Background
Though Wang was from the southern China, he came from a family of imperial scholars (进士 Jìnshì).
Wand Anshi
A Chinese Economist Wang Anshi
Bànshān Lǎorén
An-shih
Though Wang was from the southern China, he came from a family of imperial scholars (进士 Jìnshì).
He was placed fourth in the imperial exam of 1042.
He spent much of this 25 years working as a provincial official or magistrate, gaining first-hand experience of the rural economy. In 1059, Wang Anshi submitted a ten-thousand-character memorial to the throne, detailing some of the challenges and the need for reform, particularly of the inefficient bureaucracy. In 1067, a proactive monarch, posthumously known as Emperor Shenzong, succeeded to the Song throne. Eager to revitalize the dynasty, he called Wang to the capital and appointed him, in 1069, to the powerful post of of Vice Grand Councillor, soon promouting him to full Grand Councillorship. Wang implemented his reforms through a series of 'New Policies', economic, military and bureaucratic. In 1074, there was a severe drought in the northen China, and a resulting political pressure forced the temporary resignation of Wang Anshi and the suspension of the New Policies.
Wang came to power in 1069. It was here that he formulated and promulgated New Policies. His reforms were classified into three groups: 1) state finance and trade, 2) defense and social order, and 3) education and improving of governance. Some of the finance reforms included paying cash for labor in place of corvee labor, increase the minting of copper coins, improve management of trade, implementing plans to lend farmers money when they planted to be repaid at harvest. He believed that the common people and their well being were the key to the strength of the state and thus he made it a priority to address their needs. To destroy speculation and break up the monopolies, he also initiated a system of fixed commodity prices; and he appointed boards to regulate wages and plan pensions for the aged and unemployed.