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防区制时期(1920-1934年)是四川省政治、经济和财政状况最为混乱的时期。驻川各军划定防区,就地筹饷,在擅征苛捐杂税、截留中央税款、滥发纸币之余,还发行了大量地方公债。这些公债的发行,一方面助长了军阀间的混战,刺激了四川省金融行业的畸形繁荣;另一方面也阻碍了地方经济的发展,扼杀了产业资本,最终成为广大人民沉重的经济负担。
The zone defense system (1920-1934) was the most chaotic period in Sichuan’s political, economic and financial conditions. The armed forces stationed in Sichuan ordered the payment of local government grants and raised a large amount of local government bonds in addition to overcharging and miscellaneous taxes, intercepting central taxes and excessive banknotes. The issuance of these bonds, on the one hand, contributed to the melee between the warlords and spurred the abnormal and prosperous financial industry in Sichuan Province. On the other hand, it also hindered the development of the local economy and strangled industrial capitals and eventually became a heavy economic burden on the broad masses of people.