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New China study several issues of external debt

Author: JinPuSen From: www.yourpaper.net Posted: 2007-11-19 18:37:06 Read:
Starting from the early 1980s, academic research on the history of modern Chinese external debt data collation and external debt has spent nearly three decades, the completion of the Qing Dynasty, the Northern, the period of the National Government data compilation and publication of Related research monograph. After years of analysis found that the the Chinese capitalist mode of production not rely on traditional, typical capitalist primitive accumulation developed, but rely on the special primitive accumulation formed. Modernization of the productive forces in China, the growth of capitalist relations of production in China, the formation of the capitalist mode of production, can be said to rely mainly on external debt. Socialist productive forces, the socialist public economy has come from a capitalist economy, the main form of state monopoly capitalism through the confiscation of the Nanjing National Government. In addition, the U.S. imperialists launched the war of aggression against Korea, the imperialist countries announced a freeze on the assets of the Chinese in the outside; Chinese government tit for tat, announced the confiscation of the assets of the Anglo-American in China, but also enhance the economic base of the socialist public ownership. Therefore, on the basis of study of modern China's foreign debt, the new Chinese foreign debt data collation and research is an important, huge issue. This paper has made some comments on several issues in the study of the new Chinese foreign debt, begging taught in Fangjia. <?

A new Chinese foreign debt and socio-economic development

In the 1950s, the construction of China's national economy and social development, the borrowing of foreign debt to the Soviet Union, as well as domestic public debt issues played a huge role. Effective use of the support and help of the former Soviet Union loan funds, technical equipment and expert talent, the rapid development of China's social and economic construction. In the years of 1953-1956, China's industrial production average annual growth rate of 19.6%, 4.8% average annual growth rate of agricultural production. Total production growth rate is much higher than at any time before the founding of New China, the first 30 years of New China construction did not the fastest growing, the best period. Scholars have dedicated research and published a research article, not repeat them here.
To 1959, the Soviet Union unilaterally tore up the contract, withdrawal of experts in 1960, forcing the country ahead of debt, caused tremendous damage to China's social and economic development. Places Sae Bang Recalling the scenario from the Soviet imported technology and equipment, and the Soviet Union to break the contract, said: "Looking back over the past, even as we are happy to think of the friendly Sino-Soviet relations in the 1950s, bilateral trade development in the case, also pains us to think of the sudden retreat of the Soviet experts, the 250 enterprises in China's 40 departments and institutions paralyzed condition. treachery of the Soviet government, not only the destruction of these departments of design, equipment installation and production, and disrupt the national economy as a whole plan, not bring huge losses to China's economic construction and national defense construction. "can learn from China's utilization of foreign debt and building a socialist twists and turns.
But China is not only to pay off the external debt of the Soviet Union, and then pay off the domestic public debt, the country became the world's only one neither domestic nor foreign debt. At a time when socialist construction, lack of funding difficulties, but through self-reliance and hard struggle, the Chinese people or to stand among the nations of the world. However, neither domestic nor foreign debt "does not contribute to the socio-economic development, and has experienced a decade-long" Cultural Revolution ", China's national economy to the brink of collapse. China's national economic development setbacks and delays, the use of internal and external debt is the important factor in the development of social and economic construction and the necessary means.
Facing the greatest difficulties in the cause of China's modernization, is the lack of funds and, therefore, after the reform and opening up, we must absorb foreign capital, economic recovery and development funding. External borrowing is not terrible, but mainly for the development of production used to solve the budget deficit, it is not good. "Therefore, examine the external debt role in the socio-economic development from two main aspects of analysis, that is, from the direction and external debt of the efficiency in the use of the external debt. Since the reform and opening up, the focus of our borrowing of foreign debt to invest in transportation, energy, chemical, metallurgical, mechanical and electrical industry, such as 1979-1991, China's total external debt of nearly half invest in transport and energy infrastructure construction to alleviate the "bottleneck" industries constraints on the socio-economic development.
Since the reform and opening up, China's foreign loans to invest in much-needed socio-economic sectors and departments, indeed made great economic benefits, and promote the development of the cause of China's socialist economic construction. China's utilization of foreign debt borrowed built thousands of large and medium-sized projects, so long hindered China's social and economic development, transportation, energy, "bottlenecks" have been greatly improved, and the use of foreign debt the construction and development of a number of agriculture, forestry, water conservancy, water, health and education research projects, not only to promote the development of China's economy, but also to improve the social environment.

