Zhang Jiaao
Encyclopedia
Chang Kia-ngau (1889-1979). Known almost exclusively as Chang Kia-ngau in the West, Zhang was born in 1889 in Baoshan District, near Shanghai. His grandfather was a Ch'ing dynasty official and his father a doctor, so he and his siblings enjoyed educational opportunities not available to most of their countrymen. While his brother, Carsun Chang
distinguished himself in the world of politics, Chang Kia-ngau became a leading figure in modern Chinese banking.
Chang Kia-ngau was a supporter of reform in China
and started his public service career in 1910 as editor-in-chief of the Official Gazette published by the Ministry of Communications. In 1913 he started his banking career assistant manager of the Bank of China
in Shanghai. He distinguished himself just a few years later in 1916 when he refused a request by Yuan Shih-k'ai to stop redeeming banknotes for silver. The move was meant to secure silver deposits for Yuan's use, but would have undermined confidence in the new currency, so Chang disregarded the order and was instrumental in the bank's separation from the Peking government's control. By 1923, the Bank of China
was almost exclusively owned by private, Shanghai
-based shareholders, and during the next decade, it became the largest bank, by far, in Republican China
.
Under Chang's leadership, the Bank of China
resisted the Kuomintang
government's pressure to return to government control and to purchase government bonds which would contribute to ever-growing deficits. In 1928, T.V. Soong tried quite aggressively to assert control over the bank, but Chang and the directors resisted, so Soong created the Central Bank of China
. Chang agreed to finance the new central bank's creation in exchange for a measure of independence and a charter to serve as the country's international exchange bank. Chang's interest was the development of the country, particularly railroad and other infrastructure development, even if such projects were not particularly profitable for the bank.
In March 1935, H.H. Kung staged a coup against the Bank of China
and Bank of Communications
, forcing both to create new shares to allow the government to take a controlling share financed by overvalued government bonds. Chang Kia-ngau was removed as general manager of the Bank of China
and was offered a lesser role with the Central Bank
. He declined the offer, but in December 1935, accepted the position of Minister of Railways.
During much of the Sino-Japanese War, Chang served as Minister of Communications, accompanying the central government from Nanking to Chungking. After mid-1943, he was frequently in the U.S. promoting aid to the Republic of China
and negotiation post-war arrangements, including aviation right. He wrote a book on railroad development which was published in the U.S. at a time when interest in China
was high. After the War, he was appointed Economic Commissioner for Manchuria
, and his diaries from this period were also published in the U.S.
After his departure from China
, Chang moved to the US and was a senior research fellow at the Hoover Institution
at Stanford University
. He died on October 13, 1979 in Palo Alto, California
. His wife, Chang Pihya, died in Palo Alto on May 17, 1997.
Carsun Chang
Zhang Junmai , also known by his courtesy name Carsun Chang), was a prominent Chinese philosopher, public intellectual and political figure...
distinguished himself in the world of politics, Chang Kia-ngau became a leading figure in modern Chinese banking.
Chang Kia-ngau was a supporter of reform in China
China
Chinese civilization may refer to:* China for more general discussion of the country.* Chinese culture* Greater China, the transnational community of ethnic Chinese.* History of China* Sinosphere, the area historically affected by Chinese culture...
and started his public service career in 1910 as editor-in-chief of the Official Gazette published by the Ministry of Communications. In 1913 he started his banking career assistant manager of the Bank of China
Bank of China
Bank of China Limited is one of the big four state-owned commercial banks of the People's Republic of China. It was founded in 1912 by the Government of the Republic of China, to replace the Government Bank of Imperial China. It is the oldest bank in China...
in Shanghai. He distinguished himself just a few years later in 1916 when he refused a request by Yuan Shih-k'ai to stop redeeming banknotes for silver. The move was meant to secure silver deposits for Yuan's use, but would have undermined confidence in the new currency, so Chang disregarded the order and was instrumental in the bank's separation from the Peking government's control. By 1923, the Bank of China
Bank of China
Bank of China Limited is one of the big four state-owned commercial banks of the People's Republic of China. It was founded in 1912 by the Government of the Republic of China, to replace the Government Bank of Imperial China. It is the oldest bank in China...
was almost exclusively owned by private, Shanghai
Shanghai
Shanghai is the largest city by population in China and the largest city proper in the world. It is one of the four province-level municipalities in the People's Republic of China, with a total population of over 23 million as of 2010...
-based shareholders, and during the next decade, it became the largest bank, by far, in Republican China
China
Chinese civilization may refer to:* China for more general discussion of the country.* Chinese culture* Greater China, the transnational community of ethnic Chinese.* History of China* Sinosphere, the area historically affected by Chinese culture...
