On May 27, 1976, a team of audio interviews sent by the Center for Asian Studies at St. John's University in the United States walked into a Chinese house in Transparo City, California. Behind this door is a celebrity who was once known as the "first financial planner", he is the brother-in-law of the talented Xu Zhimo and the banker Zhang Jiah, who was in charge of the "money box".
The old man is nearly ninety years old and still in good spirits. He gave clear answers to the 17 questions raised by the interview team. In the narration, the past surfaces in front of his eyes like a movie......
Fiscal Situation: The Prelude to the Two Financially Powerful Ages in Nanjing.
In the early spring of 1947, the peace talks between the Kuomintang and the Communist Party broke down, the CCP office in Nanjing was evacuated, and Nanjing was immersed in a cold and solemn atmosphere. Thus, the era of "two financial rights" began. The "two" are Zhang Qun, the new president of the Executive Yuan, and Zhang Jiah, the new president of ** Bank.
Although the two had the same surname, in Chiang Kai-shek's mind, the weight of the "two" was completely different. Zhang Qun is a person who is "submissive and has no trace of disobedience", while Zhang Jiah has attracted attention for his emergence in the Jiangsu-Zhejiang consortium and the introduction of the literary giant Xu Zhimo to his sister Zhang Youyi.
However, this also led to him becoming an uncontrollable figure in the eyes of Chiang Kai-shek. Under the joint efforts of his brother-in-law Kong Xiangxi and his eldest brother Song Ziwen, Zhang Jiah was kicked out of the Bank of China, which he had operated for more than 20 years.
The Road to Reform: Zhang Jiah's Fiscal Instruments.
The situation took a turn for the worse, and the Kuomintang suffered frequent military and economic defeats, and crises lurked everywhere. In order to cope with this crisis, Zhang Qun strongly recommended Zhang Jiah, so that he could once again have the opportunity to preside over finance.
Chiang Kai-shek's "money box" has been kept by Kong Xiangxi and Song Ziwen in turn. This time, Zhang Jiah was forced to make an exception, hoping to save the crisis with the help of his financial management ability.
Crisis: Zhang Jiah's financial struggle.
Zhang Jiah is well aware that the huge increase in fiscal spending will lead to a serious imbalance in fiscal revenue and expenditure, and inflation and soaring prices will spread endlessly. Even if you invite the world's best financial planners, it will be difficult to solve this problem.
He put forward a set of financial and economic reform plans, including maintaining a comprehensive balance between supply and demand, implementing a strict fiscal budget, controlling foreign exchange, controlling prices, and prohibiting speculation in foreign currencies in order to achieve the goal of curbing inflation. Chiang Kai-shek agreed to these methods.
However, the initial gains were soon swallowed up by a larger "black hole". Therefore, Zhang Jiah went to Lushan again and asked Chiang Kai-shek for the official seal of the Minister of Finance, and on this condition, he demanded that all expenditures be carried out in strict accordance with the budget, even if Chiang Kai-shek personally issued a handwritten edict on payment.
Crisis of conspiracy: The confrontation between Zhang Jiah and Chiang Kai-shek.
This approach touched Chiang Kai-shek's bottom line. In his opinion, if all expenditures were carried out according to the budget, the civil war would be unsustainable. Chiang Kai-shek, in a fit of rage, not only rejected, but even reversed the economic reform plan he had previously approved.
Zhang Jiah did not show weakness and asked for his resignation on the spot, which Chiang Kai-shek decisively accepted. As a result, the era of "two financial rights" only existed for more than a year. More than two months later, the Kuomintang introduced the Golden Yuan policy, which led to economic disaster.
Farewell to the motherland: Zhang Jiah's departure.
Utterly disappointed by the Kuomintang, Zhang Jiah returned to Nanjing, quickly handed over everything to his successor, and went to Shanghai, ending his political career. Under the long-cherished wish of enriching the people and strengthening the country, he integrated his years of experience and financial management experience into academic research, and wrote his famous work "The History of China's Inflation", which was later published in the United States.
In 1953, Zhang Jiah was hired by Yarra University in Los Angeles to lecture on the history of economic development in China, Japan, Korea and Southeast Asian countries. However, homesickness persists.
In search of his homeland: Zhang Jiah's longing for returning to China.
In the spring of 1976, Zhang Jiah quietly returned to the motherland and had friendly exchanges with senior leaders of the Communist Party of China. However, he was confined to old moral values, and he never publicly blamed Chiang Kai-shek. Even thirty years later, when St. John's University in the United States sent someone to interview him and ask him about the reasons for his financial failure, he still avoided directly attacking Chiang Kai-shek.
Forever in a foreign land: Zhang Jiah's paradise.
On October 15, 1979, Zhang Jiah died of illness in Paro, California, at the age of 90. He made a will and transported his ashes back to his homeland for burial. In his old age, he felt homesick, but he had a very light view of honor. His life is a chapter in China's economic history that cannot be ignored.
Zhang Jiah's legendary life is like a bright pearl in the long river of history, shining with the light of China's modern and modern economic changes. This article vividly depicts Chang's journey of fiscal reform during the Kuomintang period, as well as his loyalty and selfless devotion to the motherland.
The article portrays the image of Zhang Jiah as the "first financial planner", and his intelligence, extraordinary prestige and proud achievements in the field of finance and economics have attracted much attention. However, it was this independent thinking and uncompromising character that brought him into conflict with the political intrigues of the time. He dared to challenge the system of the time and put forward a set of financial reform plans in an effort to fundamentally solve the problems of state finance.
Zhang Jiah's courage and persistence in his conspiracy with Chiang Kai-shek are admirable. He insisted on spending according to the budget, unwilling to submit to scheming, and even resigned from his post because of this. This spirit of adherence to principles made him a unique figure in the political arena of the time. However, the end result was that he left ** and ended his political career. This kind of regret of not being able to get rid of political fate makes people sigh for what has happened to them.
The article reveals a different side of Zhang Jiah, who traveled to Australia to pass on his decades of experience to future generations through academic research and writing. His nostalgia and longing for the motherland, as well as his strong desire to return to his homeland in his old age, make people feel his deep feelings for his home and country. This deep attachment to the motherland made him spend his old age in longing.
Zhang's death marked the end of a prominent economist and politician. His achievements on the international stage, as well as his contributions to the history of economic development in several countries, make him a highly respected scholar. His participation in the annual meeting of the International Economic Association in Vienna, his visits to many countries in Europe and Asia, and his numerous honorary doctorates demonstrate his academic excellence.
Overall, this article presents a rich and legendary life of Zhang Jiah through vivid descriptions. His experience is not only a part of China's economic development, but also a testimony of the times that he has adhered to his ideals and beliefs. His life is not only a contribution to China's economic history, but also a celebration of human perseverance.
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