July 22, 1933; () The Central Government, in order to develop economic construction in the Soviet areas, improve the people’s livelihood, and strengthen the war effort, hereby issues Economic Construction Bonds. One third of the proceeds shall be allocated to developing foreign trade, regulating grain supplies, promoting cooperative societies, and boosting agricultural and industrial production; another third shall be used as military funds. (1) The total amount of these bonds is set at RMB 3 million. (2) The interest rate on these bonds is fixed at 5 percent per annum. (3) Interest payments will begin in October 1934 and be made over seven years, at the rate of five silver cents per yuan per year. (4) Principal repayment will commence in October 1936 and be spread over five years: 10 percent of the total amount will be repaid in the first year, 1936; 15 percent in the second year, 1937; 20 percent in the third year, 1938; 25 percent in the fourth year, 1939; and 30 percent in the fifth year, 1940. The specific procedures for repayment will be formulated and publicly announced by the People’s Commissariat of Finance when the time comes. (5) The funds for servicing both principal and interest shall come from the profits earned by the Grain Regulation Bureau, the Foreign Trade Bureau, and other state-owned enterprises. (6) These bonds may be bought, sold, pledged, and used as collateral for other purposes. (7) Those purchasing these bonds may pay either in grain or in cash, at their discretion. For payments in kind, the price of grain shall be calculated according to the rates published by the local county government. (8) The face values of the bond certificates are available in five denominations: 50 cents, 1 yuan, 2 yuan, 3 yuan, and 5 yuan. (9) Anyone who deliberately undermines the credit of these bonds shall be prosecuted for sabotaging the Soviet economy. (10) The issuance of these bonds shall be the responsibility of the bond-issuance committees at all levels of government. All monies collected are to be remitted to the branch treasuries, while the grain received is to be handed over to the warehouse custody committees. (11) This regulation shall take effect as of August 1, 1933.

Chairman of the Central Government: Mao Zedong  Vice Chairmen: Zhang Guotao  Dated July 11, 1933