The fluctuations of land prices in the Qingshui River basin during the Qing Dynasty and their linkage with external economic forces 

Author: Park, Chan-guen

Page: 327-351

This study compiles data on land prices in the Qingshui River Basin of Guizhou Province during the Qing Dynasty and analyzes price fluctuations to explore interregional economic interconnectedness in early modern China. While existing research on Chinese economic history has predominantly focused on central regions such as Jiangnan, this study examines the peripheral Qingshui River Basin, aiming to expand the Jiangnan-centric perspective to marginal areas. Despite its economic peripherality, the Qingshui River Basin experienced an influx of silver through the timber industry, demonstrating its substantive integration into China’s internal monetary circulation network. This paper investigates the impact of changes in external silver circulation on land prices in this region and measures the degree of economic interconnectedness. Land transactions in the Qingshui River Basin were conducted within a silver-based monetary system. While copper coins gradually gained prominence in daily and small-scale transactions, silver remained dominant in land transactions for an extended period. During the Daoguang Depression of the 1820s, a period marked by reduced silver circulation and deflation, the Qingshui River Basin experienced a sharp decline in land prices, mirroring trends in external silver circulation. However, this seemingly sensitive fluctuation in land prices is interpreted not as full market integration but as “partial interconnectedness” or “asymmetric linkage,” driven by differences in monetary systems and market thickness. A comparison with Huizhou reveals a similar upward trend in land prices, but the amplitude of fluctuations was greater in the Qingshui River Basin, indicating its characterization as a “thin market.” The valuation of land prices in traditional times was complex, influenced by variables such as land quality, yield, area, and monetary liquidity. However, recent discoveries of private documents have enabled more precise analyses. In line with these advancements, this study provides foundational economic data from a peripheral region to complement Jiangnan-centric economic history research, laying the groundwork for understanding the multilayered economic structure and interregional linkages in early modern China.