GDP, dropped to 28.8 billion in 1932. A period of stagnation and decline followed with GDP falling to 21.3 billion by 1934, after which prosperity began to return with GDP rising to 23.7 billion in 1935 as Chinese industrial output commenced a rapid recovery surpassing 1931 levels by 1936. The rural economy of the Republic of China The rural economy retained much of the characteristics of the Late Qing. While markets had been forming since the Song and Ming dynasties, by the Republic era, Chinese agriculture was in largely geared towards producing cash crops for foreign consumption, leaving it vulnerable to the say of international markets. Key exports included glue, tea, silk, sugar cane, tobacco, cotton, corn and peanuts. The rural economy was hit much harder by the Great Depression, when domestic overproduction of agricultural goods as well as an increase in foreign imports (as agricultural goods produced in western countries were "dumped" in China) led to a collapse in food prices. In 1931, imports of rice in China amounted to 21 million bushels compared with 12 million in 1928. Other goods saw even more staggering increases. In 1932, 15 million bushels of grain were imported compared with 900,000 in 1928. This increased competition caused massive declines in Chinese agricultural prices (which were cheaper) and thus the income of rural farmers. In 1932, agricultural prices were 41 percent of 1921 levels. In some rural areas, incomes had fallen to 57 percent of 1931 levels by 1934. Foreign direct investment in the Republic of China Foreign direct investment in China soared during the Republic's early years. Some 1.5 billion of investment was present in China by the beginning of the 20th century, with Russia, The United Kingdom and Germany being the largest investors. However, with the outbreak of World War I, investment from Germany and Russia stopped while the UK and Japan took a leading role. By 1930, foreign investment in China was more than 3.5 billion, with Japan leading (1.4 billion) and England at 1 billion. By 1948, however, the capital stock had halted with investment dropping to only 3 billion, with the US and Britain's leading. Currency of the Republic of China The currency of China was initially silver-backed, but the nationalist government seized control of private banks in the notorious banking coup of 1935 and replaced the currency with the Fabi, a fiat currency issued by the ROC.