THE CHINESE ECONOMIC CRISIS IN THE MID-1930s:PERSPECTIVES IN FINANCIAL FACTORS

摘要

In1934,China's economy suffered heavy economic depression. From table 1,based on Liu Wei's estimates to Chinese GDP between 1927and1936,we can see thatthere was constant and uninterrupt edeconomic growth between 1927 and 1931,the GDPincreased from 248.58 million dollars in 1927 to 285.7 million dollars in 1931,and thegrowth rate reached 14.93 percent,averaging at 3.73 percent per year.Therefore,we cancall this period a prosperity phase.After 1931,there was a fluctuation trend in GDPgrowth,especially in 1934 with a sharp decrease figured at 8.69 percent compared to 1933.In this article, we will focus on the financial reasons for the depression of 1934 basedon the flow of silver, especially in Shanghai, the interior of China and abroad.