1949: The choice of the “Four Famous Dans” in the financial community of the Republic of China

Cai Zhixin

During the Republic of China, a number of outstanding financialists have emerged in China, such as Song Hanzhang, Wu Dingchang, Ye Yanchu, Qin Runqing, Zhou Zuomin, Hu Bijiang, Hu Zutong, Xu Xinliu, Xu Jizheng, Bezuyu, Chen Duoru, Wang Zhixi, etc. Wait. Among them, Zhang Jiazheng (Charity, Jiangsu, Jiangsu, Jiangsu), Li Ming (character, Shaoxing, Zhejiang), Chen Guangfu (with the word Hunde, name Huide, name of Huide, name of Huide, name, name Hui, Jiangsu Zhenjiang, Jiangsu), Qian Xinzhi (with the word line, Ming Yongming, Wu Xing from Zhejiang). These four have the educational background of studying fiscal finance or business abroad. The Shanghai Branch manager and the head office are coordinated, and the friendship is deep. He also serves as the Dong, supervisor or director of the respective banks. It is also regarded as the largest regional capitalist group “Jiangsu and Zhejiang Consortium” in the period of the Republic of China in the financial business. Core character.

After 1927, they have successively served as a major ministerial -level senior officials because they support Chiang Kai -shek’s grabbing the highest leadership of the country to contribute to the financial and economic foundation ruled by Chiang Kai -shek and the National Government. From a political point of view, they are Chiang Kai -shek’s allies and attachments of the financial industry and the National Government, and they have formed a relatively close symbiosis relationship between each other. However, this does not mean that there is no contradiction between them and Chiang Kai -shek, and they are satisfied with each financial and economic policy of the National Government, or collect them in accordance with the order. When the National Government’s financial and economic policies, especially Chiang Kai -shek’s individual excuses, harmed their vital interests and the inherent development laws of the financial industry, they also expressed dissatisfaction, complaining, or violations of Yang Fengyin.

In 1949, with the collapse of the National Government’s rule in mainland China, they did not stay in the mainland like the famous financialists such as Qin Runqing, Xu Jiyu, Chen Duoru, Wang Zhixin, etc. In this way, he moved to Taiwan with Chiang Kai -shek. This article intends to use the financial historical materials of the Republic of China and the discussion of the choice of Zhang Jiazheng, Li Ming, Chen Guangfu, and Qian Xinzhi in 1949 and the journey behind them.

Zhang Jiazheng

In 1928, the Bank of China was reorganized under the intervention of the National Government, but the real power was still in the hands of Zhang Jiayu, who was renamed by the vice president. Under his careful hosting, although the Bank of China is called the professional “international exchange bank” called the government -commercial joint shares, it is actually a comprehensive commercial bank with strong independent colors. The central bank that is far more than the National Government and the Bank of Communications, which has been reorganized into a professional “developed industry bank”, ranked first in Chinese local banks. This situation is what Chiang Kai -shek, who is trying to solve financial difficulties and consolidate the authority of the national government by controlling financial difficulties, and tolerate the authority of the national government. Vice President of Central Bank. Since then, Zhang Jiazheng has served as Minister of Railway, Minister of Transport, and Chairman of the Northeast Economic Committee. In March 1947, he was appointed president of the Central Bank by Chiang Kai -shek.

