Hostname: page-component-cd9895bd7-q99xh Total loading time: 0 Render date: 2024-12-23T09:49:43.908Z Has data issue: false hasContentIssue false

Government Control, Transaction Costs and Commitment Between the Hong Kong and Shanghai Banking Corporation (HSBC) and the Chinese Government

Published online by Cambridge University Press:  18 February 2015

Abstract

We use the tools of transaction cost politics (TCP) developed from transaction cost economics and economic analysis, to analyze the business relationship building between the Hongkong and Shanghai Banking Corporation (HSBC), the largest and most successful foreign bank in China, and the Chinese government between 1949 and 1978. We demonstrate the value of the TCP-based approach to evaluating the specialized governance structure of commitment built on mutual dependency. In particular, we identify several transaction attributes that give rise to hazards: transaction uncertainty, the role of the government in the economy, and the strength of the supporting coalition. Our analysis also confirms that commitment built on the mutual dependency between the international company and the local authorities and between the international company's home country authorities and the local authorities did reduce the company's transaction costs by guarding against the local authorities' opportunism.

Type
Articles
Copyright
Copyright © The Author(s) 2008. Published by Cambridge University Press on behalf of the Business History Conference. All rights reserved.

Access options

Get access to the full version of this content by using one of the access options below. (Log in options will check for institutional or personal access. Content may require purchase if you do not have access.)

References

Bibliography of work cited

Allen, George C. and Donnithorne, Audrey G. Western Enterprise in Far Eastern Economic Development: China and Japan. London: Allen & Unwin, 1954.Google Scholar
Boardman, Robert. Britain and the People’s Republic of China 1949–74. London:Macmillan, 1976.Google Scholar
Clayton, David. Imperialism Revisited. London: Macmillan, 1997.Google Scholar
Dayer, Roberta A. Bankers and Diplomats in China 1917–1925. London: Frank Cass, 1981.Google Scholar
Hooper, Beverly. China Stands Up: Ending the Western Presence 1948–1950. London: Allen & Unwin, 1986.Google Scholar
Hsu, Immanuel C.Y. The Rise of ModernChina. New York: Oxford University Press, 1990.Google Scholar
Jain, Jagdish P. China in World Politics. New Delhi: Radiant Publishers, 1976.Google Scholar
Ji, Zhaojin. A History of Modern Shanghai Banking. London: M.E. Sharpe, 2003.Google Scholar
King, Frank H.H. The History of the Hongkong and Shanghai Banking Corporation. Vol. 4. Cambridge: Cambridge University Press, 1991.Google Scholar
Kuan, Ta-tung. The Socialist Transformation ofCapitalist Industryand Commerce in China (Peking: Foreign Languages Press, 1960).Google Scholar
Luard, Evan. Britain and China. London: Chatto & Windus, 1962.Google Scholar
MacFarquhar, Roderick and Fairbank, John K., eds. The Cambridge Historyof China. Vol. 14. London: Cambridge University Press, 1987.Google Scholar
Nozawa, Yutaka, ed. Monetary Reform in China and International Relations. Tokyo: University of Tokyo Press, 1981.Google Scholar
Schenk, Catherine. Hong Kong as an International Financial Centre: Emergence and Development 1945–1965. New York: Routledge, 2001.Google Scholar
Shai, Aron. The Fate of British and French Firms in China, 1949–54. London: Macmillan, 1996.Google Scholar
Shao, Wenguang. China, Britain and Businessmen. London: Macmillan, 1991.Google Scholar
Sheehan, Brett. Trust in Troubled Times. London: Harvard University Press, 2003.Google Scholar
Translation of Kuang-chou, . Chinese People’s Association for Foreign Cultural Relations. Canton: Kuang-chou Literary Press, 1959.Google Scholar
