More entertainment-oriented news strove to promote the friendly atmosphere between China and France: "Dr. Zhao Tianlin visited the École Normale Supérieure in Paris and received a warm welcome from the French people upon arriving in Paris. Both sides threw blown kisses at each other! A Chinese university president being so passionate and romantic makes us wonder if the description of Chinese people's emotions as introverted and reserved is a stereotype."

*Le Figaro* praised He Rui's new book highly: "The French version of *Guideposts in the Economic Maze*, the new book by Mr. He Rui, Chairman of the Republic of China, will soon be available in Paris. After reading the original Chinese version, the Dean of the Law School of the University of Paris stated that this book, with penetrating vision and profound thinking, points out various difficult problems that have always puzzled world economists. It revolutionarily opens up a new revolutionary direction for economics!"

Regardless of the type of newspaper, the same news was published: "The performance of the Paris Opera Ballet in China was a huge success. The China Peking Opera Troupe is heading to France for a tour, led by famous artists such as Mei Lanfang, Yang Xiaolou, and Yu Shuyan. Mr. Zhou Shuren, Minister of Culture of China, and Mr. Duan Qirui, Speaker of the Chinese Parliament, personally went to the pier to see them off, wishing the China Peking Opera Troupe success in their tour in France and bringing elegant Chinese stage performances to the French people.

"The two major art groups of the two countries set off together on the ocean liner *Ocean Princess*. To ensure the safety and smoothness of the journey for these world-class artists, the Chinese Navy dispatched the cruisers *Wuhu* and *Chenzhou* to escort the artists of both countries. France will also dispatch warships to the port of Beirut to prepare to welcome the artist teams of China and France."

In the lounge, the Chinese economic delegation, which arrived in France a day earlier than Zhao Tianlin, was browsing newspapers. Compared to Zhao Tianlin, although the Chinese economic delegation was high-profile, they did not accept interviews with foreign reporters. Zhao Tianlin represented the non-governmental exchanges between the academic and cultural circles of China and France, so naturally, he had to focus on being close to the people. Although the economic delegation made a big splash, there was absolutely no need to communicate with the French public. As long as the French people knew that China and France had conducted such high-level negotiations, and then saw some news about Sino-French commercial and economic cooperation later, they would imagine on their own that great progress had been made in economic cooperation between the two countries. This was another way to strengthen confidence in the French economy.

Reading the French newspapers, the mood of the Chinese economic delegation was quite relaxed. Ten minutes later, the meeting between the two sides began. The host of the negotiations on the French side was the French Minister of Finance. "Welcome, gentlemen, to France. The Chinese side raised the issue of the investment review quota for this year. We hope China can explain this quota. It is not that we have prejudice or misunderstanding against China, but once the news of restricted investment spreads, it will cause unease in the French business community."

The leader of the Chinese delegation, Guo Chaoyang, Director of the Statistics and Tariff Department of the Ministry of Finance, answered immediately: "The report submitted by our State Administration of Foreign Exchange to the Ministry of Economy shows that the foreign capital actually utilized by China in the fiscal year 1930, calculated in francs, has reached 30 billion francs. The exchange rate between the Chinese Yuan and the Franc is now roughly 1:1. China's GDP for the whole of last year was about 88.5 billion Chinese Yuan. With the compulsory foreign exchange settlement model for investment adopted by China, we have to issue 30 billion RMB in currency. If the quantity continues to increase, it will trigger inflation in China, leading to economic turmoil. The Chinese government has only increased the intensity of foreign investment review at this stage, objectively extending the review and approval time, and has not prevented foreign businessmen from applying to invest in China."

Both China and France were major powers, and the government members of both countries were adults. Even if China and France were currently engaging in very close economic cooperation, it did not mean France needed to consider for China. Therefore, the conversation between the two sides was very frank and sincere. The French delegation tried every means to persuade the Chinese delegation to increase some investment quota for France, while the Chinese delegation stated to France based on the statistics of the Chinese economic department, "This cannot be done. China must take economic stability as the core. Once severe inflation appears in the Chinese economy, it will inevitably make investors from various countries worry about China's economic reliability."

