Financial Innovation in East-West Trade in Ming and Qing Dynasties: A Case Study of Ankang Bank

Anna Wu

doi:10.62051/ijgem.v4n2.11

Authors

Anna Wu

DOI:

https://doi.org/10.62051/ijgem.v4n2.11

Keywords:

Ankang Bank, Ming and Qing Dynasties, Financial Innovation, East-West Trade, Capitalist Development

Abstract

It is financial innovation during the Ming and Qing dynasties that this paper focuses on for integration into the Western traditions of financial practices within traditional Chinese banking systems. Precisely, this research shall shed light on how Ankang Bank adopted and capitalized on the said financial innovation to make a contribution to early capitalist development in China. This will be achieved through in-depth historical analysis and a case study into the financial environment and Qianzhuang evolution in the Ming and Qing periods, along with specific practices of Ankang Bank to represent the blending of Eastern and Western financial concepts. It follows therefrom that the Ankang Bank's contribution to the introduction of Western accounting methods, credit systems, and risk management practices was huge in terms of promoting capital accumulation and market expansion in the country. In the face of problems occasioned by cultural resistance and regulatory barriers, the innovations of the Ankang Bank were very important for modernizing Chinese banking, thereby holding invaluable lessons for the process of financial globalization and its impact on developing capitalist economies.

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