A Study Of Chongqing's Financial Market During The Anti-Japanese War (1937-1945)

After the outbreak of the All-Round War of Resistance Against Japan,the National Government was forced to move its capital,and Chongqing became the political and economic center of the rear area of the War of Resistance against Japan.After the Pacific War broke out and Shanghai was taken over by the Japanese army,Chongqing became a financial center in the rear area of the Anti-Japanese War.On this basis,Chongqing's financial market grew up to be the core of the financial market network in the rear area of the Anti-Japanese War.It had a great impact on the economy and finance in the rear area of the Anti-Japanese War,and contributed to the national government's persistence in the Anti-Japanese War and the final victory of the AntiJapanese War.At present,there are many research results on wartime Chongqing finance in academic circles,but there is still a lack of systematic research results on wartime Chongqing financial market.Therefore,this paper takes the unpublished archives of Chongqing Archives,the compilation of published archives,journals and newspapers during the Republic of China,local chronicles and literature and history as the main historical materials,takes the historical research method as the foundation,and combines the research methods of economics and finance,makes a comprehensive and meticulous study of the wartime financial market of Chongqing in order to restore the wartime financial market of Chongqing.This paper explores the role and characteristics of Chongqing's financial market,and analyses the relationship between Chongqing's financial market and wartime finance,economy and society.The main content of this paper is divided into five chapters.The main ideas are as follows:Firstly,this paper addresses the development process,reasons and results of various financial sub-markets in Chongqing financial market from 1937 to 1945.After the opening of Chongqing,with the prosperity of commercial trade,the emergence of financial talents and the increase of financial institutions,Chongqing's financial marketV began to develop.Before the outbreak of the War of Resistance Against Japan in an all-round way,Chongqing's financial market showed obvious characteristics of imperfect market,imperfect development and relatively backward development of some financial markets.Money market,foreign exchange market and securities market developed rapidly,while gold,insurance and foreign exchange market lagged behind.After the outbreak of the War of Resistance Against Japan in an all-round way,under the influence of the general speculation on bonds,the sharp drop in bond prices and the turmoil in the national financial market,the tide of bonds finally broke out,and the turmoil of the stock market and the interest rate market in Chongqing was further triggered by the tide of bonds.In order to calm the tide of bonds,the National Government began to implement the financial control policy in the financial market of Chongqing.Affected by this,the monetary market,the foreign exchange market,the bill market,the securities market and the interest rate market of Chongqing have all completed the reform.The gold,insurance and foreign exchange markets,which had lagged behind in the past,were greatly developed because of the increase in wartime demand and the stimulation of financial speculation.The financial market of Chongqing has gradually adapted to the wartime situation through the policy intervention of the National Government.The related business of the financial market has been further expanded,the service content has been increasing,and the financial market system has become more perfect and mature.Then,by discussing the development of Chongqing's financial market,the paper solves the status change of Chongqing's financial market from 1937 to 1945.The development of Chongqing's financial market in the period of the All-Round War of Resistance Against Japan was very rapid and its position was unprecedentedly improved,which was the peak since modern times.Before the outbreak of the All-round War of Resistance Against Japan,Chongqing's financial market was only a regional financial market center,and its influence mainly concentrated in the southwest of China.Its scale was limited,its influence scope was narrow,and its connection with the financial markets in the southwest was also very limited.After the outbreak of the all-round antiJapanese war,Chongqing's financial market began to develop rapidly,with the increase of financial institutions and capital.The scale of the financial market continued to expand,and the links with the financial markets in the rear areas of the war increased significantly.On this basis,the impact of Chongqing's financial market has broken through the restrictions of the southwest region and gradually covered the whole rearVI area of the Anti-Japanese War.After the outbreak of the Pacific War,the financialmarket network in the rear of the Anti-Japanese War gradually formed,while the financial market in Chongqing became the core of the financial market network in the rear of the Anti-Japanese War.Thirdly,after discussing the process and status of the development of Chongqing's financial market in wartime,the paper analyses the relationship between Chongqing's financial market and wartime economy,wartime finance and wartime society,and points out the important role of Chongqing's financial market from 1937 to 1945.The influence of Chongqing's financial market on wartime economy and finance has dual attributes during the War of Resistance Against Japan in an all-round way.In the process of continuous development and improvement,Chongqing's financial market has spread its various businesses to the financial markets in the rear areas of the AntiJapanese War,and promoted the development of financial markets in all parts of the country.At the same time,Chongqing's financial market has provided important financing channels for industry,agriculture and Commerce in the rear of the AntiJapanese War and contributed to the development of the national economy during the war.On the other hand,Chongqing's financial market also caused great damage to wartime economy and finance.Since the beginning of the outbreak of the All-round War of Resistance Against Japan,there have been endless financial upsurge in Chongqing's financial market.The reason for the frequent occurrence of financial upsurge is the widespread illegal financial speculation in the financial market.A large number of financial speculation not only destroyed the order of the financial market network in the rear area with Chongqing as the core during the Anti-Japanese War,but also stimulated the gradual disengagement of social productive capital from the real economy and the increase of social hot money,which led to the increasingly serious chaos in the financial market of Chongqing and made it difficult to control it.System.In addition,the development of Chongqing's financial market during the Anti-Japanese War was closely related to the government finance and society during the war,which also affected the development track of Chongqing's financial market and further reflected the important role of Chongqing's financial market.Finally,the article summarizes the characteristics of Chongqing's financial market in the period of the Anti-Japanese War on the basis of the discussion.Chongqing financial market has its own characteristics of the times because it is in a special era environment.In the process of continuous development of Chongqing's financial market,the chaotic situation in the financial market has not been effectively solved.Especially in the late period of the comprehensive Anti-Japanese War,financial black market and financial speculation frequently appeared in Chongqing financial market.The function of risk dispersion and macro-control of financial market gradually failed,while the function of accumulation and allocation of financial market was difficult to play due to the influence of many factors.In this process,social wealth gradually concentrated in the hands of the privileged class of the upper class of society,the general people.People's lives are getting harder,and the chaos in financial markets is getting worse.In order to maintain the order of the financial market,the National Government has made corresponding efforts to rectify the chaotic situation of the financial market.The main methods adopted by the National Government are policy supervision,institutional supervision and industry self-discipline by uniting local governments and Chongqing non-governmental financial organizations.However,due to the policy failures of the National Government itself,corruption within the government and the low selfdiscipline ability of non-governmental organizations,various forms of supervision and self-discipline can not stabilize the financial market,which ultimately makes the chaos in Chongqing's financial market continue until the end of the War of Resistance Against Japan.At the same time,the financial institutions and business of Chongqing financial market have been developed during the War of Resistance Against Japan in an all-round way,showing the characteristics of modernization,which has a very important impact on Chongqing financial market.