# Forging Bonds and Building Factories: The Networked World of Shanghai's Industrial Elite

Christian Henriot

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Christian Henriot. Forging Bonds and Building Factories: The Networked World of Shanghai's Industrial Elite. Christian Henriot. Modern China in Flux: Networks, Mobility, and Transformation, De Gruyter, pp.313-350, 2025, 978-3-11-137217-4. 10.1515/9783111374437-009. hal-04967092

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Christian Henriot

# Forging Bonds and Building Factories: The Networked World of Shanghai’s Industrial Elite

Shanghai, 1947. The echoes of war with Japan have faded into silence. The city’s factories, once a specter of the past, have roared back to life. Industrial recovery, in the wake of Japan’s surrender, has been nothing short of a phoenix’s rise from the ashes – astounding and spectacular.<fnref n="1" /> In the face of towering adversities – rampant inflation, the simmering rivalry between the Guomindang and the CCP, the tightening grip of state control – industrialists have not merely survived, they have thrived. This is the story of a city reborn and its resolute industrialists, and of the intricate networks that bound them together, propelling them against the tide of history.

## Introduction

This paper seeks to provide an exhaustive exploration of Shanghai’s industrial elite during its zenith, illuminating their ascendancy, authority, and sway. This approach is not chosen out of preference but rather dictated by practical considerations. The vast majority of Shanghai’s industrialists will forever remain unknown to us. Even for the entrepreneurs leading substantial industrial ventures, information is scarce. In fact, evidence of their lives and activities is elusive. The individuals who did leave traces were often authentic industrial tycoons or entrepreneurs distinguished in other professional arenas. They engaged in business associations, social organizations, and most significantly, politics. The concept of “elite” used here does not refer to a predefined group but to the group that organically surfaces from the sources.

Among the new professions and professional groups that sprang up in China at the turn of the century, industrial entrepreneurs were a novel occurrence. Modern industry in China unfolded in the wake of Western intrusion, beginning with shipyards and arsenals before swiftly evolving into a robust indigenous network of

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<footnote n="1">1 Christian Henriot, “Shanghai Industries in the Civil War (1945–1947),” *Journal of Urban History* 43, no. 5 (September 2017): 744–66.</footnote>
workshops and factories.<fnref n="2" /> Until light industry emerged at the start of the twentieth century, the actors driving this transformation were barely identifiable, let alone a self-conscious group of “industrialists.” The modern term – *gongyejia* 工業家 – appeared well after industrial companies had developed. The first national professional organization – China Industry Association 中國工業會 – was not formed until 1912, and its lifespan was brief.<fnref n="3" /> The subsequent organization of Chinese industrialists was established in 1919, during the May Fourth Movement.<fnref n="4" /> However, various related organizations had sprung up concurrently, initially among crucial professional groups such as engineers (1914), and then within industrial sectors like textiles.<fnref n="5" /> Following World War I, China witnessed a significant industrial boom. By 1949, China had a full-fledged class of well-trained and highly skilled industrial entrepreneurs, engineers, and technicians, along with a solid industrial base.

Previous investigations of Chinese industry have generally pursued three primary routes: case studies of a company,<fnref n="6" /> case studies of an industrial sector,<fnref n="7" /> or, less commonly, monographs on individual entrepreneurs (biographies). The latter

<footnote n="2">2 Albert Feuerwerker, *China's Early Industrialization: Sheng Hsuan-Huai, 1844-1916, and Mandarin Enterprise*, Harvard East Asian Series (Cambridge: Harvard Univ. Press, 1968).</footnote>

<footnote n="3">3 “Zhongguo gongyehui xuanyan shu” 中國工業會宣言書 (Declaration of the Chinese Industrial Association), *Shenbao*, 17 July 1912; “Pinglun wuguo gongye qiantu zhi xiwang” 評論五國工業前途之希望 (Commentary on the hope for the industrial future of China), *Shenbao*, 14 August 1912.</footnote>

<footnote n="4">4 “Kai guomin dahui zhi chuandan” 開國民大會之傳單 (Leaflet of the National Assembly), *Shenbao*, 6 May 1919.</footnote>

<footnote n="5">5 William Kirby, “Engineers and the State in Modern China,” in *Prospects for the Professions in China*, ed. William P Alford, William Kirby, and Kenneth Winston (London: Routledge, 2013), 283–314.</footnote>

<footnote n="6">6 Kai Yiu Chan, “Big Business Financing in Modern China: A Case Study of the Flour Milling and Cotton Textile Enterprises of the Rong Brothers, 1901–1936,” PhD diss, (Chinese University of Hong Kong, 1992).</footnote>

<footnote n="7">7 Albert Feuerwerker, *Handicraft and Manufactured Cotton Textiles in China, 1871-1910* (Ann Arbor, Mich., 1970); Albert Feuerwerker, *China's Early Industrialization; Sheng Hsuan-Huai (1844-1916) and Mandarin Enterprise* (Cambridge: Harvard University Press, 1958); Min-hsiung Shih, *The Silk Industry in Ch'ing China, (Ann Arbor: University of Michigan Press, 1976)*; Thomas G Rawski, *China's Transition to Industrialism: Producer Goods and Economic Development in the Twentieth Century* (Ann Arbor: University of Michigan Press, 1980); Gang Zhao, *The Development of Cotton Textile Production in China*, Harvard East Asian Monographs (Cambridge, Mass.: East Asian Research Center, Harvard University, 1977); Ying Jia Tan, *Recharging China in War and Revolution, 1882-1955* (Ithaca: Cornell University Press, 2021); Fang Xuanting 方顯廷, *Zhongguo zhi mianfang zhiyi* 中國之棉紡織業 (China's Cotton Textile Industry), Zhonghua xiandai xueshu mingzhu (Beijing: Shangwu Yinshuguan, 2017); Yan Zhongping 崴中平, *Zhongguo mianfangzhi shigao* 中國棉紡織史稿 (A History of Chinese Cotton Textile), Zhonghua xiandai xueshu mingzhu (Beijing: Shangwu Yinshuguan, 2017).</footnote>
is nearly the exclusive domain of Chinese historians,<fnref n="8" /> although a few monographs centered on individual entrepreneurs have been produced by Western historians.<fnref n="9" /> A notable trend in prior studies was to examine the selected topic (company, sector, individual) from its inception to a specific point in time. This approach mirrors the methods traditionally employed by historians studying industrial development in Western societies, as they sought to elucidate the how and why of the industrial revolution, as well as identify its key orchestrators.<fnref n="10" />

Historically, few scholars of China have dared to undertake a comprehensive study of the historical actors in Chinese industrial development, with Marie-Claire Bergère's work remaining a touchstone in this field.<fnref n="11" /> This study, however, adopts a counterintuitive approach. Initially, it concentrates on industrialists as a collective, instantly raising definitional challenges. As this research will later illustrate, the term “industrialist” itself is fraught with complications. The starting point is well-defined: a list of individuals who owned or managed a factory. But as the research expanded, it encompassed an array of individuals linked to industrial companies, necessitating judgment calls on their qualifications as industrialists. Secondly, the study employs prosopography, a collective biography based on all available biographical data in historical sources. Lastly, the research does not begin at the point of origin but rather at the point of maturity before the collapse of the Nationalist regime. It zeroes in on a single year, extracting all information from a solitary source, to delve retrospectively into layers of biographical data compiled in professional directories, Who's Who volumes, and other eminent people's publications.

<footnote n="8">8 Cheng, Li程莉, *Jindai shiyejia Zhou Xuexi yanjiu* 近代實業家周學熙研究 (Research on Zhou Xuexi, a modern industrialist) (Hefei: Hefei gongye daxue chubanshe, 2006); Guo, Hongxiao 果鴻孝, *Zhongguo Zhu Ming Aiguo Shiyejia* 中國著名愛國實業家 (Chinese famous patriotic industrialists) (Beijing: Renmin chubanshe, 1988); Zhongguo minying jingji yanjiuhui, *Zhongguo Minying Qiyejia Liezhuan* 中國民營企業家列傳 (Biographies of Chinese Private Entrepreneurs) (Beijing: Jingji guanli chubanshe, 1995); Zhang, Lan and Hu, Yongkang, *Yunzhi xinghua: jindai Shanghai shiyejia yu shehui fazhan* 蘊志興華: 近代上海實業家與社會發展 (Rejuvenating China with aspirations: Entrepreneurs and Social Development in Modern Shanghai) (Shanghai: Xuelin chubanshe, 2015); Ding, Xiongzhao, *Truth and Facts: Recollections of a Hongkong Industrialist* (Hong Kong: Kader Industrial, 1974).</footnote>

<footnote n="9">9 Brett Sheehan, *Industrial Eden: A Chinese Capitalist Vision* (Cambridge, Mass.: Harvard University Press, 2015); Eugenia Lean, *Vernacular Industrialism in China: Local Innovation and Translated Technologies in the Making of a Cosmetics Empire, 1900–1940*, Studies of the Weatherhead East Asian Institute, Columbia University (New York: Columbia University Press, 2020).</footnote>

<footnote n="10">10 François Crouzet, *The First Industrialists: The Problem of Origins* (Cambridge, Cambridge University Press, 2008).</footnote>

<footnote n="11">11 Bergère, *The Golden Age of the Chinese Bourgeoisie, 1911–1937*.</footnote>
The year 1947 was selected as the reference point for two principal reasons: despite it being a mere two years after Japan's defeat, with rampant inflation and enduring supply issues, the end of the war and embargo meant Chinese industry had reverted to near-normal conditions. A wave of new industrial companies emerged before hyperinflation quashed economic recovery. While some may argue that 1936 serves as a better reference year, this viewpoint has its own issues. Chinese industry did not perish in 1937. On the contrary, it witnessed significant growth after the active warfare phase until about 1942–43, when the Allies' embargo measures and Wang Jingwei's government failed command, the economy stifled industrial growth.<fnref n="12" /> However, the productive capacity remained, and Chinese industries resumed full-speed production immediately postwar. Even under far-from-ideal conditions, the industrial production of 1947 represented a more advanced stage of development, and the population of companies and their owners/managers embodied the actual industrial foundation of the country, which the PRC eventually inherited.

