Research On The Financial Industry Of Ningxia Province During The Period Of The Republic Of China

During the period of the Republic of China,the national situation was complex and changeable.In order to adapt to the changes of the national financial situation,the national government carried out monetary system reform many times.On January 1,1929,Ningxia officially established a provincial government.In the early stage of its establishment,due to the frequent change of political forces,the circulation of money in the market was chaotic.After Ma Hongkui became the chairman of Ningxia provincial government,he began to implement a series of monetary system reforms,but failed to achieve the effect of stabilizing the money market.Later,he implemented the legal currency issued by the national government.With the proliferation of legal currency,the finance of Ningxia Province went bankrupt.In addition,after the outbreak of the war of resistance against Japan,the source of materials in Ningxia Province was cut off,and there was no factory manufacturing industry in Ningxia Province.Some merchants took this opportunity to manipulate curiosities,resulting in soaring prices and instability of the people.The government took a series of measures to stabilize prices,which could not fundamentally solve the financial crisis in Ningxia Province.Before the establishment of Ningxia Province,financial institutions were mainly traditional pawnshops,ticket numbers,official bank money bureaus and official bank numbers.After the establishment of Ningxia Province,the government began to prepare for the establishment of provincial banks.After the outbreak of the Anti Japanese War,the tentacles of the "four banks and two bureaus" controlled by the four families of the Kuomintang also went deep into Ningxia,successively set up sub branches,branches or offices in Ningxia,and implemented the construction county bank.Ningxia Province has formed a financial system with the National Bank as the backbone,local provincial and county banks as the foundation and other financial institutions as the supplement.After the establishment of banks,they have actively engaged in social construction,and the agriculture,industry,commerce,transportation and communication industry and education industry in Ningxia Province have achieved unprecedented development.During the period of the Republic of China,usury prevailed in rural areas of Ningxia Province.Due to the heavy economic pressure such as land rent and land tax,frequent natural disasters and low productivity,farmers with no land and little land were generally in the situation of borrowing in order to maintain their survival.The development of new agricultural loan institutions such as banks,credit cooperatives and farmers’ loan houses has alleviated the shortage of rural funds and the prevalence of usury to a certain extent,and promoted the development of agricultural production and rural economy.At the same time,there are also some limitations.Although the financial industry in Ningxia Province has achieved unprecedented development,it has developed under the compulsory guidance of the provincial government and the national government in a special historical environment.Its economic lifeline is firmly held in the hands of local forces led by Ma Hongkui.Without "endogenous" development power,it is impossible to have long-term and lasting development.With the victory of the war of resistance against Japan,the national government returned to Nanjing,the political and economic center returned to the East,and the financial collapse of the national government in the late Republic of China,the financial industry of Ningxia Province was also in chaos.