In the end, the French negotiation team could only accept the attitude of the Chinese delegation. "We express regret over the Chinese government's cautious choice of investment quota."

After discussing this matter, Tariff Department Director Guo Chaoyang entered the next issue. "According to the economic data already published by the French side, the amount of excess currency issued by your country's banks seems to have reached 80 billion francs. Our country looks forward to your introduction."

If the British government had made such a request, the French negotiation team would never have agreed. But China and France were very important partners and quasi-allies. The French delegation suggested a recess. Half an hour later, the French delegation, having obtained the Cabinet's approval, returned to the venue and gave a partial introduction to the Chinese delegation.

The interest-free loan lent to China was 20 billion francs. To meet the exports of French enterprises to China, large French industrial enterprises expanded production capacity, with loans exceeding 24 billion francs. Loans for French small and medium-sized enterprises serving large French industrial enterprises were about 16 billion francs. Plus, French enterprises investing in China also needed loans.

At the beginning of 1930, deposits in French banks were about 60 billion francs. After Sino-French cooperation, France's capital demand exploded. Besides these deposits, plus foreign capital entering France, there was still a large gap. The excess issuance of 80 billion francs appeared to fill this funding gap.

Chinese Tariff Department Director Guo Chaoyang knew that his French counterparts certainly held back many things, but introducing to this extent was already incredibly frank. The Chinese side only wanted to understand and had no intention of criticizing France. France issued an excess of 80 billion francs, and China's currency excess issuance must also be tens of billions of Chinese Yuan. Proportionally, it was not less than France's.

Without very clear profit data, China and France invested huge funds and constructed a grand economic vision. Just to support an economic vision of such scale required huge upfront capital investment, placing the economies of both China and France in a dangerous situation.

The French representatives were very clear about this, so they didn't mention these things. If they wanted this vision not to fail, China needed to complete several major goals at least. The head of the French negotiation team raised a question straightforwardly, "May I ask if China's agricultural output this year has encountered any problems? If French help is needed, we will do our best."

Facing France's polite but very strict inquiry, Guo Chaoyang answered confidently immediately, "Our Ministry of Agriculture publishes a report after every agricultural season. This year, China's synthetic ammonia output has reached 310,000 tons, earthworm soil 1.1 million tons, and organic fertilizer 4.1 million tons. Although farmland reclamation in the Northeast region has reached its limit, the farmland with two harvests a year in the Yellow and Huai River basins has increased by 13.9 million mu. Coupled with the use of pesticides and improved seeds, China's grain production increase this year will exceed 10%. If the weather is good, the increase may exceed 15%."

"We fully believe in the agricultural capabilities of the industrious and resilient Chinese people," the French representative stated decisively.

The driving force of Sino-French investment came from the 20 billion franc interest-free loan. China used this 20 billion interest-free loan mainly in two major fields: complete sets of synthetic ammonia equipment and internal combustion engine production. Internal combustion engine production heavily favored agricultural machinery and equipment. Its core lay in agriculture. Investment institutions in both China and France calculated that if China's agricultural output reached 160% of that in 1927, the 60% increase in agricultural products would be worth 20 billion francs. The faster China's agriculture developed, the shorter the recovery time for the upfront invested capital.

France was a major agricultural country in Europe and knew well that there were too many factors affecting agricultural output. Grain production increase relying on agricultural technology promotion was very stable. Natural disasters would only lead to grain production reduction for that year but could not reduce the grain production increase in normal years. The resulting increase in consumption power of farmers would continuously provide purchasing power for industrial development.

To coordinate with the press conference to be held by the French government, the meeting ended at 3 p.m. Facing the gathered reporters from various countries, the French government spokesman read from the prepared press release, "China and France have reached the *Sino-French Shipbuilding Industry Cooperation and Investment Agreement*."

