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An Analysis on the Factors Affecting Modern-oriented Investment in China（1903-1936）

Tao Yitao

Abstract: In this paper the factors affecting the modern-oriented In vestment in China are analyzed initially with quantitative method. Our conclusion is that the main factors affecting modern - oriented investment in China are consumption demand, exchange rate and investment inertia under the condition which Chinese investment goods manufacture was very weak and most investment goods depended on import. The elasticity coefficients of consumption demand, exchange rate and investment inertia in proper order are 0.46, -0.36 and 0.77. A comparative analysis indicates that consumption demand was a more important factor than exchange rate, and tariff had little influence on the modern-oriented investment, it proves that the tariff policy of Nanjing Government favored Chinese economy at that time.

Keywords: Modern - oriented Investment; Consumption Demand;Import; Exchange Rate; Tariff