This study confines itself to Shanghai, largely due to the existence of a comprehensive and reliable industrial survey of the city in 1947. This survey offers unparalleled documentation on the nature, size, production, age, and ownership of thousands of industrial companies, listing all the owners/managers. These names are crucial for this research, which primarily focuses on historical actors rather than companies or industrial sectors. The approach entails examining the characteristics, environment, and connections of industrialists in 1947, both within the group and with other individuals, groups, institutions, and society at large. The aim is to identify the various spheres in which they operated, their *modus operandi*, their connections, and to what degree this reveals the information/resource channels they could leverage to foster their activities across these spheres.

Central to this study are the following inquiries:

1. Who were the Shanghai industrialists? How can they be identified? What kind of documentation and criteria can be used to excavate “industrialists” from the sources? Can an “ideal type” with the “right” characteristics be found? Who were the main industrialists in Shanghai?

2. What does the term “industrialist” encapsulate? Was it a social or professional category? What defined an “industrialist” in postwar Shanghai? What are the criteria to classify someone as an “industrialist”?

<footnote n="12">12 Christian Henriot, “Shanghai Industries under Japanese Occupation: Bombs, Boom, and Bust (1937–1945),” in *In the Shadow of the Rising Sun: Shanghai under Japanese Occupation*, ed. Christian Henriot and Wen-Hsin Yeh (New York; Cambridge: Cambridge University Press, 2004), 17–45.</footnote>
3. Can industrialists be captured “in action”? Beyond sociography, what were their tangible involvements, not just as entrepreneurs – if they can be perceived from this angle – but as social actors whose lives and activities extended beyond the factory, the company, or entrepreneurship?

4. How were industrialists interrelated? What channels connected them? Were there specific groupings/networks? What was the larger world of industrialists? Who and what institutions were they connected to? Did connections make a difference or, in other words, how did connections define how they functioned as economic/social/political actors?

The study's methodology starts with the selection of sources. Primarily, a unique source is utilized to identify the industrialist population, from which a sample is drawn for the study. Secondly, a newspaper – *Shenbao* – provides all news items related to the identified industrialists. In actuality, the digital version of *Shenbao*, processed by the ENP-China team to be searchable and exploitable with digital methodologies, is being used.<fnref n="13" /> I collected the articles that mentioned these individuals and extracted the data that these articles contained in terms of named entities. This process is not about reading the thousands of gathered articles; it is about finding ways to make sense of a considerable amount of data and to interpret what the data can reveal about the social world of industrialists. The query covers all twelve months of 1947 and any activity involving every industrialist on the initial list. Thirdly, the same industrialists were searched in the entire collection of directories and Who's Whos collected by the Institute of Modern History (Academia Sinica) and made available through the Modern China Textual Database in digital format.<fnref n="14" /> While these publications provide biographical information to various levels of precision, I also explored the *North China Herald* in the Proquest collection of English-language periodicals in China, though it offered limited information focusing only on the more prominent actors. This source was not incorporated into the present paper. Finally, the names of industrialists were searched in Chinese and English Wikipedia, which produced very limited matches that added little information for the period under study.

<footnote n="13">13 The ENP-China project [https://www.enpchina.eu/] has created three interlinked databases: Modern China Textual Database, Modern China Biographical database, and Modern China Geospatial Database. To explore and retrieve data from the Modern China Textual Database, the ENP-China project developed a dedicated application, HistText, that provides advanced query and data extraction functions.</footnote>

<footnote n="14">14 The original collection of documents is available online: “Jinxiandai renwu zixun zhenghe xitong” 近現代人物資訊整合系, 統 accessed July 17, 2023, https://mhdb.mh.sinica.edu.tw/mhpeople/index.php.</footnote>
The sources used here significantly impacted the found data and the interpretations provided. Following a brief presentation of how this journey in search of industrialists began, the paper first examines the entrepreneurs' profiles reconstructed from the biographical data in the collection of directories. In the second section, the data collected in the *Shenbao* is used to study industrialists and all the individuals and organizations they were related to. Beyond statistical analysis, network analysis is introduced as a method to explore and filter the massive amount of data. In the third section of the paper, we are revisiting biographies by using data mining and network analysis with more advanced methods in natural language processing. The rationale for this two-step analysis is to highlight how sources play a defining role in what we can learn about industrialists.

*Shenbao*, much like any other newspaper, served as both a conduit and a repository for a diverse array of societal information. Unlike the Who's Whos, it did not target specific individuals. Instead, its records of events and actions by historical actors, many of whom were ordinary people – seemingly insignificant, swept up by chance into the news – were unplanned. The recording of societal facts and events was a dynamic process, transforming the everyday into successive waves of information spanning across a broad spectrum of topics, from the practical (such as the schedule of ships or movie theaters) to editorials, reports, and economic news. Of course, not all societal events were reported. The selection of what was printed was based on a notoriety gradient for individuals, organizations, and events. Despite its wide coverage, news reporting illuminated only a limited number of individuals. However, it did offer rich, time- and space-specific information (facts, actions) about individuals. As a result, any named individual could be traced through the newspaper's pages in their entirety, from the earliest mention to the last.

Who's Whos and similar publications span a wide range. Some are merely lists of institution members (e.g., directors of the Shanghai General Chamber of Commerce), offering basic information. Others resemble directories, providing only the name, the company, the address, and the position. The most comprehensive are authentic Who's Whos, under various Chinese names, that provide everyone with a full biography or a set of biodata. These Who's Whos offer a snapshot of individuals at a specific moment in time. With each new edition, new layers (new positions) are added, while previously held "current positions" (現任) transition to past positions (曾任, 歷任). Facts of life accumulate like sediments, and Who's Whos provide a path towards a stratigraphy of the industrial elite. The "ego" nature of the Who's Whos ensures that the information is always centered on one individual and the organizations they are affiliated with. Other individuals are very rarely mentioned in each biographical note. However, querying through organizations can help reconnect individuals, as will be explained later.
Who's Whos offer a static view of individuals' lives through successive tem-
poral layers when someone appeared in various publications. The information is
condensed to organizations and positions, predominantly revolving around work,
but also including affiliations in politics, culture, and social activity. As individual
publications, Who's Whos are partial and biased. The selection criteria are often
unknown or unclear, heavily dependent on the choices of largely unknown editors
who compiled and transcribed biographical elements onto paper.<fnref n="15" /> Nonetheless,
they constitute a rich treasure trove of historical information. Transformed into a
text database, they become a game-changing resource. All individual publications
can be searched simultaneously, rendering any individual or institution retrievable
and, consequently, connectable.

Methodological Approach

This paper heavily utilizes computational methodologies. Here, I provide a
summary of the two main sets of digital techniques employed. For a comprehensive
presentation of these methods and the sequential steps followed, I direct readers to
my complete methodological record on the ENP-China website.

To explore the digital corpora of newspapers and directories, I relied on natural
language processing (NLP) methodologies, specifically implemented through the
HistText application. This application consists of a suite of algorithms explicitly
developed for querying historical texts in Chinese and English. It includes ready-
made functions for data exploration and extraction that I augmented with my own
coding, utilizing a variety of libraries in the R programming language. The fun-
damental approach involved querying the names of industrialists in the digital
corpora – *Shenbao* and Who's Whos – and retrieving all documents in which their
names appeared. The goal was to constitute the dataset on which I performed three
major operations: concordance, to extract the text that contextualized each occur-
rence of a name; named entity recognition, to extract all named entities in each
document, especially persons, institutions, events, and locations; and topic mod-
eling, to classify the biographies by main topics and examine the types of articles
that mentioned industrialists.

The second methodology employed is network analysis. The extraction of data
on individuals, organizations, events, and positions resulted in a vast quantity of

<footnote n="15">15 Huei-min Sun, “Who Are the Elites: Elite Distinction and Who’s Who Publications in Early Twentieth Century China,” in *Knowledge, Power, and Networks. Elites in Transition in Modern China*, ed. Cécile Armand, Christian Henriot, and Huei-min Sun, (Leiden: Brill, 2022), 22–53.</footnote>
data points. While I used statistical methods to synthesize the data and highlight key
components, this remained a flat analysis by category of data (e.g., type and level
of education, provincial origin, type of positions, etc.). Network analysis projects
all the data as a graph on which various measures of centrality can be calculated.
These centrality measures (in the present case, degree and betweenness centrality)
serve to identify patterns, networks, and significant nodes. The main purpose of
using network analysis was to examine how industrialists were connected to other
historical actors and institutions, in what capacity, and how meaningful the identi-
fied networks were. If industrialists were partners in the same companies, I aimed
to identify concretely who was involved in the same companies and what kind of
groupings I could find (akin to "interlocking directorates"). I expected industrialists
to have connections beyond the world of industry and to be involved in social, polit-
ical, professional, or cultural organizations. How did these activities relate to their
role as industrialists? Did these connections represent a supplementary or autono-
mous world? How instrumental were these connections in the status of industrial-
ists? Finally, did these connections challenge the notion of "industrialist" as a core
definition of the concerned actors?

