The biggest impact on Chinese people's lives in 1924 was the bank reform plan proposed by the Ministry of Finance of the Republic of China. It decided to abandon the silver standard and choose a gold standard currency system that was connected to the British and American currencies. Legal banknotes were enforced in the country and silver was banned within one year.
and the circulation of other banknotes.
The new currency reform plan was reluctantly passed by the parliament and issued in the form of a presidential decree.
The new currency reform plan stipulates that: as the designated currency issued by the state, the Chinese currency will become the only legal tender circulating in China designated by the central government. Within one year from the issuance of this order, all domestic banks (including foreign banks) and banks issued
Securities will be prohibited from circulating in the market.
Gold, silver and other precious metals can still be exchanged for legal tender at state-designated note-issuing banks at state-designated purchase prices. The exchange of Chinese dollars and silver dollars is carried out at a ratio of 1:1.
The issued denominations of Chinese currency are 100 yuan, 50 yuan, 10 yuan, 5 yuan, 2 yuan, 1 yuan, 5 jiao, 2 jiao, 1 jiao, 5 cents, 2 cents, 1 cent. The 100 yuan denomination banknotes are only available between banks.
It is used in settlement and is not circulated in the market.
The ratios of the Chinese dollar to the US dollar and the pound sterling have basically remained at 2.75:1 and 7.85:1.
Six banks, Bank of China, Bank of Communications, China Industrial Bank, Commercial Bank of China, Agricultural Bank of China and Industrial Bank of China, have obtained the qualifications of designated banknote-issuing banks by the state. The National Banking Supervision Commission will approve each banknote-issuing bank based on the capital quota of each banknote-issuing bank.
The bank’s currency issuance quota.
The "Banking Act" does not prohibit private holdings of gold, silver and other precious metals and gold and silver transactions, but it prohibits their circulation as currency. The most severe ban is the circulation of money notes and silver dollar certificates issued by private banks.
Those most affected by the Banking Act are domestic private banks and foreign banks. These foreign banks have issued a total of about 1.5 billion yuan in silver dollar certificates in China. The amount of silver dollar notes issued by many foreign banks has exceeded their actual solvency.
.However, only one foreign bank, the Sino-Russian Bank, declared bankruptcy in the run wave after the promulgation of the Banking Act. The others, such as HSBC, Amundi, Citigroup, Japan Kim Jong-un, etc., have also been liquidated due to their strong strength or support from their country's government.
They all gritted their teeth and got through it, but after that they could no longer issue banknotes at will on Chinese soil.
All note-issuing banks have also obtained licenses to operate foreign exchange exchanges.
For a long time, due to the chaos of the currency system and the rise and fall of silver prices, domestic industrial and commercial development has been affected. The unification of national decrees finally made currency unification a reality.
The stable domestic environment has enabled the rapid development of domestic industry and commerce.
Different from the Western liberal capitalist economy, China's economy has obvious characteristics of state intervention. In the railway, highway and shipping sectors, the "government-run" state-owned economy accounts for more than half. The Mongolia-Xinjiang Railway from Zhangjiakou to Ulan has been opened to traffic.
The Ude section and the Erenhot-Balkhash railway via Khovd, which is under construction, basically rely on state investment. The Fuzhou-Nanchang, Hangzhou-Nanchang and Han-Sichuan railways that are about to be opened to traffic also have 40% state-owned capital.
Since 1918, due to the political stability, the Republic of China signed a total of nearly 800 million US dollars in railway and industrial loan contracts with foreign banks and governments, including the Lanzhou-Xinjiang (Lanzhou to Dihua) and Longhai (Lanzhou to Haizhou) railways.
The construction of the Bao-Wu (Baotou to Wuwei) railway, Sichuan-Hankou (Chengdu to Wuchang), Baocheng (Baoji to Chengdu), Taiyuan to Anyang, Taiyuan to Xi'an, and Changsha to Guiyang railways all started.
, the state became the main body of investment (mainly relying on foreign borrowing).
In terms of highway construction, the main highways under construction include Beijing to Uginsk, Disui (Dihua to Guihua), Suiwu (Suiyuan to Wuwei), Datong to Anyang, Zhengtai (Zhengding to Taiyuan), Baotou to Xi'an, Beijing
Han, Jingning, Shanghai-Nanjing, Shanghai-Hangzhou, Hangzhou to Nanchang, Wuchang to Changsha, Ningxun (Nanjing to Jiujiang), the main investors in highway construction are local governments and local gentry and businessmen, because after the highway is completed, it can charge fees.
To a certain extent, it has improved local enthusiasm for road construction.
As key construction projects, the three Yangtze River bridges in Wuhan, Wuhu and Nanjing are under design.
As cars became more and more popular, building roads became a profitable business.
