The history of stocks in China can be traced back to the period of the Westernization Movement in the 19th century. At that time, a number of joint-stock enterprises jointly organized by the government and the businessmen appeared in China. The Steamship Merchants Bureau, established in 1873, issued China's earliest stocks. The government promulgated the Stock Exchange Law, and the Beijing Stock Exchange was established in 1917. Before the War of Resistance Against Japan, there were more than a hundred listed stocks. But after several setbacks, the stock market never developed. The most appropriate summary of this text is:. ['Stocks originated during the Westernization Movement of the 19th century.', 'The birthplace of the stock is China.', 'ˈ stocks have existed in all periods of Chinese history.', 'Stocks have a glorious history in modern China.']