In the following section, I examine the profile of industrialists based on the
Who's Who data, from which I proceed to examine how industrialists appeared as
public figures in the *Shenbao* in 1947. From there, I undertake a new round of data
from the Who's Whos to provide more texture to the networks identified in the
process. In the case of the Who's Whos, I retained only the data from the volumes
published between 1938 and 1949. I used this as a proxy to have data that matched
as closely as possible the data collected on the positions and activities of industrial-
ists in the *Shenbao* for 1947. I conducted my analysis for each dataset at two levels.
First, I examined the entire dataset with all the individuals and institutions that
they were related to. At the next step, I focused on the data related only to the indi-
viduals labeled as industrialists and their direct contacts, both persons and institu-
tions, to reconstitute the most representative and accurate network in which these
individuals were involved. In the complete networks, industrialists were mixed
up with a large number of individuals and institutions that had little connection,
significance, or actual relevance to them. This was produced artificially through
the linking with very common named entities (e.g., Guomindang), thus creating a
multiplying and distorting effect. To mitigate this, I implemented in all the datasets
a coding system for all the nodes, both persons and institutions, to identify them
either as industrialists or industrial companies.<fnref n="16" />

<footnote n="16">16 For persons, I coded only industrialists (CodOrg3 = FACT). For institutions I designed a two-level coding system, CodOrg and CorOg2, with CodOrg2 representing sub-categories of the CodOrg enti-</footnote>
The information gleaned from the *Shenbao* encompasses daily news reports on a plethora of happenings in the city, across China, and globally. It mirrors the flux of social, political, military, and economic activities at various levels, even though most of the reporting on these individuals is situated in Shanghai. Broadly speaking, the activities primarily consist of a variety of meetings. Industrialists surface in these news reports not explicitly as industrialists – an extremely rare occurrence as I discuss later – but as actors in a myriad of venues, often serving as citizens, community leaders (in business, charity, sports, cultural organizations, etc.), or members of diverse public, private, or state-business entities. However, press articles also mention all individuals involved in the same events and organizations, which affords us a tangible understanding of the interactions between industrialists – as identified by me – and a wide spectrum of social actors.

In contrast to the information discovered in the *Shenbao*, Who's Whos omit the rich social texture of events. Instead, they offer more factual, consolidated data on specific individuals, which includes participation in all institutions with which each person was associated, usually indicating the position held within each institution. Despite the succinctness of most of these biographical records, they encapsulate all that mattered about or for these individuals, offering a greater depth and permanence of data. Because each record is centered on a single individual, it constitutes an ego-narrative that generally does not provide any link to other people. However, since they record institutions and positions – which in turn become data points – the analysis of these data points through network analysis opens a pathway to reconstitute the obscured connections between individuals.

## In Search of Industrialists

My investigation commenced with a unique survey of Shanghai industries in 1947. This source, the *Shanghai zhizao changshang gailan* (上海製造廠商概覽), primarily focuses on zhizao companies rather than their owners or managers. It offers the most comprehensive survey of “factories” in Shanghai, even though the criteria for selecting the companies were not explicitly stated. While the survey mostly provides economic data on companies, it also includes a list of their owners/managers. In total, it documents 8,770 distinct names, with 8,740 Chinese and 30 foreigners. This includes 23 companies that listed two managers’ names and one company that listed three names. All the individuals named in this survey were directly involved in running

<footnote>ties. The whole coding system is available along with the datasets on the ENP-China repository on Zenodo [https://zenodo.org/communities/enp-china/].</footnote>
a factory or through managers (e.g., Du Yuesheng). The 1,284 pages of the *Shanghai zhizao changshang gailan* were converted into spreadsheets for data analysis.

From the initial population of industrial companies, I selected the top 477 factories based on two criteria: workforce size and capitalization. I hypothesized that their significance would make it more likely to find information on their owners or managers. The 477 factories revealed the names of 384 industrialists, all of them Chinese. I used this list to query both the *Shenbao* – yielding information on 170 individuals – and the Who's Whos – resulting in an initial list of 270 industrialists. In the case of the Who's Whos, I conducted a second round of queries based on the names of the institutions extracted from the documents collected in the initial search in the *Shenbao* and the Who's Whos. Consequently, my population of industrialists in the Who's Whos increased to 350. Yet, names alone do not paint the complete picture. One of the major challenges in querying names in digital corpora is disambiguation. The results in both the *Shenbao* and the Who's Whos included false positives due to homonymy.

The primary challenge, however, lay in the multiplicity of names under which an individual or an institution appeared in the sources. This diversity could stem from simple typos in the text, from character variants (e.g., *ning* / *nì/ *nì*, *yan* / *yān*, *yān* / *yān*, etc.), from varying naming conventions (全國經濟委員會, 經濟委員會, 經委會 for the National Economic Council; 公司, 有限公司, 股份有限公司, 廠 all used as a suffix at the end of the name of the same company), and for persons, from alternate names (e.g., *Sun Zhongshan* 孫中山, *Sun Wen* 孫文, *Sun Yixian* 孫逸仙). In essence, historical data is typically very dirty and requires a lengthy and meticulous process of cleaning and standardization to be processed meaningfully and accurately in any data processing tool such as network analysis, GIS, or topic modeling. When it comes to thousands of data points, there is no alternative to establishing reference lists (individuals, institutions, locations, etc.) to ensure homogeneity and to using programming to correct the errors across the datasets.

## Shanghai Elite Industrialists: A Group Portrait

This section provides an analysis of the backgrounds, education, and professional roles of industrialists, using data gathered from multiple sources. The majority of the industrialists were born in the period following the abolition of the imperial examinations and came of age during or after World War I, a time of significant industrial growth in China. The data suggest that, in 1947, most industrialists were relatively young, with a median age of 53, and spanned a variety of generational groups. With regard to geographic distribution, industrialists predominantly hailed from the provinces of Zhejiang and Jiangsu, with Shanghai emerging as a signifi-
cant hub. As for their educational backgrounds, the available data were somewhat limited. However, among those who provided information on their education, a high proportion had received higher education, typically in technical fields or disciplines related to commerce and the humanities.

The compilation of data on industrialists from the Who's Whos produced information on 350 individuals. The data type varied significantly across directories, and it was rarely complete for any individual. Birth year data was available for 178 individuals (65%), which I arranged into five generational groups (Table 1). The data on an individual's career at a specific time is replicated across successive or different editions of the Who's Whos and constitutes as many updates as possible on the individual's life. Temporal data on positions is virtually absent. Hence, what we possess is the cumulative list of all their activities and positions throughout their entire life as recorded at a certain point in time. This creates an artificial concatenation of data that does not accurately reflect a person's real-life position, as we shall see when comparing the directory data to the information collected from the *Shenbao* in a specific year (1947).

## Origin and Age

<table><caption>**Table 1:** Distribution of industrialists by generational group.</caption><thead><tr><td>Generation</td><td>Number</td><td>Perc.</td><td>Age</td></tr></thead><tbody><tr><td>1871–1875</td><td>4</td><td>2.20%</td><td>72–76</td></tr><tr><td>1876–1884</td><td>25</td><td>14.00%</td><td>63–71</td></tr><tr><td>1885–1895</td><td>51</td><td>29.10%</td><td>52–62</td></tr><tr><td>1896–1906</td><td>77</td><td>42.50%</td><td>41–51</td></tr><tr><td>1907–1918</td><td>22</td><td>12.30%</td><td>29–40</td></tr></tbody></table>

In 1947, most industrialists were individuals born after the abolition of the imperial examinations in 1905, coming of age during or after World War I, a period when Chinese industry experienced a significant boom.<fnref n="17" /> The youngest came of age between the Nationalists' rise to power and the beginning of the Sino-Japanese War. There was a numerically significant group born in the decade before the Sino-French War who came of age just after the abolition of the imperial examinations and slightly before the fall of the imperial system. Finally, a substantial group

<footnote n="17">17 Marie-Claire Bergère, *The Golden Age of the Chinese Bourgeoisie, 1911–1937*, Studies in Modern Capitalism (Cambridge: Cambridge University Press, 2009).</footnote>
includes individuals born in the decade of the Chinese state's active yet unsuccessful attempts to establish heavy industries. They came of age during the nascent Chinese industries' period. It can be said that in 1947, industrialists represented a relatively young group, with 54.8% aged between 29 and 51 and a median age of 53. Most could look forward to several decades of activity.

Information on the birthplace – province – was found for 268 individuals (77%). The overwhelming majority hailed from two provinces, Zhejiang (40.0%) and Jiangsu (38.1%). The Cantonese represented a substantial group (6.3%), followed by Anhui (4.1%) and Fujian (2.6%). All the other provinces were usually represented only by a single individual (Hunan, Hubei, Sichuan, Hebei, Shandong, Shanxi, Jiangxi), except Hebei (2). These provincial aggregates still obscure a much more refined geography with high levels of concentration by locality. Among all xian (counties), a group of six – in order of importance Shanghai 上海 (21), Yin County 鄞縣 (18), Wuxi 無錫 (17), Ningbo 寧波 (12), Wu County [Suzhou] 吳縣 (11), Zhenhai 鎮海 (11) – contributed 41% of all industrialists. Three were located in Zhejiang (Yin County, Ningbo, Zhenhai) and three in Jiangsu (Shanghai, Wuxi, Suzhou). The second tier of localities (>4) included Wuxing 吳興 (9), Yuyao 餘姚 (7), Dinghai 定海 (6), Cixi 慈谿 (6), Shangyu 上虞 (5) in Zhejiang and Jiangyin 江陰 (6), Zhenjiang 鎮江 (6) and Chuansha 川沙 (5) in Jiangsu. Altogether, these fourteen xian provided two-thirds of all identified industrialists. One notable factor here is the strong presence of Shanghai as such.

