© 2018

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


  • Provides new insights into the economics of agricultural credit in peasant economies

  • Explores the evolution of agricultural credit in China through a historical perspective

  • Features data from primary sources from the Republican era in China

  • Analyzes developments in agricultural credit and rural credit cooperatives


Table of contents

  1. Front Matter
    Pages i-xxix
  2. Hong Fu, Calum G. Turvey
    Pages 1-50
  3. Hong Fu, Calum G. Turvey
    Pages 51-79
  4. Hong Fu, Calum G. Turvey
    Pages 81-122
  5. Hong Fu, Calum G. Turvey
    Pages 123-160
  6. Hong Fu, Calum G. Turvey
    Pages 179-232
  7. Hong Fu, Calum G. Turvey
    Pages 233-255
  8. Hong Fu, Calum G. Turvey
    Pages 257-274
  9. Hong Fu, Calum G. Turvey
    Pages 275-284
  10. Hong Fu, Calum G. Turvey
    Pages 285-301
  11. Hong Fu, Calum G. Turvey
    Pages 327-347
  12. Back Matter
    Pages 403-419

About this book


In the modern era, China’s rural credit landscape is transforming at a dizzying rate, but, in terms of financial development, these changes represent a second attempt in the past 100 years to reform China’s credit institutions and provide credit access to farmers. The first period was during the Republican era, between 1912 and 1949, which saw the first attempts at formalizing rural credit with the Industrial and Agricultural Banks. This book uses primary data and papers to present a full picture of the difficult conditions China faced during the Republican era in order to explain the myriad reforms to the country's rural credit system. Fu and Turvey build a narrative around these developments based on the foundation of thousands of years of dynastic rule in order to explore the specific impacts of drought, floods, famine, communist insurgencies, Japanese expansionism, and more on credit access, supply and demand. They consider powerful personalities—such as J.B. Taylor, John Lossing Buck, Paul Hsu and Timothy Richards—and influential institutions—from Nanking and Nankai Universities to the China International Famine Relief Commission—that sought ways to end the cycle that trapped the vast majority of Chinese farmers in poverty. This rich, wide-ranging, and stimulating work will appeal both to readers focused on present day China and those who want to understand China’s rural economy and credit policies in an historical context. 


agricultural economics Kuomintang Nationalist Party of China Chinese Nationalist Party Guomindang Farmers Bank of China cooperative Farm Credit System cooperative development chinese agricultural history

Authors and affiliations

  1. 1.Shandong University of Finance and EconomicsJinanChina
  2. 2.Cornell UniversityIthaca, NYUSA

About the authors

Hong Fu is Associate Professor at Shandong University of Finance and Economics, China. Her research interests include economic history, rural finance and crop insurance. 

Calum G. Turvey holds the W.I. Myers Professorship of Agricultural Finance in the Charles H. Dyson School of Applied Economics and Management, Cornell SC Johnson College of Business and College of Agriculture and Life Sciences, Cornell University, USA. 

Bibliographic information

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Finance, Business & Banking