402:. In 1942–1943, the American Dollar Bond scandal arose. After the 1941 Japanese declaration of war against the United States and the United Kingdom, the two allies sought to support China in a concrete way despite logistical limitations following the loss of British Burma. The two countries loaned significant amounts of money to the Nationalist government. The Nationalist government of China decided to use US$ 200 million to absorb excess fabi in an effort to curb inflation. In theory, Chinese purchasers would use fabi to buy bonds at the official exchange rate and be paid in dollars when the bonds were redeemed following victory over Japan. The American Dollar Bonds were issued on March 24, 1942. The public response was poor, with few bond sales. In October 1943, H.H. Kung sent a secret memorandum to Chiang Kai-shek asking that the bond sales end. Subscriptions were closed on October 15, 1943, and a central bank official falsely announced that all bonds had been sold. Secretly, insiders then purchased the remaining bonds using currency acquired on the black market. The result was a windfall for Nationalist government insiders including Kung, the
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currency to be exchanged within four months. This undervaluation made inflation worse as
Chinese who formerly lived under the regime rushed to hoard goods rather than exchange for fabi which in turn drove price increases. Ultimately, the unrealistic exchange rate impoverished those who had lived under the Wang Jingwei regime and made economic revival of the area more difficult. The Nationalist government set more realistic exchange rates for the Wang Kemin and Manchukuo regime currencies.
206:, a time period seen as commencing when the KMT under Chiang Kai-shek re-unified most of China, bringing a level of political stability not seen in decades. Under Chiang Kai-shek's Nanking based government, China's economy enjoyed unprecedented growth from 1927 to 1931. By 1931 however, the effects of the Great Depression began to badly impact the Chinese economy, a problem compounded further by Japan's invasion and occupation of Manchuria in the same year. Consequently, China's overall
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particular required major logistical and administrative expenses without raising commensurate revenue. The
Nationalist government continued to face high expenses and low revenue, printing currency in an effort to make up for the difference. The Nationalist government failed to revive sources of revenue, commodity taxes and customs. Customs revenues were further impaired as customs official's salaries continued to fall further behind inflation and officials turned to corruption.
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191:, which saw a great increase in demand for Chinese goods, which benefitted China's industries. In addition, imports to China grew drastically after total war broke out in Europe. For example, China's textile industry had 482,192 needle machines in 1913, while by 1918 (the end of the war) that number had gone up to 647,570. The number increased even faster to 1,248,282 by 1921. In addition, bread factories went up from 57 to 131.
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262:. The CSR had a central government as well as local and regional governments and issued currency. The CSR was funded primarily by tax income on grain and rice. It also received voluntary contributions from its core political constituency, the peasantry. During the period 1931 to 1934, the CSR issued three series of government bonds to further finance its operations.
117:. The Nanjing decade was a period of relative prosperity despite civil war and Japanese aggression. The government began to stabilize tax collection, establish a national budget, sponsor the construction of infrastructure such as communications and railroads, and draw up ambitious national plans, some of which were implemented after 1949. In 1937, the
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their former property. In practice, the
Nationalist government and its officials retained a great deal of the seized property and embezzling property, particularly from warehouses, was common. Nationalist officials sometimes extorted money from individuals in liberated territories under threat of labeling them as Japanese collaborators.
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expansion and Chiang ordered an evacuation of the
Republic of China to Taiwan, one of the only industrialized parts of China not to experience large scale destruction during the war. The relocation was intended to be only temporary as Chiang planned to regroup and reorganize his forces before returning to reconquer the mainland.
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regulations were abandoned, people who had complied with the regulations suffered huge losses while those who had violated the regulations and hoarded gold and silver avoided this harm. As hyperinflation continued after the gold yuan's failure, Chinese increasingly avoided currency and increasingly exchanged goods via barter.
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Germany and Russia stopped while the UK and Japan took a leading role. By 1930, foreign investment in China was more than 3.5 billion, with Japan leading (1.4 billion) and
England at 1 billion. By 1948, however, the capital stock had halted with investment dropping to only 3 billion, with the US and Britain's leading.
