Editing History of Taiwan (section)

===Economic development===
[[Image:Taiwan-1M-Yuan.jpg|thumb|80px|The [[Chinese Civil War]] led to severe inflation. Currency was issued in denominations of 1 million [[Old Taiwan dollar]]s.]]

The KMT took control of Taiwan's monopolies, which had been owned by the Japanese before World War II. They nationalized approximately 17% of Taiwan's [[GNP]] and voided Japanese bond certificates held by Taiwanese investors.{{sfnp|Singh|2010|p=50}} These real estate holdings, as well as American aid such as the [[China Aid Act]] and the [[Sino-American Joint Commission on Rural Reconstruction]], helped to ensure that Taiwan would recover quickly from war. The Kuomintang government also moved the entire [[official gold reserves|gold reserve]] from the Chinese mainland to Taiwan,<ref>{{cite web |title=How Chiang spirited China's gold away from the Reds |date=6 June 2010 |url=https://www.scmp.com/article/716329/how-chiang-spirited-chinas-gold-away-reds}}</ref> and used this reserve to stabilize the newly issued [[New Taiwan dollar]] and put a stop to [[hyperinflation]].<ref>{{Cite journal|last=Li|first=Shih-hui|date=2005|title=The Currency Conversion in Postwar Taiwan: Gold Standard from 1949 to 1950|journal=The Kyoto Economic Review|volume=74|issue=2 (157)|pages=191–203|jstor=43213319|issn=1349-6786}}</ref>

From 1950 to 1965, Taiwan received a total of $1.5 billion in economic aid and $2.4 billion in military [[United States foreign aid|aid from the United States]]. In 1965, when Taiwan had established a solid financial base, all American aid ceased.{{sfnp|Chan|1997}} Having accomplished that, [[Premier of the Republic of China|ROC premier]] [[Chiang Ching-kuo]]<ref>{{cite web |url=http://taiwanpedia.culture.tw/en/content?ID=3933 |title=Ten Major Construction Projects - 台灣大百科全書 Encyclopedia of Taiwan |access-date=2012-07-19 |archive-url=https://archive.today/20130419042325/http://taiwanpedia.culture.tw/en/content?ID=3933 |archive-date=2013-04-19 }}</ref> (the son of [[Chiang Kai-shek]]) started state projects such as the [[Ten Major Construction Projects]], which provided the infrastructure for building a strong export-driven economy.