1932年 國民政府의 整理公債 (The Consolidation of Internal Bonds in 1932)

서지정보

· 발행기관 : 중국사학회
· 수록지 정보 : 중국사연구 / 120호 / 185 ~ 230페이지
· 저자명 : 임지환

초록

1932년의 정리공채는 국민정부와 금융계의 양보로 발행된 공채이다. 금융계가 국민정부에 양보를 해야 했던 이유는 우선 정부의존적인 은행의 성장전략을 그대로 유지해가기 위해서는 국민정부와의 우호적인 관계를 지속해야했고 또 수신확장정책으로 흡수한 엄청난 양의 자금을 효율적으로 투자하기 위해서 국민정부의 재정정책에 지속적으로 협조를 해야 했다. 국민정부는 아직 금융시장을 완전히 장악하지 못한 상황에서 금융계의 의사를 무시하고 정부의 의도대로 공채 문제를 처결하는 것은 정리공채 이후에도 지속적으로 금융계의 협조 하에 많은 공채를 발행해야했던 상황에서 금융계의 요구를 일부 수용하지 않으면 안 되었다.
정리공채이후 국민정부는 재정파탄의 위기에서 벗어날 수 있었지만 중국의 상업은행은 수익성에 있어서 커다란 손실을 감수해야했고 그에 따른 손실을 만회하기 위해 금융자금이 산업계에 침투되어 이윤추구를 시도하거나 외환이나 투기시장으로 대거 투입되는 기형적인 현상이 나타났다. 그에 따라 중국의 상공업발전에 사용되어져야할 금융자금이 왜곡되게 사용됨으로써 1930년대 중국의 상공업이 침체를 거듭하게 되는 한 원인을 제공하게 되었다.

영어초록

The Nanking government and Chinese commercial banks reached an agreement to consolidate the internal bonds in 1932, which made it possible for Nanking government to recover the financial crisis. At that time, Nanking government lunched the negotiation with Chinese commercial banks without taking full control of Chinese financial market, as a result of that Nanking government had, in the process of negotiation, to make concession to Chinese commercial banks. On the contrary, Chinese commercial banks also made financial concession to Nanking government. Chinese commercial banks had sought for banking growth by relying on the protection of Chinese government since Beiyank government times. In the course of consolidating the internal bonds, Chinese commercial banks had to meet the demand of Nanking government. Besides, that, in the early 1930s, Chinese commercial banks began to absorb a large amount of funds at high interest rate that began to concentrate on the coastal area, which caused to make their banking business worsen, due to the increasing payment of interest to receiving credit. In order to settle the financial burden, Chinese banks had to cooperate with Nanking government in coming to an agreement to consolidate the internal bonds.
The consolidation of internal bonds in1932 left a significant impact to the banking business of commercial banks; first of all, the agreement between Nanking government and Chinese commercial bank in 1932 became the main cause to decrease the banking profit of commercial banks. Second, in order to make up for the decrease of banking profit, commercial banks began to change the way to make a banking profit: they began to seek for the profit by investing on the real estate and conducting speculation in the stock market, or on the foreign exchange. Besides that, commercial banks sought for banking profit by expanding their banking funds to industrial world. In other word, they began to seek the profit by making an investment on the influential and promising enterprises or merging the insolvent enterprises. The expansion of banking funds to the industrial world caused the commercial banks to manage their loan business improperly.

참고자료

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