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and exchange rates collapsing. The result was that suppliers did not ration at stable prices, shopkeepers used their supplies for speculation, and “ven productive enterprises turned from new output to speculating on stocks, while disinvestment and capital flight further undermined the production capacities.”
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As the KMT fled, it stripped China of liquid assets including gold, silver, and the country's dollar reserves. KMT forces also attempted to firebomb industrial sites, but workers were able to stop them at many such locations. By the time the KMT was defeated, commerce had been destroyed, the national
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cut the
Nationalist-controlled areas of China in half. One-fourth of China's manufacturing base was destroyed in the campaign. The loss of more manufacturing, particularly in conjunction with Japanese occupation of major grain production areas, further weakened the Nationalist economy. Throughout the
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Basic literacy came to most of the school-aged populace by the end of the
Japanese tenure on Taiwan. School attendance for Taiwanese children rose steadily throughout the Japanese era, from 3.8 percent in 1904 to 13.1 percent in 1917; 25.1 percent in 1920; 41.5 percent in 1935; 57.6 percent in 1940;
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Nearly all studies of the collapse of the
Nationalist government describe hyperinflation as a major factor for the government's failure. The rampant corruption of the KMT, hyperinflation from the over issuing of currency and the drain on the civilian population caused by the war effort, stirred mass
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the result was near total. What had been China's industrial epicenter was reduced to rubble, virtually all factories had been destroyed, not a single mine was operational. Manchuria had been stripped of virtually all heavy machinery and was left without even electricity as the
Soviets had dismantled
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in the final week of the war. The Red Army rapidly overran
Japanese forces, commencing a 3-month occupation defined by systemic campaign of looting and destruction. Soviet Premier Josef Stalin ordered all equipment, moveable parts, tools and even material wealth plundered from private homes, shipped
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The rural economy was hit much harder by the Great Depression, when domestic overproduction of agricultural goods as well as an increase in foreign imports (as agricultural goods produced in western countries were "dumped" in China) led to a collapse in food prices. In 1931, imports of rice in China
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The revisionists (mainly economists like Thomas Rawski, Loren Brandt and others) view the traditional economy as mostly successful with slow but steady growth in GDP per capita after the late 19th century. These scholars focus on the continuity of between features of the traditional economy and the
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The ROC government's tried unsuccessfully to curb inflation with the introduction of new currencies and failed attempts in both 1942 and 1943 to institute a general price freeze. The efforts at price controls failed because China's agricultural economy was very concentrated, industry was declining,
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The property of rich peasants was also confiscated, although rich peasants were entitled to receive land of lesser quality if they farmed it themselves. By 1932, the Communist Party had equalized landholding and eliminated debt within the CSR. Although the 1931 Land Law remained the official policy
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All lands belonging feudal landlords, local bullies and evil gentry, warlords, bureaucrats, and other large private landlords, irrespective of whether they work the lands themselves or rent them out, shall be confiscated without compensation. The confiscated lands shall be redistributed to the poor
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The traditionalists (mainly historians like Lloyd Eastman, Joseph Esherick and others) view China's economic performance from the early 19th to the middle 20th century as abysmal. They view the traditional economic and political system during the late Qing and Republican periods as being unable to
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The Nationalist government seized Japanese-held businesses at the time of the Japanese surrender. The Nationalist government made little effort to return these businesses to their original Chinese owners. A mechanism existed through which Chinese and foreign owners could petition for the return of
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When Japan surrendered in August 1945, the KMT government was able to recover most of the economic centers lost in Second Sino-Japanese War without subjecting them to further destruction. However this ultimately made little difference given the extent of the damage caused by the war and subsequent
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to supply it. This trend worsened with the resumption of the Chinese Civil war in 1946. By 1947, some 33.2 trillion of currency was issued. This was done in large part as an attempt to close the massive budget deficits brought about by the war (taxation revenue was just 0.25 billion, compared with
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Foreign direct investment in China soared during the Republic's early years. Some 1.5 billion of investment was present in China by the beginning of the 20th century, with Russia, the United Kingdom and Germany being the largest investors. However, with the outbreak of World War I, investment from
