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《Crossroads:Southeast Asian Studies》 2018-04
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Node City and Overseas Chinese Remittances in Modern Times

Yuan Ding;  
In modern Chinese history,overseas remittance played an extremely important role to the economy of China,especially to its southern region. Overseas remittance from North American Chinese laborers and expatriates had contributed half of the total remittances to mainland China in modern history. Thus,it played an important role in modern Chinese economy,consisting of one of the major sources of foreign exchange of Guangdong province and even the whole nation. Due to the absence of official Chinese institutes,the operation of overseas remittance in North America relied mainly on individual Chinese entrepreneurs and private enterprises and manifested in the business of runners(parallel goods traders),Pichu(overseas mailing agencies),and Gold Mountain trading firms,whose remittance business was strongly profit-driven. In more recent history,overseas Chinese in North America creatively developed the method of remittance via bank draft. With the accessibility of Gold Mountain trading firms and private banks in numerous places,and Hong Kong as the center of circulation,the draft could be circulated domestically and cashed overseas. This method of foreign exchange protected the interests of overseas Chinese and their families to the maximum and was very popular. However,overseas remittances circulated in China by way of private business or similar cases evaded the government's financial regulation and obviously undermined the government's interest. The Chinese government since the late Qing Dynasty had lost a lot of foreign exchange,which led to its financial crisis and chaotic currency circulation in coastal areas and hometowns of overseas Chinese.These were the side effects brought by private remittances in modern Chinese history.
【Fund】: 中共广东省委宣传部课题“广东自贸区在海上丝绸之路建设中的节点作用”(项目编号:2016A3)的阶段性研究成果
【CateGory Index】: D634
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