Download A History of Modern Shanghai Banking: The Rise and Decline by Ji Zhaojin PDF

By Ji Zhaojin

Because the heart of capitalism in China, Shanghai banking presents a distinct point of view for assessing the effect of the alterations from monetary capitalism to socialist making plans banking within the early Nineteen Fifties, and for comparing the reform of China's banking process because the Nineteen Eighties. This e-book bargains a complete heritage of Shanghai banking and capital markets from 1842 to 1952, and illustrates the non-financial parts that contributed to the progressive social and fiscal adjustments because the Nineteen Fifties, in addition to monetary stories which are major to China's fiscal improvement this day. The publication describes the increase and fall of China's conventional local banks, the institution of international banks, and the construction of contemporary kingdom banks, whereas concentrating on the colourful international of banking, finance, and diplomacy in smooth Shanghai. It assesses the chinese language government's intervention in banking and finance through the Qing dynasty and the Republican period, in addition to the idea that of nation capitalism after the institution of the People's Republic. the writer examines numerous modern-style chinese language banks via attention-grabbing tales of Shanghai bankers. moreover, she presents specified assurance of market-oriented overseas exchange, banking institutions, the conflicts among nation and society, the govt. involvement in enterprise, the administration of foreign currency echange, three way partnership banks, wartime banking and finance, hyperinflation, corruption, and banking nationalization.

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Example text

The Control and Management of Foreign Currency Chinese experience with foreign currency control and management had its genesis in 1935 as a result of the currency reform undertaken in response to the global silver crisis. The Great Depression caused a banking and finance crisis in the United States. President Franklin D. Roosevelt declared a "bank holiday" on March 6, 1933. Furthermore, the American government passed the Silver Purchase Act to buy international silver as reserves to restore the people's faith in banks.

Finally, Shanghai capitalists gave up their resistance and submitted to the government. But the temporary capitalist submission did not mean that they had abandoned their ambitions and entrepreneurial spirit. Under the high-handed monetary policy imposed by the Nationalist government, particularly after the imposition of the economic and financial emergency in 1948, some of them fled the country, while some joined the third political force seeking a democratic coalition government, and others approached the Communists.

I decided to commit myself to writing a book on Shanghai banking. This book starts with a search for the origins of Shanghai qianzhuang (native banks) and their subsequent rise and fall in modern Chinese history. Some may question the importance of writing about native banks, considering them the product of a "feudalistic" society that belongs to the past. However, the phenomenon of native banks still exists today in terms of the relationship between private entrepreneurs and individual financial lenders.

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