| The financial vicissitude in modern Xinjiang was developing in the history backgroundof China’s semi-colonial and semi-feudal society. In this period, there were deep stamp givenby the political and society vicissitude in financial transition. The issues and the relationships,which were in all areas and levels of modern Xinjiang financial vicissitude, still exist intoday’s Xinjiang. Therefore, it is very significant for the constructor in Xinjiang or northwestChina, even for China to recognize the objective laws in modern Xinjiang financialvicissitude, and to summarize carefully the experiences and lessons in this process. At thesame time, it is just this paper’s purpose to provide a right instruction for today’s constructorsin Xinjiang or whole China by using the knowledge of the laws. In1884, Dynasty Qingestablished province system in Xinjiang, a new page had began in Xinjiang finance. In theperiod of the republic of China, Yangzengxin, Jinshuren and Shenshicai were the rulers in turn,Xinjiang finance experienced tortuous road and developed along with the great economic andpolitical change. On the modern Xinjiang money system, the binary money system wereestablished after Xinjiang province system established, that is, copper coins, red coins and taelwere in north Xinjiang, while red coins and silver coins were in south Xinjiang. The moneysystem in Xinjiang made great improvement by the reform of Wangshunan in1908andMaozemin in1939. After the Kuomintang legal tender, Guanjin securities and Jinyuansecurities had come into Xinjiang, the chaos of Xinjiang money system began, till to collapsein the end. Then, on the modern Xinjiang financial institutions, the financial institutions inmodern Xinjiang transited from pawn, exchange shop and government bank to modern bank.In the period of more than ten years at the beginning of20th century, the Russian AsiaticBank, the only bank in modern Xinjiang, monopolized the financial market in Xinjiang. TheXinjiang Province Bank established in1930, it was the mark of the appearance of the modernbank sprout. The Xinjiang financial structure had experienced tortuous changes in modern era.In this process, there were three characters, one was that the vicissitude in modern Xinjianghad area characters, this area characters can be found in the vicissitude of the money systemand financial institutions. The other was the development of modern Xinjiang finance had lagcharacter, this lag character was embodied by the appearance of Xinjiang modern bank system,the changes of money system and the change of financial structure. The formation of these characters was the result of long-term reactions of all aspects factors.This paper includes two parts: the first half of the paper and the second half of the paper.The first half of the paper has carded, summed and analyzed the process of the financialvicissitude in Xinjiang. This part has solved what financial vicissitude in Xinjiang had beenexperienced from Xinjiang province established in1884to Xinjiang liberation in1949. Thefirst is introduction, it introduced the research significance, ideas, contents, and literaturereviews. The first chapter in the first half of the paper discussed the epoch background of thepolitical and economy about the financial vicissitude in Xinjiang. This chapter based on timeas line, analyzed the historical background before and after Xinjiang province systemestablished, then analyzed the change of political and economy in Xinjiang society during theperiod of later Qing Dynasty and early Republic of China. The rule of Yangzengxin andJinshuren after the Republic of China was discussed by comparing method. Then, this chapterdiscussed and analyzed the retrogradation and instability in Xinjiang’s political and economyduring the period of the Shengshicai and Kuomintang’s regime. The second chapter of thefirst half of the paper cleared up and summarized the money system of modern Xinjiang. Theappearance and vicissitude of all kinds of money in modern Xinjiang were discussed firstlyaccording to the kinds of these moneys. Based on the research, the chapter analyzed thehistory background of the appearance and development of the money system in this period,and discussed the historical origins, then discussed the money system epoch-marking reformby Maozemin, analyzed deeply the reasons of the success. The third chapter of the first half ofthe paper combed, concluded and analyzed the financial institutions vicissitude in modernXinjiang. This chapter first discussed the background, evolution, capital and businesses of thefinancial institutions according to the kind of the modern Xinjiang financial institutions. Inthis chapter, the background of entering Xinjiang and the ways of invasion of the RussianAsiatic Bank were summarized and analyzed. Then, this chapter concluded and discussed thevicissitude of the Bank of Xinjiang, which had been the leading role after the bankruptcy ofthe Russian Asiatic Bank, including the evolution, money issuing, businesses andmanagement of the Bank of Xinjiang. The fourth chapter of the second half of the papersummarized that there were two characteristics in modern Xinjiang financial vicissitude, thatis, regional characteristic and lag characteristic. This chapter summarized what were theregional characteristics in modern Xinjiang financial vicissitude from the money system vicissitude and financial institutions vicissitude. It analyzed the cause of formation of theregional characteristics from two aspects, that is, history-humanity and geography-geographical relationship. Then, this chapter explored the lag characteristic in modernXinjiang financial vicissitude comparing with mainland at the same period of time in threeaspects: the appearance and formation