## Education

The educational background of most individuals remains largely unknown, with only 139 (40%) providing information about their education. This group displays a high level of education, though this is likely biased due to individuals with tertiary education being more inclined to mention it in their biography, while those with lesser education, including secondary education, did not consider it noteworthy. Higher education comprises 73.7% of the group, including 9.0% for vocational higher education. The second largest group (23.0%) received a secondary education. Only two individuals held imperial degrees. However, by default, it can be concluded that most industrialists in our sample, even those managing the largest companies, were individuals who achieved success through means other than a high level of formal education. This observation, even as late as 1947, aligns with Bergère's analysis of early industrialists who hailed from modest technical backgrounds.<fnref n="18" />

<footnote n="18">18 Bergère, 166, 174.</footnote>
What we can infer from the limited information is that each successive gen-
eration appears to be better educated and more likely to have attended formal
educational institutions. Our limited sample shows the percentage increased from
20% (1871–1885) to 30% (1886–1895 and 1896–1905) to 33% (1906–1914). Those
who received a higher education attended a broad array of 75 Chinese and foreign
institutions. Prominent institutions within China included St. John's University (9),
Tongji (8) (同濟), Jiaotong (交通) (4), and Shanghai College (滬江) (4) – universities
with a technological focus or that prepared students for overseas studies. For those
who studied abroad (31), the United States was the preferred destination (18), with
Japan (8) and Europe (5) trailing significantly behind. The top foreign universities
included the University of Illinois (3), New York University (2), and Northwestern
University (2). Quite a few – though only one each – attended other prestigious
universities such as Yale, Cornell, MIT, or Harvard.

While we only have data on 41 individuals, more than one-third pursued tech-
nical fields such as engineering and chemistry, while 15% graduated in commercial
studies. Approximately 30% selected disciplines in the humanities (literature, law).
The remaining individuals enrolled in a diverse range of fields that hardly related
to industry, such as agronomy, medicine, or military studies. Most received a B.S.
or B.A. degree (23/35), a few graduated as engineers (3), or received a Ph.D. (3).
However, these figures are based on a very small sample (35 degrees) and probably
do not reflect the full extent of the degrees received.

Occupations and Position

The data compiled on the 350 industrialists from the Who's Whos recorded 1,774 distinct positions (1,676 after removing duplicated positions from English sources) under 155 denominations (Graph 1). Over half of these were mentioned only once, typically representing highly specific or lower-level positions. The positions serve as a strong indicator of the social roles and status of industrialists: the top four were *jingli* (director) 經理 (305), *dongshi* (shareholder) 董事 (411), *zongjingli* (general manager) 總經理 (157), and *dongshizhang* (board chairman) 董事長 (150), representing respectively 18.2%, 24.5%, 9.4%, and 8.9% of all positions. The second term, *dongshi*, accentuates the fact that industrialists held economic interests in multiple companies. The chart below also displays other significant positions such as factory director (changzhang 廠長), founder (chuangsheren 創設人), and chairman (huizhang 會長), emphasizing the leading role of industrialists in various circles and organizations beyond their companies. Unsurprisingly, industrialists held multiple leadership positions (CEO, president, vice-president, minister, etc.) or ownership roles (member of boards of administration), accounting for 61% of all positions.
Predominantly, industrialists were entrepreneurs, with 67% of their positions in private companies. Government positions at all levels (central, local, agencies, etc.) accounted for only 12%. Positions linked to educational institutions were marginal, and involvement in political organizations was almost non-existent. Beyond the economic field, however, they held a notable presence in two major sectors: professional organizations (tongye gonghui 同業公會) and civic associations, respectively constituting 10% and 4% of all positions.

Distribution of the types of positions

<figure><img src="image_3.png" /><figcaption>**Graph 1:** Distribution of the positions held by industrialists (Who's Whos).</figcaption></figure>

Upon a more detailed examination of industrialists' fields of activity, Graph 2 shows that positions in industrial ventures represented just half of all their positions (610) in companies (vs. positions in administrative agencies, associations, parties, etc.). The next most significant sector was finance (232), including banks and stock exchanges (20.7%), closely followed by commercial companies (223), primarily trading companies and shops. Industrialists were also involved in transportation (2.1%), publishing and printing (1.8%), and the insurance business (2.6%), although
<figure><img src="image_4.png" /><figcaption>**Graph 2:** The main sectors of activity of industrialists.</figcaption></figure>

each of these occupied only a small share of occupations. Some held positions in media, real estate companies, and public utilities, but these were marginal.

In terms of membership in specific institutions, the Shanghai Chamber of Commerce occupied the top of this hierarchy, while the first company with relevance to industrialists – Zhongguo guohuo gongsi 中國國貨公司 (China National Products Company) – ranks fifth (Graph 4). One noteworthy aspect of this hierarchy is the significant inclusion of state-affiliated commissions (such as the National Economic Council 全國經濟委員 or the National Reconstruction Committee 建設委員會), and even the national government itself. There is also a notable presence of the two official municipal bodies (Shanghai Municipal Council 上海市參議會 and Shanghai Municipal Government 上海市政府). However, the most striking feature is the remarkable prominence of banks and their professional organization.

The professional roles held by these industrialists were indicative of their substantial roles and social status. The most common positions included director, shareholder, general manager, and board chairman. Significantly, industrial-
<figure><img src="image_5.png" /><figcaption>**Graph 3:** Distribution of positions by sector of activity.</figcaption></figure>

ists often held multiple leadership or ownership roles, suggesting their influence extended beyond their own companies. Most of their roles were in private companies, with a smaller proportion in government roles and even fewer within educational institutions (Graph 3). However, industrialists were notably active in professional organizations and civic associations. In terms of industry sectors, industrial ventures accounted for roughly half of the positions held by industrialists. The finance sector, inclusive of banks and stock exchanges, and commercial companies were also significant sectors. The prominence of state-affiliated commissions and the national government among the institutions industrialists were involved with underscores the interconnected relationship between these industrialists and the state.

In conclusion, this analysis provides a detailed view of the characteristics and roles of industrialists in 1947. It highlights their instrumental role in shaping the industrial landscape of China and their diverse engagements extending beyond their business enterprises.
<figure><img src="image_6.png" /><figcaption>**Graph 4:** The distribution of membership in institutions by industrialists.</figcaption></figure>

## Industrialists in the Shenbao

The pursuit of information on the 384 Shanghai industrialists from the *Shenbao* database resulted in data on only 270 individuals, spread across 1,825 articles. These individuals were mentioned in the context of 3,200 unique people, 630 distinct institutions, and 711 events. The term “events” here refers to any action or occasion in which an individual was involved, ranging from meetings and petitions to interviews, receptions, and weddings. In some instances, there was no formal organization linked to the event, or too many people were involved. In such cases, the host of the event or the event itself was designated as the “institution.”

A loose typology of these events (Table 2) reveals that a significant portion of the recorded events associated with industrialists were meetings (49%), followed by fundraising drives (11%) and election candidate lists (11%). Social activities accounted for a substantial 16%, with some large-scale events such as weddings drawing considerable numbers of guests. The last noteworthy category includes announcements about nominations for various positions. This distribution high-
lights how industrialists were depicted in the *Shenbao*: their newsworthiness was not due to their role as industrialists, but rather their status within business and social organizations.

<table><caption>**Table 2:** Types of events and number of participants.</caption><thead><tr><td>Event</td><td>Event</td><td>Participants</td><td>Percentage</td></tr></thead><tbody><tr><td>Meeting</td><td>會議</td><td>3900</td><td>41%</td></tr><tr><td>Election</td><td>選舉</td><td>1071</td><td>11%</td></tr><tr><td>Fundraising</td><td>募捐</td><td>1057</td><td>11%</td></tr><tr><td>Social Activity</td><td>社會活動</td><td>712</td><td>7%</td></tr><tr><td>Recruitment</td><td>聘任</td><td>631</td><td>7%</td></tr><tr><td>Founding Conference</td><td>成立大會</td><td>623</td><td>7%</td></tr><tr><td>Wedding/Funeral</td><td>婚禮葬禮</td><td>589</td><td>6%</td></tr><tr><td>Political Activities</td><td>政治活動</td><td>179</td><td>2%</td></tr><tr><td>Banquet</td><td>宴會</td><td>173</td><td>2%</td></tr><tr><td>Trial</td><td>法案</td><td>132</td><td>1%</td></tr><tr><td>Name list</td><td>名錄</td><td>126</td><td>1%</td></tr><tr><td>Miscellaneous</td><td>雜事</td><td>102</td><td>1%</td></tr><tr><td>Board Meeting</td><td>董事會議</td><td>83</td><td>1%</td></tr><tr><td>Birthday</td><td>壽辰</td><td>79</td><td>1%</td></tr><tr><td>Business Activities</td><td>商業活動</td><td>25</td><td>0%</td></tr><tr><td>Exhibition</td><td>展覽</td><td>16</td><td>0%</td></tr></tbody></table>

However, this distribution does not encapsulate the entire story. A closer examination of the nature of the events and the institutions behind them reveals that industrialists and their associated individuals were predominantly involved in events conducted by state institutions, both national and local, as well as state-merchant organizations.<fnref n="19" /> These organizations were primarily state-sponsored commissions that oversaw economic activities, supply and demand, price control, and the like. Around one-third of the individuals attended such events. Business associations and social organizations were the next most significant categories of events. The roles of the individuals involved in these events spanned both their formal positions in institutions and their temporary roles or positions in the organizing bodies

<footnote n="19">19 I apply the concept of “political merchant” developed by Feng Xiaocai 馮筱才 to the various instances created to bring together representatives of the state and the business community, with obvious inequalities among the latter as to who was invited to join by the state. The postwar period saw the multiplication of such instances in the form of commissions (weiyuanhui) Xiaocai Feng, *Zhengshang Zhongguo: Yu Qiaqing yu ta de shidai* 政商中國：虞洽卿與他的時代 (Political Merchants in China: Yu Qiaqing and His Times) (Beijing: Shehui kexue wenxian chubanshe, 2013).</footnote>
of these events. Though I recorded 133 different denominations of institutions, most were mentioned only once.

