Financial System Modernization Attempt

In this thesis I attempt to analyses why Zhou Xuexi' financial regulation turned up ,so as to reveal Zhou's efforts in modernization of the financial system and the difficulties of modernization through overall review of background contents objective effect and incomplete performance in financial regulations by Zhou Xuexi. Through it we can evaluate Zhou's financial system generally and objectively.The breakout of the Xinhai revolution led to the general collapse of late-Qing finance. The demonstration of Nanjing transition government's policies and Zhou Xuexi's industrial experience and his knowledge of the Chinese-Western financial system lay the cornerstone of perfect regulation in finance system throughout his accession. Therefore Zhou Xuexi lay out a series of financial policies in three years. 1) perfect financial administrative system; mature financial function. 2) separate national tax revenue from local tax revenue, execute new types of tax revenue. 3) perfect bank system to adapt to the development of economy. At the premise of the establishment of Capitalistic democracy and republic system, Zhou Xuexi tried to make financial system term with objective reality to benefit the modernization of the financial system. Its objective effect was obvious. 1) help to put the financial function in order. 2) sound bank system help to accelerate the development of economy.3)help to realize the modernization of tax system. 4) help to deal with financial affair by law.But throughout the investigation, we can conclude that these policy can't be carried out . Some of it hadn't been carried out at all; some had been done but soon beencarried off; only a little had been carried out well. The reason lay in the bankrupt of the rural economy and the feebleness of national capitalistic development because of the invasion of the western developed countries; It also lay in the unquiet situation of early-Min and the things that Yuan Shikai did in order to pursue for power and benefit, persecute dissenters, indulge in being the emperor and ignore the effect of the economic policy. Of course, the disadvantage of policy made itself inactive. In fact this was an unsuccessful attempt. However, Zhou's policies ,especially the separation between national and local tax revenue was a pioneering work in Chinese financial government system furthermore it was puissant and profound ,which should be revelatory for Guomindang Government and even us today.