Williamson, Oliver E. The Economic Institutions ofCapitalism: Firms, Markets, Relational Contracting. New York: Free Press, 1985.Google Scholar
Young, Arthur N. China’s Wartime Finance and Inflation 1937–1945. Cambridge: Harvard University Press, 1965.Google Scholar
Zedong, Mao. Mao Zedong Xuanji [In Chinese]. Vol. 4. Beijing: Renmin chuban she, 1969.Google Scholar
Zedong, Mao. Selected Works of Mao Tse-Tung. Bombay: People–s Publishing House, 1954.Google Scholar
Blois, Keith. “Vertical Quasi-Integration,Journal of Industrial Economics 20 (1972): 165–6.Google Scholar
Coase, Ronald C. “The Nature of the Firm,Economica N.S. 4 (1937): 386405.Google Scholar
Coase, Ronald C. “British Policy in Asia,Far Eastern Economic Review (1951): 559.Google Scholar
Henisz, Witold J. and Zelner, Bennet A., “Explicating Political Hazards and Safeguards: A Transaction Cost Politics Approach,Industrial and Corporate Change 13 (2004): 901–15.Google Scholar
Henisz, Witold J. and Zelner, Bennet A., “ Hongkong-China Relations,Far Eastern Economic Review (1952): 564.Google Scholar
Henisz, Witold J. and Zelner, Bennet A., “Hongkong and Anglo-Chinese Relations,Far Eastern Economic Review. (1950): 153.Google Scholar
Geoffrey, Jones. “International Financial Centres in Asia, the Middle East and Australia; A Historical Perspective.” In Finance and Financiers in European History, 1880–1960, ed. Youssef, Cassis. Cambridge: Cambridge University Press, 1992.Google Scholar
Lo, H. “Communist China’s Foreign Trade.“ In Communist China 1949–1959. Vol. 3, ed. Union Research Institute. Hong Kong: Union Research Institute, 1961.Google Scholar
Morse, Arthur. “Statement by the Chairman of the Board of Directors at the Ordinary Yearly General Meeting of Shareholders on March 10, 1950.Far Eastern Economic Review. (Suppl.) 1950.Google Scholar
Schenk, Catherine. “Banks and the Emergence of Hong Kong as an International Financial Center,Journal ofInternational Financial Markets, Institutions and Money 12 (2002): 321–40.Google Scholar
Watt, Donald C. “Britain and the Cold War in the Far East, 1945–58.” In The Origins of the Cold War in Asia, eds. Yonosuke, Na-gai and Akira, Iriye. Tokyo: University of Tokyo Press, 1977.Google Scholar
Williamson, Oliver E. “Economics and Organisation: a Primer,California Management Review 2 (1996): 131–46.Google Scholar
Wu, Francis. “The Banking Industry in China Today,Far Eastern Economic Review. (1950): 401.Google Scholar
Government Administrative Council. “Regulations of the Government Administrative Council of the Central People’s Government Regarding the Repayment of Unpaid Sums Deposited with Financial Enterprises before Liberation,” in Collection of Financial Laws and Regulations. [In Chinese.] (Peking: People’s Bank of China, 1953).Google Scholar
China Association. Minutes and Circulars: Memorandum for the press regarding the situation in Shanghai, August 4,1949 (London: China Association).Google Scholar
BE, EC5/435, Telegram from R. Black, March 12, 1958. FCO 21/96, Confidential.Google Scholar
FCO 21/97, China’s Economic Links with the United Kingdom by F. Figgures, August 30, 1967.Google Scholar
FCO 21/99 “China’s Place in U.K.’s East-West Trade,” Trade Partners, July-August, 1968, 3.Google Scholar
FO 371/83345/40, memorandum by the British Chamber of Commerce, Shanghai, March 1950, enclosed in a letter from British Chamber of Commerce to China Association, April 1, 1950.Google Scholar
FO 371/99299, “Agency Agreement,” February 11, 1950; Customer Accounts by J. R. Jones, April 2, 1952; letter W. T. Yoxall to A. Morse, January 10, 1952.Google Scholar
FO 371/99304, Pre-war Deposits; letter E. W. Jeffery to C. T. Crowe, December 31, 1951; Minutes by J. Drinkall, January 18, 1952; Minutes of British Banks in China by J. Drinkall, February 6, 1952.Google Scholar
