesty the Emperor can be amended.

The passage of laws, bills and regulations and their amendments allowed the Empire to quickly make up for its original shortcomings in legislation, and normative legislation greatly promoted the all-round development of the Empire's industrial and commercial economy. After studying the suggestions of Mr. Harting, a famous economist from the Western Continent, the Empire's Finance Ministry quickly responded, announcing that the Empire would select a site for Luxor to establish the Luxor Stock Exchange and Luxor Futures Exchange in the second half of 701, while the Yuhang Stock Exchange and Jinling Futures Exchange will also be listed in the first half of 702. The Empire encouraged the establishment of joint-stock enterprises and would protect equity for trading on the stock exchange; and the Futures Exchange in the Western Continent is also a new thing with a short history. The Empire quickly caught up in this regard and attracted a large number of investors in the Western Continent to turn their attention to the East.

In order to encourage people's enthusiasm for establishing joint-stock enterprises, the Empire also issued a series of regulations to protect citizens' equity property and income. Wufeng also formally rejected the sale of all the existing mortar farms of the Empire to the great merchants who were eager to take over, and only sold no more than 30% of the shares to them. The remaining 70% of the shares will be traded directly through the stock exchange as the first batch of listed stocks in the second half of the year. This made the merchants who were eager to control the shares in the Empire anxious but helpless. The rubber making factory also adopted the same method, but the Empire sold 50% of the shares, and the remaining half of the shares still needed to be sold through the stock exchange.

These two good news suddenly made the entire Empire's industry and commerce focus on the upcoming stock exchanges and futures exchanges. Governor Meli has made it clear that the specialties in Meli County - several major spices will become trading varieties of futures exchanges, and the Imperial Finance Department also stated that wheat, wood, iron ore and gold can all become trading varieties of futures exchanges. This almost immediately ignited people's enthusiasm for stock exchanges and futures exchanges. In conjunction with the stock exchanges and futures exchanges, a large number of books on this aspect have also begun to sell well in major cities in the Imperial counties, allowing publishers who were first to smell business opportunities to make a profit.

Revenue of selling mortar farms. The Ministry of Finance of the Empire quickly invested in the construction of more mortar farms. Several major projects in transportation and water conservancy have made all existing mortar farms unable to meet the needs. The people of the Empire have begun to complain. Because the imperial government monopolized all the mortar produced in the mortar farms, the people could not enjoy this kind of benefit that is a historic creation in the history of architecture. However, this situation cannot be improved in a short period of time. Even if there are twenty new mortar farms under construction, some merchants have joined forces to buy mortar formulas listed as first-level patents by the Patent Division of the Imperial Science and Technology Development Department and build mortar farms that are completely privately held by themselves. In this way, selling products to the people will obtain richer profits.

On this issue, the Ministry of Finance and the Ministry of Science and Technology Development had different opinions. The Ministry of Science and Technology Development advocated the widespread promotion of the use of mortar and supported the sale of patents. The Ministry of Finance focused on temporary monopoly mortar formulas, which could make the mortar farm controlled by the Empire obtain more profits when it was listed for later sale of equity. Both parties had their own opinions, but in the end, Xiao Tang agreed to the plan to authorize the transfer of patents. The other party clearly rejected the idea that the Ministry of Finance wanted to invest in equity. Merchants did not want their operations to be affected by the government. As soon as the precedent was opened, merchants who purchased patent authorization followed one after another. In addition to the mortar farm invested by the Ministry of Finance, there were fifteen mortar farms built by private investment alone, and the popularity of them can be imagined.

701 was also the year when the Imperial metallurgy industry achieved a huge leap in development. The Imperial revised the practice of mineral product monopoly, relaxed its control over the metallurgical industry, encouraged private capital to enter the smelting industry, and also began to open up to the mining industry with limited scope. In addition to some large mines, small and medium-sized mines were almost all liberalized, and large mines also allowed private capital to enter, but the controlling rights were still controlled in the hands of the Imperial government. Private capital that obtained preferential conditions and policies poured into the lucrative smelting industry, which caused the scale of smelting enterprises to expand and expand, and the shadow of giant mining and smelting forging consortiums began to appear.

The Imperial Xinglong Mining Group and Xinglong Smelting Co., Ltd., led by Wenjia and Miaojia, formed by Jiangnan and many wealthy businessmen in the imperial capital, finally took shape in mid-701. They controlled the production of major iron mines in Beiyuan, Heshuo and Yanyun counties, and acquired and merged several small and medium-sized smelting workshops to form a huge one-stop joint production enterprise. It was Xinglong Smelting Co., Ltd. that finally absorbed new smelting technology in the Western Continent, and after improvement, they took out new iron materials that meet the requirements of the Imperial Science and Technology Development Department.
Chapter completed!