ABSTRACT
Political changes after the Communist Party victory on Mainland China in 1949 greatly impacted social economic and financial transformation. Based on communist ideology, the state should own the banks while the public had overall ownership.' However, the actuality of building a Chinese socialist society was different from traditional Marxist theory and the Soviet Union's initial model. It entailed balancing tradition with social consideration. Complicated and rigorous Chinese socialist transformation was taking place in the early 1950s.