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The Japanese Air Force carried out systematic and often indiscriminate bombings of Chinese cities. Nationalist forces applied a "scorched earth" policy in response to the invasion; destroying the productive capacity of areas they had to abandon in the face Japanese military advances. The Japanese
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The communists gained significant legitimacy by defeating hyperinflation in the late 1940s and early 1950s. Their development of state trading agencies reintegrated markets and trading networks, ultimately stabilizing prices. In addition, the communists' promise to redistribute land gained them
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From the summer of 1937 through the end of 1949, the Chinese economy suffered inflation and hyperinflation. In 1937, Japan invaded China and the resulting warfare laid waste to China. Most of the prosperous east coast was quickly conquered by the Japanese, who imposed a brutal occupation on the
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puppet state all had separate currency systems. The Nationalist government attempted to replace these currencies with the fabi. For the currency of the Wang Jingwei regime, the Nationalist government set a minimal exchange rate of 200 yuan in regime currency to one fabi and required the regime
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Particular effort was made by the ROC government to instill the fabi as the monopoly currency of China, stamping out earlier Silver and gold-backed notes that had made up China's currency. No separate institution existed to control the money supply, and therefore the political leadership of the
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compared with 12 million in 1928. Other goods saw even more staggering increases. In 1932, 15 million bushels of grain were imported compared with 900,000 in 1928. This increased competition caused massive declines in Chinese agricultural prices (which were cheaper) and thus the income of rural
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The war brought about a massive increase in government control of industries. In 1936, government-owned industries were only 15% of GDP. In 1938, the ROC established a commission for industries and mines to control and supervise firms, as well as instilling price controls. By 1942, 70% of the
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In 1949, communist forces began making rapid advancements against the collapsing Nationalist army. By October the communists had captured Beijing, with Nanjing falling soon after. The People's Republic of China was proclaimed on 1 October 1949. The KMT seemed powerless to even slow communist
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by the middle of the 1940s and continued to worsen after the war's end. Chiang gave absolute priority preparing for war with the Communists, did not reduce military spending, and kept the military on an active war footing after the defeat of Japan. His focus on controlling northeast China in
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in 1942 and 1943. Overall the war is estimated to have killed between 20 and 25 million Chinese. It severely set back the development of the preceding decade. Industry was severely hampered after the war by devastating conflict as well as the inflow of cheap American goods. By 1946, Chinese
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in August 1948. Despite the implication of "gold" yuan, the currency was not backed by gold. The gold yuan's value fell with greater speed than the fabi had as the money supply continued growing. The gold yuan regulations had required citizens to surrender their gold and silver. When these
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Academic Gregory Chow summarizes recent scholarship when he concludes that "in spite of political instability, economic activities carried on and economic development took place between 1911 and 1937," and in short, "modernization was taking place." Up until 1937, he continues, China had a
210:, dropped to 28.8 billion in 1932. A period of stagnation and decline followed with GDP falling to 21.3 billion by 1934, after which prosperity began to return with GDP rising to 23.7 billion in 1935 as Chinese industrial output commenced a rapid recovery surpassing 1931 levels by 1936.
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The May 4th movement, in which Chinese students called on China's population to reject purchasing products not made in China, in other words, boycotting foreign goods, also helped spur development. Foreign imports fell drastically from 1919 to 1921 and from 1925 to 1927.
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Despite years of planning, no KMT offensive to retake the Chinese mainland would ever materialize, with the ROC existing in permanent exile on the island. Taiwan continued to prosper under the Republic of China government and came to be known as one of the
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that the US$ 200 million had been spent with little impact in curbing inflation. Within the Nationalist government of China, Kung was criticized for corruption, and the incident was significant in Chiang losing faith in Kung and removing him from politics.
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respond to the pressures of the West and inhibiting economic growth. These scholars stress the turning point in 1949 when the PRC is founded as acting as allowing for the political and economic revolution required that led to fast economic growth.
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in 1937 and random massacres of whole villages. By October 1938, the Japanese occupied Wuhan and Guangzhou; the Nationalist government has lost its economic center. Tax revenues decreased drastically while military expenses remained high.
