Imprinted with the "Spirit of China": A Study Centred on the Macau Public Bond Movement for National Salvation (1937–1939)

The Macau Public Bond Patriotic Movement（澳门公债救国运动） was a patriotic campaign launched between 1937 and 1939, in which Macau's overseas Chinese community responded to the Nationalist Government's call by mobilising local Chinese residents to purchase Patriotic Bonds and National Defence Bonds. Under mainland directives and led by local Chinese figures, Macau established two specialised institutions for bond solicitation: the Macau Branch of the National Salvation Bond Promotion Association（澳门救国公 债劝募会分会）and the Macau Branch of the Guangdong Provincial National Defence Bond Association（粤 省国防公债会澳门分会）. Amidst nationwide mobilisation for bond purchases and national salvation, Macau developed a multi-tiered, multidimensional subscription system that spanned social strata, alongside distinctive solicitation mechanisms. Drawing upon newspaper archives published between 1937 and 1939, this study traces the developmental trajectory, organisational characteristics, and patterns of public participation in Macau's bond-saving movement. Finally, it places the Macau case within the temporal and spatial context of the War of Resistance Against Japanese Aggression, conducting comparative research with bond-saving models in mainland China and Hong Kong.