The list does not so much demonstrate the types of positions the industrialists held, but rather the circles they moved in and the kinds of people they interacted with. Examining the positions mentioned more than 25 times (Table 3), it becomes clear that many referred to roles rather than positions, such as attendee (出席), participant (參加者), or even election candidate (候選人). Even terms like committee member (委員) could be misleading, as it might refer to a formal position in an institution or membership in an *ad hoc* event organizing committee. In other words, the *Shenbao* does not offer a clear picture of the actual work status of industrialists. Instead, it presents them primarily as participants in events where they contributed their notoriety, wealth, and influence. Often, they were present due to invitations, solicitations, or various social pressures.

<table><caption>**Table 3:** Nature and number of positions or roles.</caption><thead><tr><th>Position (English)<br>(Chinese)</th><th>Number</th><th>Position (English)<br>(Chinese)</th><th>Number</th><th>Position (English)<br>(Chinese)</th><th>Number</th></tr></thead><tbody><tr><td>Attendee (出席)</td><td>1978</td><td>National Delegate<br>Candidate<br>(國大代表候選人)</td><td>92</td><td>Chairman (理事長)</td><td>43</td></tr><tr><td>Committee Member<br>(委員)</td><td>1038</td><td>Donor (捐款人)</td><td>91</td><td>Central Officer<br>(中央幹事)</td><td>41</td></tr><tr><td>Candidate (候選人)</td><td>693</td><td>Guest (來賓)</td><td>85</td><td>Chief Committee<br>Member (主委)</td><td>41</td></tr><tr><td>Congratulatory Gifts<br>(親友賀儀)</td><td>286</td><td>Executive<br>Committee Member<br>(常務委員)</td><td>84</td><td>Vice Committee<br>Member (副主委)</td><td>39</td></tr><tr><td>Director (理事)</td><td>261</td><td>Director (董事)</td><td>83</td><td>Participant (參加<br>者)</td><td>39</td></tr><tr><td>Presidium (主席團)</td><td>251</td><td>Attendee (by<br>Invitation) (列席者)</td><td>81</td><td>Group Member<br>(團員)</td><td>38</td></tr><tr><td>Representative (代表)</td><td>190</td><td>Speaker (致詞)</td><td>67</td><td>Member (會員)</td><td>38</td></tr><tr><td>Attending Committee<br>(出席委員)</td><td>164</td><td>Board Member<br>(理監事)</td><td>64</td><td>Team Member<br>(隊員)</td><td>38</td></tr><tr><td>Advisor (顧問)</td><td>150</td><td>Expert (專家)</td><td>60</td><td>Convener (召集人)</td><td>36</td></tr><tr><td>Principal (校長)</td><td>134</td><td>School Director<br>(校董)</td><td>54</td><td>Defeated Candidate<br>(落選者)</td><td>35</td></tr><tr><td>Executive Director<br>(常務理事)</td><td>120</td><td>Organizing<br>Committee Member<br>(籌委)</td><td>51</td><td>Parliamentary<br>Member (參政員)</td><td>34</td></tr></tbody></table>
<table><caption>**Table 3 (continued)**</caption><thead><tr><th>Position (English)<br>(Chinese)</th><th>Number</th><th>Position (English)<br>(Chinese)</th><th>Number</th><th>Position (English)<br>(Chinese)</th><th>Number</th></tr></thead><tbody><tr><td>Central Executive<br>Committee Member<br>(中央執行委員)</td><td>119</td><td>Senator (參議員)</td><td>50</td><td>Executive<br>Supervisor<br>(常務監事)</td><td>30</td></tr><tr><td>Chairperson (主席)</td><td>114</td><td>Central Supervisory<br>Committee Member<br>(中央監察委員)</td><td>44</td><td>Representative<br>and Parliamentary<br>Member<br>(代表及參政員)</td><td>28</td></tr><tr><td>Initiator (發起人)</td><td>114</td><td>Deputy Central<br>Executive<br>Committee Member<br>(候補中央執行<br>委員)</td><td>44</td><td>Central Supervisor<br>(中央監察)</td><td>27</td></tr><tr><td>Fundraising<br>Committee Member<br>(籌募委員)</td><td>107</td><td>Supervisor (監事)</td><td>44</td><td>Vice President<br>(副會長)</td><td>27</td></tr></tbody></table>

What insights can we glean from this data? When presented in a tabular format, it somewhat oversimplifies the depiction of the relationships between industrialists, individuals, and the institutions they interacted with. To delve deeper into how these entities were interconnected and to understand the nature of these connections, network analysis offers a particularly useful approach to this dataset.

The network constructed from the *Shenbao* data is an affiliation network consisting of 3,834 nodes and 6,734 edges, defined as an undirected network. It comprises a large main component and 49 smaller components. Most of these smaller components are dyads, with a few star-like sub-networks. Only one institution, the Bristle Finishing Trade Association (豬鬚整理同業公會), connected a substantial number of individuals (22, with only one industrialist) without any link to the main component. I excluded all the smaller components from my analysis.

Although I conducted a systematic analysis of this network, the primary function of this analysis was to identify issues within the network. For instance, the highest betweenness centrality and degree centrality scores were associated with the Guomindang (國民黨) and a single event, a wedding (張增謙君結婚). This was due to the large number of individuals connected to these two entities, a major political organization that held its congress and a large-scale social event in 1947. That year was also an election year, and industrialists frequently appeared on candidate lists for the Legislative Yuan representing trade associations (職業團體立委) and the National Assembly (國代選舉). Several were also linked to the *Shenbao* (申
報) as “event-makers” (organizers of student fundraising campaigns), significant sports events (工界運動大會, 全市工人運動會), and a national meeting of university presidents.

The existence of these mega-nodes introduced a considerable bias (Table 4). If a single industrialist was linked to such a mega-node, then all participants in the same event became part of his network. For instance, the meeting of the presidents of Chinese universities was not directly related to industrialists, but because some industrialists were members of the board of administration of some universities, they were associated with all the presidents merely because the meeting occurred in Shanghai. I ultimately removed all such artificial connections from the dataset used for the analysis below.

The primary component of the network retains most of the original data and shares similar network characteristics, comprising 3,675 nodes (95.8% of the original) and 6,621 edges (98.3% of the original). This forms a low-density network (0.001) with an average number of neighbors of 3.601 and an average path length of 4.908.<fnref n="20" /> The node degree centrality demonstrates an even distribution of nodes with a short “long tail” for nodes with more than 50 degrees. Over a third of the nodes have only one degree, meaning these individuals or institutions appeared only once in the *Shenbao* articles.

<table><caption>**Table 4:** List of the removed nodes.</caption><thead><tr><th></th><th></th></tr></thead><tbody><tr><td colspan="2"><strong>Political/social organizations/elections</strong></td></tr><tr><td>國民政府</td><td>National government</td></tr><tr><td>國民黨</td><td>Political party [1]</td></tr><tr><td>青年會</td><td>Social organization</td></tr><tr><td>國代選舉</td><td>List of candidates to elections [2]</td></tr><tr><td>國民大會代表選舉</td><td>List of candidates to elections</td></tr><tr><td>職業團體立委</td><td>List of candidates to elections</td></tr><tr><td colspan="2"><strong>Universities</strong></td></tr><tr><td>聖約翰大學</td><td>St. John's University</td></tr><tr><td>復旦大學</td><td>Fudan University</td></tr><tr><td>全國專科以上學校</td><td>Presidents of universities</td></tr><tr><td colspan="2"><strong>Mega events/event maker</strong></td></tr><tr><td>張增謙君結婚</td><td>Wedding [3]</td></tr><tr><td>申報</td><td>“Event-maker” as organizer of fund-raising campaign for students</td></tr></tbody></table>

<footnote n="20">20 These two measures indicate respectively that each node is linked directly to 3.601 other nodes and that the average indirect distance between two nodes requires going through almost five other nodes. The longest distance (diameter) is 16.</footnote>
<table><caption>**Table 4 (continued)**</caption><thead><tr><th colspan="2">Political/social organizations/elections</th></tr><tr><th colspan="2">Charity and sports committees</th></tr></thead><tbody><tr><td>全運會首次籌委會</td><td>Sports event</td></tr><tr><td>籌備全運會委員會</td><td>Sports event</td></tr><tr><td>工界運動大會</td><td>Sports event</td></tr><tr><td>全市工人運動會</td><td>Sports event</td></tr><tr><td>工界第二屆運動大會</td><td>Sports event</td></tr><tr><td>第二屆全市工界運動大會</td><td>Sports event</td></tr><tr><td>第七屆全國運動大會</td><td>Sports event</td></tr><tr><td>清寒學生貸款委員會</td><td>Charity committee [4]</td></tr><tr><td>兩廣水災濟募委員會</td><td>Charity committee</td></tr></tbody></table>

[1] Apart from linking a lot of individuals in general, the GMD held its 4th CEC meeting in 1947, which also created an extensive list of names of its members. Yet again, even if we may assume a degree of proximity among these members, the large number does not offer much in terms of actual relationships that we can qualify.