Hearing this news, French reporters couldn't help applauding. American reporters remembered the cooperation between the US and Jiangnan Shipyard to produce ten-thousand-ton ships back then. It was just that because the Unification War broke out in China afterward, and the US evaluation of China's shipbuilding capacity was limited, no new cooperation appeared later. Now hearing that the French had actually negotiated this agreement, a news framework angrily scolding the incompetent US government was already roughly completed in the minds of American reporters.

In fact, this agreement was not the content discussed at this Sino-French Economic Cooperation Conference at all, but content decided by China and France long ago. The reason it was published at this time was entirely to maintain the heat of continued economic cooperation between China and France, so it was announced now.

The attention of the French upper echelon was already focused on the future of Sino-French economic cooperation, so this meeting actually exchanged content on the future economic development of the two countries. France had to be sure that the future vision drawn for the world by the Chinese government led by He Rui must be realized step by step. Only in this way could France operate on this vision, allowing more funds to enter France and create a beautiful reality for France at present.

After the French government spokesman finished reading the 'new agreement' signed by China and France, reporters began to ask questions. When a British reporter was called upon, he asked immediately, "May I ask if the French Cabinet election will be held in half a year?"

At the first moment, even the French press spokesman didn't realize the slight malice implied in this question. Just as he was about to answer, he found the question wasn't quite right. Many reporters, including French reporters, had a trace of teasing smiles on their faces. But the government spokesman had his duties, so he continued to answer, " The French parliamentary and cabinet elections will be held in October. A new Prime Minister will be elected then."

After finishing the seemingly problem-free words, the reporters all laughed. For decades, this French Cabinet was actually an extremely rare cabinet that had completed its entire term. Just before He Rui proposed economic cooperation to France, the current French Cabinet was already precarious. It was generally believed at the time that this cabinet wouldn't last half a year.

But no one expected that French President Doumergue, who gained great fame for mediating the Sino-British War, would push for Sino-French cooperation with astonishing political sensitivity and political courage. After Sino-French cooperation, the French economy suddenly improved. The US financial crisis of 1929 not only didn't hit France but instead strengthened the status of the French franc, giving the French economy strong support.

A good national economy didn't mean the people didn't scold the government, nor did it mean there were no struggles within the parliament. To fight for interests, more intense struggles were set off within the French political arena. But this struggle had a clear bottom line: it could not affect the French economy.

The French government issued an excess of 80 billion francs, and the economic status quo could be described as 'pies falling from the sky, yellow earth turning into gold.' Although most of this money was used for serious business, even if a small part of it was used for profit-sharing, it was a good time never seen before.

Moreover, every French MP was shrewder than a monkey and craftier than a ghost. In the past, when the French economy was terrible, overthrowing the cabinet wasn't a big deal; many people even eagerly looked forward to overthrowing the cabinet to facilitate obtaining greater benefits for themselves. The current economic situation was excellent. Whether left-wing or right-wing, holding high the banner of political correctness, acting shamelessly to pass their own proposals and seek more benefits for their own political parties—this was a method within the system. Everyone was the same, so it didn't matter. But if any political party tried to overthrow the cabinet, the responsibility for destroying the French economy would be pinned on that party. That party's plot to overthrow the cabinet might not succeed, but that party would suffer a devastating blow at this stage.

Various quarrels and curses continued daily in the French Parliament, but this cabinet worked until the time for re-election amidst the noisy struggles of French politics. For the French Third Republic, a cabinet that completed its term could undoubtedly be written about extensively in history books.

Parliamentary elections would be held in October 1930, after which the cabinet would be elected. In January 1931, the presidential election would be held. It was generally believed in France that, judging from the current situation, the next cabinet should be able to complete its term.

Although the British reporter's question was somewhat malicious and mocking, the French didn't mind much. How much benefit one would get from serving as Prime Minister during four years of economic boom needed no discussion. So this time, all heavyweights in the French political arena were eager to try, preparing to compete for the next Prime Minister candidate. Current President Doumergue, whose term was ending, couldn't hold back either; this old man who had already gained huge political, economic, and diplomatic prestige was preparing to run for Prime Minister.