FO 371/99305, letter A. Morse to S. A. Gray, January 18, 1952; letter A. Morse to S. A. Gray, January 24, 1952; letter W. T. Yoxall to L. H. Lamb, February 29, 1952.Google Scholar
Minutes by J. K. Drinkall, January 18, 1952; letter L. H. Lamb to R. H. Scott, March 15,1952; letter Shanghai Consulate-General to the Chancery, February 5, 1952; letter W. T. Yoxall to L. H. Lamb, February 29, 1952.Google Scholar
FO 371/108085, Aide Memoire, Ref: 1110/6/53; Re-payment of Pre-war Deposits with British Banks in China.Google Scholar
FO 371/108086, Telegram from Peking to Foreign Office, No. 422, July 9,1953. Foreign Office telegram No. 495 to Peking, September 24, 1953; Telegram from Peking to Foreign Office No. 523, September 5, 1953.Google Scholar
FO 371/108087, from Peking to Foreign Office, No. 637, October 22, 1953.Google Scholar
FO 676/470, Telegram from Foreign Office to London Office of HSBC, No. 48, January 29, 1954.Google Scholar
HSBC Annual Report 1968.Google Scholar
HSBC Archive reference 1641/017, F. Black, Oral History Interview, June 23, 1980.Google Scholar
HSBC Archive reference 1641/018, O. P. Edwards, Oral History Interview,September 22, 1980.Google Scholar
HSBC Archive reference 1641/020, W. A. Stewart, Oral History Interview, December 18, 1980.Google Scholar
HSBC Archives, Chairman File 2, letter M. Turner to S. Gray, July 6, 1954; Report on Visit to Peking by F. Black, December 10, 1954.Google Scholar
HSBC Archives, Chairman File 3, Press Release by China Association, June 7, 1950; Talk with Sir Zsler Dening, November 2, 1950, 3; Telegram from British Chamber of Commerce Shanghai to the China Association, November 18, 1950.Google Scholar
HSBC Archives, Chief Managers S/O T. B. No. 8, letter A. Morse to S. Gray, July 17, 1952; letter A. Morse to S. Gray, October 31, 1952; letter S. Gray to A. Morse, July 11, 1952; letter W. Yoxall to A. Morse, June 14, 1952; letter W. Yoxall to A. Morse, July 8,1952; Peking Telegram No. 549, July 7, 1952; letter A. Morse to S. A. Gray, July 17, 1952; letter M. W. Turner to Zhou Enlai, June 12,1953; letter S. A. Gray to A. Morse, July 26,1952; Memorandum by W. T. Yoxall, June 29, 1953; Aide Memoire: The Mercantile Bank of India Ltd. to The Under Secretary of State for Foreign Affairs, April 13, 1953; British Trade in China, Peking Telegram No. 549, July 7, 1952; Draft of Termination of Services of Employees and Workers to Tientsin Military Control Commission by Jardines, An Lee Export Company, the Chartered Bank, and HSBC, September 16, 1952; Joint letter of protest by the three British Banks to Foreign Office, April 15, 1953; letter Foreign Office to W. R. Cockburn, May 18, 1953; letter W. T. Yoxall to A. Morse, July 30, 1952; letter W. T. Yoxall to M. W. Turner, April 26, 1953.Google Scholar
HSBC Archives, Chief Managers S/O T. B. No. 10, letter M. W. Turner to S. A. Gray, July 4,1953; letter M. W. Turner to S. A. Gray, May 18,1954; letter M. Turner to S. Gray, May 18, 1954; memorandum attached to letter W. Yoxall to M. Turner, May 18, 1954; memorandum attached to letter M. Turner to W. Yoxall, February 9, 1954. HSBC Archives, Chief Manager S/O T/B No. 13, letter W. T. Yoxall to G. H. Stacey, April 1, 1955; letter W. T. Yoxall to G. H. Stacey, April 19, 1955. HSBC Archives, Chief Managers S/O T. B. No. 21, Report on Visit to Peking by F. C. B. Black enclosed by letter G. H. Stacey to S. A. Gray, December 10, 1954.Google Scholar
