Chinese name: boxer indemnity.
Occurrence time: 190 1 year-1925.
Year: Qing Dynasty
Location: Shanghai and Beijing
Event introduction
Boxer Indemnity
China Qing government paid reparations for Eight-Nation Alliance's war of aggression against China.
In the year of Gengzi (1900), Eight-Nation Alliance invaded China, and the Qing government and the ambassadors of Germany, France, Russia, Britain, the United States and Japan 1 1 signed the treaty of shame and ugliness in Beijing on September 7, 2000. Among them, the sixth paragraph stipulates that the official compensation of various countries is 450 million taels, with an annual interest of 4%, which will be paid off in 39 years. The total principal and interest is 982,238 taels150 taels, which is secured by customs duties, regular taxes and salt taxes, and the regular customs clearance of trading ports is also under the control of the customs. This huge indemnity further semi-colonized China's social economy. The highest distribution rate of countries is Russia, accounting for 28.97%, Germany 20.02%, France 15.75%, Britain 1 .25%, Japan 7.73%, the United States 7.32%, Italy 5.9 1%. Debt service is handled in Shanghai and collected by HSBC, Dehua, Daosheng, Huili and Zheng Jin. The following year, Citibank set up a bank in Shanghai to participate in the formation of a banking committee, and the principal and interest collected were distributed to banks designated by various countries. In order to repay the old foreign debt, the Qing government divided the annual amount of 265,438+0,265,438+0,000 yuan among the provinces and customs, which led to the continuous increase of land tax, grain donation, deed tax, local tax, price increase of salt and Tianjin, customs duties, lijin, unified tax and various exorbitant taxes. When the indemnity was repaid, the price of silver fell, and countries insisted on "paying at the market price for gold on the due date". To 1905, the accumulated pound deficit120,000 pounds (8 million taels of silver). On April 26th, the Qing government borrowed 6,543,800 pounds from HSBC, with an annual interest rate of 5%, which was paid off in 20 years, with a total principal and interest of 6,543,800 pounds. The bonds are issued in London, coupon rate is 97%, and the market price is 99% ~ 103%, after deducting customs duties and Shanxi tobacco and alcohol taxes. This loan is actually an extra burden for boxer indemnity. From 1909, the United States returned part of the overflow principal and interest as the American study abroad fund, and in June 1924, it returned the remaining principal and interest as the China Education and Culture Fund, with more than $2.5 million. From 19 17 12, most Geng funds were postponed for five years, Germany and Austria were cancelled due to defeat, and Russia postponed the allocation of domestic public debt funds. 1924 At the end of May, the Soviet government announced that it would cede a part of the Russian Geng funds, and after paying off the guaranteed debts, all of them would be used as funds to promote education in China. 1925, France, Japan, Britain, Belgium, Italy, the Netherlands and other countries successively announced the return of the balance of compensation, and concluded agreements to handle the educational and cultural undertakings in China, or to handle the operating expenses of foreign banks and issue domestic debt funds. The actual use of this kind of returned Geng money is mostly presided over by the management Committee of Sino-foreign joint ventures.