Part II Finance: Initiating a New Age for China
During the middle of the Qing Dynasty, the Jiangxia Street became a street of banking for the fast flow of currency as a result of commercial prosperity, and the accounting system created in Ningbo started the modern Chinese financial history. The banking operation in Ningbo, together with those in places like Beijing, Tianjin, Shanghai and Hankou, formed a great network of deposit, loan and remittance, which effectively supported the development of Ningbo Bang in other cities. By the end of the Qing Dynasty, Ningbonese had introduced into China the new financial mode of banking, insurance, trust and security, and created the first commercial bank, the first stock exchange, and the first insurance company in China, which sped up the formation of a financial centre in modern Shanghai. In this sense, Ningbo Bang initiated a new age for China’s financial infrastructure.

1. Money Exchanges
The money exchanges in Ningbo were developing rapidly in modern times. With money-exchange checks and the exchanging system, they worked well along with foreign banks and their business expansion stimulated the prosperity of foreign trade efficiently. Five of the Big Nine Groups of money exchanges then in Shanghai belonged to Ningbo Bang: the Fangs, Lis and Ye’s of Zhenhai, the Dongs of Cixi and the Qins of Yinxian, which controlled the private banking in Shanghai all along until 1930’s.

2. Banks
Inheriting the strengths of money exchanges and absorbing the ideology of foreign banks, Ningbo businessmen began to make investments in banking industry. In May, 1887, Yan Xinhou, Ye Chengzhong, and Chu Pao San launched in Shanghai the first Chinese-funded bank—the Imperial Bank of China, which ushered in the transformation of Chinese modern financial mode. Soon after, quite a few banks were set up, such as Siming Bank, China Bank, Hangzhou Commercial Bank and the Eastern Continental Bank, and from there emerged a large number of well-known Ningbonese financers like Song Hanzhang, Qin Runqing, Chu Pao San, Fu Xiao’an and Sun Hengpu.

Siming Bank, a Bank of Ningbonese
Ning Po Commercial and Savings Bank, Siming Bank in short, was launched with pooled investment in September 1908 by 12 Ningbonese in Shanghai including Zhou Jinbiao, Chu Pao San, Wu Chuanji, Li Yunshu, Yan Yibin, Yu Ya Ching and Chen Xun, and it was once approved to issue bank securities by the Qing Government. The bank set its head office in Shanghai, with branches in many cities like Ningbo, Hankou, Nanjing, Suzhou and Lanzhou. It was known as one of the “Four Small Banks”, together with the Commercial Bank of China, the Industrial Bank of China and China Bank of Domestic Goods.

3. Security, Insurance and Trust
In 1891, Chu Pao San launched Wah An Fire & Marine Insurance Company, the first insurance company in China; in 1920, Yu Ya Ching advocated setting up Shanghai Stock and Goods Exchange, the first Chinese-run exchange in China; in 1921, Chong Yi Trust Company, the first Chinese trust company, was founded in Shanghai, and Chu Pao San served as its board director. Later, there emerged a large number of financial agents funded and run by Ningbonese, who had led China in security, insurance and trust ever since they were introduced into China.

4. Private Post Agency
In the later Qing and early Republican period, there emerged in China a non-governmental post establishment, private post agency, which was launched by Ningbo businessmen. The agency focused on services ranging from transportation to mailing, posting letters, newspapers, magazines, contracts, silver, gold, and banknotes. Yet, it also escorted goods as professional escort firms. Therefore, it met the needs of the merchants doing business in strange places. As a saying goes “Just as piaohao originates in Shanxi, so private post agencies are unique of Ningbo.”