HSBC Archives, Chief Managers, S/O T/B No. 23, letter J. A. H. Saunders to G. O. W. Stewart, March 28, 1962. HSBC Archives, GHO 154, letter A. Morse to W. T. Yoxall, December 11, 1951; letter F. C. B. Black to J. H. Raikes, May 13, 1953; letter W. T. Yoxall to A. Morse, August 13, 1952; letter W. T. Yoxall to A. Morse, December 26, 1951; letter W. T. Yoxall to O. Skinner, December 31, 1954; letter W. T. Yoxall to O. Skinner, October 11, 1954; Provisional Regulations Governing the Control over Foreign Exchange in the East China Region, June 3, 1949.Google Scholar
HSBC Group Archives, GHO 156, letter F. C. B. Black to W. A. Stewart, September 2, 1959.Google Scholar
HSBC Group Archives, GHO 157, letter W. A. Stewart to F. J. Knightly, August 7, 1963; Shanghai Office — Closure, March 1962; Shanghai Office 1960–1963, Memorandum Presented to the Board at a Meeting on March 20, 1962.Google Scholar
HSBC Group Archives, GHO 236, Half-Yearly Report 1956–1967.Google Scholar
HSBC Group Archives, SHG741.8, letter W. T. Yoxall to Adamson, February 27, 1951.Google Scholar
HSBC Group Archives, SHGII 958, Announcement by the Bank of China, Shanghai, March 29, 1951.Google Scholar
Allen, George C. and Donnithorne, Audrey G. Western Enterprise in Far Eastern Economic Development: China and Japan. London: Allen & Unwin, 1954.Google Scholar
Boardman, Robert. Britain and the People’s Republic of China 1949–74. London:Macmillan, 1976.Google Scholar
Clayton, David. Imperialism Revisited. London: Macmillan, 1997.Google Scholar
Dayer, Roberta A. Bankers and Diplomats in China 1917–1925. London: Frank Cass, 1981.Google Scholar
Hooper, Beverly. China Stands Up: Ending the Western Presence 1948–1950. London: Allen & Unwin, 1986.Google Scholar
Hsu, Immanuel C.Y. The Rise of ModernChina. New York: Oxford University Press, 1990.Google Scholar
Jain, Jagdish P. China in World Politics. New Delhi: Radiant Publishers, 1976.Google Scholar
Ji, Zhaojin. A History of Modern Shanghai Banking. London: M.E. Sharpe, 2003.Google Scholar
King, Frank H.H. The History of the Hongkong and Shanghai Banking Corporation. Vol. 4. Cambridge: Cambridge University Press, 1991.Google Scholar
Kuan, Ta-tung. The Socialist Transformation ofCapitalist Industryand Commerce in China (Peking: Foreign Languages Press, 1960).Google Scholar
Luard, Evan. Britain and China. London: Chatto & Windus, 1962.Google Scholar
MacFarquhar, Roderick and Fairbank, John K., eds. The Cambridge Historyof China. Vol. 14. London: Cambridge University Press, 1987.Google Scholar
Nozawa, Yutaka, ed. Monetary Reform in China and International Relations. Tokyo: University of Tokyo Press, 1981.Google Scholar
Schenk, Catherine. Hong Kong as an International Financial Centre: Emergence and Development 1945–1965. New York: Routledge, 2001.Google Scholar
Shai, Aron. The Fate of British and French Firms in China, 1949–54. London: Macmillan, 1996.Google Scholar
Shao, Wenguang. China, Britain and Businessmen. London: Macmillan, 1991.Google Scholar
Sheehan, Brett. Trust in Troubled Times. London: Harvard University Press, 2003.Google Scholar
Translation of Kuang-chou, . Chinese People’s Association for Foreign Cultural Relations. Canton: Kuang-chou Literary Press, 1959.Google Scholar
Williamson, Oliver E. The Economic Institutions ofCapitalism: Firms, Markets, Relational Contracting. New York: Free Press, 1985.Google Scholar
Young, Arthur N. China’s Wartime Finance and Inflation 1937–1945. Cambridge: Harvard University Press, 1965.Google Scholar
Zedong, Mao. Mao Zedong Xuanji [In Chinese]. Vol. 4. Beijing: Renmin chuban she, 1969.Google Scholar
Zedong, Mao. Selected Works of Mao Tse-Tung. Bombay: People–s Publishing House, 1954.Google Scholar
Blois, Keith. “Vertical Quasi-Integration,Journal of Industrial Economics 20 (1972): 165–6.Google Scholar
Coase, Ronald C. “The Nature of the Firm,Economica N.S. 4 (1937): 386405.Google Scholar
Coase, Ronald C. “British Policy in Asia,Far Eastern Economic Review (1951): 559.Google Scholar
