When the shipping industry in Britain, Japan and other countries was rampant, Minsheng Shipping Company actively participated in the patriotic struggle to recover inland navigation rights. Initially, a small ship "Minsheng" with a deadweight of 70 tons was ordered from Shanghai to operate Chuanjiang passenger transport between Chongqing and Hechuan. Continue to expand business in the future. Resolutely oppose the practice that the senior crew can only be served by foreigners. First of all, all the senior crew of our company are served by China people. The system of recruitment, professional training, examination and performance appraisal, rewards and punishments was implemented for middle-level crew members, and the old rules and customs that followed the "comprador" arrangement of foreign ships at that time were abolished. All the business on board is managed by the company in a unified way, which embodies the enterprising spirit of the enterprise and strengthens its position in the competition between Chinese and foreign counterparts. From 1930 to 1935, the company bought nearly 40 ships and merged them into various shipping industries at home and abroad, and its business routes gradually extended from the corner of Chuanjiang River to the middle and lower reaches of the Yangtze River. By 1937, the company's capital has expanded to 3.5 million yuan, and the number of ships has increased to 49,18,000 tons. And gradually expand the scope of investment, start coal mining, dyeing and weaving, hydropower, shipbuilding, bank insurance and other businesses.

During the War of Resistance against Japanese Aggression period, the middle and lower reaches of the Yangtze River were occupied by the Japanese army. According to Chuan Jiangchuan, Minsheng Shipping Company saved most of the ships and became the main force of water transportation in the rear. It has played an important role in supporting War of Resistance against Japanese Aggression and maintaining wartime traffic. After the victory of the Anti-Japanese War, Minsheng Shipping Company used wartime foreign exchange accumulation and foreign loans to buy a large number of new passenger and cargo ships. In addition to restoring the Yangtze River route, coastal routes and South Beiyang routes have been opened one after another, and joint ventures have been established with Jincheng Bank for ocean transportation, with routes extending to Vietnam, Thailand, the Philippines and Japan. The number of employees has reached more than 8,000, and the number of ships has increased to 146, with more than 63,000 tons.

Minsheng Shipping Company had contact with Sichuan warlords, Kuomintang government and foreign monopoly capital during its development. But in the end, it was inevitably squeezed by bureaucratic capital and squeezed out by foreign airlines. At that time, it was hit by social and economic bankruptcy and hyperinflation and fell into a serious crisis. At the end of the 1940s, the company's business was sluggish, the passenger and cargo traffic dropped sharply, the company's own institutions were bloated, and the expenses were so large that it was heavily in debt that it had to sell part of its investment shares to maintain its operation.

After the founding of New China, the government gave strong support to Minsheng Shipping Company, lent a huge sum of money, and organized the transportation of Sichuan grain to the east (see intermodal transportation), which solved the shortage of Minsheng Shipping Company. 1 September 9521,the company implemented public-private partnership and officially changed its name to public-private partnership Minsheng Shipping Company, and transportation production continued to develop. From 65438 to 0956, after full consultation, the economic system reform was implemented, and the Minsheng Shipping Company was merged into the Yangtze River Waterway Administration.