In early 1919, a huge industrial and commercial delegation of the Republic of China, led by Liang Qichao, Minister of Finance, Zhang Guogan, and Minister of Transportation Cao Rulin, arrived in Vienna. According to the plan proposed by Li Haidn, a large-scale investment and aid plan was initially formulated between the Austro-Hungarian government and the Beiyang government to promote China's industrialization process.

In fact, in the early years of the Republic of China, China's industry and commerce were already developing rapidly, especially during the European War, whether it was bureaucratic capital or national capital, a prosperous trend occurred during this period. Therefore, the historical community often called this period the "golden period" on the road of modernization. However, the development of China's capitalist economy during this period was different from the industrialization path of early capitalist countries such as Britain, France, and the United States, and also different from the later capitalist countries such as Japan, Russia, and has a distinct Chinese imprint. It can be said that China's capitalist economy has unique characteristics in the development process of its capitalist economy.

During the Beiyang period, China's industrial and commercial development had strong characteristics of bureaucratic capital, and it was also reflected in the rapid expansion and development of bureaucratic capital. During the Yuan Shikai's period, bureaucratic capital represented by the Transportation Department had begun to take shape. The early representative of the Transportation Department was Liang Shiyi. He used Yuan Shikai as the backstage and made contributions during his support of Yuan Shikai as the presidential presidential presidential office and the Prime Minister of the Bank of Communications.

During this period, the Bank of Communications basically played the role of the central bank, undertaken the state's foreign loans, issuance of treasury bonds, and acted as the treasury business. This period was basically the period when the Bank of Communications was dominant. After Yuan Shikai's death, Liang Shiyi was treated as the "remnant of the imperial system" and was removed from the position of Chief of Transportation. Ye Gongchuo was appointed as the head of the Ministry of Transportation. He used Duan Qirui as the backstage and formed a faction with Cao Rulin, Lu Zongyu and others, and was called the New Transportation Department.

The New Transportation Department joined forces with the bureaucratic capital backbone of Jiangsu and Zhejiang to form the political science department in the Congress, and the bureaucratic capital backbone of the south became the chaebol of Jiangsu and Zhejiang. The Department of Political Science is represented by Li Genyuan, Zhang Qun and others, monopolizing the financial business in North China, with the four northeastern (Jincheng, Salt Industry, Mainland, Central South Bank) as its foothold. The Jiangsu and Zhejiang chaebols are represented by Chen Guangfu, Xu Jiwei and others, and the Five Elements of the South (China, Trading, Shanghai, Zhejiang Xingye, Zhejiang Industrial

Banks) are the foothold. During the Beiyang period, bureaucratic capital not only operated the financial industry, but also invested in industrial and mining under favorable circumstances. For example, Li Yuanhong invested in Zhongxing Coal Mine in Shandong, Zhou Xuexi opened Tianjin Huaxin Coal Mine in Tangshan, Transportation Department invested in Jingxing Coal Mine and Longyan Coal Mine in North Shanxi, and Liuhegou Coal Mine invested in Xinhuan Transportation Department. Duan Qirui himself is one of the major shareholders of Longyan Coal Iron Mine Company and the Eight Machinery Coal Mine.

As the Beiyang government adopted the development policy of "encouraging industry and commerce", it successively formulated laws and regulations such as the "Regulations on Reward Arts and Crafts", "Interest Protection Law", "Chair of Commerce Law", "Commercial Law", "Code of Implementation of General Merchants", and "Company Regulations" to promote the development of domestic private capital industry and commerce. During this period, domestic national industry and commerce developed rapidly, and the scale expanded by about twice.

During this period, the field of national capital industry was mainly concentrated in light industry, especially the textile and food industry, and the scale expanded by five times. However, due to insufficient scale, China's national capital was mainly light industry, while the development of heavy industry was extremely slow.

In addition, under the influence of cheap labor, national capitalists have almost no attention to key issues such as renewal equipment, technological transformation, and adoption of advanced processes in industrial development, which ultimately leads to their inability to compete with the advanced Western technology and equipment and advanced production methods of foreign capital.