Henisz, Witold J. and Zelner, Bennet A., “Explicating Political Hazards and Safeguards: A Transaction Cost Politics Approach,Industrial and Corporate Change 13 (2004): 901–15.Google Scholar
Henisz, Witold J. and Zelner, Bennet A., “ Hongkong-China Relations,Far Eastern Economic Review (1952): 564.Google Scholar
Henisz, Witold J. and Zelner, Bennet A., “Hongkong and Anglo-Chinese Relations,Far Eastern Economic Review. (1950): 153.Google Scholar
Geoffrey, Jones. “International Financial Centres in Asia, the Middle East and Australia; A Historical Perspective.” In Finance and Financiers in European History, 1880–1960, ed. Youssef, Cassis. Cambridge: Cambridge University Press, 1992.Google Scholar
Lo, H. “Communist China’s Foreign Trade.“ In Communist China 1949–1959. Vol. 3, ed. Union Research Institute. Hong Kong: Union Research Institute, 1961.Google Scholar
Morse, Arthur. “Statement by the Chairman of the Board of Directors at the Ordinary Yearly General Meeting of Shareholders on March 10, 1950.Far Eastern Economic Review. (Suppl.) 1950.Google Scholar
Schenk, Catherine. “Banks and the Emergence of Hong Kong as an International Financial Center,Journal ofInternational Financial Markets, Institutions and Money 12 (2002): 321–40.Google Scholar
Watt, Donald C. “Britain and the Cold War in the Far East, 1945–58.” In The Origins of the Cold War in Asia, eds. Yonosuke, Na-gai and Akira, Iriye. Tokyo: University of Tokyo Press, 1977.Google Scholar
Williamson, Oliver E. “Economics and Organisation: a Primer,California Management Review 2 (1996): 131–46.Google Scholar
Wu, Francis. “The Banking Industry in China Today,Far Eastern Economic Review. (1950): 401.Google Scholar
Government Administrative Council. “Regulations of the Government Administrative Council of the Central People’s Government Regarding the Repayment of Unpaid Sums Deposited with Financial Enterprises before Liberation,” in Collection of Financial Laws and Regulations. [In Chinese.] (Peking: People’s Bank of China, 1953).Google Scholar
China Association. Minutes and Circulars: Memorandum for the press regarding the situation in Shanghai, August 4,1949 (London: China Association).Google Scholar
BE, EC5/435, Telegram from R. Black, March 12, 1958. FCO 21/96, Confidential.Google Scholar
FCO 21/97, China’s Economic Links with the United Kingdom by F. Figgures, August 30, 1967.Google Scholar
FCO 21/99 “China’s Place in U.K.’s East-West Trade,” Trade Partners, July-August, 1968, 3.Google Scholar
FO 371/83345/40, memorandum by the British Chamber of Commerce, Shanghai, March 1950, enclosed in a letter from British Chamber of Commerce to China Association, April 1, 1950.Google Scholar
FO 371/99299, “Agency Agreement,” February 11, 1950; Customer Accounts by J. R. Jones, April 2, 1952; letter W. T. Yoxall to A. Morse, January 10, 1952.Google Scholar
FO 371/99304, Pre-war Deposits; letter E. W. Jeffery to C. T. Crowe, December 31, 1951; Minutes by J. Drinkall, January 18, 1952; Minutes of British Banks in China by J. Drinkall, February 6, 1952.Google Scholar
FO 371/99305, letter A. Morse to S. A. Gray, January 18, 1952; letter A. Morse to S. A. Gray, January 24, 1952; letter W. T. Yoxall to L. H. Lamb, February 29, 1952.Google Scholar
Minutes by J. K. Drinkall, January 18, 1952; letter L. H. Lamb to R. H. Scott, March 15,1952; letter Shanghai Consulate-General to the Chancery, February 5, 1952; letter W. T. Yoxall to L. H. Lamb, February 29, 1952.Google Scholar
FO 371/108085, Aide Memoire, Ref: 1110/6/53; Re-payment of Pre-war Deposits with British Banks in China.Google Scholar
FO 371/108086, Telegram from Peking to Foreign Office, No. 422, July 9,1953. Foreign Office telegram No. 495 to Peking, September 24, 1953; Telegram from Peking to Foreign Office No. 523, September 5, 1953.Google Scholar
FO 371/108087, from Peking to Foreign Office, No. 637, October 22, 1953.Google Scholar
