Chang Pi-shih's twelve-point memorial for the modernization of China was a truly progressive and all-inclusive document. First submitted to the empress dowager and the Board of Trade in mid-1903, his suggestions on how China might make commerce flourish were thoroughly discussed at the highest levels. The contents ranged from a discussion of the traditional problems of agriculture to the standardization of weights and measures and on to the construction of a system of branch railroads. The twelve major topics, as presented in the original document, provide an introductory summary of the scope of the matters discussed. Chang urged:

1. I. The recruitment of merchants to undertake the management of agriculture, industry, railroads and mines.

2. II. The recruitment of merchants to promote the opening of hill land for cultivation.

3. III. Discussion of the advantages of opening the hills for cultivation.

4. IV. Discussion of the advantages of beginning mining operations in the hill lands.

5. V. The recruitment of merchants to put irrigation and water conservation schemes into operation.

6. VI. Water conservation should be planned and managed on both cultivated and uncultivated land.

7. VII. The recruitment of merchants to set up credit to the tiller associations.

8. VIII. The recruitment of merchants to begin technical operations and to hire workers.

9. IX. The recruitment of merchants to begin the management of branch railroads.

10. X. The recruitment of Chinese merchants abroad.

11. XI. The unification of units of measurement.

12. XII. Increasing the number of commercial officials in the various provinces.