Banking sector in China during the Nanjing decade (1928-1937) as an example of synthesis in economic policy. The role of informal ties
The article analyzes the emergence of the Chinese banking system during the Nanjing Decade (1928-1937). Before the Nanjing Decade Chinese banking consisted of unrelated objects. Foreign banks operated in the territory controlled by the Western powers, traditional financial institutions acted in the regions, a full-fledged independent banking system operated in Shanghai, the communists issued their own currency. The author studies the development of banking system of the Republic of China and its further interaction with the real sector, considering the role of formal and informal communication channels. The role of informal practices during the implementation of the state economic policy is shown. In view of the law enforcement practice instability in regulating the interaction between the financial and real sectors of the economy, the Kuomintang Government attempted to create a new modern banking system following the Western model combining it with the institution of informal ties "guanxi". Such a synthesis was not planned, it appeared during the reform process. People close to the government, or the party were introducing into the directorates of banks. They could hold managerial positions in several banks at the same time, implementing the state industrial policy. Thus, it was possible not only to stabilize the country's financial sector, but to ensure significant progress in industry and commerce.