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Modern Chinese foreign debt of the History of

Author: ZuoRuCheng From: www.yourpaper.net Posted: 2007-11-19 04:11:03 Read:
The end of China's modern foreign debt, dating back more than 50 years; 50 years, the Chinese and foreign scholars been serious research, the results of numerous. Personal ignorance, the total felt Distance comprehensive, exact reproducibility historical events to be scientific evaluation for some distance, and the like is OK Barry only half of 90 state. Individuals of interest emerge from time to time some of the ideas are both looking forward to, there are confused, and write out the sub-four;: China to accept the evolution of the external debt and borrowing policies; foreign seeking under the overall strategy of the Chinese the China lending policies;, Chinese and foreign situation evolved agitation in the formation of China's foreign debt and its size, structure, and some ideas and confusion; peers.

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Until 1840, the Qing Dynasty boast rich universally, in case of financial constraints as much as possible from within the four seas additional enrichment of not need nearly borrow; aloof self-reward disdain with other countries (in addition to neighboring countries) exchanges, but it can not occurrence of a lending relationship, it is not only no debt, no borrowing concepts. Even some local authorities, such as the year Tsusho open seat of local authorities in Guangdong shall be ordered to the peddler has always Huayang supplier resort to borrowing a little, responsible for total cases by the peddler, identified as private debt, non-state bonds.

In 1840, Britain violence hole to open our door, forced the Qing government promised reparations while, said the reparations debt and intent upon their relationship to international lending to China. Ministry of harmless people's livelihood, Pi Monopolizing Service, once tempted; Qing government present its expeditiously to end the policy of this war, especially fear the aftermath of disputes disregarded give refused.

Qing dynasty's prestige both incompetent to defend the country Weimin sweeping to maximize the inherent intensification of various contradictions frequently in a foreign invasion of direct, indirect trigger, 1851 to the Taiping uprising ignited anti-Spark and immediately by the Nian Army, will be the party of the Miao people, Muslim and other uprising almost spread throughout the land of China. Taiping army captured Nanjing in the spring of 1853, the governor of Jiangsu Hsiieh seek an blockades, poor the military spending Luo dig all repeatedly played Chen Qingting intends Shanghai foreign borrowings to relief; the Qing court noncommittal, he did not dare light a try. Meanwhile, officials of the Ministry of struggling to whine: Junxing three Mi rates of 10,002,000, even the normal administrative costs expenses, played quasi military offensive of the rates in place by the provincial armies Tayouan business planning. so, in the fall, the Shanghai local authorities is urgently seeking a counterattack is occupying county knife will volunteer army, the British business "credit price" employed by the Susong too Road Wu Chien-chang turn raise the boat after the borrower a sum reported to the Qing court recognition. the Qing Dynasty in helpless to save their dying ruled life began to try foreign debt. Play from this point in 1865, more than ten years, in addition to the Jiangsu local authorities again borrower, Guangdong and Fujian provinces, have also repeatedly imitated line. Although foreign borrowing has become a reality, and the Qing government still many concerns that if the provinces follow suit rare breeding encumbrances, or to think that the "foreigners treat this is the most important, is also no guarantee that will not be entangled, traditional ideas, insincere to adhere to "borrow silver" off no such way that the move "related to the state system", in other words, that beneath the state system, and detrimental to national dignity.

These years exactly how many pens, a certain amount of foreign debt borrowing into debt instruments generally provide that the principal and interest repaid the IOU back off ". Already "back off" IOU or has not yet proved found or are likely already ruined loss; and recorded originals coin to be investigated, whichever dozen pen. These debts regardless of the individual or the total amount of said amount is not more than the average per 200,000 taels of silver inadequate library level, by a short period, four months and three years. These debts, before the Opium War Guangdong local authorities by traveling salesmen and salesmen, the name of the foreign traders to the same place temporary cross-borrowing turnaround models, not much real difference, but the relevant local authorities to come forward and tariff revenue as a guarantee of its ground began to form the embryonic form of the national debt.