The reason why Chiang Kai -shek appointed Zhang Jiazheng as the president of the Central Bank was to use his head of financial to govern the financial crisis of the Kuomintang District due to the second anti -communist civil war. However, before taking office, Zhang Jiazheng admitted to Chiang Kai -shek: “To this point in the financial situation, although Yu reluctantly, whether it can be achieved, it is not sure. And it has nothing to do with the party department. It may not be possible to obtain the party party. Cooperation, it is inevitable to do things, so as to worry. “His meaning is clear, that is, on the one hand, he is in danger, and the challenges are huge. Jiang cannot expect too much on him. On the one hand Power, and this requires Jiang to rule out interference from the Kuomintang Central Party Department. Jiang’s answer is simply: “There is no problem with the superior cadres of the party.” But Zhang Jiazheng’s heart is still “shocked” because he can complete the task given by Jiang after taking office. Whether the three “prerequisites” of foreign aid and civil war can be smoothly. However, these three premises are not what he can control and solve, so he “thinks at least restlessness.” In desperation, he had to focus on the issue of budget balance. He came up with a “fast knife cut and messy” method: the baids that were half -sources by the Ministry of Finance were solved by half, and the other half of the deficit was made up by the central bank through the issuance of public debts and national treasury vouchers. At the same time, the central bank was limited to the central bank The cushion quota of the Ministry of Finance. When he informed the Minister of Finance and Chiang Kai -shek, he was basically denied, because the latter believed that “military expenditure was unable to refuse”, and only agreed to the issuance of public debt and national treasury vouchers to absorb savings.

The attitude of the Minister of Finance and Chiang Kai -shek disappointed Zhang Jiayu, so he lamented in private that this method was “the key to suppressing inflation” and also “the success of the success or failure of the central bank”, but “cannot be implemented”, but it cannot be implemented. ” His issuance of public debt and the treasury coupon plan “will fail to fail, equivalent to an empty dream.” The old friends Li Ming and Chen Guangfu, who believed that his method was feasible and assisted, “sighed” after hearing the news. Later, it was true that although there were friends from friends such as Li Ming, Chen Guangfu, Qian Xinzhi, Zhang Jiazheng hosted the total amount of US dollars in the 1947 US dollar bonds and short -term national treasury coupons. Few. So he turned to the United States to use a large foreign debt to reform the currency system, but refused to the United States. In the process, he once again mentioned to Chiang Kai -shek that the central bank’s cushion “must have restrictions, and the Ministry of Finance, especially the Ministry of Finance, to draw a boundary line”, but Jiang did not move.

Theoretically, the above measures proposed by Zhang Jiazhang takes into account the needs of solving fiscal deficits and guaranteeing the independence of the central bank (that is, not being tired of fiscal cushion), and it is not losing to solve malignant currency under the condition that the military expenses remain unchanged and obtained huge surgery. The fundamental strategy of expansion, but Chiang Kai -shek and the Ministry of Finance were not adopted at all due to the needs of the civil war (in fact, it could not be adopted due to the non -stop of the civil war). In this case, Zhang Jiazheng had to use the extensive measures such as the essential product distribution system, the unified purchase of sales, and the reduction of foreign exchange expenditure to alleviate the degree of malignant expansion, but it was ultimately unsuitable and caused difficulties in all parties. He was so aggrieved and helpless. In August 1947, he resigned from Chiang Kai -shek, and then supported it until May 1948 before he was drawn away. At this time, the rule of the National Government has been crumbling, and he also wrote in his diary, “I can leave today, such as Shizhonghe. Although I am selfish, I look at the future of the state, but I am worried.” Zhang Jiazheng, who has been out of all relationships with the National Government, has approved his visa to Australia and left Shanghai in late April. Since then, he has moved to Australia and American universities to engage in economic teaching and research.

Li Ming


In August 1948, Chiang Kai -shek’s rule of saving the National Government’s endownship, and desperately ordered the reform of the Golden Coupon underground, that is, the large -scale banknotes “golden coupon” that could not be fulfilled in name to replace the Credit Campaign. At that time, Li Ming, the chairman of Zhejiang Industrial Bank, was appointed by the National Government as the chairman of the Golden Coupon Issuance Supervision Committee. The interests of the industry. These characters, or the identity of the officials and officials, are intertwined, so that Li Ming plays a very difficult role in the implementation of the reform of the golden coupon. Nevertheless, he still strives to survive for the private financial industry as much as possible under the mood of lean ice and abyss. And such a tendency to show a clear manifestation of Li Ming’s letter written to the high -level figures of the National Government in late August 1948 to cooperate with the reform of the cash voucher.

