The Research On The Longhai Railway Debts (1903～1937)

This article selects the Longhai Railway debts as the inspection object, discusses the railway construction funds sources and debt disputes in modern China, trying to question the modern China's railway debt position accurately and reasonable analysis.The debts is the main source of the Longhai Railway construction funds. The article based on the background of the Longhai Railway debts raising, systematically inspected the Longhai Railway debt's formation, sorting and repayment, and outlined the evolution of basic clues on Longhai Railway. At the same time, China launched a fierce debate for Longhai Railway's borrowing elements, use, management and sovereignty, which provided public opinion supports to reclaim rights, and also made the railway debts thought deepening gradually.The Longhai Railway debts contains rich historical information. Through the analysis of the Longhai Railway debts, we think that the Longhai Railway debts is a helpless choice under capital shortage of the modern China, it effectively outspread the railway, and powerfully pushed the modernization of China. However, the borrowing produced strong deviation with imagine actually, so it also became a long-term nightmare which can't get rid of on the railway construction. The Longhai railway debts'continuity and periodical, internal debts and debts coexisted, it gradually formed a model that both China and foreign capital jointly built China's railway, which promoted the mordern China railway debts thought to reason.