readx; From the second half of 1923 to 1929, China's economic development was not only a source of pride for the Chinese people, but also for people in other countries. But economic development is not limited to China www.biquge.info as the world's largest economy, the United States' economic development is more rapid, although the economy after World War I for a year or two of the post-war economic crisis, but the United States' economic recovery is extremely fast, of which the automobile industry can best represent the United States throughout the twenties.

By 1929, the United States had almost universalized the automobile and owned one car for every four families, a rate that most countries in the 21st century could not achieve.

Not only automobiles, but also the demand for housing and electrical products in the United States is also huge, which is mainly due to the demand for military production during World War I, which greatly compressed the demand of the American people, and this demand was quickly released in the two years after the war.

In addition to the automobile and construction industries, the electrification of the United States is also developing rapidly, China under the leadership of Chen Jingyun and the promotion of Fule Electric, the level of electrification should be said to be not bad, but compared with the United States is still far inferior, the United States has not only achieved industrial electrification, but also let a large number of electrical products enter the homes of ordinary people, not to mention the lighting products of electric lights, refrigerators, irons, electric fans, radios and other electronic products have also begun to popularize, and quickly entered the ordinary families in the United States.

The development of these industries has led to the development of a large number of basic industries, steel, chemical, petrochemical and other industries are developing rapidly, by 1929, the United States steel production has accounted for half of the world's output, automobile production accounted for 90 percent of the world's output, the huge number of cars so that the United States was already huge oil production can not be supplied, had to increase the scale of oil at the same time to Mexico a large number of imports.

The timely and naked national strength represented by these simple industrial data! If the United States before the First World War only surpassed Britain, then after the twenties, the industrial capacity of the United States has exceeded that of the rest of the world combined!

And such a global important economy in the rapid development, naturally can drive the economic development of other countries, other countries do not care, but China's economic development is deeply affected by the economic development of the United States, when the United States economy began to prosper, China's economy is also booming, exports are higher year by year, not only the traditional raw silk exports are increasing, and the export volume of some industrial products is also increasing, in the export of industrial products, Most of China's products cannot be compared with foreign products in terms of technology and quality, but they are relatively cheap in price, and they have a certain market share in the Nanyang region and in Russia and China.

Even some high-tech products have a lot of advantages in exports, such as the pharmaceutical industry, China's antibiotic products are unique in the world, antibiotics (sulfonamides) during the First World War brought countless gold foreign exchange to China, and the antibiotics were not only widely used by the Allies, but also widely used by the Entente. After the war, although sulfonamides were cracked by various countries one after another, Tongkui Pharmaceutical also applied for patents in various countries in a timely manner, so until now, China's Tongkui Pharmaceutical is still the only genuine antimicrobial manufacturer.

After antibiotics, after the successful study of penicillin in China, although the production of this product is extremely low and the price is more expensive than gold, Tongkui Pharmaceutical has also begun to withdraw in small quantities. Ordinary people naturally can't afford this kind of extremely expensive drug, but there are so many dignitaries and nobles in the world, and the demand is naturally a lot.

In addition to drugs, there are also some electrical products in high-tech products, such as the radio developed by Fule Electric occupies a large share in the United States and European markets, and the electric fans of Haifeng Electric Company are also exported to Nanyang America and Europe.

The vast majority of China's exports are digested by the U.S. market, so for China, the U.S. is not only an important import supplier, but also its most important export market. This is true not only in China, but also in China.

It is precisely because of this close emergency connection that the US economy will be able to affect China and China as soon as the wind blows.

Therefore, when the US stock market collapsed on January 18, 1929, it was not Britain, France, Germany and other European countries that were first affected, but China and China, which were separated from the United States by a Pacific Ocean.

The most direct manifestation is that the Shanghai stock market also has a large-scale crash, first of all, Fule Electric, Haifeng Electric and other enterprises with many industrial exports of the stock plummeted, this decline is even irrational under the psychology of people's follow-the-trend, no matter what, the normal price of the stock price of Fule Electric should be between 80 and 100 yuan, but the irrationality of the market is that the stock price of Fule Electric fell below the issue price, and directly fell more than 60 yuan in one breath.

After the industrial enterprises were affected, the stock prices of raw silk-related companies with the U.S. market as the main export market also fell in response, if it was only one or two, but this was a decline in the entire industry, so it quickly affected other industries, and the stock prices of the steel, chemical and even oil industries were rapidly shrinking.

In just one month, the paper wealth in the Shanghai stock market has shrunk by 30 percent, and this shrinkage has caused many financial investment companies to go bankrupt, and the bankruptcy of banks and fund companies has caused panic among ordinary people, so all kinds of bad chain reactions have erupted.

