Which of the following statements about China's economy before 1949 is INCORRECT?

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Question restatement: Which of the following statements about China's economy before 1949 is INCORRECT?

Option a: 'China was the largest composition of World GDP at the beginning of 19th century.' This statement aligns with historical estimates that China accounted for a substantial share of world GDP in the early 1800s, given its large population and pre-industrial output. While precise global GDP shares are debated, the claim that China occupied a major, often leading, position in world GDP around this period is plausible and commonly taught in economic history contexts.

Option b: 'The 8th and 9th centuries were a period of growth and prosperity.' The 8th and 9th centuries correspond to the early Tang and the transition toward the late Tang/early Song era, periods typically recognized for economic expansion, urban growth, technological diffusion, and relative political stability. This statement is broadly consistent with scholarly assessments of imperial China during parts of the Tang era and the early Song, which saw commercial development and infrastructure improvements.

Option c: 'The Nationalists government created a coherent monetary and banking system in urban China.' This is more contentious. While the Nationalist (Kuomintang) government did attempt financial modernization—establishing institutions such as the Central Bank of China and various urban banks—the system was not fully coherent or stable across the country. Fragmentation, wartime disruption, currency instability, and regional power centers undermined the extent to which a truly coherent nationwide monetary and banking framework existed consistently throughout the pre-1949 period. Therefore, this statement tends to be viewed as an overstatement or mischaracterization in many historical analyses.

Option d: 'From 1860 to 1949, China's economy grew annually from 4 to 10 percent.' This claim asserts a specific sustained growth rate over a long span that includes periods of upheaval: late Qing era reforms, war with foreign powers, internal conflicts, and the Sino-Japanese War. Economic historians generally question the notion of uninterrupted or even consistent annual growth of 4–10 percent across such a long, turbulent interval. There were significant downturns and volatility, and reliable high-frequency national-product data are scarce for much of this timeframe. Thus the statement is highly suspect and commonly treated as incorrect or at least highly misleading.

In sum, while options a and b are broadly consistent with historical understanding, and option c is debatable but often considered exaggerated in terms of a truly coherent nationwide monetary system, option d makes a precise growth claim across a tumultuous period that is not supported by historical evidence. Therefore, the statement claimed to be incorrect is the one that asserts long, steady annual growth between 1860 and 1949, i.e., option d.

ECX2630 - ECX5630 - S2 2025 Quiz #1 - Preliminary Topic, Topics 1 and 2 (Not Assessed)

Which of the following statements about China's economy before 1949 is INCORRECT?

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