Abstract: The financial circulation in Modern Tianjin, as an important financial center and business center in North China, relied on the Tianjin private banks to a great extent. But it was changed after the outbreak of the Counter-Japanese War. The paper takes Tianjin private banks during the fall as research object to explore the commodity market and the change of trade order in occupied area with the study of puppet government′s financial policy, in order to measure the changes of China′s traditional financial development path; after 1939，the puppet government increased the intensity of controlling finance, and Tianjin private banks changed management mode, adjusted the organization form, and maintained a living environment in the case of traditional private finance being supervised. On this basis, the paper discussed Tianjin private banks′ development and regeneration during the fall to provide the phased empirical evidence for evaluating the traditional financial development in the period of the fall of the enemy and even modern China.

Key words: during the period of the fall, financial policy control, Tianjin private banks