FO 676/470, Telegram from Foreign Office to London Office of HSBC, No. 48, January 29, 1954.Google Scholar
HSBC Annual Report 1968.Google Scholar
HSBC Archive reference 1641/017, F. Black, Oral History Interview, June 23, 1980.Google Scholar
HSBC Archive reference 1641/018, O. P. Edwards, Oral History Interview,September 22, 1980.Google Scholar
HSBC Archive reference 1641/020, W. A. Stewart, Oral History Interview, December 18, 1980.Google Scholar
HSBC Archives, Chairman File 2, letter M. Turner to S. Gray, July 6, 1954; Report on Visit to Peking by F. Black, December 10, 1954.Google Scholar
HSBC Archives, Chairman File 3, Press Release by China Association, June 7, 1950; Talk with Sir Zsler Dening, November 2, 1950, 3; Telegram from British Chamber of Commerce Shanghai to the China Association, November 18, 1950.Google Scholar
HSBC Archives, Chief Managers S/O T. B. No. 8, letter A. Morse to S. Gray, July 17, 1952; letter A. Morse to S. Gray, October 31, 1952; letter S. Gray to A. Morse, July 11, 1952; letter W. Yoxall to A. Morse, June 14, 1952; letter W. Yoxall to A. Morse, July 8,1952; Peking Telegram No. 549, July 7, 1952; letter A. Morse to S. A. Gray, July 17, 1952; letter M. W. Turner to Zhou Enlai, June 12,1953; letter S. A. Gray to A. Morse, July 26,1952; Memorandum by W. T. Yoxall, June 29, 1953; Aide Memoire: The Mercantile Bank of India Ltd. to The Under Secretary of State for Foreign Affairs, April 13, 1953; British Trade in China, Peking Telegram No. 549, July 7, 1952; Draft of Termination of Services of Employees and Workers to Tientsin Military Control Commission by Jardines, An Lee Export Company, the Chartered Bank, and HSBC, September 16, 1952; Joint letter of protest by the three British Banks to Foreign Office, April 15, 1953; letter Foreign Office to W. R. Cockburn, May 18, 1953; letter W. T. Yoxall to A. Morse, July 30, 1952; letter W. T. Yoxall to M. W. Turner, April 26, 1953.Google Scholar
HSBC Archives, Chief Managers S/O T. B. No. 10, letter M. W. Turner to S. A. Gray, July 4,1953; letter M. W. Turner to S. A. Gray, May 18,1954; letter M. Turner to S. Gray, May 18, 1954; memorandum attached to letter W. Yoxall to M. Turner, May 18, 1954; memorandum attached to letter M. Turner to W. Yoxall, February 9, 1954. HSBC Archives, Chief Manager S/O T/B No. 13, letter W. T. Yoxall to G. H. Stacey, April 1, 1955; letter W. T. Yoxall to G. H. Stacey, April 19, 1955. HSBC Archives, Chief Managers S/O T. B. No. 21, Report on Visit to Peking by F. C. B. Black enclosed by letter G. H. Stacey to S. A. Gray, December 10, 1954.Google Scholar
HSBC Archives, Chief Managers, S/O T/B No. 23, letter J. A. H. Saunders to G. O. W. Stewart, March 28, 1962. HSBC Archives, GHO 154, letter A. Morse to W. T. Yoxall, December 11, 1951; letter F. C. B. Black to J. H. Raikes, May 13, 1953; letter W. T. Yoxall to A. Morse, August 13, 1952; letter W. T. Yoxall to A. Morse, December 26, 1951; letter W. T. Yoxall to O. Skinner, December 31, 1954; letter W. T. Yoxall to O. Skinner, October 11, 1954; Provisional Regulations Governing the Control over Foreign Exchange in the East China Region, June 3, 1949.Google Scholar
HSBC Group Archives, GHO 156, letter F. C. B. Black to W. A. Stewart, September 2, 1959.Google Scholar
HSBC Group Archives, GHO 157, letter W. A. Stewart to F. J. Knightly, August 7, 1963; Shanghai Office — Closure, March 1962; Shanghai Office 1960–1963, Memorandum Presented to the Board at a Meeting on March 20, 1962.Google Scholar
HSBC Group Archives, GHO 236, Half-Yearly Report 1956–1967.Google Scholar
HSBC Group Archives, SHG741.8, letter W. T. Yoxall to Adamson, February 27, 1951.Google Scholar
HSBC Group Archives, SHGII 958, Announcement by the Bank of China, Shanghai, March 29, 1951.Google Scholar