In order to advance the anti-imperialist struggle and the land revolution, and to consolidate the worker–peasant revolutionary alliance, the First All-China Congress of Soviets of Workers’, Peasants’ and Soldiers’ Deputies has adopted the following regulations as the basis for the current Soviet economic policy.

1. To ensure the complete independence of the Soviet government, all economic lifelines currently controlled by imperialists—namely, concessions, customs, banks, railways, shipping, mines, factories, and so forth—are to be nationalized. For the time being, certain foreign enterprises may be permitted to conclude new lease agreements and continue production, provided they comply with all Soviet laws, implement an eight-hour workday, and observe other relevant regulations. Should such enterprises’ owners violate these conditions by engaging in sabotage, closing down operations, or interfering in the internal affairs of the Soviet government in support of counterrevolutionary forces, their property shall be immediately confiscated and nationalized.

2. With respect to enterprises and handicraft workshops owned by Chinese capitalists, ownership shall remain in the hands of the original proprietors; nationalization is not yet to be implemented. However, factory committees and workers’ committees will exercise worker oversight over production. If enterprise owners engage in sabotage, violate Soviet laws, or participate in counterrevolutionary activities—for example, by deliberately destroying equipment or halting production—their enterprises shall be immediately confiscated and, depending on specific circumstances, placed under the management of workers’ cooperatives or the Soviet government.

3. In striving to promote industrial development, the Soviet authorities shall pay particular attention to ensuring the growth of all enterprises that supply the Red Army (factories, workshops, handicraft operations, and household industries).

4. The Soviet government shall guarantee freedom of commerce and refrain from interfering in normal market relations. At the same time, it must strictly prohibit merchants from speculating to drive up prices, dissolve chambers of commerce, and forbid both large and small traders from using these bodies to monopolize pricing. Should merchants resort to strikes or economic blockades that threaten the supply of essential goods to the broad masses, or if required by the needs of the Red Army, the Soviet government may set maximum price limits on necessary commodities; however, this measure should be applied only when absolutely necessary and may be lifted once normal commercial conditions are restored.

5. A monopoly on foreign trade shall not yet be established in dealings with non-Soviet areas. Nevertheless, the Soviet government shall exercise oversight over such trade to safeguard the supply of essential goods to Soviet territories, and the export of silver coins may proceed only with the permission of the local Soviet authority.

6. To systematize Soviet trade and protect the interests of the working people, thereby improving the availability of essential consumer goods, the Soviet government must vigorously support the establishment and development of consumer cooperatives. It shall provide financial assistance and tax exemptions to cooperatives and allocate some of the confiscated housing and shops for their use. Furthermore, to ensure the provision of supplies to the working masses, the Soviet government should encourage the construction of public warehouses to stockpile food for distribution at low prices and for emergency relief purposes.

(III) Finance and Taxation  1. All taxes and levies imposed by the Nationalist warlord governments, along with their practices of arbitrary exaction, are hereby abolished. The Soviet authorities shall institute a unified progressive tax system, placing the burden squarely on the bourgeoisie. The Red Army, workers, and poor households in both rural and urban areas shall be exempt from taxation. In cases of natural disasters or other emergencies, further exemptions or reductions may be granted.

2. All previous verbal and written contracts of servitude and usurious loans are hereby annulled; all debts incurred by peasants and urban poor from usurers are canceled. Any form of debt bondage or prepayment-based enslavement is strictly prohibited. Revolutionary legislation will rigorously prevent and suppress any attempts to reinstate such exploitative relationships. All items pawned by urban and rural poor shall be returned to their rightful owners without charge, and pawnshops shall be taken over by the Soviets.

3. Existing currencies circulating within Soviet territories may continue to be used for the time being, and differences in exchange rates between them shall be eliminated. However, the Soviets must conduct a thorough inventory of these currencies for monitoring purposes. They will also issue their own Soviet currency and carry out exchanges of old currency, initially allowing the latter to circulate with official Soviet stamps affixed. Foreign currencies must be exchanged exclusively for Soviet-stamped notes or for currency issued directly by the Soviets.

4. To establish a unified monetary system and assist the working people, the Soviets shall found a Workers’ and Peasants’ Bank and open branches throughout all Soviet regions. This bank shall have the exclusive authority to issue currency. It will extend credit to peasant households, artisans, cooperatives, and small traders to stimulate economic development, while also serving as a clearinghouse for currency exchange and collecting taxes through its branch offices.

5. Representatives of the Soviet authorities shall be stationed at indigenous banks and large private banks and moneylenders to supervise their operations and bar them from issuing any currency. The Soviets will strictly prohibit bankers from exploiting local banking institutions to further counterrevolutionary aims.

(IV) Municipal Affairs  1. The Soviet authorities shall implement appropriate measures to reduce rents for urban poor, confiscating the houses and other property of landlords, gentry, warlords, bureaucrats, and politicians, and allocating these premises to workers, laborers, and apprentices for habitation. The proceeds from the sale of such property shall be distributed among the urban poor or utilized by the Soviets for public works. Urban Soviets shall take all necessary steps to improve living conditions for the impoverished.

The Presidium of the First All-China Congress of Soviets of Workers’, Peasants’ and Soldiers’ Deputies: Xiang Ying, Zhou Enlai, Zeng Shan, Zhang Dingcheng, Chen Zhengren, Zhu De, Fa Deng; Chairman of the Central Executive Committee of the Chinese Soviet Republic: Mao Zedong; Vice Chairmen: Xiang Ying, Zhang Guotao. November 1, 1931, Gregorian calendar.