In response to the main issues in China's economic development, after repeated consultations between German and Austrian economic experts and the Chinese industrial and commercial delegation, the two sides formulated an assistance plan mainly focusing on the development of basic industrial departments such as transportation, energy, electricity, industrial materials, mechanical processing, and chemical industries, and first established a complete set of industrial systems.

According to the agreement, Germany and Austria will provide the Beiyang government with about 15 billion mark (kron) of low-interest financing for infrastructure and industrial projects through "national guarantee subsidies, bank investment" within five years to support the national industrialization process promoted by the Chinese government. Half of the loans are provided to the Beiyang government in cash, and the other half are provided to the Beiyang government in physical and physical means such as machinery and equipment and personnel, technical support.

This is actually just the beginning. According to Igar's estimate, if this plan goes well, then in the next five years, the total exports of Germany and Austria to China will be at least more than 50 billion kronor, which is actually equivalent to one-third of the current annual GDP of Germany and Austria, which will surely greatly promote the industrial development of the two countries.

In addition, Germany and Austria also formulated similar investment plans in Ukraine, the Ottoman Empire, Annan, and African colonies.

If the plan goes smoothly, a huge market that accounts for about half of the world's population will be formed, which is enough to compete with the huge colonial market controlled by Britain and the United States.

As the Chinese Workers' Corps gradually returned to the country, the Beiyang government now has nearly 350,000 troops in its 7 divisions, and the three divisions originally in the Beijing-Tianjin area have already formed an overwhelming advantage over warlords in various places. Xu Shuzheng has now begun to prepare to deal with the disobedient warlords one by one.

However, no one expected that he would first set his target on Mongolia.

Mongolia announced "" in the early 1911, and later changed to "autonomous" under the attack of the Beiyang Army. After the European War began, Tsarist Russia fell into the European battlefield and was unable to look east. The Kulun authorities felt that the situation was not good, so they proposed to abolish "autonomous".

In October 1915, Beijing appointed Chen Yi, a senior member of the Chinese office in Kulun, and a residential commissioner in Ulya Sutai and other places to work in Outer Mongolia. In July 1916, according to the "Chaktu Agreement", the Chinese President of China held a ceremony to enthrone Zhe Zundanba as Hutuktu Khan in accordance with the "Chaktu Agreement". In order to rectify the financial and financial affairs of Outer Mongolia, which was in serious chaos under the control of Tsarist Russia, the Beiyang Zhengfu established the Bank of China in Kulun, and then opened the road transportation from Zhangjiakou to Kulun.

It is particularly worth mentioning that in January 1916, under the pressure of patriotic public opinion, the "Authorit Minister" of Chechen Khan's Ministry, Nawannalin, and "Military Deputy Minister of Military" Zamuyandorji went to Beijing to present a large number of gifts to President Yuan Shikai and the central government of the Republic of China, expressing their willingness to abolish the "" and restore national unity.

At this time, the princes and princes of Outer Mongolia fought fiercely with the upper Lama group headed by Zhebuzundanba. In order to seize power, the upper Mongolian princes and princes united and expressed their willingness to abolish "autonomy" in order to restore their dominance in Mongolia during the Qing Dynasty. Chen Yi, a special commissioner of the Beiyang government in Outer Mongolia, quickly reported this situation to the central government.

At that time, in order to take advantage of the Russian civil turmoil to recover China's northern border territory, the Beiyang government established the Northwest Border Defense Supervision Office, with Xu Shuzheng as the Northwest Border Defense Supervisor, and coordinated the Northwest Border Affairs.

After receiving Chen Yi's telegram, and in addition to the need to respond to hundreds of thousands of Chinese workers and tens of thousands of Chinese workers who retreated east along the Siberian Railway, Xu Shuzheng simply led a division north to Kulun and forced Dzebuzundanba to announce the abolition of Mongolia's "autonomous rule".

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