Some Reflections on the Economic History of Modern China (1840–1949)

The study of the economic history of modern China is underdeveloped. There is urgent need for original work both in ascertaining facts and in interpretations. Though investigations into the various phases of the Chinese economy had been made by the Chinese Maritime Customs since the 1860's, and by interested contemporary observers such as Morse and Wagel, statistical surveys on a large scale were not systematically conducted with any degree of reliability until the 1930's. They represented the efforts of the government, academic institutions, and individual scholars. A comprehensive survey on agriculture was made by John L. Buck and the National Agricultural Research Bureau of the National Government. An industrial census of Chinese-owned factories was planned and carried out by D. K. Lieu for the National Resources Commission of the National Government. Mining statistics were collected by government agencies under the direction of Ting Weng-chiang and Weng Wen-hao. Railway statistics have been published (since 1915) and a monumental collection of some 37 huge volumes on transportation and communications was compiled by the Ministry of Communications. The Nankai Institute of Economics—with which professors Franklin Ho, Fang Hsien-ting (H. D. Fong), C. M. Li and many others were associated—made significant contributions in the study of prices, terms of trade, modern industries, and handicrafts. Banking statistics were collected by various institutions, especially the Bank of China. The most comprehensive work on foreign investment was done by C. F. Remer and later by the Japanese East Asian Research Institute. The Japanese Manchuria Railway provided a great deal of economic information on Manchuria after the latter was taken by Japan in 1931. A few sample studies were made both by research institutions and by the government on the characteristics of the Chinese population.