Nanjing Presidential Palace, Zheng Zuyin looked at the report provided by the Department of Economic Development, his face was very deep, this sudden economic crisis caught Zheng Zuyin a little off guard, at the beginning of the Shanghai stock market collapsed, Zheng Zuyin also attached great importance to it, the political axe side has publicly declared that China's economy is developing well several times in a row, this time the stock market turmoil was affected by the United States, but it will not cause much crisis for China's overall economy.

However, the guarantee of the political axe did not dispel the people's sense of crisis, queuing up to withdraw money is only one of them, and what really plunged China's economy into crisis was that after the people heard the news of the economic crisis, they hid their money well and reduced their spending. Chinese originally had the habit of saving money, in order to let the Chinese people open the money bag, these years those domestic enterprises have spent a lot of thought, and now it can be said that overnight back to the early years of reunification, people's consumption expenditure was rapidly compressed, and what does this compression represent?

It represents the shrinking of China's domestic demand!

Although China's import and export economy is also important, it is far less important than its own economy, and domestic demand is the foundation of China's economy. At first, the month was fine, but in March 1929, due to the backlog of a large number of products, the capital chain of some enterprises began to break, and the crisis of major entities further affected the financial industry, which was already far away.

You must know that in the great economic development of China in the past few years, basically every enterprise is carrying out large-scale expansion, and they will definitely not be able to do it with their own funds, and basically most enterprises need to rely on bank loans for expansion. Now that these companies are in crisis, there is a high risk that these loans will turn into bad debts and the banks will probably lose all their money.

"Now the southeast bank is already very dangerous, affected by the economic crisis in the United States, the United States has canceled a large number of raw silk orders, and now their various raw silk enterprises have squeezed a large number of raw silk, although they have tried to open up the market in Europe, but now the situation in Europe is not much better than ours, and it is not so easy to create a market! If this continues, it will not only hit China's raw silk industry hard. I'm afraid it will also have a serious social impact! Although Liu Dajun is a veritable economist, he is also at a loss for the current situation.

Zheng Zuyin was also extremely depressed, and sighed: "The Southeast Bank side will hold on no matter what, if their money is tight, you can discuss with Director Ma of the Ministry of Finance to see if you can provide them with a loan from the central bank!" ”

Although the important surname of Southeast Bank is not as good as Huaxia Bank, it is also one of the largest banks in China, and if it goes bankrupt, it will not only affect a bank, but also many enterprises related to Southeast Bank, and more importantly, it will also absorb the deposits of countless people. If these depositors know that their money is about to come to naught and cannot be withdrawn, it will not be an economic crisis, but a riot.

Therefore, the Southeast Bank cannot fail, but they are in a hurry, so in this case, the political axe has to intervene, and the means of intervention are also simple, directly provide emergency loans to the Southeast Bank!

While the political axes are ready to help the financial industry through the storm, their actions are extremely limited in the economic crisis that has spread to the world.

In 1929, China had entered an era of economic turmoil, the major factories in the Yangtze River Delta were shut down one after another, and some of the start-up enterprises were not as operating as half of last year's operating rate. Taking ordinary workers as an example, in the second half of 1928, although a female worker in a nest silk factory worked day and night, her monthly income could reach 8 yuan, while the monthly salary of a skilled worker in a machine factory could reach more than 15 yuan. However, up to now, it would be good for the female workers of the nest silk factory to get three or four yuan a month, which does not mean that the company has deducted their wages, but the operating rate is seriously insufficient, and they will naturally not get their previous wages if they do not go to work.

After the general decline in the income of urban residents, the consumption level of the city continues to decrease, and the profits of enterprises will also decrease when the consumption level decreases.

When urban dwellers began to lose their jobs and began to have insufficient money to support themselves and their families, even in the countryside there was a certain amount of volatility, although most of the peasants were self-sufficient, but they also needed to exchange agricultural products for some consumer goods, such as cloth and kerosene lamps. When the consumption level of urban residents decreased, peasants' chickens, ducks, grain, and other agricultural products could not be sold, and even if they could be sold, it would be cheap, and they could not buy consumer goods without enough money, and soap, cloth and other products have always been the pillars of China's textile and chemical industries. When the consumption power of the rural areas drops sharply along with the consumption of the cities, the blow to these domestic enterprises is even more severe.

After a whole year has passed, even if Zheng Zuyin has been disgusted and bloody for the past year, a large number of political axe officials have been working hard to save the economy almost every day, but it has not improved at all.

And at a time when this situation is turbulent, China is also ushering in the fourth congress and presidential election!