Page 125 - JCAU-6-2

Journal of Chinese
Architecture and Urbanism Bank of China’s modern buildings

2. Data sources and method individual buildings but also serve as tangible vessels
through which historical contexts can be understood.
2.1. Presentation of the case study Therefore, through an exploration of the interpretative
The emergence of modern banks in China coincided approach to assessing the values of financial industry
with the imperative requirements of the nation’s heritage encapsulated in Bank of China buildings, this
commodity economy development and the downfall of research holds prospective and practical significance in
traditional financial institutions. Before the 19 century, guiding understanding and action.
th
China’s financial landscape predominantly relied on
regional practices rooted in private-sector trade and 2.2. Data sources
outmoded financial entities such as ticket houses and The selection of the 26 modern bank buildings in this
money changers (Table 1). However, these traditional study is based on materials provided by the Party History
institutions, characterized by archaic business concepts Office of the Bank of China in 2021. The selection process,
and cumbersome capital operations, struggled to respond involving a field study conducted from 2021 to 2022, is
promptly to evolving market dynamics amid political based on several key considerations:
turmoil, resulting in credit busts and a total decline. This (i) All 24 buildings selected in mainland China were
decline paved the way for the birth of modern financial constructed before 1949, with most structures
institutions, specifically banks (Writing Group of Modern approaching the age threshold of 100 years, thus
Chinese Financial History, 1985). Finance has always imbued with significant historical value.
played an indispensable role in the emergence and growth (ii) The two buildings located in Hong Kong, despite
of all sectors within China’s modern economy throughout being constructed in 1950 and 1989, respectively,
its history, as emphasized by Wu (2019). are globally renowned for their artistic values and
The Bank of China stands as the quintessential significance in modern architectural history associated
representative of early modern banks. As the only financial with the Chinese-American architect I. M. Pei (Ieoh
institution in China to span a century, its development Ming Pei, 1917‒2019). Due to their irreplaceable role
and decline have witnessed the evolution of the modern in connecting mainland China with international
financial history of the Chinese nation. The surviving finance after 1949, they were selected as standing
remnants of its financial infrastructure across various witness to the changing global dynamics during the
locations not only represent the continued existence of late colonial era.

Table 1. Comparison of the functional patterns of traditional and modern financial industries in China

Nature of the Industry classification Functional Business scope Primary target
financial industry mechanism audience
Traditional financial Pawnshop business Pawn store Collateral in kind Short-term loan Middle and lower
industry social strata
Silver money Money shop Cross-border tax Stored loan All social strata
banking industry Banknote exchange Negotiable payments
Modern financial Banking industry Government bank Short-term Commercial loan Government
industry financing comprador class
Commercial bank Industrial loan National industry
and commerce
Government-business Funds deposit All social strata
joint venture banking National public debt All social strata
Insurance sector Insurance company Venture capital Property insurance All social strata
investment Personal insurance All social strata
Trust sector Trust company Credit investment Trust investment All social strata
Securities industry Securities company Long-term Equity and debt trading All social strata
financing
Leasing industry Leasing company Short-term Financial credit All social strata
financing Material credits All social strata
Note: The table presents the various functions and business scopes of traditional and modern financial industries in China. Source: Table by Jun Wang

Volume 6 Issue 2 (2024) 3 https://doi.org/10.36922/jcau.2166