He wrote in the letter: “The financial industry reduces interest rates … The interest of the same industry is expenditure, and the reduction of the interest will be painful. Economy persuaded the industry to be sacrificed … Fortunately, in the cooperation of the industry, I resolutely reduced the interest rate of the loan … . “He also said:” At the beginning of the reform, the credit chip is based on the principle of tightening. But the legitimate activity of industrial and commercial business is not suitable for the lack of funds. It affects people’s livelihood … At present, the deposit of the financial industry is meager and flows (the deposits of major private banks, which is equivalent to about one million yuan per year, only one percent before the war). It takes time to stabilize, and the Central Bank should be actively counseled by the Central Bank, so that the business and commercial business can be maintained. The government’s intention, strive to pursue, all capital increase methods, the government does not make the same industry feel too difficult during the total period.

The “interest rate reduction rate” and “peer capital increase” he mentioned here are all financial control measures to be implemented in the “Restriction Measures for Restrictions on the Interest Rate Restricted Rate Rate Restricted Rate Rate Restricted Rate Rate Rate Rate Rate Rate Rate Rate Rate Rate Rate Rate Rate Rate Rate Rate Measures” of the Golden Coupon. In the vital interests of the private financial industry, he must not be endorsed, and try his best to obtain a balance between the official control and the survival of the industry. And he suggested that “the active counseling of the Central Bank” requires the government to ask the government to reduce the policy restrictions on the business lending of the private financial industry for the discounts of the private financial industry because of the reconciliation of the fiat currency deposits. Difficulty. It should be said that his expectations and suggestions are not excessive. If it can be adopted by the person who is in charge, it will not only help the stability of the social and economic order, but also help the implementation of the reform of the golden coupon.

However, because the reform of the Golden Coupon is the so -called “currency system reform” launched by the National Government at the end of the road at the end of poor roads. , Further implementing inflation policies “to search for a kind of economic suicide policy for folk wealth, so the main administrative person will naturally not be openly listened to Li Ming’s expectations and suggestions, but only digs out the reinforcement of the financial industry. Control to search for folk wealth. The most direct way for its currency reform to search for private wealth is to require private banks, money villas and ordinary people to pay gold and silver foreign exchange vouchers to the central banks and its entrusted banks.

On August 20, the executive court convened the heads of Shanghai banks and Qianzhuang to meet in Nanjing. Chiang Kai -shek personally asked the banks and Qianzhuang to pay all gold and silver foreign exchange by banks and Qianzhuang before September 8. Xu Baiyuan, the second director of the Ministry of Finance, sits in Shanghai, coerced banks and Qianzhuang to apply for gold and silver foreign exchange assets. Li Ming, he held an emergency meeting for the Chairman of the Bank of Shanghai, and finally discussed the decision to be paid by the banks of 10 million US dollars to deal with it. Chiang Kai -shek was very dissatisfied with this, and accused the Shanghai banking leader “still loves money and does not love the country in the past two or three decades ago.” It has to be dealt with according to law, and we have to take further measures for severe sanctions. ” So the banks and Qianzhuang of Shanghai were forced to declare foreign exchange, and only Li Ming’s Zhejiang Industrial Bank declared $ 1.3 million. Chiang Kai -shek also appointed his son Jiang Jingguo to assist the supervisors as economic control. Through interviews with Li Ming and other financial people, Li Ming was dispersed with Jiang Jingguo, and wrote a letter to express dissatisfaction with the central bank president Yu Hongjun.

Chiang Kai -shek and other high -level masters, in the name of currency reforms, searched for folk wealth to make Li Ming feel resentment and disappointment, and also prompted him to make up the determination to part ways with the National Government. In late October 1948, he wrote in the manuscript of a private review of the reform of the golden coupon, “” Following the law to the law of the banks of the bank, the people in the metropolis are ordinary industrial and commercial, industrial and commercial people, and ordinary citizens. It is unknown whether it is based on it … This point is in the minds of ordinary small citizens, causing resentment … and the increasing capital of the financial industry of the country and the people’s livelihood, but it is not tedious, and the small topic is big. “At the end of April 1949, Li Ming was deliberate Li Ming. With increased blood pressure and “easy to rest” as the resignation of “easy to rest” as a leave from the Bank of Shanghai, he asked Xu Jiyi and other executive directors to host the guild affairs on his behalf. Then I left, avoiding Hong Kong.

