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Financial Pressure, Xue Muqiao And Salt

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Chapter Summary

As Yu Xuezong's situation began to deteriorate at the beginning of 1942, the members of the Shandong Bureau's Finance Committee were trying to assess the impact of the fabi's rapid post-Pearl Harbor depreciation. Xue Muqiao, a prominent CCP economic specialist at that time, arrived at the Shandong Bureau in early February 1943. He turned the province into the CCP's financial powerhouse and became one of China's most influential policy-makers during the market-oriented reforms of the late 1970s. Xue used the 70% figure to outline the landownership situation in China and argued for the necessity of a CCP-led agrarian revolution. The Finance Committee of the Shandong Bureau decided to try salt, the province's principal export item, as the principal commodity for building up reserves of fabi and weichao. The Japanese invasion not only drove away the Nationalist salt revenue collection system but also turned the salt industry upside down.

Keywords: CCP; China; fabi; financial pressure; Japanese; salt industry; Shandong Bureau; Xue Muqiao



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