During the Republic of China, was Shanghai or Hong Kong more developed?

During the Republic of China, was Shanghai or Hong Kong more developed? Of course Shanghai!

Shanghai, referred to as "Shanghai", was one of the municipalities directly under the Central Government during the Republic of China. It was also the largest city in China, the Far East and Asia. It was known as the "Paris of the East" and was once called by Chiang Kai-shek "the most beautiful city in China and abroad." tied to".

Shanghai during the Republic of China was number one in China and even in Asia. At that time, Japan's Tokyo, Hong Kong, Singapore, etc. were not just a little bit behind Shanghai, but could not catch up. At that time, Greater Shanghai was the only world financial center in Asia. All the world's major banks, insurance companies, etc. had settled in Shanghai. Looking at the buildings on the Bund of Shanghai today, you can see the grandeur of the time when there was a lot of money and luxury! Shanghai was also an important source of national income and foreign exchange during the Republic of China, and had the reputation of being China's wallet. The Republic of China government also established Shanghai as a special city (actually a municipality directly under the Central Government). The success of all the economic policies of the Republic of China government depended on whether it could succeed in Shanghai, which fully shows the importance of Shanghai to the national economy at that time. In fact, it was China's economic leader at that time. At that time, foreigners also accounted for a high proportion of the population in Shanghai, making it a truly international metropolis.

From the second year of Xuantong (1910) to the 16th year of the Republic of China (1927), Shanghai's population increased from approximately 1.289 million to more than 2.641 million, with an average annual increase of 4.3. At the same time, population migration activities were active, and a large number of people gathered in Shanghai, which rapidly developed into the largest city in the country. After the August 13th Incident in the 26th year of the Republic of China (1937), there was a second large-scale immigration of people from other places to Shanghai. The population of Shanghai increased from 3.852 million in the 26th year of the Republic of China (1937) to 3.920 million in the 31st year of the Republic of China (1942), and to more than 5.4 million people at the beginning of the 38th year of the Republic of China (1949).

After the victory of the Anti-Japanese War, the "four banks and two bureaus" directly run by the National Government (the Central Bank, China Banking Corporation, Communications Bank, China Farmers Bank and the Central Trust and Postal Savings and Remittance Bureau) threatened its huge financial resources. The power has returned from Chongqing to Shanghai, with deposits and loans accounting for 91.7% and 93.3% of all bank deposits and total loans respectively. It also has nearly US$900 million in foreign exchange and 6 million ounces of gold (approximately US$300 million) in reserves. Foreign-funded American, British, Belgian and Dutch banks have resumed operations, with 5 American and 4 British commercial banks respectively. In May 1949, there were more than 200 Chinese and foreign financial institutions in Shanghai, including 7 state capital banks, 6 provincial and municipal banks, 5 government-commercial banks, 113 private banks, 80 banks, 5 trust companies, and foreign banks. 15 homes.

Hong Kong had a population of 500,000 in 1945. Due to the monetary policy of the Republic of China, the Nationalist Government confiscated the gold and foreign currencies of the people across the country and forced the people to exchange for legal tender that later became almost worthless due to hyperinflation. Later, with the introduction of gold yuan coupons, some wealthy people from China came to Hong Kong to hide gold and foreign currency against the government's requirements, as well as a larger group of refugees. Hong Kong almost turned into a giant refugee camp. At that time, the church, regardless of denomination, mobilized to participate in relief, provided food, clothing and quilts to refugees or victims of floods and fires, and opened churches as shelters. And provide building materials, or directly build bungalow areas and refugee camps for refugees to live in.