The Development of Chinese National Capital in the 1920s

In studies of modern economic history, it was ‘generally said that the period of the First World War was the so-called “golden age” of Chinese national industries.’2 ‘After the imperialist countries staged a comeback after the War, however, these industries immediately fell into a state of depression.’ 3 This viewpoint seems to be a final conclusion. But, judging from the historical materials I have read, Chinese national capital did achieve some development in the 1920s. Some important industries developed more rapidly than in the past, and it was only in the 1930s that national capital entered its crisis and development stagnated. These phenomena impel us to probe further into the factors promoting development in the 1920s.