The economic crisis of 1929 refers to the economic crisis of 1929- 1933, which is unprecedented in the capitalist world. In China, it was the time when national capitalists flourished, when the American economy collapsed and the Great Depression. China has intensified the development of national capital, and the Nanjing government has given special support to the ethnic groups in Jiangsu and Zhejiang provinces, especially in the textile and manufacturing industries.

Compared with World War I, it increased by 187%. The government also used the depreciation of the US dollar, the British pound and other currencies to repay the foreign debts owed by Beiyang in large quantities. By the end of 1932, the foreign debt owed by Beiyang government had been basically paid off. And also bought a large number of production equipment, so that China's industry has a certain development.

The development and rise of China caused anxiety in Japan, and the influence of the Great Depression also spread to Japan. In order to spread the influence, suppress the development of China and further expand it, the Japanese took the opportunity to create the 9. 18 incident. The Great Depression was an important factor of rural collapse, industrial depression, real estate depression and financial panic in China.

The implementation of the American Silver Purchase Act from 65438 to 0934 caused the price of silver to rise sharply. The rising price of silver (the appreciation of local currency is equivalent to the appreciation of RMB now) leads to the lack of competitiveness of China's commodity exports, the small-scale peasant economy is on the verge of bankruptcy, and the urban industry is depressed. A large amount of silver flowed out, gradually forming a trade deficit.

Extended data

The universal influence of the Great Depression on the world led to:

1, which improves the government's policy participation in the economy, that is, Keynesianism.

2. Strengthen economic nationalism in the form of tariffs.

3. Aroused the romantic-totalitarian political movement (such as Nazi Germany) as a substitute for productism, and the politics of continental Europe and Latin American countries gradually turned right between 1932 and 1938.

In order to get rid of the Great Depression, Germany and Japan embarked on the road of foreign aggression, expansion and fascism.

The rise of dictators such as Adolf Hitler and tojo hideki indirectly led to the outbreak of World War II.

6. It provided a favorable period for the industrial development of the Soviet Union.

Baidu Encyclopedia-Great Depression