of bank system, the vicissitude of money system andfinancial institutions, then, analyzed what reasons caused the development lag characteristic.The second half of the paper continued to explore deeply the deep reasons in modernXinjiang financial vicissitude based on the research of the first half of the paper, discussed inturn the vicissitude of modern Xinjiang financial structure, the vicissitude of financial system,and the vicissitude of financial efficiency. The first chapter of the second half of the paperresearched the vicissitude of modern Xinjiang financial structure. This chapter first researchedthe vicissitude of financial institutions which is also as financial market subjects, andsummarized the course and features of financial institutions vicissitude in three periods: from1884to the beginning of the20th century, from the beginning of the20th century to1930andfrom1930to1949. Then, this chapter discussed the vicissitude of modern Xinjiang financialownership structure, and analyzed the reasons of lopsided financial ownership structure afterthe Republic of China. Next, the chapter discussed the vicissitude of modern Xinjiangfinancing structure, summarized the differences of modern Xinjiang financial vicissitudecomparing with the mainland at the same time, and explored the distinct difference betweenXinjiang and the mainland in bonds and stocks market in financial structure, and analyzed thereasons. The second chapter of the second half of the paper discussed the vicissitude of theXinjiang financial system. This chapter first explained and reviewed the research and opinionswhich have reached a consensus and have deep influence on system and financial system intheoretical cycle, and refined the intrinsic and extrinsic of system which were chosen by thepaper, then summarized the formation, development and ups and downs in modern Xinjiangfinancial vicissitude at all stages, and focused on the background and reasons of financialsystem in all stages. The third chapter of the second half of the paper discussed the vicissitudeof the Xinjiang financial efficiency. This chapter first explained and summarized the meaningof the financial efficiency and defined the scope of the financial efficiency which was chosenby the paper based on the conditions of the modern Xinjiang financial vicissitude. Then, thepaper chose four variables: saving, loan, direct financing and improvement of financial system. Next, the chapter summarized and analyzed the vicissitude of financial efficiency, anddiscussed in turn the weak developing stage, the developing stage and the retrogressive stage,then analyzed and summarized the reasons of the modern Xinjiang financial vicissitude.In the end, the fourth chapter of the second half of the paper summarized the whole paper,explored the successes and failures of the Xinjiang financial vicissitude in this period of time,and formed the cognitions about modern Xinjiang financial vicissitude, finally, the paper getthree conclusions as follow. First, there were clear characters in modern Xinjiang financialvicissitude, which were coming into being at the conditions of Xinjiang special history,culture and geography. Second, comparing with Chinese mainland, modern Xinjiang financialvicissitude had clear lag character, which were resulted from the disadvantages which werecome from the characters of Xinjiang geographical relationship and geography, politicaldisorder which was come from the humanist features of ethnic living in a compact communityand the disregard that the Xinjiang rulers dealt with industry and commerce. Third, politicalfactor had important and direct effects on modern Xinjiang financial vicissitude. At last, theauthor has given some advices about today’s development based on these conclusions. First,the Xinjiang financial vicissitude had distinct regional characteristic, it was formed by theinteraction among the special history, humanity, geography, and geographical relationship inXinjiang. This tells today’s constructors in Xinjiang that the Xinjiang financial developmentwhich is developing fast along with the socialist market economy must combine withXinjiang special history, humanity, geography, and geographical relationship conditions. Theconstructors must provide targeted financial services based on the characteristic in Xinjiang.The supply and formation of financial system should follow with the historical trend andrequirements, and must respect the regional ethnic customs and habits, and the constructorsshould transform the geography, and geographical relationship disadvantages in Xinjiang tothe geography and geographical relationship advantages. Second, Xinjiang needs tostrengthen the economic and financial communication with mainland and around countries,make the best of the both worlds, study actively and import advanced financial technologiesand services models, and weaken the geography and geographical relationship disadvantages.Third, we should pay very important attention on Xinjiang people of all nationalities’education, and fulfill it carefully. We should carefully take the lesson that the disregard ofculture and education in modern time resulted in serious consequences, and improve our labor productivity. By doing that, our economy can get flourish delayed effect. Fourth, we shouldhave deep and clear recognitions to the Xinjiang special and complex humanity, deeplyunderstand and correctly grasp the nationality and religion issues. We should combine oureconomic and financial work with the principles and ideas of nationality equal and unity, toimprove Xinjiang political system civilization construction, and provide a good condition forXinjiang economic and financial development, and these are the fatal necessary factors. |
