Formation and Development of Modern Shanghai's Financial Center

Author: Chen Zengnian
Publisher:
Publishing Date: 2006-10-01
Features: After Chen Zengnian's continuous effort in enriching materials, meticulous research, and diligent revision, the book "The Formation and Development of Modern Shanghai as a Financial Center" is finally ready for publication. As a close friend and colleague of his for nearly three decades, I am very happy about this. The book focuses on the formation and development of the three major financial forces in modern Shanghai. These three forces are money houses, foreign banks, and Chinese banks. By the 1920s, a group of new Chinese banks in Shanghai had developed into modern banks that combined the strengths of Western banks with Chinese characteristics, surpassing both foreign banks and money houses in terms of strength. By the early 1930s, Shanghai had become the central hub for the headquarters of important financial institutions across the country, with over 80% of the nation's renowned banks establishing their headquarters there, solidifying Shanghai's status as a financial center. In the book, the article "Information Management of Shanghai Commercial & Savings Bank—The Business Philosophy of Modern Chinese Banker Chen Guangfu" co-authored by Chen Zengnian and his son-in-law Gu Baorong highlights how the early Chinese "returnee" Chen Guangfu advocated the spirit of "serving society" and "continuous reform," establishing a relatively comprehensive information network. Through strengthening research and surveys, he implemented scientific management, driving the bank's business forward. Indeed, Chen Guangfu was regarded as the "most important department" by the investigation department of the bank. The elaboration and analysis by Chen and Gu on this topic also provide us with new materials and perspectives, making it worth reading.