Uprising of the people about to be suppressed Qing government is not yet full repression, national sea southeast of repeated harassment of foreign forces. In 1872, Spain Philippine Islands as a base, and threatened to attack Taiwan; l874, the two years of 1875, Japan launched a first of force invasion of China invaded Taiwan's actions. Then, in northwest Xinjiang and Central Asian the Kokand tribal people Yaqub the local peasant uprising unrest invasion Xinjiang, the establishment of the so-called Khanate. Qing government Faced with such a situation, southeast of Haiphong Readiness, external borrowing to the economy urgently needed, such as the 1874 Shen Pao-chen to to handle Taiwan coastal defense minister places the Title, played quasi-borrowing to the British HSBC Defense of Taiwan, Fujian borrower "sum. Tso transferred to Shaanxi and Gansu Governor, was ordered to "expedition" that "Lek Chen Shaanxi and Gansu rates need to" storm embarrassed provinces Association Xie fear not [schedule] require Yuanli shut Christ out of printed tickets, governors imprint charge rates to foreign traders borrow silver into the case "to borrow large sums of money," the set of things. " The Qing court completely agree: the minister "should be self-sighting, please", "Speedy handling, in order to facilitate the overall situation. General Tso he shall be instructed in the 1867-1881 period in Shanghai for the logistics of the members Huguang Yong, with the local British Jardine Matheson, Korea, such as banks and HSBC made to the "expedition borrower" in the name of the six pen total library two flat silver 15950000 borrowers. Then, the French invade Vietnam, and pressed on the boundary of China, the Qing government in coastal prepare anti-self-defense, will require an additional boats arms and rates need to HSBC, Macquarie Bank and other institutions to borrow called Yunnan and Guangxi borrowers "," aid station regulated more borrowers, "Fujian Haiphong borrower", "Guangdong Haiphong borrowers" loan.

Of the borrower to be added to emphasize two points: First, "expedition borrower is the Qing court explicitly quasi borrowed means that the Qing government external debt as a" swap turnover models "to start given as a matter of policy;" Fujian Taiwan anti borrower "is no longer like a year to all loans provided by the lender itself raising bonds issued to the public, but the financial markets in London, which is the Chinese government bonds in foreign financial markets to raise debt for the first time, at the same time, means that China external debt began to have the nature of the modern times.

Second, the the "expedition borrower tariff guaranteed in the Shanghai customs tax the Division Fei Shilai (G.H.Fitz.Roy) refused to sign the obstruction in the formation process, Zuo outs quasi Qing government turn so Prime Minister Yamen notify the Inspector General of Customs Hurd (R.Hart), transferred to the the Shanghai Tax Division usual signed. Hurd spin his functional management duties, sent to the port tax division the "pass Sapporo: local authorities to foreign businessmen and bank loans to the non-approval of the total tax division, with relevant tax division refused to sign any promissory notes, or help of any nature; commandment to approve a loan, no the total the Tax Division quasi Sapporo, Tax Division must clearly refused to certify the effectiveness of any collateral; thus usurped the part of the power of the decision the quasi whether borrowers.

Decades before and after 1875, the domestic advanced Scholars Ma Jianzhong, Xue Fucheng, or as citizens Zhushulishuo, or employed as senior officials Mubin provide policy recommendations in the details cited examples of the remainder of Europe and the United States, advocated for borrowing. Though they are not rule out the possibility that external borrowing to raise rates, a stronger call to the borrower to promote the cause of domestic production, especially the construction of infrastructure such as railways and so on. They also considered the case, "Yang borrowing the name, it is the foreigners of the", "seek profit" of China and China; "surgery complement Ju", as long as the "deliberate in" the fate transfer of the machine. " , "national revitalization trillion. these remarks and propositions on to resolve external borrowing and the state system on stereotypes, plays an active role in the Qing government preliminary understanding to external debt should be treated aggressively. Its function is not limited to ease the urgency of the moment financial, available to promote production and increase the Wealth of Nations. Fujian governor DingRiChang to promote the development of Taiwan by Foreign Loan set the railway as Yao Zheng, one made with the banks in Korea, such as negotiation, can be said is a practice; obsolete awareness is not new to solve this while the Ministry of General Administration tailor loaned Ocean debt is contingent dynamic. Ding borrower's failure down is not due to "or on the obstruction, but Korea as" Soli too high, give reject. But the direction of the trend, this time though not by as soon, the Qing government to allow support of China Merchants, for the construction of the railway, by borrowing to take advantage of foreign investment. However, although the Qing government foreign borrowing to Hennessy's decision-making, the intervention of external forces in the future it hard to note if they have intended to carry out the implementation.
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