The Evolution of Agricultural Credit during China’s Republican Era, 1912–1949

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In the modern era, China's rural credit landscape is undergoing rapid transformation, marking a second attempt in a century to reform credit institutions and improve access for farmers. The first effort occurred during the Republican era (1912-1949), which initiated formal rural credit through the Industrial and Agricultural Banks. This work utilizes primary data and historical papers to depict the challenging conditions of that time, elucidating the various reforms to the rural credit system. Fu and Turvey weave a narrative that reflects thousands of years of dynastic rule, examining the impacts of natural disasters, famine, communist insurgencies, and Japanese expansionism on credit access and supply. They highlight key figures like J. B. Taylor, John Lossing Buck, Paul Hsu, and Timothy Richards, alongside influential institutions such as Nanking and Nankai Universities and the China International Famine Relief Commission, which sought solutions to alleviate the poverty cycle affecting most Chinese farmers. This comprehensive and engaging analysis will attract readers interested in contemporary China as well as those seeking a historical understanding of its rural economy and credit policies.