Foreign Banks and Global Finance in Modern China: Banking on the Chinese Frontier, 1870–1919. By GhassanMoazzin, Cambridge: Cambridge University Press, pp. 352. ISBN 9781009037891. Hbk £75
本书以德华银行为例，分析了外国银行在晚清至民国初年中国金融转型中的角色，揭示了中外行为体共同塑造金融活动的复杂历史，适合研究中国金融史、近代经济史的学者参考。
Moazzin's Foreign Bank and Global Finance in Modern China: Banking on the Chinese Frontier 1870–1919 offers readers a comprehensive and critical analysis of the Deutsch Asiatic Bank (DAB) and its pivotal role within the broader canvas of China's financial transformation from the late Qing dynasty to the early Republic. He contends that foreign banks, exemplified by the DAB, acted as ‘intermediaries in the internationalization process, with Chinese actors playing an active role in shaping their operations’ (p. 3). Contrary to simplistic portrayals in existing literature, often subscribing to either the Western shock theory or viewing foreign banks solely as imperialistic exploiters, Moazzin's meticulous examination of multilingual archival sources reveals a more nuanced reality. In the first chapter, Moazzin outlines the motivations and challenges faced by German bankers when venturing into East Asia. In the eyes of German bankers, East Asia products, ‘were very manifold and of great trade value… [East Asia] possessed 450 million inhabitants and richness of mines of all kinds’ (p. 27). However, British banks such as Jardine and HSBC had already established dominance in East Asia. Moazzin skilfully weaves together economic, political, and historical threads to explain how German bankers, driven by economic woes at home and bolstered by Chinese reformers’ ambitions, entered the Chinese market to break British dominance during a crucial period of foreign loan demand in the 1880s. His portrayal of the German government's active role in supporting the DAB, from oversight of appointing chairmen to negotiation of loans with the Chinese government, sheds new light on the strategies of German bankers and politicians conducting business in China. Chapters two to four provide a fascinating examination of the multifaceted business activities of the DAB, ranging from commercial banking to credit provision to local banks and government financing for national debt and railway construction. Moazzin introduces the concept of the ‘frontier zone’ where foreign banks operated, although some clarity and further elaboration on this concept would be beneficial. The idea of a frontier zone could refer to a physical location such as the treaty ports where the banks were located with a different set of laws. Alternatively, it could signify a metaphysical place carved out by foreign banks for the Qing government to borrow money. Moazzin's investigations into the frontier zone effectively illuminate the relationship between DAB and the Chinese government. However, a deeper exploration of their interactions with other foreign banks would enhance our understanding of the dynamics within this financial frontier zone. Chapters five and six delve into the political upheaval faced by the Qing government in 1911, followed by the outbreak of World War I in 1914. These chapters underscore the intertwined nature of politics and banking. Despite foreign bankers reaching an agreement with the new Republican government regarding Qing foreign debts, DAB could not evade further turmoil. World War I spelled the inevitable demise of DAB as China aligned with the Allies, ceasing all loan and indemnity payments to Germany and DAB (p. 256). The bankers had to hide in monasteries to avoid being caught by the government. In a broader context, Moazzin's work significantly enriches the relatively sparse English-language literature on China's foreign banking history. Previous studies often presented one-sided perspectives or relied solely on sources from the foreign bank's home country. Moazzin's findings resonate not only with historians exploring China's financial history, but also with those interested in broader debates such as the Great Divergence, the 1911 revolution, international banking during World War I, and the first wave of globalization. One area where Moazzin could further engage with these debates is by contextualizing and positioning his findings within the broader literature concerning global financial history and China's long-term economic development. Such contextualization would provide readers with a more comprehensive understanding of the significance of his research in the larger landscape of historical scholarship. Moazzin's research in Foreign Bank and Global Finance in Modern China provides valuable insights into China's financial development during a crucial historical era. He presents a nuanced view of the involvement of international banks within China. Moazzin's book stands as a solid contribution to Chinese financial history during the latter part of the nineteenth and early twentieth centuries. The thoroughness of his investigation and masterfulness of his analysis made this book not only a scholarly resource, but also an intriguing option for individuals interested in the intricate dynamics of finance, politics, and historical transformation in China's modernization journey.