| Since the end of the qing dynasty,"building railways" has gradually become an important part of the government's work.The financing of railways in the late qing dynasty was mainly divided into three stages.The first stage was from 1881 to 1894.At that time,"westernization" and "die-hards" still had disputes on the railway issue.The funding for this phase was mainly from the qing government,and railway projects were often suspended due to inadequate road funding.The second stage was 1895-1911.After the defeat of the sino-japanese war in 1895-1911,the qing government was determined to implement real government policies,and the construction of railways became a major state policy.When the great powers started to carve up China,the railway loan right also became a part of the competition among the great powers.In 1898,sheng xuanhuai signed the detailed contract for loan renewal of luhan railway,which marked the formal formation of the foreign debt policy of the railway in the late qing dynasty,and the luhan railway loan mode became the blueprint for later railway loan.Through this model,the imperialist countries obtained high interest and compensation on loans and seized the railway operation and driving rights.In fact,the regions along the railway also became their sphere of influence.In 1905,the movement to reclaim property was flourishing,and a number of patriotic intellectuals,local gentry and merchants,and some officials demanded that the railway should be run by itself.Affected by this,the imperialist countries had to make some concessions in the railway loan contract in order to obtain the loan right.In 1908,China,Britain and Germany signed the contract for loan of jinpu railway,which marked the formation of jinpu railway loan mode.Compared with luhan railway borrowing mode,the loan mode of jinpu railway changed the mortgage mode of road payment,with a lower discount,and China has more autonomy in terms of driving right and management right.The third stage was from 1903 to 1911,when China's capitalist economy was initially developed and the strength of the national bourgeoisie was gradually strengthened.Faced with the situation of losing the right of way by borrowing money to build the road,a group of patriotic national bourgeoisie launched a vigorous movement to reclaim the right of way.In 1903,the qing government promulgated the "concise constitution of the railway",opening up the right to build the railway to the people,and a large number of commercial railway companies rose up.Out of patriotic feelings,the commercial railway company is not willing to borrow foreign debt,into foreign stocks,formed the "equity as the leading mode of financing." However,as the commercial railway companies were unable to undertake the dry roads,the qing government declared the nationalization of the national railway trunk lines.This policy blocked the transfer of national capital to the railway investment,which was opposed by the local merchants and civilians and became the direct trigger for the fall of the qing dynasty.In this special historical period,the self-run railway in the late qing dynasty was oppressed by imperialism and feudalism.In the early period of construction,the creditor railway often suffered additional losses due to the interference of imperialism when purchasing land and materials,and suffered higher land and material prices.In terms of operation and management,China's traffic management agencies are very chaotic,with feudal,bureaucratic style of work is serious,public and private is not divided,resulting in a serious waste of funds.After the railway business,the railway also needs to bear the heavy tax and the high interest rate of the railway loan,which causes a very heavy burden to the railway operation.According to the loan contract,the creditor railway must employ some foreign employees.The wages of foreign employees are on the high side,which is 1.5 to 3 times of the wages of Chinese employees,which also leads to the waste of funds.In the late qing dynasty,the self-built railway was also oppressed by imperialism when it was being repaid for the road.In the railway loan contract,there is usually a time limit for repayment and no repayment in advance,so until the fall of the qing dynasty,the real repayment of the debt of the railway only luhan railway.In 1908,liang shiyi and others set about the repayment of the luhan railway.Because of the huge amount of repayment,it was difficult to raise money.The three main measures were to raise $10 million in public debt,borrow $1 million from the sichuan and han road bureau,and borrow $5 million from HSBC and HSBC.In 1909,the Chinese government finally redeemed the luhan railway.In 1898,the United States obtained the right to loan the guangdong-han railway,but the contract was delayed.At the beginning of the 20 th century,China was in the climax of the "right to recover" movement,and a large number of gentry and merchants demanded the abolition of the contract.In order to redeem the guangdong-han railway,it signed with the British government of Hong Kong "guangdong-han railway loan contract" with the British government of Hong Kong,borrowing 1.1 million pounds.Throughout the history of self-run railway in the late qing dynasty,the bond-led financing mode and the equity-led financing mode are the two most important financing modes of self-run railway in the late qing dynasty.Creditor railways lost more rights,but they were built quickly and efficiently.The length of creditor railways was as high as 4,500 kilometers,accounting for 80% of the self-run railways in the late qing dynasty,five times that of equity railways.Moreover,the creditor's right railway is mainly dry road,which objectively promotes the development of our country's economy.Equity railway to a large extent to maintain the railway rights,but the construction speed is slow,low efficiency,unable to undertake dry roads.Moreover,the use of "rent shares" and other compulsory financing means has brought a greater economic burden to the people. |
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