Chen Guangfu


Like his friends Li Ming and Zhang Jiazhang, Chen Guangfu’s relationship with the National Government is also closely related, but he understands the understanding of the National Government, which provoked the second anti -communist civil war than Li and Zhang.

As early as April 1947, when Chen Guangfu went to Nanjing to attend the government conference as a new national government member, “In Shanghai, we always talk about inflation, high prices, economic crisis, and the people are not talking about life. We said, we want To solve the current emergency economic problems, you have to stop the civil war first. “However, the view he encountered in Nanjing, including Chiang Kai -shek, is obviously” unlike the Shanghai people. Their EMPHASIS of Life is ‘unity’. Unity, there is a way to do everything; if the country is unified, the civil war is indispensable, and the Communist Party must not defeat. ” Implementing … The civil war may be hopeful in September this year. At that time, the country was unified and construction could be talked about. “As for the transition period of” from now to September “,” What should I do? Borrowing from foreign countries, crossing this heavy barrier. “He said with emotion:” How many years I have not stirred with the government, remember that it was still twenty years ago … I always feel that I am not qualified when I want people to be together … I have always been a member of the government, and now I have been a member of the government. I can only say that I am more than before. And most of the body is still ‘outside’. “

Zhang Jiazheng

Li Ming

Chen Guangfu

He also commented on the National Government, which was not reorganized at the time, saying, “To continue the civil war, the Kuomintang itself has no ability, so it is necessary to borrow from the United States, so there is a new government today.” The size, the joint government established today will reduce the degree of dictatorship of the Kuomintang. ” In his opinion, the civil war is the root cause of inflation, high prices, declining economic firing, and reluctant people’s life. To solve these problems, you must first stop the civil war. This view undoubtedly seized the crux of the economic and social crisis of the Kuomintang District, but with the priority of civil war in Chiang Kai -shek and others and the first place in the anti -communist, he felt that he was “unqualified” with them. He actually criticized Chiang Kai -shek and others with a self -deprecating tone. At this time, he had seen the power of the Kuomintang’s insistence on the civil war, and also disgusted the “dictatorship” of the Kuomintang’s one -party dictatorship. After joining the government, “power will restrict the dictatorship of the Kuomintang.

In September 1947, he should be Zhang Jiazhi, the president of the Central Bank, as a chairman of the Foreign Exchange Balance Fund Committee to help him control inflation. But this is mainly to support the old friend Zhang Jiazheng. “The private relationship between Yu and the public power has been in the past decades. In the previous year, there was the news of the president of the President in the United States. Help, now the public power jumps off the fire pit, how can he stand by … that is, the public power brother also wants to live right away from the helplessness. ” It can be seen that he has a deep understanding of the difficulty of non -stop civil war but the difficulty of governing inflation. Since then, with the intensification of the civil war, the inflation of the Kuomintang District has intensified, and Zhang Jiazheng has stepped down, and Chiang Kai -shek ransom foreign exchange by the name of the golden coupon reform. The Shanghai Commercial Savings Bank, which is chairman of Chen Guangfu, has also been attracted $ 5.2 million in foreign exchange foreign exchange. He was even more disappointed with the National Government and flew to Hong Kong from Shanghai in late April 1949.


Qianxin is a world -long and wide -ranging, and has a wide range of friends. After 1927, he briefly served as the Secretary of the Ministry of Finance and the head of the Zhejiang Provincial Department of Finance. In August 1938, Chiang Kai -shek was appointed as the chairman of the Bank of Communications. Economic policies and support for industrial development in the rear have made positive contributions. However, after the victory of the Anti -Japanese War, when he saw increasingly serious financial and economic crises, he gradually worried about the economic policy of the National Government.

