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The Hong Kong Dollar Issue in the Early Days of New China: Origin,Governance and Market Unification |
ZHOU Yun, MENG Xin-ke |
College of Marxism, South China University of Technology, Guangzhou, Guangdong, 510641 |
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Abstract Since modern times, under the influence of imperialist aggression, the Hong Kong dollar has long manipulated the Guangdong market, resulting in Hong Kong dollar problem that has plagued Guangdong for a century. The Hong Kong dollar issue is essentially an issue of economic aggression under the loss of weak sovereignty. Mainland governments of different periods tried to promulgate bans to eliminate the influence of the Hong Kong dollar in Guangdong. but the Hong Kong dollar are still hard to ban. Due to the failed monetary and financial policies of the Kuomintang regime, by the eve of the founding of New China the financial disorder and currency chaos were almost out of control.The Hong Kong dollar took advantage of its long-established credibility to stabilize the Guangdong market,which made the Hong Kong dollar a more difficult issue to resolve. The credit degree of currency is an important criterion to test whether a political party can firmly lead the political power. Under the leadership of the Communist Party of China, Guangdong launched a special and difficult Hong Kong dollar struggle from the liberated areas to the whole province since the founding of New China. In order to tackle the Hong Kong dollar problem at its root ,the CPC formulated policies of using, receiving and inflow of the Hong Kong dollar in a step-by-step and planned way, and gradually established the credibility of RMB and removed the Hong Kong dollar from the mainland through a campaign of three stages of exclusion and banning of the Hong Kong dollar, and“sending RMB to the countryside”. Through the Hong Kong dollar struggle, Guangdong not only resolved the difficult issue of the Hong Kong dollar and removed the Hong Kong dollar from the market for the first time, but also accomplished the major task of making RMB the unified currency in the market, and solved the Hong Kong dollar problem in a way of struggle and governance, demonstrating the superb ruling ability of the Communist Party of China to lead the financial work. Such fighting ideas and governance methods are still of significance to today's financial work.
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Received: 28 June 2022
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