Does the history of opening ports and trading influence the long-term business credit environment of cities? Evidence from the Yangtze River Delta region of China

Abstract

Based on the China City Commercial Credit Environment Index (CEI), a more scientific spatial DID model was used to examine the long-term impact of the opening of ports and trading in the late Qing Dynasty on the urban commercial credit environment, taking cities above the prefecture level in the Yangtze River Delta as a sample. The study confirms that: (1) the opening of ports and commerce in the late Qing Dynasty had a significant contribution to the urban commercial credit environment, which was conducive to the transformation of production methods and interpersonal relationships from traditional to modern, and to the improvement of the urban commercial credit environment. (2) Before the signing of the Treaty of Shimonoseki, the local forces of the late Qing Dynasty were resistant to the economic aggression of the Great Powers, and the positive impact of the opening of ports and trading on the commercial credit environment of port cities was more significant, but the impact was not obvious after the signing of the Treaty of Shimonoseki. (3) From the history of the opening of ports for trade in the late Qing Dynasty, the economic aggression of the Western powers against the non-patronage areas by means of the buying class objectively strengthened the concept of rule of law and credit awareness in the local market and exerted a long-term influence on the commercial credit environment of the cities, but the impact of the opening of ports for trade on the commercial credit environment of the patronage areas was not prominent. (4) Cities located in the sphere of influence of the common law powers had a more pronounced impact on the commercial credit environment as their institutions and concepts were more easily transplanted, while the impact of the opening of ports and trading on the commercial credit environment of cities in the sphere of influence of the civil law powers was not significant. Policy Insights: (1) Enhance the ability to negotiate with foreign countries on economic and trade matters from a level-headed world perspective, and be bold and adept at fighting unreasonable rules, standards and requirements in order to better optimise the business credit environment; (2) Regulate the use of administrative resources and avoid undue administrative intervention, which is an important prerequisite for improving the basic system of the market economy to enhance the business credit environment; (3) Emphasise both connotative development to follow a Chinese style modernisation path, and (3) emphasising selective cooperation to promote outward development, promoting the interaction, convergence and matching of domestic and foreign regulations, and continuously improving the regional commercial credit environment.

Economic Strategies and Prosperity in the Fatimid Dynasty: Contributions to Islamic Economic Thought

“…Brockelmann's historical analysis echoes these sentiments, emphasizing the security, tranquility, and economic stability that Egypt enjoyed during the Fatimid reign. Montgomery Watt further corroborates this by detailing the thriving trade encouraged by the government, which contributed to Egypt's sustained prosperity, contrasting sharply with the unrest in other regions like Iraq and Syria (Chen et al, 2023).. Research on the Mamluk Dynasty highlighted their economic advancements through policies like establishing foreign trade relations and implementing free-market strategies, offering insights into economic governance during the Fatimid era (Aravik et al, 2020). Studying economic policies of Islamic dynasties such as the Mamluks can provide valuable comparisons and contrasts to enhance the understanding of Fatimid economic strategies and their impact on economic development and administration.…”