A Study On External Debts In The Three Northeast Provinces During1907to1911

The external debts owed by the three northeast provinces from1907to1911, when the new deal was implemented in late Qing dynasty until the demise of the Qing dynasty,refers to the debts raised for northeast area by the central government from other governments, banks, enterprises etc. It includes the lending activities affecting on the three northeast provinces, which planed to borrow but not.From the end of the19th century to the beginning of the20th century, facing the increasingly serious border crisis, the Qing government beset with troubles internally and externally determined to implement new deal in the three northeast provinces.Due to weak financial foundation there exist issues such as, insufficient administrative funds, money market chaos, inadequate soldier’s pay and limited industrial development. At the same time, there appeared the large-scale heavy flood, plague, fire disasters which made the uptight finance even worse. The contradiction between the three northeast provinces’ inability to cope with the increasing spending on new deal and the frontier crisis with objective requirements of revitalization makes up the internal cause and inevitability of the debts.In the process of the debts development, all debts groups in the three northeast provinces repeatedly borrowed external and took various means for smooth borrowing activities. The debts was under the control of the policy makers of the Qing and inevitably subject to the foreign powers in diplomacy due to various relations. Their attitude towards the debts changes from reluctant agreement to clear denial, then to no interference, finally to no control. As stakeholders, powers not only mastered the initiative of the foreign debts, but also can make use of the debts to achieve their interests in the three northeast provinces. After the Russo-Japanese war, external debts became the primary "weapons" breaking the Japan and Russia’s monopoly. But because of Japan and Russia’s joint boycott and the lack of support the countries such as Britain, France, the United States ultimately failed to achieve its political objectives, and have to output joint debts to the three northeast provinces against Japan and Russia. Powers scramble in the three northeast provinces, which leads to the actual occurrence of the debts. The interest of the powers is dominant in the success or failure of the debts.