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The collapse of central authority caused the economic contraction that was in place during final Qing decades to speed up, and was only reversed after China reunified in 1927 under the rule of Nationalist Generalissimo Chiang Kai-shek.
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In the period immediately following the Japanese surrender in the Second Sino-Japanese War, the formerly occupied areas had competing currencies. Japan had never unified the currency systems in the areas it occupied, thus the
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were in turn brutal in the face of any Chinese resistance they encountered, during one anti-guerilla sweep in 1942, the Japanese killed up to 200,000 civilians in a month. A further 2–3 million Chinese civilians died in
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During most the Nanjing decade, China's currency was on the silver standard. It was necessary for the Nationalist government's expenses to be balanced by sales of government bonds, tax revenues, and other receipts.
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in the CSR's territory until the Nationalists' defeat of the CSR in 1934, after 1932, the Communist Party was more radical in its class analysis, resulting in formerly middle peasants being viewed as rich peasants.
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was issued in 1936, but by the end of the second Sino-Japanese war some 1.031 trillion in notes had been issued. When it came to military expenses, Chiang Kai-shek decided how much money he needed and ordered
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237:, by the Republic era, Chinese agriculture was in largely geared towards producing cash crops for foreign consumption, leaving it vulnerable to the say of international markets. Key exports included
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There have been two major competing interpretations (traditionalist vs revisionist) among scholars who have studied China's economy in the late Qing and Republican period.
58:(1927–1937), China advanced in a number of industrial sectors, in particular those related to the military, in an effort to catch up with the west and prepare for war with
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Japanese occupation. Initially Manchuria, which Japan had transformed into the greatest industrial center in the Far East, had escaped any large scale destruction until
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Nationalist government was free to dictate the money supply. The ROC government used this privilege to issue currency en masse; a total of 1.4 billion
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504:", and later became one of the largest sources of investment in mainland China after the PRC economy began its rapid growth following Deng's reforms.
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farmers. In 1932, agricultural prices were 41 percent of 1921 levels. In some rural areas, incomes had fallen to 57 percent of 1931 levels by 1934.
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PRC economy with its rapid growth. They believe that the Republican and late Qing periods were fundamental to the PRC’s later economic growth.
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which had previously existed within the areas the CSR governed. It issued the 1931 Land Law of the Chinese Soviet Republic, which required:
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and middle peasants through the . The former owners of the confiscated lands shall not be entitled to receive any land allotments.
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2500 billion in war expenses). By 1949, the total currency in circulation was 120 billion times more than in 1936.
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The Communist Party undertook a radical program of land redistribution which destroyed the landlord-dominated
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which was "performing well", which explains why China was capable of returning to a market economy after
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back to the USSR, what could not be pillaged was to be destroyed. When the Soviets withdrew in October,
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in 1929, Chinese industry continued to grow and develop into the 1930s. This era is now known as the
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in Chinese), issued for the first time in 1914, became a dominant coin type of the Republic of China.
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war, but especially after the Ichigo campaign, the Nationalist government could not pay its bills.
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The economic situation further worsened as China became increasingly isolated once Japan occupied
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retained much of the characteristics of the Late Qing. While markets had been forming since the
1029:"Russian Loot Manchuria: Virtually No Heavy Machinery Left for the Chinese." Andrews, Steffan.
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125:. After 1945, the Chinese civil war further devastated China and led to the withdrawal of the
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in 1912, China underwent a period of instability and disrupted economic activity. During the
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A History of Modern Shanghai Banking: The Rise and Decline of China's Finance Capitalism.
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The Republican era was a period of turmoil. From 1913 to 1927, China disintegrated into
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Due to China's semicolonial status, in the pre-war period foreigners benefitted from
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In 1931, the Communist Party consolidated a number of base areas into a state, the
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China during the Great Depression: Market, State, and the World Economy, 1929–1937
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The inflation that had started during the Second Sino-Japanese War became chronic
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Hyperinflation, civil war and the relocation of the republic government to Taiwan
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The Cambridge History of China. Vol. 13: Republican China, 1912–1949, Part 2.
