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 offers a special standpoint for assessing the influence of the adjustments from monetary capitalism to socialist making plans banking within the early Nineteen Fifties, and for comparing the reform of China's banking procedure because the Nineteen Eighties. This ebook deals a accomplished historical past of Shanghai banking and capital markets from 1842 to 1952, and illustrates the non-financial components that contributed to the innovative social and monetary alterations because the Nineteen Fifties, in addition to monetary reports which are major to China's monetary improvement this present day. The ebook describes the increase and fall of China's conventional local banks, the institution of international banks, and the production of recent nation banks, whereas targeting the colourful global of banking, finance, and diplomacy in sleek 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 concept that of nation capitalism after the institution of the People's Republic. the writer examines a number of modern-style chinese language banks via interesting tales of Shanghai bankers. moreover, she offers targeted insurance of market-oriented foreign alternate, banking institutions, the conflicts among country 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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5 This case showed the strong political commitment of the Chinese bourgeoisie to the Republican Revolution. Furthermore, the Shanghai bankers exercised de facto independence by being able to resist the unsound executive orders emanating from the central authority. When the president of China, Yuan Shikai, restored the monarchy, his premier ordered the Bank of China and the Bank of Communications to cease the remittance (cash) of banknotes, in order to collect funds for the inauguration. The Shanghai Branch of the Bank of China unilaterally announced its rejection of the administrative order and continued carrying out the remittance of banknotes.

He suggested that the new bank headquarters be set up in Shanghai, away from the watchful eye of Beijing. This suggestion caused a stir among the higher officials in the Qing Court, because it proposed giving the bank greater autonomy by keeping geographical distance between the bank and the central government. Although Sheng was able to found the Imperial Bank of China in Shanghai, the Treasury Board (Hubu) of the Qing Court was not satisfied with a national bank beyond its direct control. In 1905, the Qing Court established its own bank in Beijing, called "Hubu Bank," to handle national fiscal transactions.

Banks and banking—China—Shanghai—History. 2. Banks and banking, Foreign—China—Shanghai—History. 3. Finance—China—Shanghai—History. I. Title. 1'0951'132—dc21 2002029407 ISBN 13: 978-0-7656-1003-4 (pbk) ISBN 13: 978-0-7656-1002-7 (hbk) To my parents Xia Huiqin and Ji Zhitai Contents List of Illustrations, Photographs, and Tables Preface Acknowledgments Introduction 1. Origins of Shanghai Native Banks The Origins of the Shanghai Native Banks Money and Native Banks Shanxi Banks The Ningbo and Shaoxing Financial Groups Shanghai Native Bankers Guild Native Banks and Merchants The Organization of Native Banks Native Banks’ Capital Management of Native Banks Functions of Native Banks Shanghai Native Bankers Clearing Association The Opening of Shanghai Foreign Concessions (1845) Xianfeng Inflation (1851-1862) Foreign Trade and Native Banks "Shanghai Conventional Currency" (1856) Creation of North and South Markets (1855-1862) 2.

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