ABSTRACT
In the mid-1920s, the Chinese bourgeoisie had already taken shape with numerous industrial entrepreneurs increasing banking facilities and establishing a relatively strong private capital structure. The young bourgeoisie had clear goals with regard to developing national industries and strengthening national banking and finance. With the simultaneous emergence of widespread nationalism and anti-imperialism as well as opposition to civil war, Shanghai bankers played vigorous roles in various political movements. They called for issuing domestic bonds to repay all foreign loans, building modem banking facilities, and imitating the Japanese zaibatsu system to construct the Chinese industrial structure. They had dreamed of establishing a national capitalist society with democratic politics and a prosperous economy. They hoped to have a strong nationalist government to support the realization of this dream and to end the constant civil war among warlords that had continued for more than a decade.
