The N-shaped curve is the result of Hui merchants capital influx from farmland into salt industry and pawn broking during Jiajing era, and the reverse flow during Wanli era.
这是徽商资本在嘉靖“严肃海禁”后大量从土地流向盐业、典业，又在万历商业环境恶化后持续回流土地的结果。
The N-shaped curve is the result of Hui merchants capital influx from farmland into salt industry and pawn broking during Jiajing era, and the reverse flow during Wanli era.
这是徽商资本在嘉靖“严肃海禁”后大量从土地流向盐业、典业，又在万历商业环境恶化后持续回流土地的结果。
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