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Pre-Pearl Harbor Policy Changes

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Chapter Summary

The tripod-like structure of revenue collection, grain control and trade regulation by the Finance Committee of CCP authorities from the provincial level upwards existed into the mid-1990s when China's market oriented reforms made grain rationing unnecessary. As an integrated assessment of property and monetized service duties, tianfu was dependent on the registration of land and population and on accurate identification of landowners and the size of landholdings. On January 5, 1942, the CCP's central Department for Financial and Economic Affairs issued instructions about the post-Pearl Harbor devaluation of the fabi. It estimated that with the closure of the foreign exchange markets in Shanghai and Hong Kong, nearly 90 billion fabi yuan would move to the unoccupied zones. The increased quantity of fabi in inland markets would depress purchasing power in unoccupied China and hasten devaluation.

Keywords: CCP authorities; fabi; Pearl Harbor; tianfu; yuan



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