Core Viewpoint - The financial system during the Song Dynasty was primarily government-led and closely tied to the fiscal framework, with local governments playing significant financial roles [1] Group 1: Government Financial Structure - The Song Dynasty's financial management was characterized by a detailed and strengthened bureaucratic system, particularly the Ministry of Revenue, which was responsible for economic and financial operations [2] - The Ministry of Revenue, initially known as the "Three Departments," was responsible for managing national finances, including taxation and resource allocation [2] - The financial functions of the Ministry of Revenue included managing household registrations, tax records, and state resources, indicating a comprehensive financial oversight [2] Group 2: Financial Institutions and Functions - The Tai Fu Si, under the Ministry of Revenue, served as a central treasury and included various financial departments responsible for currency management and trade regulation [3] - Key financial departments included the Market Regulation Office, which managed trade goods and currency exchange, and the Currency Exchange Office, which handled the issuance and management of paper currency [3][4] - The official pawnshop department provided loans against collateral, contributing to government revenue through interest [4] Group 3: Local Government Financial Roles - Local governments in the Song Dynasty also had financial functions, implementing central financial policies and establishing local financial institutions to enhance efficiency [5] - Various local offices were responsible for managing agricultural resources, tax collection, and temporary loans, indicating a decentralized approach to financial management [5][6] - The issuance of paper currency and financial instruments was initially localized, with regional offices managing their operations before centralization occurred [6]