The use of internal combustion engines is becoming more and more widespread. Inland river ships driven by internal combustion engines have replaced traditional sailing ships and become the main force of inland river shipping. In terms of maritime transportation, the number of registered ocean-going merchant ships in China has increased sharply from 67 ships with 37,000 tons to 782 ships with 2.82 million deadweight tons. The development of industry and commerce
It has greatly promoted the development of import and export trade.
With the development of radio technology and communications, telegraph offices were set up in every county in the country, and wealthy families in larger cities began to install telephones. Due to technical limitations, telephone calls are now limited to local calls.
Cities are expanding, buildings are gradually increasing, and the prosperity of the construction industry has also driven the consumption of steel and cement for civilian use. In 1925, there were 5 large-scale steel companies in China (Hanyang, Wuhu, Xuanhua, Taiyuan, and Baotou) with an annual production capacity of more than 300,000 tons.
), there are 9 medium-sized steel companies (Tangshan, Handan, Wuyang, Huangshi, Hefei, Xinyu, Sanming, Chongqing and Fanchang), with an annual steel production of 2.8 million tons. Due to the impact of imported steel, half of the domestic steel companies are in a state of loss, and only
It can barely survive with subsidies from the state finance.
The development of industry and commerce has also promoted the development of the equipment manufacturing industry. The number of domestic machine tools of various types has reached 470,000, and the annual machine tool output has reached 70,000. Mechanical equipment, power equipment manufacturing, internal combustion engines and power equipment manufacturing have all received great attention.
Development, in 1925, domestic automobile production reached 220,000 units. However, due to different consumption concepts, more than one-third of China's automobile manufacturing industry output was in heavy trucks and medium-sized buses. However, the development of small passenger cars, which is the leading industry in the automobile industry, has been restricted.
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The Chinese call small passenger cars sedans and believe that cars are only a "privilege" for dignitaries. If a middle-class family buys and uses a car, they will be accused of being a "waste". In fact, the development of industry and commerce has already
We have created more than 600,000 middle-class families in China with an annual income of more than 3,000 yuan, and their income is enough to afford a family-friendly "Zhonghua" brand car priced at 1,500 yuan.
The development of industry has also led to changes in agricultural production methods. Semi-mechanized agricultural machinery drawn by livestock has been widely used. In 1925, the output of domestic agricultural machinery was 35,000 units, the output of small tractors was 30,000 units, and the output of large and crawler tractors was
The output of tractors is 8,000 units. Due to the use of chemical fertilizers and improvements in water conservancy facilities, coupled with large-scale military reclamation, agriculture and grain production in Xinjiang, Xihai Province (Ili Valley and around Lake Balkhash), Heilongjiang and Baikal regions
It has been growing. However, due to the impact of foreign agricultural products, farmers' actual income growth has not been large.
Young rural laborers are more willing to enter factories and mines, and workers' income is about 2 to 3 times that in rural areas.
China is rich in coal resources, and the coal industry has become the fastest-growing industry in the industrial sector. In 1925, domestic coal mining volume was 89 million tons, becoming the world's second largest coal producer, followed by the coking industry and
The rapid development of the coal chemical industry.
China is an oil-poor country, but this is only compared to those major oil-producing countries. With the extension of the extension and the gradual commissioning of the three oil fields of Yumen and Karamay, the Republic's annual oil production has also increased to more than 2 million tons, especially
The output of the Karamay Oil Field is increasing by 500,000 tons per year, but this is far from meeting the needs of production and life. Every year, the Republic imports 2 million tons of petroleum products from abroad to meet domestic demand.
The petrochemical industry is also on the rise. Large refineries have been built in Yumen, Dushanzi, Yan'an, Tianjin, Wuhan, Shanghai, and Fuzhou. The annual distillation and cracking processing capacity of crude oil has reached 2.5 million tons. However, in terms of production technology level
, is still far from reaching the world’s advanced level.
With the help of the Germans, the Republic built two low-temperature distillation coal chemical plants (coal-to-oil) in Datong and Dongsheng, with a designed annual output of 500,000 tons of artificial oil. However, the production cost was more than double the price of imported crude oil. The Republic only
In order to maintain national energy security, a subsidy of 100,000 tons of crude oil price difference is provided every year. The actual production of these two plants is only one-fifth of the designed capacity.
Aircraft manufacturing is a rapidly developing industry in the Republic, mainly due to military orders and the support of the president. There are currently seven aircraft manufacturing plants in the country (Fuzhou, Shanghai, Beijing, Taiyuan, Nanchang, Xi'an and Chengdu).
The design and manufacturing technology level is basically in the world's advanced ranks, comparable to the United States, Britain, France and other countries.
In 1924, the Republic's GDP reached 32.8 billion yuan (12 billion U.S. dollars), and the national fiscal revenue was 3.4 billion yuan. The increase in fiscal revenue allowed the country to invest more funds in education. In 1925, the Republic made compulsory education
Education has been increased from 5 years to 8 years in primary school, and three-year junior high school education has been universalized in the country. At the same time, each county's high school is required to expand the enrollment quota, and the number of new students enrolled each year should not be less than 30% of the total number of junior high school graduates.
