Historical Studies (Chinese Edition)

No.4, 2015

 

The Nationalist Government’s Supervision of Provincial Banks during the War of Resistance against Japanese Aggression

(Abstract)

 

Liu Zhiying

 

The provincial banks were responsible for managing local finance and promoting regional economic construction. With the full-scale outbreak of the War of Resistance against Japanese Aggression, in view of the special circumstances and needs of the times, the provincial banks thrived with the encouragement and support of the Nationalist Government, obtaining a formal legal status. To realize “wartime national construction” and reinforce its monopoly of national capital, the Nationalist Government changed its prewar partial oversight of the provincial banks to all-round oversight. It strengthened supervision of currency issue, implemented comprehensive supervision of bank business and sent supervisory officials to take up provincial bank positions. This not only promoted economic development and social stability, but also strengthened the Nationalist Government’s control of finance and ultimately established a government monopoly over the banking industry and the entire national economy.