What is meant by the Canton system of trade?
Canton system, trading pattern that developed between Chinese and foreign merchants, especially British, in the South China trading city of Guangzhou (Canton) from the 17th to the 19th century. This had the effect of tightening Chinese regulations on foreign traders.
What is Canton system in China?
Canton system, System of trade that developed between Chinese and foreign merchants in the southern China city of Guangzhou (Canton). From 1759 to 1842, all foreign trade coming into China was confined to Guangzhou and had to be conducted with authorized Chinese merchants.
Why did the Canton system fail?
The collapse of the Canton system was marked by the Opium War of 1839 to 1842, in which the British defeated the Chinese under the banner of free trade and forced them to legalize opium imports, open new ports to trade, and agree to a low fixed tariff.
Which government introduced the Canton system?
The Canton System, which began in 1760 was a system of commerce in China that restricted trade with foreigners, the English in particular, to one port city in the Guandong province called Canton. The system ultimately kept mainland China closed off from foreigners and the rest of the world.
What are the main features of Canton trade?
1) Trade by foreign barbarians in Canton is prohibited during the winter. 2) Foreign barbarians coming to the city must reside in the foreign factories under the supervision and control of the Cohong. 3) Chinese citizens are barred from borrowing capital from foreign barbarians and from employment by them.
Where is Canton port located?
The Port of GuangZhou (formerly Canton) is located on the Pearl River about 125 kilometers northwest of Hong Kong in the People’s Republic of China. It is a major seaport and South China’s most comprehensive port. The Port of GuangZhou is an important transport and economic hub for the Pearl River Delta region.
Why is the Canton system important?
The Canton System (1757–1842; Chinese: 一口通商; pinyin: Yīkǒu tōngshāng, lit. “Single [port] trading relations”) served as a means for Qing China to control trade with the West within its own country by focusing all trade on the southern port of Canton (now Guangzhou).
Why was the Canton system successful?
This system licensed trade with Western merchants: licences were granted to a number of Chinese merchants as long as they helped to collect duties from the Westerners, successfully aligning trading interests with the government’s revenue collection.
What is Canton now called?
Canton is now Guangzhou The city of Guangzhou, China was founded under the name Panyu in 214 BC.
Why is Canton system?
Who are Hong merchants?
When Guangzhou became the only Chinese port open to foreign trade (1757), the hong merchants were the only merchants in Guangzhou who were permitted to sell tea and silk to the Westerners. Under the leadership of the Hoppo, the director of the Guangzhou maritime customs, the hong merchants formed the gonghang (1760).
What do you mean by co Hong?
cohong, Chinese (Pinyin) gonghang or (Wade-Giles romanization) kung-hang, also called hong or cong-hong, the guild of Chinese merchants authorized by the central government to trade with Western merchants at Guangzhou (Canton) prior to the first Opium War (1839–42).