Abstract
AbstractTreaty ports attracted most of colonial China's foreign enterprise and introduced western institutions that would shape property rights and the judicial system. Political change and economic reconstruction after 1949 depressed this tradition, but its effects lingered and became more active after reform and opening. Using cross‐sectional data for cities combining the treaty‐port history and the investment climate, we document the impact of this heritage on the institutional quality and economic development of modern China.
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