[2] The year 1947 was a year election to the National Assembly. It involved political parties – in our sample, mostly the GMD – and professional organizations. Representatives were elected on the basis of several venues: area (a district) and professional organizations. The Shenbao published repeatedly lists of candidates, then results of the voting. There is therefore an inflation of such names in the sample, which results only from this logic of repeated reporting. While the presence of an individual on a list of candidate may point to a mutual relationship, especially for the professionalism organizations, it does not qualify to ascertain a strong link.

[3] Some weddings published extensive lists of guests (>100) which turned them into major nodes. Yet these were formal invitations for the most part. All the guests in the lists are placed at the same level and there is no way to distinguish between closer friends of the family, actual relatives, and those who were invited for reasons of prestige. What can be done here is to select just the weddings and see whether some people attended more than one wedding. This would identify the people most likely invited for reasons of prestige or for whom one can establish a relationship with one of the parents of the newly-wed. For funerals, however, the list of attendees was generally not as extensive and high as for weddings. It probably does not introduce a particular bias, but in the same perspective, one can select all such events and see what connections may exist and why.

[4] The fund-raising campaigns can be seen as actions done by individuals that may share a common goal, or who may have been solicited for their social status and wealth, or who may indeed be committed to a cause they share. These fund-raising campaigns usually called for meetings and positions therein, which may support the notion that these were opportunities for individuals to meet and interact

Ranking individuals by degree or betweenness centrality essentially yields the same results. This was expected due to the significance of degrees in an affiliation network. In our case, degree and betweenness are strongly correlated. The most influential individuals in the network are Du Yuesheng (杜月笙) [Ind.] (119), Wang Xiaolai (王曉籟) [Ind.] (91), Pan Gongzhan (潘公展) (90), Xu Jiqing (徐寄嶺) [Ind.] (69), Wu Guozhen (吳國楨) (62), Wu Yunchu (吳蘊初) [Ind.] (60), Qian Yongming
(錢新之) (54), and Yan Huiqing (顏惠慶) (48). Regarding institutions, the significant nodes are the National Economic Council (全國經濟委員會) (67), Executive Yuan (行政院) (48), Shanghai Municipal Government (上海市政府) (47), Export Promotion Executive Commission (輸出推廣執委會) (45), and Political Council (民國參政會) (45). The network forms a dense cluster that does not reveal much about industrialists. However, all the dominant institutions are linked to the state.

The subsequent step in the data analysis involved filtering the network. Firstly, I removed all nodes with only one degree (a single connection in the network). I then systematically pruned the network, testing its consistency at each step to highlight the more significant nodes (Table 5).<fnref n="21" /> The first operation reduced the network to 1,304 nodes and 3,651 edges. In the process, two individuals categorized as industrialists, Xu Diaolü (許調履) and Tang Xueyong (唐學詠), were lost. I pruned the network at five successive thresholds from 5 to 40 degrees. Pruning involves removing nodes based on their number of degrees. At each step, we see the selected nodes with the nodes to which they are more closely interlinked in terms of degree. However, in the graph, each node is displayed with its total number of degrees, not the number of degrees between the selected nodes.

The analysis of an affiliation network, which is a two-mode network, can reveal key information about the relationships between individuals and institutions. As we move up the ladder of degrees, we can identify institutions that play a significant role in connecting people, as well as individuals who serve as crucial connectors between institutions. To some extent, this may also reflect the connections between people, although this aspect can be more challenging to discern.

<table><caption>**Table 5:** Pruning the *Shenbao* network.</caption><thead><tr><td>Degrees</td><td>Nodes</td><td>Edges</td></tr></thead><tbody><tr><td>5</td><td>410</td><td>1881</td></tr><tr><td>10</td><td>183</td><td>912</td></tr><tr><td>20</td><td>56</td><td>181</td></tr><tr><td>30</td><td>21</td><td>52</td></tr><tr><td>40</td><td>14</td><td>24</td></tr></tbody></table>

<footnote n="21">21 This is the method developed by Marilyn Levin to cut through and make sense of large-scale networks. Marilyn Levine, “Revolutionary Roads: An Integrative Analysis of Utilizing a Chinese Biographical Database,” in *Knowledge, Power, and Networks. Elites in Transition in Modern China*, ed. Cécile Armand, Christian Henriot, and Huei-min Sun (Leiden: Brill, 2022), 181–230.</footnote>
On one hand, small-scale institutions or events might foster more direct contact and familiarity between individuals, thereby potentially strengthening relationships. On the other hand, it might not be the size of the institution or event that is most significant. Instead, repeated contacts across a broad range of institutions or events could contribute more substantially to solidifying a network of individuals. This mirrors the assumption that corporate executives who serve on the same boards of administration establish privileged contacts, thereby creating a network of like-minded individuals.<fnref n="22" /> Thus, the exploration of this network can help to elucidate the complex web of relationships among Shanghai industrialists and the institutions they were affiliated with.

The analysis of the *Shenbao* network at a threshold of 30 degrees revealed (Graph 5) a group of influential individuals, including Du Yuesheng (杜月笙), Wang Xiaolai (王曉籟), Pan Gongzhan (潘公展), Xu Jiqing (徐寄廕), Wu Guozhen (吳國楨), Wu Yunchu (吳蘊初), Qian Yongming (錢新之), Yan Huiqin (顏惠慶), Fang Zhi (方治), Rong Hongyuan (榮鴻元), and Zuo Shunsheng (左舜生). These individuals, five of whom were identified as industrialists, were connected through high-level

<figure><img src="image_7.png" /><figcaption>Graph 5: Network of the individuals and institutions with degree centrality above 40 (Shenbao).</figcaption></figure>

<footnote n="22">22 Mark S. Mizruchi, “What Do Interlocks Do? An Analysis, Critique, and Assessment of Research on Interlocking Directorates,” *Annual Review of Sociology* 22 (1996): 271–98.</footnote>
official institutions such as the National Government (國民政府), National Economic Council (全國經濟委員會), Executive Yuan (行政院), and National Assembly (國大會), as well as through local government institutions like the Shanghai Municipal Government (上海市政府). Also prominent in this network was a major ad hoc relief committee (兩廣水災救濟籌募委員會) and a personal event, Du Yuesheng's 60th birthday celebration.

To better understand the role of industrialists within the *Shenbao* network, two separate analyses were conducted: one focusing on the industrial companies mentioned in the articles, and the other on the individuals identified as industrialists. The first analysis, which focused on the industrial companies, proved to be a dead end. Very few industrial companies were mentioned in the *Shenbao*, as indicated in Table 6, and these companies did not show any clear pattern of connection. The resulting network was composed of multiple small ego-networks, suggesting that each company was largely disconnected from others. This implies that, within the context of the *Shenbao* in 1947, industrial companies did not play a significant role or have much relevance.

<table><caption>**Table 6:** Industrial companies in the *Shenbao* network.</caption><thead><tr><td>Name</td><td>Name</td><td>Name</td></tr></thead><tbody><tr><td>China Silk Company (中國蠶絲公司)</td><td>Greater China Match Company (大中華火柴公司)</td><td>China Cotton Weaving Company (中國棉織業產銷聯營公司)</td></tr><tr><td>China Chemical Industry Corporation (中國化學工業社)</td><td>Minfeng Paper Mill (民豐造紙廠)</td><td>China Vegetable Oil Plant (中國植物油料廠)</td></tr><tr><td>Greater China Rubber Factory (大中華橡膠廠)</td><td>China Underwear Textile and Dyeing Factory (中國內衣紡織染廠)</td><td>China Pest Control Manufacturing Factory (中國殺蟲藥製造廠)</td></tr><tr><td>Home Industry Corporation (家庭工業社)</td><td>Kangyuan Canning Factory (康元製罐廠)</td><td>Yuanfeng Wool Spinning and Dyeing Company (元豐毛紡織染公司)</td></tr><tr><td>Shanghai Iron & Steel Co., Ltd. (上海鋼鐵股份有限公司)</td><td>Zhanghua Woolen Textile Company (章華毛絨紡織公司)</td><td>Guangzhong Machinery Weaving and Dyeing Factory (光中機器染織廠)</td></tr><tr><td>New Asia Pharmaceutical Factory (新亞藥廠)</td><td>Shanghai Cement Company (上海水泥公司)</td><td>Kangfu Weaving Factory (康福織造廠)</td></tr><tr><td>Spinning Control Committee Filature (紡管會民營紗廠)</td><td>Shanghai Yumin Wool Yarn Factory (上海裕民毛絨線廠)</td><td>New Da Weaving Factory (新大織造廠)</td></tr><tr><td>Shenxin Textile Corporation (申新紡織總公司)</td><td>China Underwear Company (中國內衣公司)</td><td>Privately-Owned Filature (民營紗廠)</td></tr><tr><td>Greater China Match Company (大中華火柴公司)</td><td>China Fuzhong Industrial Corporation (中國孚中實業公司)</td><td>Shenxin Filature (申新紗廠)</td></tr></tbody></table>
<figure><img src="image_8.png" /><figcaption>Graph 6: Network of the “industrialists” with degree centrality above 40.</figcaption></figure>
For the individuals tagged as industrialists, I obtained a larger network that con-
veyed the impression that industrialists were more connected, though not through
their industrial companies (Graph 6). It was indeed the case, but this was merely
the reproduction of the core network of individuals identified previously through
the pruning of the whole network. Yet, we fail to see many factories on this graph,
which also confirms that the industrialists therein enjoyed many mutual relations,
but these relations – as recorded by the *Shenbao* – did not have their industrial
activity as a basis. Somehow, this reflects the paucity of information about indus-
trial companies in the newspaper – 27 nodes (Table 6) – and the absence of “indus-
trialists as industrialists” in the pages of the *Shenbao*.

Industrialists in the Who's Whos

The *Shenbao* and the Who's Whos provide two contrasting perspectives on the activities and affiliations of industrialists. While the *Shenbao* offers a snapshot of individuals' activities within a single year, the Who's Whos provides a longitudinal account of their affiliations with various institutions throughout their lives up until the time of publication.

