1) The Revolution of 1911 overthrew the feudal autocratic rule and established the Republic of China, which cleared some obstacles for the development of capitalism. After this revolution, the social and political status of the national bourgeoisie has been improved. The policy of Nanjing Provisional Government to encourage industrial development provided a favorable political environment for the development of national capitalism, and even stimulated the enthusiasm of industrialists to invest in modern industries. As a result, various industrial development organizations have sprung up like mushrooms after rain, such as the Industrial Construction Association of the Republic of China, the China Industrial Group and the Promotion Association. Most of these industrial groups aim at "strengthening the country and enriching the people" and "revitalizing people's livelihood", which embodies the requirements of developing capitalist industry and commerce and the patriotic enthusiasm of resisting foreign powers' aggression with commercial warfare. Tongren Minsheng Industry Association, founded by well-known overseas Chinese, received enthusiastic response from overseas Chinese, who competed to invest in domestic industry and commerce, injecting new vitality into the development of capitalist industry and commerce. (2) After the Revolution of 1911, mass anti-imperialist patriotic movements broke out one after another, and the idea of "saving the country through industry" had an unprecedented social foundation. Facing the increasing infiltration of foreign capital, more and more foreign goods poured into the China market, and a boycott of foreign goods appeared in China for the first time. This movement was first initiated by the industrial and commercial circles in 1904, and rose again in 19 15 for opposing Article 21 (instructing students to read the textbook illustration "Tsinghua students boycott Japanese goods"), boycotting foreign goods and promoting domestic products. "Industry saves the country" is not only the slogan of the national bourgeoisie, but also the patriotic wish of people from all walks of life. At the same time, it has also expanded the domestic market and expanded the development space of national capitalism. (3) The relatively loose economic policies of Beiyang government enabled the capitalist industry and commerce to continue to develop. Due to the influence of the trend of the times, the Beiyang warlord government obviously increased some capitalist colors compared with the late Qing government. With the improvement of the political status of the national bourgeoisie, some bourgeois representatives participated in the activities of the cabinet and local governments of Beijing government. They used part of their power to formulate and promulgate some policies and decrees that are beneficial to the development of capitalist industry and commerce, thus promoting the continuous development of national industry and commerce to a certain extent. (4) In the early years of the Republic of China, World War I broke out, and the European powers were busy with the war, temporarily relaxing their economic aggression against China and exporting less capital and commodities to China; At the same time, due to the demand of war, their industrial production mainly turned to war service, reducing the production of some light industrial products, which provided an opportunity for China's national industries to expand the domestic market and then enter the international market. These objectively provide favorable external conditions for the development of Chinese national capitalism. As a result, the national industry and commerce between imperialism and feudalism appeared a short spring.

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