Until the time immediately after the Manchurian Incident, the relationship between legation minister in China Shigemitsu and minister of finance Sung Tsŭ-wên was stable. The good relationship between these two ministers were reflected by Japans liguidation of Chinese debts beeing accompanied by economical cooperation.

This essay makes deal, how the agreement between Shigemitsu and Sung Tsŭ-wên on the direction of one lump deorliguidation turned into a strategy of economical cooperation=reinvestment of liguidation capital to Chine. This essay proves, that thisstrafegy of economical cooperation failed because of the opposition of foreign and finance minister Shidehara, the existence of american loans not going by way of Japan and because of the economical Cooperation of the Leagne of Nations.

Although this strategy of economical cooperation be came later on the prototype of Japans Chinese policy and this cooperation was the peak of the efforts, Japan was thereafter going to lose the opportunity to realize her strategy.