Initially, the data was extracted based on the list of 384 industrialists. This
dataset was subsequently enriched by querying all the institutions mentioned in
both the Who's Whos and the *Shenbao*. The aim was to capture a comprehensive
picture of these institutions within the Who's Whos and to identify all individuals
associated with them. This approach offered a more holistic view of the network of
affiliations, which could have been overlooked if the analysis was confined solely
to the initial list of 384 individuals.<fnref n="23" />

The analysis of data from the Who's Whos, which spans from 1938 to 1949, shows that the initial network consisted of 5,939 nodes and 8,574 edges, forming 107 components. The large number of components reflects the nature of the biographical data, in which individuals were usually connected only through shared institutional affiliations. The main component of the network consisted of 5,453 nodes (91%) and 8,202 edges (96%). This component had a low average number of

<footnote n="23">23 The query through the names of identified institutions in either the *Shenbao* or the *Who's Whos* would necessarily bring up the names of all the people associated to each company. For example, if I searched Mr. Wang, I would find him as a director or shareholder in the Rubber Company, but I would not know who else was linked to this company. If I then search the Rubber Company, any person affiliated with it (shareholder, director, manager, etc.) would necessarily come up. This would then allow me to build a more completed network of Mr. Wang through his connection to the Rubber Company.</footnote>
neighbors per node (3.008), reflecting the sparse connections among individuals. Both betweenness and degree centrality were used as the primary measures for this affiliation network.

The main component of the network features a wide range of betweenness centrality among nodes, with a mean value of approximately 0.00089. This suggests that nodes do not typically exhibit high betweenness centrality on average, indicative of the nature of the data. Nonetheless, we can identify some parallels with the data from the *Shenbao*. The nodes with the highest betweenness centrality are the Shanghai General Chamber of Commerce (上海市總商會) with 0.206 and the Shanghai Commercial and Savings Bank (上海商業儲蓄銀行) with 0.099, followed by two individuals, Qian Yongming with 0.089 and Du Yuesheng with 0.079. These values exceed the centrality of prominent institutions such as St. John's University (聖約翰大學) (0.066), the Bank of China (中國銀行) (0.066), and the National Government (國民政府) (0.058).

The next tier of significant nodes, both institutions and individuals, falls within a narrower range of betweenness centrality scores: Shanghai Municipal Council (上海市參議會) (0.050), Ministry of Finance (財政部) (0.048), Bank of Communications (交通銀行) (0.043), Fudan University (復旦大學), Shanghai Stock Exchange (上海華商證券交易所) (0.042), Commercial Press (商務印書館) (0.039), Xu Jiqing (徐寄嶺) (0.035), Wang Xiaolai (王曉籟) (0.034), National Economic Council (全國經濟委員會) (0.029), China National Goods Company (中國國貨公司) (0.028), and Guomindang (國民黨) (0.027).

The order of institutions changes when evaluated by degree centrality, but it essentially encompasses the same entities. As seen with the *Shenbao* data, betweenness centrality and degree centrality are strongly correlated in this two-mode network. The distribution and relative significance of certain institutions in this network present an inherent bias, resulting from our two-step search strategy: first by the name of industrialists, and then by the name of the institutions to which they were affiliated. This method led to a magnifying effect for some institutions. To mitigate this bias, the data was trimmed by selecting only the institutions directly linked to the industrialists identified from the expanded data.

In the trimmed network, five institutions emerge at the top in terms of betweenness centrality: Shanghai Chamber of Commerce (上海總商會), Shanghai Commercial and Savings Bank (上海商業儲蓄銀行), Ministry of Finance (財政部), Bank of China (中國銀行), and Shanghai Municipal Council (上海市參議會). This highlights the preeminence of official institutions in this network of more permanent positions. Similarly, the most prominent individuals are Qian Yongming, Kui Yanfang, and Xu Jiqing, with the Commercial Press ranking just before Du Yuesheng. Although Du Yuesheng seems less important in terms of degree, he remains a central figure in terms of betweenness centrality, even in this network.
based on enduring positions. Du Yuesheng connects directly to 25 institutions (degree 1), but at degree 2, his network expands significantly to 614 nodes and 737 edges, in part due to his membership in all four major institutions that structure the network: Shanghai General Chamber of Commerce, Shanghai Commercial and Savings Bank, Shanghai Stock Exchange, and Bank of China.

While the *Shenbao* captured individuals in their ongoing activities during a particular year, the Who's Who recorded their affiliations with institutions over their lifetime, up until the time of publication. The data derived from the Who's Who emphasizes membership and positions in institutions, which are particularly pertinent for industrialists, such as the Chamber of Commerce and the Federation of Industry, as well as official institutions, from the National Government to the Ministries of Finance and Industry. The significant presence of financial institutions in this network could point to inherent connections between industry and finance. However, this could also be interpreted as the result of a close association between a group of businessmen and financiers under the stringent stewardship of the nationalist government initiated during the Nanjing Decade. In the postwar period, with the same individuals in place, the more visible hand of the state favored those with privileged access to the central government and its agencies. There is also a strong presence of universities, which could be explained by either prior education at these institutions or membership on their board of administration. In both cases, industrialists are not frequently among the most connected individuals, even though the Who's Who provides a larger number of such individuals.

In examining the network built around industrialists, the pruning of nodes illuminates the prevalence of certain institutions and individuals at the core of the network on a more enduring basis. For instance, when considering the network formed by nodes with more than thirty degrees, it encompasses 35 nodes with merely six individuals: Qian Yongming, Kong Xiangxi, Kui Yanfang, Wang Xiaolai, Xu Xiaochu, and Du Yuesheng. Five of these individuals are classified as industrialists (all except Qian Yongming), although for some, their engagement with industry was somewhat tangential to their other economic pursuits. In terms of institutions, however, industrial companies are completely missing, which is unsurprising given that very few factories were associated with more than five individuals or institutions. The institutions that are represented include eight banks (Shanghai Commercial and Savings Bank, Bank of China, Bank of Communications, Silver Company, National Commercial Bank (浙江興業銀行)), Central Bank, Zhonghui Bank, and China State Bank (國華銀行)); two central government committees (Central Military Commission (軍事委員會)), National Economic Council); two professional organizations (Shanghai Banker's Association, Shanghai Chamber of Commerce); six central government institutions (Executive Yuan, National Economic Council, Ministry of Finance (財政部)), Ministry of Industry (實業部), Ministry of Foreign Affairs (外交
部), National Political Council, National Assembly, National Government); two local government institutions (Shanghai Municipal Government, Shanghai Municipal Council); one association (YMCA); and four universities (Jinan University (暨南大學) at Guangzhou, Southeast University (東南大學) at Nanjing, Great China University (大夏大學), and Fudan University (復旦大學) at Shanghai).

While one could argue that the high number of degrees from major institutions also constitutes a bias similar to that of the removed nodes, the rationale for keeping them is that individuals held positions in these institutions, which conferred both status and prestige upon them and provided them with opportunities for regular and genuine contacts with other members of these institutions. This was much more significant, in substance, than being a member of a large, short-term, and more anonymous charity or sports organization committee. Without taking this indicator as an absolute index of influence, betweenness centrality highlights the preponderance of the Shanghai General Chamber of Commerce on par with Du Yuesheng, Wang Xiaolai on par with the Shanghai Municipal Government and the Shanghai Commercial and Savings Bank, the National Economic Council on par with Xu Jiqing, and the Shanghai Municipal Council on par with Rong Hongyuan, Pan Gongzhan, and Yan Huiqing. Among the nine individuals in this network, two were genuine industrialists (Rong Hongyuan, Kui Yanfang), while one had substantial involvement in the industry alongside other economic activities (Wang Xiaolai), and two had only a peripheral investment in industry (Du Yuesheng, Yan Huiqing). The last three were prominent political personalities (Wu Guozhen, Pan Gongzhan, Xu Jiqing) whose names were often associated with the many events and institutions in which industrialists were involved. Yet, it can also be assumed with confidence that these individuals had ample opportunities to interact and formed a core group of influential brokers in the network.

The selection of nodes tagged as industrial companies, along with their first neighbors, resulted in a large network of 1,312 nodes and 1,306 edges. However, this network comprised 100 components, which again underscores the absence of strong relations between industrial companies as such. Apart from the main component examined below, there were eight components with more than 15 nodes (Graph 7). The largest sub-network connected primarily a group of individuals linked to the Huasheng Electrical Appliance Manufacturing Factory (華生電器製造廠), forming a sort of string network with companies in the same sector. The next sub-network was also built around a single company, the Huacheng Tobacco Company (華成烟草公司), serving as the main broker through which other tobacco factories were connected. The third and fourth sub-networks were ego-networks centered respectively around Li Tingdong (李廷棟), with a wide range of factories, and Zhao Xiushan (邵修善), who managed a whole string of match factories.
<figure><img src="image_9.png" /><figcaption>**Graph 7:** Examples of company-based networks.</figcaption></figure>