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The Collapse of Nationalist China: How Chiang Kai-shek Lost China's Civil War
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industries operated at 20% capacity and produced just 25% of pre-war output.
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China's nation-building effort, 1927–1937: the financial and economic record
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The Cambridge History of China, Vol. 12, Republican China 1912–1949. Part 1.
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Mao Zedong and China in the twentieth-century world : a concise history
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109:, fighting for authority, causing misery and disrupting growth. After 1927,
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of 1916-1927 was a period of major economic distress for Chinese peasants.
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Chinese domestic industries developed rapidly after the downfall of the
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unrest throughout China, fostering sympathy for the communist cause.
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or destroyed all power plants, even removing the turbines from dams.
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In response to hyperinflation, the Nationalist government issued the
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currency rendered valueless, and the economy was based on barter.
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civilian population, carrying out numerous atrocities such as the
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and laid China to waste in eight years of war. The era also saw
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Applet-magic.com: The Economic History and the Economy of China
1242:(1986). 1092 pp., the standard history, by numerous scholars
1235:(1983). 1001 pp., the standard history, by numerous scholars
241:, tea, silk, sugar cane, tobacco, cotton, corn and peanuts.
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and foreign companies dominated the country's treaty ports.
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support among the massive long suffering rural population.
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capital of Chinese industry were owned by the government.
1274:. Berkeley: University of California Press, 1989. 448pp
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How China Escaped Shock Therapy: The Market Reform Debate
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China's Revolution and the Quest for a Socialist Future
1303:, Vol 2 (1840–1949), China People's University Press,
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A short history of Taiwan: the case for independence
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Civil war, famine and turmoil in the early republic
1508:History of trade of the People's Republic of China
283:Foreign direct investment in the Republic of China
141:After the collapse of the Qing Dynasty during the
1238:Fairbank, John K. and Feuerwerker, Albert, eds.
300:In 1935, the Nationalist government issued a new
414:, and others. United States Treasury Secretary
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1353:
377:, operating under the control of the Japanese
8:
1260:Rawski, Thomas G. and Lillian M. Li, eds.
1155:The Chinese Economy: Transitions and Growth
863:People's Wars in China, Malaya, and Vietnam
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221:The rural economy of the Republic of China
1262:Chinese History in Economic Perspective,
1137:US-China Business Council, February 2007
542:Economic history of China (1949–present)
35:Economic history of China (1949–present)
1223:The Nationalist Era in China, 1927–1949
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33:. For economic history since 1949, see
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1264:University of California Press, 1992
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547:Economic history of China before 1912
31:Economic history of China before 1912
7:
1442:Technological and industrial history
418:reported to United States President
351:The Chinese war economy (1937–1945)
165:Boat traffic and development along
46:GDP per capita in China (1913–1950)
18:Economic history of China (1912–49)
1059:. Praeger Publishers. p. 64.
29:For developments before 1912, see
25:
1501:History of foreign trade in China
292:Currency of the Republic of China
1564:20th century in economic history
1301:中国经济通史 Economic history of China
1205:Bibliography and further reading
454:In 1944, the advance of Japan's
1457:History of agriculture in China
1272:Economic Growth in Prewar China
1249:(Armonk, NY: M.E. Sharpe, 2003
1213:China's Economic Transformation
1191:China's Economic Transformation
1033:, published November 27, 1945.
66:(1937–1945) and the following
1:
1554:Republic of China (1912–1949)
1464:China–United States trade war
1447:History of transport in China
1036:. Retrieved November 3, 2021.
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1055:Gary Marvin Davison (2003).
868:University of Michigan Press
619:. New York, NY: 1804 Books.
508:Schools of academic analysis
123:boycott of Japanese products
1410:Modern China (1912–present)
1285:Rubinstein, Murray A., ed.
582:Economy of the Song dynasty
577:Economy of the Ming dynasty
101:A bill from 1930, early ROC
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786:Cambridge University Press
784:. Cambridge New York, NY:
572:Economy of the Han dynasty
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89:The Yuan Shikai "dollar" (
80:People's Republic of China
28:
1559:Economic history of China
1451:History of rail transport
1369:Economic history of China
1266:complete text online free
1089:Karl, Rebecca E. (2010).
