Abstract：In 1896(the 22nd year of Emperor Guangxu)， the Hanyang Iron Works was transferred to Sheng Xuanhuai’s business because of the “exhaustion of expenditure”. However， although Zhang Zhidong withdrew from the Hanyang Iron Works， he did not stay out of the Hanyang Iron Works. He spared no effort to support such important matters as granting duty-free policy， marketing， and the opening of the fuel pipeline. The reason for this is that Zhang Zhidong was the Governor of Huguang， who was responsible for recovering the large sums of money invested in the government-run iron works by the imperial court. At the same time， the Hanyang Iron Works was the first industrial of its kind when Zhang Zhidong “served as the governor of the Hubei Province for decades”， and the effectiveness of the Hanyang Iron Works was closely related to the provincial development as well as the glory of Zhang Zhidong. Therefore， Zhang Zhidong and Sheng Xuanhuai had the common goals and cooperated on running Hanyang Iron Works. However， as a magistrate， Zhang Zhidong had to bear in mind the rights and interests of Hubei Province and the state，while Sheng Xuanhuai was a merchant and focused on real profit. The two men thus showed different positions and disagreements in the sale of ore to Japan， the purchase of mines， and the borrowing of money from Japan by the Hanyang Iron Works. This relationship of mutual solidarity and mutual support， with their respective intentions and interests in play， has a profound influence not merely on the direction and destiny of Hanyang Iron Works but also on China’s modern iron and steel industry and even on the economic pattern of modern China.
周积明 徐 超. 汉阳铁厂商办时期张(之洞)盛(宣怀)关系研究[J]. 华中师范大学学报（人文社会科学版）, 2020, 59(4): 144-157.
Zhou Jiming Xu Chao. Research on the Relationship between Zhang (Zhidong) and Sheng (Xuanhuai) when Hanyang Iron Works Run Privately. journal1, 2020, 59(4): 144-157.
2020, Vol. 59 
