After War of Resistance against Japanese Aggression's victory, the Japanese army withdrew from the Northeast, and the National Government began to take over all the work in the Northeast. On the economic front, in addition to rectifying the factories left over by the Japanese army and other departments, it also specially rectified the financial industry and established the Economic Committee of Northeast Aviation Institute. In terms of currency, in the northeast provinces, instead of using legal tender, northeast circulating paper money was issued to replace the Manchurian bank paper money issued by the Japanese army during the puppet Manchukuo rule.

There are profound historical reasons for the northeast to issue northeast circulation vouchers separately.

First of all, the issuance of northeast circulation notes is based on different economic and financial conditions inside and outside the customs. After Japan launched a full-scale war of aggression against China, after several major battles, such as the Battle of Songhu, the Battle of Taiyuan and the Battle of Changsha, most enterprises and factories in Shanhaiguan were destroyed by the war, and the level of productivity was devastated. Compared with the economy outside Shanhaiguan, although Japan plundered Manchuria economically, it maintained a relatively peaceful environment, and the price level and living standard were relatively stable. As far as retail price index is concerned, 1937 is 100, and 1943 is 260.8, an increase of nearly three times.

Compared with the economy inside Shanhaiguan pass, due to the need of war, the military expenditure was huge, and the national government adopted the method of issuing additional currency, which led to serious inflation and soaring prices in the Kuomintang-controlled areas. From 1937 to 100, the price index has risen to 17340, an increase of nearly 65430.

In addition to the price level, there is also a huge difference between the local and foreign currency levels. Japan fought with Manchuria and made more money in the northeast, but compared with the Kuomintang-controlled areas, the distribution speed was lower than that in the Kuomintang-controlled areas. After the fall of Northeast China, Japan supported the puppet Manchukuo government in Northeast China. In order to control the northeast finance, it issued the puppet Manchukuo bank notes, and stipulated that the exchange ratio between the puppet Manchukuo bank notes and the Japanese yen was 1: 1. As far as its issuance amount is concerned, it is in the issuance stage from 1937 to 194 1, which is 65438+. In the same period, the circulation of legal tender in Kuomintang-controlled areas has been in the stage of additional issuance. 1June, 937, the issue index of legal tender was 100, and by the end of February, 1945, the issue index was 73332, which was a serious inflation.

It is precisely because of the great difference between the economic situation inside and outside the customs that the national government considers issuing northeast circulating paper money in the northeast to ensure the relative independence of the financial situation in the northeast, so that the economy outside the customs will not be greatly affected by the economy inside the customs.

Secondly, there are personnel reasons for the issuance of northeast circulation vouchers. Shortly after Japan's surrender, the Kuomintang planned to set up a Northeast Bank in the northeast, which would have a political committee and an economic committee. In the selection of the highest candidates in Northeast China, Zhang Qun and Wu Tiecheng, heads of political departments, intended to go to Northeast China, because Zhang Qun and Wu Tiecheng went to Northeast China on 1930, striving for Zhang Xueliang's cooperation with Chiang Kai-shek, thus establishing various contacts with the dignitaries of the Northeast Army. In particular, Wu Tiecheng said: You don't know the size of China until you reach Northeast China, and you don't know the danger of China until you reach Northeast China? More aroused the * * * mood of some people in the northeast, so both Zhang Qun and Wu Tiecheng have the conditions and qualifications to go to the northeast.

But Zhang Qun was Chiang Kai-shek's right-hand man and one of the important political advisers of the Kuomintang. Whether it is an inter-party issue or a local power group, he needs to use and instigate it, and it is not convenient to leave the center for the northeast. Among the Kuomintang factions, although some people call him the political department, he has certain connections with the CC departments of the Kuomintang Yuan Laopai, Sun, etc., and plays a mediating role in factional contradictions, but he can't get rid of the post of Secretary-General of the Central Party Department of the Kuomintang for the time being.

Because of this, Chiang Kai-shek planned to appoint Zhang Zhizhong, director of the Northwest Institute, as a candidate for the post of political councilor. However, this matter was discovered by Zhang Qun, the head of the political department. Zhang Qun sought the sphere of influence for the development of the head of the political department, so he suggested to Chiang Kai-shek that the northwest is a border town in China. The situation is complicated, and it is not as smart as Zhang. It is not enough to govern the northwest at the border. what do you think?

Finally, after consideration, the highest authorities of the Kuomintang adopted Zhang Qun's opinion and appointed Xiong Shihui, recommended by Zhang Qun, as the former director of the Political Committee of Northeast China and Zhang Jiaao as the director of the Economic Committee. In order to make the influence of the Department of Political Science penetrate into the economic and financial fields in Northeast China, Zhang Jiaao, director of the Northeast Economic Commission, suggested to the Ministry of Finance that since the Soviet Union issued military tickets in Northeast China, the value of military tickets must be different from that of legal tender, and the financial and economic situation in Northeast China must be different from that in Guanzhong.

Before the central government has no way to sort out the legal tender, the Northeast issue should be temporarily independent. Zhang Jiaao's proposal was approved by Yu Hung chun, Minister of Finance, and Song Ziwen, Prime Minister of the State Council. After Zhang Jiaao arrived in the northeast, in order to expand the power of the Political Department, he made the following arrangements for the appointment of members of the Economic Committee:

He Lian is the second minister of the Ministry of Economic Affairs, Ling Hongxun is the second minister of the Ministry of Communications, Qian Tianhe is the second minister of the Ministry of Agriculture and Forestry, Pang Songzhou is the second minister of the Ministry of Food, and Huo is the representative of the general office of the joint meeting of the four banks. At the same time, in order to take into account the interests of the local forces in Northeast China, Zhang Jiaao also appointed Zhang, Qi Shiying, Ma Yi, people from Northeast China, as members of the Economic Committee.

Thirdly, the situation in Northeast China is special, so it is impossible to determine the price comparison between legal tender and forged full coupons for the time being. In order to avoid the financial confusion at the beginning of the reception, the Northeast circulation voucher was issued first, so that the circulation voucher was on an equal footing with the pseudo-Manchu currency. The exchange rate between the pseudo-Manchu coins and the legal tender can be postponed until the northeast and the mainland communicate with each other, so that the national government can have a long time to inspect the economic and financial situation in the northeast and determine the exchange rate more accurately. At this time, there are various kinds of paper money in Northeast China, such as Su tickets and fake full coupons. If legal tender suddenly circulates in the northeast, it will aggravate the financial chaos in the northeast, and the economy inside Shanhaiguan Pass is also in danger of being implicated. The issuance of northeast circulation notes will form an independent system of northeast currency, which can simplify the financial arrangements in northeast China and make the economy in Guanzhong area not affected by the northeast economy.

Finally, the interest rate in the customs is high, the amount of hot money is large, and the interest rate in the northeast is low. After the victory of the Anti-Japanese War, Northeast China urgently needed a lot of money to resume production and help industrialists and businessmen to return to work. If a large amount of funds enter the customs because of the high interest rate, it will be unfavorable to the economy inside the customs and outside the customs. The issuance of notes in circulation in Northeast China makes the monetary system in the customs different from that in the customs, and makes the national government authorities restrict the capital flow into the customs through foreign exchange control, so as to raise funds and resume production.