What is the history of financial development in New China?

The financial industry in New China originated from the revolutionary base areas. The earliest financial institutions were rural credit cooperatives in Guangdong, Hunan, Jiangxi, Hubei and other places during the First Revolutionary Civil War, and the first farmers' bank in Chaishanzhou Special Zone, Hengshan, Hunan Province, founded by farmers' associations in February. With the development of revolutionary war, rural credit cooperatives and banks have been established in various revolutionary base areas. 1 948 65438+February1,People's Bank of China was established in Shijiazhuang, Hebei.

After the founding of New China, banks in revolutionary base areas and liberated areas were gradually merged into the People's Bank of China. The government confiscated the bureaucratic capital bank of the Kuomintang and carried out socialist transformation of the private financial industry. On this basis, establish a highly centralized and unified national banking system. At the same time, the government mobilized and organized farmers to establish a large number of rural collective credit cooperatives in the vast rural areas, and made them play the role of national banks in rural grass-roots institutions. The combination of highly centralized "unified" national banking system and numerous rural credit cooperatives was the most remarkable feature of China's financial industry in 1950s and 1970s.

Since 1979, China has started the financial system reform. The People's Bank of China got rid of the specific industrial and commercial credit business and began to exercise the functions of the central bank; National specialized banks were established one by one; Insurance companies are re-established and vigorously develop domestic and foreign businesses; Joint-stock comprehensive banks and regional banks began to be established; A large number of trust and investment institutions have developed; Leasing companies, finance companies, urban credit cooperatives, cooperative banks, securities companies, stock exchanges, credit rating companies, Sino-foreign joint venture banks and foreign banks have all developed to a certain extent, forming a modern financial system with professional banks as the main body, central banks as the core, and various banks and non-bank financial institutions coexisting.

Financial industry refers to banks and related capital cooperatives, as well as insurance industry. Except for industrial economic activities, all other economic-related activities are financial industry.

Financial industry refers to a special industry dealing in financial commodities, including banking, insurance, trust, securities and leasing.