When did China become a Republic?
Republic of China (1912–1949)
The 1930s in China were alternatively known as the "Nanjing Decade", in which economic growth was ongoing due to relative political stability compared to the previous decade. Chinese industries grew considerably from 1928 to 1931. While the economy was hit again by Japanese occupation of Manchuria in 1931 and the Great Depression from 1931 to 1935, industrial output recovered to their earlier peak by 1936. This is reflected by the trends in Chinese GDP. In 1932, China's GDP peaked at 28.8 billion, before falling to 21.3 billion by 1934 and recovering to 23.7 billion by 1935.[37] By 1930, foreign investment in China totaled 3.5 billion, with Japan leading (1.4 billion) and the United Kingdom at 1 billion. By 1948, however, the capital stock had halted with investment dropping to only 3 billion, with the US and Britain leading.[38]