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In 1920s, Tianjin was the second largest industrial city in China. With the outbreak of the world war I, China could achieve remarkable industrial development. Tianjin could also develop it's industry in a short period time. In 1920, there were over 6000 factories established in Tianjin. Even if small and medium sized factories occupied 99% of all the factories, a few of large factories were globally competitive, especially in the textile and flour industries as well as part of the chemical industries. There were several factors that made it possible for Tianjin to achieve the rapid industrial development in a short period time. In the first place, in the early 20th century, the expansion of railway network revolutionized the transportation of commercial goods and industrial raw materials. The large amount of industrial raw materials, collected from various areas of North China such as cotton, wheat, fur etc, could easily be transported to Tianjin without geographical hindrance, and lots of industrial products produced in Tianjin could also be easily supplied to various areas in North China. Secondly, the financial market had well been developed in Tianjin since Ch'ing dynasty. During the early years of the republic of China, there were three kinds of financial groups: the foreign banking group, the Chinese banking group, and the Chinese traditional banking group. The large enterprises borrowed the industrial funds from the foreign or Chinese banks, and most of the small and medium sized enterprises borrowed their industrial funds from the traditional Chinese banks. Most of the small and medium sized enterprises didn't have enough collateral to take out the industrial funds and, therefore, they favored the Chinese traditional banks which had been lorning on a credit basis since Ch'ing dynasty. The development of the financial market made it possible for businessmen in Tianjin to secure their industrial funds easily. Thirdly, to establish large factories, a large amount of investment could be made in the textile, flour, and chemical industries, mainly by the warlords and government officials. The investment of warlords and government officials could contribute not only to take the lead in promoting Chinese national industries in Tianjin, but to put a stop to foreign capital's penetration into the Chinese industry. Fourthly, constant investments to produce industrial raw materials, such as cotton, wheat, and fur, had been made since the end of Ch'ing dynasty. Especially foreign capitalists made a large amount of investment in the northwestern area of North China to collect fur. The cotton producing districts which covered a wide range of North China rpompted the rapid development of textile industry, and the expansion of fur collecting districts into Northwest China contributed to developing the leather industry in Tianjin. The rapid development of industry in Tianjin had an effect on the commercial development. For example, the development of industry led to prompting the warehouse and distribution industry, and, in the various areas of North China, caused a lot of wholesale markets to be established to supply the industrial products.