.
Under Chang's leadership, the Bank of China
Bank of China
Bank of China Limited is one of the big four state-owned commercial banks of the People's Republic of China. It was founded in 1912 by the Government of the Republic of China, to replace the Government Bank of Imperial China. It is the oldest bank in China...
resisted the Kuomintang
Kuomintang
The Kuomintang of China , sometimes romanized as Guomindang via the Pinyin transcription system or GMD for short, and translated as the Chinese Nationalist Party is a founding and ruling political party of the Republic of China . Its guiding ideology is the Three Principles of the People, espoused...
government's pressure to return to government control and to purchase government bonds which would contribute to ever-growing deficits. In 1928, T.V. Soong tried quite aggressively to assert control over the bank, but Chang and the directors resisted, so Soong created the Central Bank of China
Central Bank of China
The Central Bank of the Republic of China , known in English from 1924 to 2007 as the Central Bank of China, is the central bank of the Republic of China . Its legal and common name in Chinese is literally translated as the "Central Bank"...
. Chang agreed to finance the new central bank's creation in exchange for a measure of independence and a charter to serve as the country's international exchange bank. Chang's interest was the development of the country, particularly railroad and other infrastructure development, even if such projects were not particularly profitable for the bank.
In March 1935, H.H. Kung staged a coup against the Bank of China
Bank of China
Bank of China Limited is one of the big four state-owned commercial banks of the People's Republic of China. It was founded in 1912 by the Government of the Republic of China, to replace the Government Bank of Imperial China. It is the oldest bank in China...
and Bank of Communications
Bank of Communications
Bank of Communications Limited , founded in 1908, is one of the largest banks in China.-Before 1949:The Bank of Communications was founded in 1908 and emerged as one of the first few major national and note-issuing banks in the early days of the Republic of China...
, forcing both to create new shares to allow the government to take a controlling share financed by overvalued government bonds. Chang Kia-ngau was removed as general manager of the Bank of China
Bank of China
Bank of China Limited is one of the big four state-owned commercial banks of the People's Republic of China. It was founded in 1912 by the Government of the Republic of China, to replace the Government Bank of Imperial China. It is the oldest bank in China...
and was offered a lesser role with the Central Bank
Central Bank of China
The Central Bank of the Republic of China , known in English from 1924 to 2007 as the Central Bank of China, is the central bank of the Republic of China . Its legal and common name in Chinese is literally translated as the "Central Bank"...
. He declined the offer, but in December 1935, accepted the position of Minister of Railways.
During much of the Sino-Japanese War, Chang served as Minister of Communications, accompanying the central government from Nanking to Chungking. After mid-1943, he was frequently in the U.S. promoting aid to the Republic of China
Republic of China
The Republic of China , commonly known as Taiwan , is a unitary sovereign state located in East Asia. Originally based in mainland China, the Republic of China currently governs the island of Taiwan , which forms over 99% of its current territory, as well as Penghu, Kinmen, Matsu and other minor...
and negotiation post-war arrangements, including aviation right. He wrote a book on railroad development which was published in the U.S. at a time when interest in China
China
Chinese civilization may refer to:* China for more general discussion of the country.* Chinese culture* Greater China, the transnational community of ethnic Chinese.* History of China* Sinosphere, the area historically affected by Chinese culture...
was high. After the War, he was appointed Economic Commissioner for Manchuria
Manchuria
Manchuria is a historical name given to a large geographic region in northeast Asia. Depending on the definition of its extent, Manchuria usually falls entirely within the People's Republic of China, or is sometimes divided between China and Russia. The region is commonly referred to as Northeast...
, and his diaries from this period were also published in the U.S.
After his departure from China
China
Chinese civilization may refer to:* China for more general discussion of the country.* Chinese culture* Greater China, the transnational community of ethnic Chinese.* History of China* Sinosphere, the area historically affected by Chinese culture...
, Chang moved to the US and was a senior research fellow at the Hoover Institution
Hoover Institution
The Hoover Institution on War, Revolution and Peace is a public policy think tank and library founded in 1919 by then future U.S. president, Herbert Hoover, an early alumnus of Stanford....
at Stanford University
Stanford University
The Leland Stanford Junior University, commonly referred to as Stanford University or Stanford, is a private research university on an campus located near Palo Alto, California. It is situated in the northwestern Santa Clara Valley on the San Francisco Peninsula, approximately northwest of San...
. He died on October 13, 1979 in Palo Alto, California
California
California is a state located on the West Coast of the United States. It is by far the most populous U.S. state, and the third-largest by land area...
. His wife, Chang Pihya, died in Palo Alto on May 17, 1997.