晚清的财政危机之深重,恐亦三千年来未有。基础建设与重工业的发展,巨额的战争赔款,都不是尚未成为现代国家的大清朝所能负担的。在危机面前,解决财政危机只有两条路,一条路是借外债,另一条路是借内债。借外债,肯定利权外溢,甚或危及主权,比如海关就得由洋人管理,铁路也得交洋人经营。随着民间社会商 In the late Qing period, the financial crisis was so profound that it did not fear it for three thousand years. The development of infrastructure and heavy industry and huge amounts of war reparations are not affordable by the Qing Dynasty that has not yet become a modern state. In the face of the crisis, there are only two ways to solve the financial crisis. One way is to borrow foreign debts and the other way to borrow from the government. Borrowing foreign debts, affirming the spillover of profits, or even endangering sovereignty. For example, the customs have to be managed by foreigners and the railways have to deal with foreigners. With civil society business