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The history of the organization, management and government participation in the China Merchants' Steam Navigation Co. was discussed. The company was considered as China's first modern firm and was organized to compete with Western shipping firms in the country's coastal transportation market. The company underwent two significant stages, when it was relatively successful under the administration of merchants from 1872 to 1884, and its decline under government management from 1885 to 1902.

Presents a summary of a dissertation entitled `China's First Modern Corporation and the State: Officials, Merchants,' and Resource Allocation in the China Merchant's Steam Navigation Company, 1872-1902,' by Chi-Kong Lai. Focus on the role of the state in the development of China's first modern corporation in the late nineteenth century.