The main component of this network incorporates 753 nodes and 834 edges. Despite its apparent unity, the network fractures beyond five degrees. Within this network, only thirteen factories connect a significant number of individuals, ranging from 10 to 19 (as shown in Table 7). Most of these connections are shareholders or investors, not industrialists, although there are instances of industrialists involved in various companies, either within the same sector or across different sectors. Beyond five degrees, the network disintegrates into a series of smaller subnetworks. One such example is a network connected to two paper factories, Huafeng Paper Factory (華豐造紙廠) and Minfeng Paper Factory (民豐造紙廠). Another example involves three companies linked solely through two distinct individuals, Zhang Zhenhou (張珍侯), an industrialist, and Xiang Kangyuan (項康原), a non-industrialist. This can be interpreted as an indication that industrialists were mostly involved in smaller networks, possibly through co-investment or shareholding, sometimes in factories within the same line of business, sometimes in complementary sectors (such as chemical/pharmacy or metal/machines), or even in unrelated sectors. Decisions on investment could have been based on factors other than common business interests, such as previous relationships, shared origin (籍貫), kinship, and so forth.
<table><caption>**Table 7:** The largest company-based networks.</caption><thead><tr><td>Name</td><td>Chinese name</td><td>Degree</td><td>Betweenness centrality</td></tr></thead><tbody><tr><td>China Silk Company</td><td>中國蠶絲公司</td><td>19</td><td>0.0039698</td></tr><tr><td>China Chemical Industry Corporation</td><td>中國化學工業社</td><td>14</td><td>0.0039721</td></tr><tr><td>Great China Rubber Factory</td><td>大中華橡膠廠</td><td>14</td><td>0.00682923</td></tr><tr><td>Family Industrial Cooperative</td><td>家庭工業社</td><td>14</td><td>0.00358305</td></tr><tr><td>Shanghai Steel Company</td><td>上海鋼鐵股份有限公司</td><td>13</td><td>0.00310311</td></tr><tr><td>Xinya Pharmaceutical Factory</td><td>新亞藥廠</td><td>13</td><td>0.00327888</td></tr><tr><td>Textile Association Spinning Mill</td><td>紡管會民營紗廠</td><td>12</td><td>0.00103146</td></tr><tr><td>Shenxin Textile Corporation</td><td>申新紡織總公司</td><td>11</td><td>0.00344368</td></tr><tr><td>Great China Match Company</td><td>大中華火柴公司</td><td>11</td><td>0.00527863</td></tr><tr><td>Minfeng Paper Mill</td><td>民豐造紙廠</td><td>10</td><td>0.00178531</td></tr><tr><td>China Lingerie Textile Dyeing Company</td><td>中國內衣紡織染廠股份有限公司</td><td>10</td><td>0.00301885</td></tr><tr><td>Kangyuan Can Factory</td><td>康元製罐廠</td><td>10</td><td>0.00209729</td></tr><tr><td>Zhanghua Woolen Textile Company</td><td>章華毛絨紡織公司</td><td>10</td><td>0.00223974</td></tr></tbody></table>

The network created by selecting the individuals labeled as industrialists comprises 1,589 nodes and 1,828 edges. Even within this network, there are 51 components, suggesting that at least 50 industrialists were not directly connected to those in the main component. These industrialists formed their own networks, ranging from 2 to 9 nodes. The main component retained the majority with 1,363 nodes and 1,651 edges. We found the same individuals in essentially the same order (degree centrality), although with some additions (Zhang Jingjiang (張靜江), Fang Shubo (方椒伯), Zhang Wenkui (張文魁), Huan Hanyan (黃漢彥), Bao Guochang (鮑國昌), etc.). When the degree centrality is set at 30, only six individuals remain: Kong Xianxi, Wang Xiaolai, Xu Xiaochu, Rong Hongyuan, Du Yuesheng, and Kui Yanfang (Graph 8). Except for two cases where two pairs of individuals were connected through an industrial company (Hengda Cotton Mill (恆大紗廠), Jiufu Pharmaceutical Company (九福製藥公司)), these six individuals were associated solely through professional organizations, banks, or official institutions.

As with the data from the *Shenbao*, while network analysis can identify more significant networks based on industrial activity, these networks are not substantial, and they do not provide any clear connectivity for the individuals involved. In fact, network analysis is particularly useful for reconstructing the various ego-networks around individual companies, an aspect of the data extracted from the *Shenbao* that was completely lost. Although we cannot confirm that the information is as
<figure><img src="image_10.png" /><figcaption>**Graph 8:** Network of the “industrialists” with degree centrality above 30 (Who’s Who).</figcaption></figure>
complete as it was in the official records of companies and shareholders, such as
those studied by Sun Huei-min at the Ministry of Industry, it does represent a step
further in understanding the economic and business ties that existed within the
Shanghai business community.<fnref n="24" />

In the final stage of my exploration of the potential of network analysis for industrialists, I transitioned from affiliation networks (two-mode networks) to a one-mode network focused exclusively on individuals. Transforming the industrialist network into two one-mode networks, one for individuals and the other for institutions, provides a novel perspective on the data. The one-mode network for individuals comprises 1,175 nodes and 6,937 edges, with 43 components. I will concentrate solely on the main component, which contains 1,069 nodes and 6,852 edges. In this network, the prominence of nodes varies based on the centrality measures we examined but the same group of individuals consistently tops each list. The four individuals who occupy the most prominent positions according to betweenness centrality, in order of importance, are Wang Xiaolai, Qian Yongming, Du Yuesheng, and Xu Jiqing. In the one-mode network, Wang Xiaolai ranks higher than Du Yuesheng. The next significant group includes Jin Runxiang (金潤序), Li Junpei (李錦沛), Pan Yulun (潘序倫), Liu Hongsheng (劉鴻生), Kong Xianxi (孔祥熙), Gu Kemin (顧克民), and Pan Gongzhan (潘公展). Some of these individuals were prominent in the affiliation networks, but others appear for the first time, such as Jin Runxiang 金潤序 (industrialist), Li Junpei 李錦沛 (architect), and Pan Yulun 潘序倫 (expert accountant).

To enhance the analysis, I selected the individuals with the highest degree centrality in three steps (greater than 50, greater than 80, greater than 100). The network with 80 degrees of centrality reveals a high concentration among a select group of twelve individuals, comprising a mix of political figures and businessmen (Wang Xiaolai, Qian Yongming, Du Yuesheng, Xu Jiqing, Jin Runxiang, Pan Xulun, Kong Xiangxi, Chen Huide (陳輝德), Wang Yansong (王延松), Song Ziwen (宋子文), Sun Ke (孫科), and Chen Guangfu (陳光甫)). With the higher threshold of 100 degrees, only seven individuals remain (Wang Xiaolai, Qian Yongming, Du Yuesheng, Xu Jiqing, Pan Xulun, Kong Xiangxi, Song Ziwen). Wang Xiaolai is prominently central in this network by all measures and significantly surpasses the others. Qian Yongming is second, despite not being involved in the industry.

Through the application of network analysis to data on industrialists, I have pursued multiple objectives, one of which was to identify the most influential

<footnote n="24">24 Sun, Huei-min, “Unleashing the Power of Knowledge and Networks: Capital Raising in Shanghai’s Publishing Companies (1928–1937)” in this volume.</footnote>
individuals within this community. The clear conclusion, despite the use of data from two markedly different sources (a newspaper and a collection of unrelated Who's Whos), is that a small number of individuals played a pivotal role due to their extensive personal and professional networks. Comparing the two one-mode networks side by side (or merging the data into a single dataset) allows us to artificially, yet realistically, reconstruct the network of the “power elite” within the business community (Graph 9).

<figure><img src="image_11.png" /><figcaption>**Graph 9:** The “power elite” of Shanghai industrialists.</figcaption></figure>

## Conclusion

This examination of Shanghai industrialists in 1947, drawn from press sources and a collection of Who's Whos, has yielded rich insights into the dynamics of the city's industrial elite. Despite their inherent bias towards individuals of notoriety, these resources offer the most comprehensive and reliable information available. While the Who's Whos have their limitations and imbalances, it is unlikely that alternative sources could provide more extensive biographical data. In this study, we drew upon a corpus of fifty different publications. Archival sources, while more company-centric, are unlikely to offer much in terms of biographical data.

It is important to acknowledge that the industrial landscape was inhabited by a diverse set of actors, many of whom remain elusive due to the scarcity of information about less prominent or influential individuals. The focus on the “industrial elite” in Shanghai in 1947 does not imply a comprehensive understanding of this group. Within this elite, there were a limited number of “genuine” industrialists
whose economic interests were primarily focused on industrial ventures. Most
were engaged in a range of activities, with industry serving as one element within
a diversified portfolio. This observation is significant as it shaped the relationships
within the business community and highlighted the limitations of network analysis
in capturing the full complexity of the roles of industrialists.

Indeed, although the Who's Who data documented this reality, a distinctive
feature of the postwar period – made more visible through the *Shenbao* – was the
proliferation of state-business entities and interactions between state officials at
various levels and businessmen, particularly industrialists. Industrialists evade
simple analysis due not just to their minority status, but also due to their involve-
ment in wider professional and official circles. Network analysis reveals patterns of
interconnectedness at the company level, but it becomes evident that banks played
a more pivotal role than industrial companies in connecting industrialists.

Despite its limitations, network analysis has proven useful in identifying dense
connections between these economic actors. However, it is important to recognize
that this density of relations was not primarily linked to their activity as industrial-
ists. Three individuals – Wang Xiaolai, Qian Yongming, and Du Yuesheng – emerged
as central figures due to their extensive network of relations, association with key
institutions, and privileged relations with core government entities. This study
challenges the common perception of Du Yuesheng as a diminished figure after the
war, demonstrating instead that he maintained considerable influence. Both Wang
Xiaolai and Qian Yongming owed their influence to their status within the business
community, particularly in banking for Qian Yongming. All three maintained close
relations.

This study demonstrates the value of network analysis methodology, in provid-
ing valuable insights into the relationships and dynamics within a complex social
landscape. It also underscores the necessity of integrating various types of sources
and methodologies to capture the full complexity of historical phenomena. This
contributes to our understanding of Shanghai's business community and state-soci-
ety relations in the final years of the nationalist regime.

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