China exchanged rare minerals for German technology and equipment.
1934 On August 23rd, German Finance Minister Kong Xiangxi and Hebulou Company signed the Sino-German Interchange Treaty of Raw Materials and Agricultural Products with Industry and Other Products in Guling, Lushan Mountain, also known as Hebulou Treaty. China began to exchange strategic raw materials and agricultural products such as tungsten sand and manganese sand for German industrial products, especially munitions. This barter trade treaty with complete equality and equal rights has played an important role in both China and China. Because, it solved the dilemma that international loans could not be obtained because of the civil war and huge budget deficit, which not only promoted the industrial development of China, but also provided great help for the innovation of the German army. For Germany, after the signing of the treaty, the raw materials provided by China to Germany met part of Germany's demand, making it almost unnecessary for Germany to spend huge foreign exchange to buy strategic materials in the international raw material market.