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China’s Postwar Finances

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Chapter Summary

Since 1942, American military and civilian personnel in China have made some use of United States currency for their outlays, but dollar notes have been rapidly absorbed by capitalists and merchants and are held as a long-term investment in view of their prospective postwar value. The most critical problem for China will be the coordination of the use of foreign assets with the financial requirements of the domestic reconstruction. If, because of political conditions, China lacks the initiative or capacity for carrying on the necessary reorganization of her internal economy, her foreign resources may be dissipated through indiscriminate buying and flight of capital during the phase of transition from war to peace. Such a development may give rise to an illusory prosperity in certain parts of the country in the years immediately following the war, but would hamper any plans for long-term development.

Keywords: China; financial requirements; foreign resources; illusory prosperity



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