In February 1947, he said in the letter to Du Yuesheng, “The issuance of huge banknotes caused the trend of gold, and the daily use of hundreds of things rose again, and it was almost out of control. The item method, whether it can be effective for a long time, still depends on whether the executor can be thoroughly ears. “He also said:” The emergency measures promulgated by the central government may only be required for a moment of emergency, and it is difficult to implement it. The fundamental method of the next step, otherwise it is 矣. “The” remedial “and” emergency measures “he mentioned here refers to the” Economic Emergency Measures Plan promulgated by the National Government to inhibit malignant inflation on February 17, 1947 ” As for the “fundamental method” he guessed, it may refer to the way Zhang Jiazheng’s imagination of solving the fiscal deficit (see above), but it is more likely to be the “stop civil war” emphasized by Chen Guangfu, because the fundamental prerequisite to implement the Zhang’s method is actually actual actual. The “stop civil war” on the top. But for this, Qian Xin’s seemingly scruples and unprepared words. However, his subordinate Yangshu wrote to him at the same time and directly broke the window paper: “Inflation has all exposed its evil results, the failure of the gold policy has become a finalized case.” Can’t help but fail. ” possible”.

If Qian Xinzhi’s economic policy was only worried about the economic policy of the National Government in February 1947, then in May 1948, he showed strong dissatisfaction and complaints on the economic policy of the National Government. And this emotion not only contains the meaning of maintaining the independence of the bank or the dignity of the bank manager, it has even become the main reason for his request to resign from the chairman of the Bank of Communications. On May 6, he admitted that he had two reasons for his resignation to resign twice at the FCM symposium: “(1) I have declined with their years and failed to follow the times; Since the same effort, Nai has no certain economic policy with the government. It is easier to frequent. For this time, the gauze control … The authorities have not been properly handled, and it is considered a weekly chapter for the banker. “Obviously, the first reason is that the reasons are only the resignation. And not soliciting bank opinions in advance is the root cause of his request to resign. However, his resignation request was not approved by Chiang Kai -shek, so at this symposium, he said anxiously, “In the future, he can only do his best to go to his own forces to go deep and short.”

On May 9, the Bank of China continued to hold a symposium. He also spoke: “After the constitutional constitution, the government should control the financial institution in accordance with the constitutional regulations. The Bank should follow the government’s instructions. The most important person will hope that the central bank will have specific policies in the future. Undoubtedly, it once again expressed dissatisfaction and concerns about changes in government economic policies (especially financial control policies). So why did he express this dissatisfaction and concerns again and again? On the surface, it is because the economic policy that the National Government has falsely changed has brought a lot of trouble to the Bank of Communications led by his leadership, which has greatly reduced its actual operating performance. In fact, it shows that his overall collapse caused by his wrong administration of the National Government Bad despair and helplessness. Because of this, he resigned twice twice.

After the reform of the Jinyuan Coupon in August 1948, because Qian Xinzhi was also the chairman of Jincheng Bank and the acting chairman of the joint commercial savings trust bank, he was also summoned by Chiang Kai -shek with Li Ming, Chen Guangfu, Xu Jiyi and others, asking them to pay for them to pay. Gold and silver foreign exchange stored in various rows. Dai Lizhen, the general manager of Jincheng Bank, and Dai Lizhen, the general manager of the United Commercial Savings Trust Bank, was also interviewed by Jiang Jingguo. In the end, Jincheng Bank and the Commercial Savings Trust Bank declared a foreign exchange of $ 6 million. This should also constitute some psychological stimulus. So in the liberation of Shanghai in 1949, he did not fly directly to Taiwan, but avoided Hong Kong like Li Ming and Chen Guangfu.

(This article is the phased achievement of the National Social Science Fund project “History of the Economic Thought of Jiangsu and Zhejiang Consortium” (15BZS129).


Editor in charge: Zhong Yuan

School pair: Luan Meng


Author: ArticleManager