In short, China's use of foreign debt foreign capital to invest in much-needed economic industries and sectors, the practice proved to be correct, of success for China's social and economic construction did not provide funds to accelerate the pace of socialist modernization, and to effectively adjust the industrial structure, to achieve a leap in the production capacity and the technical level, the economy and overall national strength of China on a new level. In 2003, China's fiscal revenue reached 2 trillion yuan GDP reached 11.8 trillion yuan, nearly 36 trillion yuan of financial assets of the society as a whole, the country's total capital flows already more than 30 trillion yuan, economy It ranks first among developing countries, the world ranking has risen to six. The Sixteenth National Congress of the Communist Party of China, the new goal of building a moderately prosperous society, to achieve this goal, the development of social productive forces must continue to attract foreign investment, foreign borrowing.

Second, the new Chinese foreign debt and Modern China relationship and the difference of the foreign debt

The external debt is highly developed commodity economy so that the product of world economic integration, but also a manifestation of the internationalization of the financial, first produced in the West. China is the world's ancient civilizations, long historical period, China has been to lead the world in economic, political, cultural and other aspects. But since the Opium War in 1840, China plunged into the abyss of a semi-colonial and semi-feudal society. Since then, China has embarked on no debt, debt to rely on the external debt of the road, after successive governments to borrow. It is the rough integration juice, the Qing government borrowing 210 foreign debt, equivalent to 1.8 billion of the total silver dollar; the Beiyang Government (including the interim government of Nanjing) about 633 foreign borrowing, the debt amounted to 1.556 billion silver dollars; National Government of borrowing The foreign debt of 85, the total debt of about 28 million silver dollars; New China foreign debt in addition to the 1950s debt of debt statistics, the new era of foreign debt is no uniform statistics. Modern China foreign debt and foreign debt despite borrowing the background of new China, for different purposes, but external borrowing can introduce capital, technology, productivity, and new relations of production and production approach is the same strain.
External debt is a special form of capitalist primitive accumulation. Capitalist relations of production in China is mainly formed by foreign debt this form. The 208 pen external debt borrowing in the late Qing Dynasty, the Industrial borrowings 85 pen, debt reached 374 560,965.7 two, accounting for 28.7% of total external debt in the Late Qing Dynasty, the Qing government was equivalent to nearly four years of fiscal revenue. Railway loan on 37 of which two (318,147,297) Mining borrowings 26 pen (36,050,927 two), telecommunications borrowers pen two (8,738,344), the Steamship borrowers pen two (4,383,192), river borrower 4 pen (3,330,515 two), and other Industrial borrowings to pen two (4,910,689). The Qing government used these borrowings railways, the mines, office telecommunications.
China's capitalist economic development, modern production are linked to external debt. The Beiyang Government borrowing external debt. Industrial loans and education loans of up to 450 million silver dollars, accounting for about 29% of the total. Industrial borrower be moved he used to do, but the vast majority, or put into the founder of the modern enterprise construction. Example ,1912-1927, the national new railway is 4264 km, in addition to Shanghai-Hangzhou-Ningbo and other minority railway funding fund raising by the shareholders or the Ministry of Transportation and Communications, are built by foreign borrowing; addition borrowings to build the telecommunications industry, ships and shipping industry, The aviation industry and the financial sector; large cotton spinning enterprises, such as Shanghai PCC plant, Shanghai Huafeng textile mills, Tianjin margin large cotton mills, etc., are also relying on external borrowing to update equipment, expand production or to maintain production. The Nationalist government took over the the Beiyang government government-run enterprise, but also borrowing 63 pen Industrial external debt, the debt amounted to 370 million silver dollars, accounting for 8.23% of the total. National Government built with these external debt shall railways, telecommunications, aviation career. After the victory, the National Government through the confiscation and the puppet industry expanded bureaucratic capital enterprise. The period of the National Government, put 1/4 of the Industrial borrower to invest in the financial services industry, was founded in the late Qing Dynasty Beiyang government two financial pillars of the Bank of China and Bank of Communications, to be controlled by the form of equity participation by shares; also founded Central Bank, the Agricultural Bank of China, the Central Trust of China, Postal Remittances and Savings Banks, the Central Cooperative Bank, referred to as "the four lines of the Second Board of the library." To strengthen the monopoly of the financial industry, the National Government has also reorganized the the Chinese domestics Bank, China Trust Bank, Industrial Bank of China, China Siming Bank. After the outbreak of the War of Resistance Against Japan, established in Shanghai in central China, traffic, four China Agricultural Bank Joint Office (referred to as "quadruple total at), the unified management of the National Financial, the highest form of the formation of the National Government financial monopoly.
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