1072:and 71.3 percent in 1943.
1231:Fairbank, John K., ed.
1133:4 September 2009 at the
198:Despite the outbreak of
64:Second Sino-Japanese War
1314:Young, Arthur Nichols.
1227:excerpt and text search
1217:excerpt and text search
1195:excerpt and text search
260:Chinese Soviet Republic
245:amounted to 21 million
1002:Sun Jian, pp. 1237–40.
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127:Nationalist government
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50:After the fall of the
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1427:1949–1976 wage reform
1287:Taiwan: A New History
1221:Eastman Lloyd et al.
1128:Top 10 Origins of FDI
1097:Duke University Press
1011:Sun Jian, pp. 615–16.
931:Sun Jian, pp. 1234–36
902:10.3998/mpub.11413902
876:10.3998/mpub.11413902
666:Sun Jian, pp. 1059–71
615:Hammond, Ken (2023).
420:Franklin D. Roosevelt
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177:Further information:
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78:and formation of the
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1474:Contemporary economy
1157:. Cambridge, Mass.:
1045:Sun Jian, pp. 617–18
860:Opper, Marc (2020).
808:Sun Jian, pp. 934–35
648:Sun Jian, pp. 894–95
639:Sun Jian, pp. 613–14
600:Sun Jian, pp. 616–18
557:Economy of Hong Kong
416:Henry Morgenthau Jr.
200:the Great Depression
1533:Chinese exploration
1292:Shiroyama, Tomoko.
442:the Soviet invasion
328:Wang Jingwei regime
215:extraterritoriality
1270:Rawski, Thomas G.
1031:The New York Times
1020:Sun Jian, p. 1319.
970:. Abingdon, Oxon:
884:20.500.12657/23824
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1528:China Association
1432:Industrialization
1318:(1971) 553 pages
1211:Chow, Gregory C.
1189:Gregory C. Chow,
1106:978-0-8223-4780-4
981:978-0-429-49012-5
940:Sun Jian, p. 1317
922:Sun Jian, p. 1353
893:978-0-472-90125-8
829:Sun Jian, p. 1089
817:Sun Jian, p. 1088
795:978-1-009-29761-5
657:Sun Jian, p. 897
567:Economy of Taiwan
532:started in 1978.
498:Four Asian Tigers
433:a famine in Henan
332:Wang Kemin regime
267:political economy
107:regional warlords
76:Republic of China
68:Chinese civil war
16:(Redirected from
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1386:Han dynasty
1299:Sun, Jian,
1095:. Durham :
408:Wei Daoming
375: 1940
360:Coal mining
189:World War I
147:Warlord era
113:managed to
70:caused the
1548:Categories
1379:(pre-1912)
1309:7300029531
1280:0520063724
1255:0765610027
1197:pp. 20–21.
990:1228187814
588:References
334:, and the
1518:Silk Road
1482:Hong Kong
1417:1912–1949
1257:). 325pp.
1159:MIT Press
1115:503828045
972:Routledge
910:211359950
344:gold yuan
336:Manchukuo
319:H.H. Kung
133:in 1949.
1177:70839809
1153:(2007).
1131:Archived
966:(2021).
780:(2023).
536:See also
412:Long Yun
368:Liaoning
171:Shanghai
1311:, 2000.
1225:(1991)
247:bushels
74:of the
72:retreat
1492:Taiwan
1307:
1296:(2008)
1278:
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364:Fushun
330:, the
304:, the
131:Taiwan
62:. The
1487:Macau
906:S2CID
898:JSTOR
60:Japan
1305:ISBN
1276:ISBN
1251:ISBN
1173:OCLC
1163:ISBN
1111:OCLC
1101:ISBN
1061:ISBN
986:OCLC
976:ISBN
888:ISBN
790:ISBN
621:ISBN
398:and
306:fabi
239:glue
233:and
231:Song
225:The
91:yuan
880:hdl
872:doi
362:at
208:GDP
129:to
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