A History of Modern Shanghai Banking: The Rise and Decline of China's Financial Capitalism

Description

As the center of capitalism in China, Shanghai banking provides a unique perspective for assessing the impact of the changes from financial capitalism to socialist planning banking in the early 1950s, and for evaluating the reform of China's banking system since the 1980s. This book offers a comprehensive history of Shanghai banking and capital markets from 1842 to 1952, and illustrates the non-financial elements that contributed to the revolutionary social and financial changes since the 1950s, as well as financial experiences that are significant to China's economic development today. The book describes the rise and fall of China's traditional native banks, the establishment of foreign banks, and the creation of modern state banks, while focusing on the colorful world of banking, finance, and international relations in modern Shanghai. It assesses the Chinese government's intervention in banking and finance during the Qing dynasty and the Republican era, as well as the concept of state capitalism after the establishment of the People's Republic. The author examines various modern-style Chinese banks through fascinating stories of Shanghai bankers. In addition, she provides detailed coverage of market-oriented international trade, banking associations, the conflicts between state and society, the government involvement in business, the management of foreign exchange, joint venture banks, wartime banking and finance, hyperinflation, corruption, and banking nationalization. Cover Half Title Title Copyright Dedication 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. The Rise of Foreign Banks, 1847–1894 Foreign Trade and Foreign Banks The Oriental Banking Corporation (1847) The Chartered Bank of India, Australia, and China (1858) The Hongkong and Shanghai Banking Corporation (1865) The Deutsch-Asiatische Bank (1889) The Yokohama Specie Bank (1893) Formation of a Comprador Class The Self-Strengthening Movement and Finance Early Industry in Shanghai Russell & Co. and the China Merchants' Steam Navigation Company The Shanghai Railway The "Merchants' Management Under Government Supervision" System Financial Crisis of 1883 3. The Expansion of Foreign Banks and the Search for National Banks, 1895–1911 The Expansion of Foreign Banks Russo-Chinese Bank and Russo-Asiatic Bank (1895) Banque de l'Indochine (1898) The Boxer Indemnity (1900) The International Banking Corporation (1902) Banque Beige pour l'Etranger (1902) Nederlandsche Handel-Maatschappij (1903) The Search for National Banks The Imperial Bank of China (1897) The Hubu Bank (1905) and the Daqing Bank (1908) The Bank of Communications (1908) Early Private Banks: Xincheng (1906) and Siming (1908) The Shanghai Financial Panic and the Revolution of 1911 The "Discount Storm" (1897) The "Rubber Stock Crisis" (1910) Banking and the Revolution of 1911 The Reorganization Loan and International Banking Consortium 4. The Goiden Age of Shanghai Banking, 1912–1927 The Impact of Social Change on Banking and Finance The Bank of China (1912) Government Bonds (1912–1926) The Development of Native Banks Shanghai General Chamber of Commerce (1902–1929) The Growth of National Industry The Golden Age of Shanghai Modern Banking The "Three Southern Banks" The National Commercial Bank (1907) The Zhejiang Industrial Bank (1915) The Shanghai Commercial and Savings Bank (1915) The "Four Northern Banks" The Yien Yieh Commercial Bank (1915) The Kincheng Banking Corporation (1917) The Continental Bank (1919) The China & South Sea Bank (1921) Other Chinese National Banks New Organizations of Shanghai Banking The Shanghai Bankers Association The Banker's Weekly (1917) The Native Bankers' Monthly (1921) The Shanghai Stock and Commodities Exchange (1920) The Rise of Chinese Finance Capitalism 5. New Foreign Financial Powers, 1915–1930 The Japanese Banking Group The Bank of Taiwan (1911) The Bank of Chosen (1911) The Sumitomo Bank (1916) The Mitsubishi Bank (1916) The Mitsui Bank (1917) The "Nishihara Loans" (1917–1919) The American Banking Group The National City Bank of New York (1915) The American-Oriental Banking Corporation (1917) The American Express Company (1917) The Equitable Eastern Banking Corporation/The Chase Bank The Underwriters Saving Bank for the Far East (1930) Joint-Venture Banks The Commercial Guarantee Bank of China The Banque Industrielle de Chine The Exchange Bank of China The Asia Banking Corporation The Chinese-American Bank of Commerce The Chinese-Italian Banking Corporation The Sino-Scandinavian Bank The Banque Franco-Chinoise pour le Commerce et l'Industrie Causes of the Failure of Joint-Venture Banks 6. Shanghai Banking and the Nationalist Government, 1928–1937 The Creation of Chinese State Banks Shanghai Bankers and Chiang Kai-shek The 1928 National Economic and Financial Conferences Tariff Autonomy The Creation of the Central Bank of China (1928) The Reorganization of the Bank of China and the Bank of Communications (1928) The Postal Remittances & Savings Bank (1931) The Farmers Bank of China (1935) The Central Trust of China (1935) The Currency Reform The Abolition of the Tael and the Adoption of the Silver Dollar (1933) The Silver Purchase Act (1934) The Shanghai Financial Panic of 1935 The 1935 Currency Reform Responses of Foreign Banks The British Response The American Response The Japanese Response Consequences of the Currency Reform 7. Wartime Banking and Finance, 1937–1945 The Isolated Island of Banking and Finance Wartime Banking Organization and Financial Control Foreign Exchange Management The Exchange Stabilization Operation Currency War The Hua Hsing Bank (1939) The Central Reserve Bank of China (1941) The Pacific Wartime Finance and Inflation The Revival of Native Banks Wartime Inflation 8. Collapse of the Nationalist Monetary System, 1945–1949 Postwar Banking Rehabilitation The 1946 Banking Laws Gold Ṣcandals The 1947 Economic Emergency Measures Hyperinflation The 1948 Economic Emergency and the Issuance of Gold Yuan Collapse of the Nationalist Monetary System 9. The Socialist Transformation of Shanghai Banking, 1949–1952 The People's Bank of China The Takeover of Bureaucratic Capitalist Banks Stabilizing the Renminbi State Monopolies on Purchase and Distribution The Unification of Economy and Finance The "Three Antis and Five Antis" Campaign The Merger of Native Banks and Other Private Banks The Socialist Transformation Conclusion Afterword Institutional Transformation Banking Recapitalization Banking Privatization Foreign Banking Opportunity Banking Globalization Notes Glossary Bibliography Index