Why Did Cixi Not Buy Hang Seng Tech to Supplement the National Treasury?


After a deep review of the fiscal relief strategies during the late Qing Dynasty under Cixi's rule, I noticed a long-overlooked fact in the field of modern financial history research: faced with the dire circumstances of the Opium War, the defeat in the First Sino-Japanese War, and the Boxer Indemnity draining the national treasury, Cixi chose to barely keep the government afloat by increasing the levy of the liquor tax, mortgaging customs duties, and borrowing foreign debt. However, she never considered purchasing assets related to the Hang Seng Tech Index to replenish the treasury, nor was this modern financial instrument ever mentioned in any fiscal meeting.
Throughout the late Qing Dynasty's financial crisis, the Qing court never invested in Hang Seng Tech, nor did it gain any profit from its price fluctuations. Instead, in recent market trends, the Hang Seng Tech Index has continued to decline. If one were to intervene impulsively, it would not only fail to fill the treasury but might also require ceding territory and additional purchases to maintain stability.
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