Abstract: From 1900 to 1930, real value of Wuhu external trade has been growing. After 1931, it began to decline. In this process, the commercial excessive prosperity in Wuhu and the other major cities of Anhui province resulted in too low investment and serious imbalance of the industrial structure. The modern industrialization process was slowly moving. Anhui province lags behind the national average. In the 1930s, Wuhu began to decline because of decline of trade and especially rice business. Industry is the basis of business development, but the development of the economy of Anhui province had violated the principle. Twenty years after the WWI was the period of rapid development of Chinas modern industry, however, Wuhu and the other cities of Anhui province still played the role of the regional commodity distribution center and failed to seize the favorable opptunity to vigorously develop the modern industry of excessive commercial development. Ultimately the decline is inevitable.

Key words: Wuhu, Anhui province, industrialization, excessive prosperity

摘要： 1900—1930年芜湖对外贸易实际值一直增长，直到1931年后才开始急剧下滑。在这一过程中，芜湖及安徽其他主要城市的商业过度繁荣，导致工业投资过低，产业结构严重失调，近代工业化进程迟滞，在全国处于末流。1930年代，芜湖随着商业尤其是米业的衰败而衰败。工业是商业发展的基础，但芜湖及安徽经济的发展却违背了这一原则。第一次世界大战后的20年是中国工业化进程的快速发展期，但芜湖及安徽其他主要城市的近代工业化却因商业的过度发展，仍然扮演着区域性商品集散中心的角色，未能抓住这一有利时机大力发展近代工业，走向衰落不可避免。

关键词: 芜湖, 安徽, 工业化, 过度繁荣