Paper Money - One Of China's Historic Innovations

I was reading a special report by Mizuho Securities Asia today, written by Alexandra Harney and titled "Can China Innovate?". I think for many investors, also those deep in the Austrian school, it will be a refreshing reminder, among other things, that "paper money" was introduced by China, at least so is it accounted for...

Click on picture to enlarge, courtesy of Mizuho, my annotation.