Includes bibliographical references.

Preliminary Material -- Introduction -- Founding -- Salt In, Salt Out -- Tolerable for All? -- The Politics and Economics of Ammonium Sulphate -- Creative Financing and Reorganization -- At War -- Dilemmas -- Crisis and Nationalization -- Postscript -- Appendix I Yongli Chemical Industries: Capitalization, 1917–1937 -- Appendix II Yongli Chemical Industries: Bank Loans, Credit Line, Net Profit, and Dividend 1917–1937 -- Appendix III Loans and Credit Line Diverted from Jiuda to Yongli -- Appendix IVA English Soda Ash Exports and Sales to Asia and Australia, 1901–1941 -- Appendix IVB China Customs Returns: Soda Ash Imported, 1902–1937 -- Appendix V Yongli and ICI Sales in China, 1924–1937 -- Appendix VI Yongli Soda Ash Sales by Region, 1928–1937 -- Appendix VII Summary of Yongli Wartime Losses -- Appendix VIIIA Yongli (Tanggu) Soda Ash Production, 1946–1953 -- Appendix VIIIB Yongli (Nanjing) Ammonium Sulphate Production, 1937–1953 -- Appendix IX Yongli Chemical Industries Financial Summary, 1946–1953 -- Glossary -- Selected Bibliography -- Index.

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“When thinking about modern China’s chemical industry, forget not Fan Xudong,” so declared Mao Zedong publicly after 1949. Although Mao might have united front politics in mind when invoking Fan as a paragon of the national bourgeoisie, why would the chairman praise a champion of private enterprise? How did Fan Xudong and his colleagues build Yongli from scratch into one of the largest industrial conglomerates in modern China amid predatory foreign competition and domestic strife? What were his secrets of success? Drawing from company documents, government archives, and personal correspondences, this book traces Yongli’s birth, growth, nationalization, and how Fan and his colleagues pursued a third path of national development between for-profit private enterprise and state ownership.