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Financial Problems In China’s War And Postwar Economy

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Chapter Summary

The financial policy of the Chinese National Government under war conditions is marked by unprecedented public outlays in excess of government revenue from taxation and savings, with resulting expansion in note issue and inflationary pressure upon prices. Inflationary processes and disintegrating influences are destined to characterize China's financial trends under conditions of war and economic isolation. In post-war China, financial reorganization will be a prerequisite to economic reconstruction; but the peacetime forms of China's financial structure will be determined largely by basic wartime trends. This chapter concludes that after the war China will need foreign assistance to cover her requirements for reconstruction and development. If political conditions or economic difficulties should hamper the flow of adequate quantities of goods, equipment and skilled labor from the industrial countries, then China have to depend upon her own resources, and endure the economic and social strains resulting from inflationary techniques of domestic financing.

Keywords: Chinese National Government; domestic financing; financial policy; inflationary processes; taxation



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