Evaluation (Economic aspect)

• Promoting economic development:

  • In 1906, the Ministry of Agriculture, Industry and Commerce was set up to encourage agricultural, industrial and commercial development.
  • For instance, it set up agricultural schools to research and promote new agricultural methods.
  • Industrial promotion exhibition hall was set up to promote the products China made.
• Stagnant economic growth:

  • Most factories owned by the Chinese were small in scale.
  • They could hardly compete with the foreign businessmen.
• Promoting economic development:

  • State banks such as Ta-Ching Bank and private banks were opened to help enterprises raise capital.
  • Railways were also constructed to facilitate trading.
• Stagnant economic growth:

  • In addition, the Qing government could not abolish the unequal treaties signed with foreign powers.
  • Imported foreign products benefitted from a low tariff rate.
  • This undermined the competitiveness of local products.
  • The Qing government was troubled with high foreign trade deficit.