At the same time, secondary vocational engineering schools and secondary agricultural technical schools were established in central cities in each province to cultivate urgently needed talents for domestic construction.
At the same time, the state has increased investment in higher education. Each province must establish at least four higher education institutions, one comprehensive university, one engineering school, one agricultural school and one normal school. In the economically developed cities of Beijing and Tianjin,
Shanghai, Wuhan, Nanjing, Taiyuan, Wuhu and Fuzhou have opened more universities, and have also established specialized research institutes (institutes) under the management of various central ministries.
The Ministry of Agriculture, Industry and Commerce of the Government Affairs Council was split into the Ministry of Industry, Ministry of Agriculture, Ministry of Geology and Mineral Resources, and Ministry of Commerce in order to more effectively strengthen supervision and guidance of various industries.
In 1922, the Guangdong-Guangxi War broke out. Chen Jiongming, who had been recuperating in Chaoshan, led his Guangdong People's Army to defeat the Gui Army, which had been entrenched in Guangdong Province for more than four years, and drove the Gui Army out of Guangdong. Sun Wen and the Democratic Party reestablished themselves in Guangzhou
Military Affairs F, Chen Jiongming was appointed governor of Guangdong Province and commander-in-chief of the Guangdong Army.
However, Chen Jiongming advocated "provincial autonomy" and opposed the "Northern Expedition" proposed by Sun.
Lu Tingrong and Mo Rongxin were unwilling to fail. In the summer of 1922, the Gui army attacked Guangdong in three directions. Under the counterattack of the Guangdong army, the Lu Gui army was defeated. The Guangdong army took advantage of the situation and marched into Guangxi. Lu Tingrong was defeated and fled to Vietnam.
Sun Wen owned Guangdong and Guangxi and was enthusiastic about the Northern Expedition. In March 1923, he organized the "Northern Expeditionary Army" in Guilin and sent troops to Jiangxi. In November 1923, the Northern Expeditionary Army was in southern Hunan and Jiangxi was attacked by Jiang Chengyu's troops of the Fourth Group Army of the Republic of China and the Fifth Army of the Republic of China in Hunan.
The Zhuang Yi troops of the group army joined forces to fight back and collapsed one after another. Chiang Chengyu's troops marched into Shaoguan, while Zhuang Yi marched into Guilin. Sun Wen returned to Guangzhou, accusing Chen Jiongming of holding back the "Northern Expeditionary Army", and dismissed Chen Jiongming as governor and commander-in-chief of the Guangdong Army.
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In order to seize military power, the Chinese Revolutionary Party sent people to assassinate Deng Keng, Chen Jiongming's Chief of Staff of the Guangdong Army and Commander of the First Division. Unexpectedly, the assassin missed and confessed that Sun Dang was the instigator.
Chen Jiongming was furious and ordered Deng Keng and Ye Ju's troops to bombard the "Presidential Palace" where Sun Wen lived in Guangzhou City. Sun fled under the protection of his subordinates to the gunboat "Yuzhang" parked in the provincial river (historically
Yongfeng, but in this history the Yongfeng gunboat was taken back to Fuzhou by Wei Zihao) and commanded the troops to counterattack Chen's troops.
Xu Chongzhi, a Cantonese army loyal to Sun Yat-sen, returned to the province. Sensing the critical situation, Chen Jiongming sent a telegram to support the central government's "peaceful reunification" and invited the Republican Army to enter Guangdong to "maintain order." Chiang Chengyu's troops defeated Xu Chongzhi's 2nd Cantonese Army and entered Guangzhou.
After the reunification of Guangdong and Guangxi, Lin Shuo ordered Yao Yuping to return to the province to rectify the military affairs of Guangdong, Jiang Zungui went to Guangxi to rectify the military affairs of Guangxi, Chen Jiongming succeeded the governor of Guangdong, Li Gengen was transferred to the governor of Guangxi, and Yu Youren took over the governor of Shaanxi.
The south is stable, and now only Fengtian and Jilin in the northeast are still flying five-color flags. Zhang Zuolin and the Japanese use each other, but they have no intention of becoming a traitor. They are always opposed by the Japanese on sovereignty issues, and Lao Zhang is forced by the Japanese.
Zhang Zuolin, he declared that he would "change the flag", which made the Japanese secretly resentful and began to look for others to replace Zhang Zuolin.
Lin Shuo had no intention of going to war with the Japanese now, and was not enthusiastic about Zhang Zuolin's "peace proposition." Zhang asked for the position of vice chairman of the National Defense Commission, but Lin Shuo only agreed to give him a national defense committee member and the designation of a group army.
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The "peaceful reunification negotiations" between the two sides have made little progress.
Lao Zhang was eager to return to the central government, forcing Lin Shuo to speed up naval construction as much as possible.