Research On The Transformation Of Chongqing’s Private Banking Industry In The Early Years Of The People’s Republic Of China(1949-1952)

In the early days of Chongqing’s liberation,due to the impact of war and the chain reaction brought about by the change of regime,Chongqing’s private banking industry operated a dismal business,and many people closed down,resulting in a depression in the entire social economy.As the lifeblood of the national economy,the importance of the private banking industry to economic development is self-evident,which is not only related to the stability of national life,but also an important hub for maintaining the stability of the private economy,and it is also a key cornerstone for the longevity of a regime.In view of this,in order to stabilize the social situation and promote the recovery and prosperity of the industrial and commercial market,the Chongqing People’s Government announced that the private banking industry,which is significantly related to the national economy and people’s livelihood,will be uniformly transformed,so as to realize public-private partnership and promote the development of the overall economy,so as to build a new financial system with overall unification.When the Communist Party of China entered Chongqing,it announced the implementation of martial law in Chongqing,established a military control commission,and jointly implemented specific financial plans with the People’s Bank of China Chongqing branch,thereby stabilizing the financial market and completing the takeover of Chongqing’s financial industry.Immediately afterwards,actively promote the resumption of the private banking industry,manage the business activities of the private banking industry,strengthen government supervision,and enable the private banking industry to clarify its own business operation rules.After the initial management of the government,the private banking industry has moved from disorderly operation to recovery and development.With the unification of the Chongqing government’s financial and economic work in March 1950,inflation disappeared,market interest rates fell,coupled with difficulties in industrial and commercial production and marketing,the deposit and loan business of private banks stagnated,a large number of private banks fell into operational difficulties,and dozens of banks closed down.In view of this situation,the private banking industry has begun to take the initiative to seek transformation,linking with the People’s Bank of China,setting up a joint loan group for the financial industry,supporting the development of industrial and mining undertakings,establishing interest rate committees,lowering interest rates for financial market operations,allocating public-private relations,reducing unnecessary expenditures,and streamlining savings.As a result of this measure,the private banking sector got out of trouble,gradually improved its business,gradually drew closer to the National Bank,and brought political awareness and collective consciousness closer to the National Bank.The National Financial Industry Joint Conference held in August 1950 pointed out the direction for the way out for the private banking industry,that is,joint venture merger is a good way for the private banking industry to concentrate on transformation,and Chongqing’s private banking industry gradually embarked on the road of public-private partnership under the instructions of the conference.As a well-known private bank in Chongqing,Juxingcheng Bank’s analysis of its joint operation transformation is typical of the old-style bank in the period of the transformation of the old and new systems.Thanks to the efforts of the public and private banks,the remaining private banks in Chongqing also joined the joint management office of public-private partnership banks organized by their respective organizations at the end of 1951,thus laying the foundation for the next step of the state’s transformation of the private banking industry.In 1952,in order to meet the needs of large-scale economic construction that was about to be carried out,the central government decided to merge the joint venture banks in various places into a joint venture bank branch in the second half of the year.In order to urge the merger of Chongqing’s private banking industry,the Chongqing government established the Chongqing Public-Private Partnership Bank Office on October 22,1952 to handle all merger matters,and on November 5,1952,the Chongqing Branch of the Public-Private Partnership Bank was established,and at the same time properly allocated the employees of the joint bank.At this point,the transformation of Chongqing’s private banking industry has been completed,and private banks have become an important part of Chongqing’s financial system in the new era,completely withdrawing from Chongqing’s financial market.Taking Chongqing’s private banking industry as the main body of research,this paper attempts to restore the beginning of Chongqing’s financial development in the new era,sort out the process of private banking industry from decline to recovery of development and prosperity to disappearance and closure of business with time axis,deeply explore and analyze the game and cooperation attitude of the public and private banking industry to the transformation,focus on explaining how the private banking industry changes its role positioning in the new era and related countermeasures for transformation,summarizes the impact of transformation,and puts forward targeted suggestions for the current financial system reform.With the current economic development of our country into a new format,the long-standing problems of inadequacy and imbalance in the financial field have gradually been exposed,which inspires that while the government deepens the reform of the financial system on the one hand,it should pay more attention to the characteristics of financial enterprises themselves,promote layer by layer,be good at learning from historical lessons and lessons,adapt measures to local conditions,and achieve the optimization of reform.