Today in Labour History
Modern Chinese Banking
The first modern Chinese bank, the Imperial Bank of China (IBC), opened for business in Shanghai on 27 May 1897. Its birth was the result of China's new financial demands. More and more Chinese realized the superiority of industrialization over the centuries-old handicraft method of production. Unlike native handicraft workshops, modern industry needed large amounts op capital for long periods of time. The capital demand for railroad construction was even larger. The newborn Bank announced that it would not adopt old Chinese customs in running its business. The bank hired a British banker as its first general manager. The general accountant and other important positions in Shanghai and other branches were also given to foreign professionals.
Linsun Cheng, Banking in Modern China (2003) 22-25