The period of Yuan Shikai, extending from the fall of the Qing dynasty in 1912 to his death in 1916, was a crucial phase in the development of the Chinese bourgeoisie. The overthrow of the Qing dynasty and the establishment of the Republic of China created new political opportunities, but the instability of the period also exposed the weaknesses of China's capitalist class. The bourgeoisie, composed mainly of industrialists, merchants, bankers, entrepreneurs, and urban professionals, had emerged during the late Qing reforms and expanded further during the early Republican era. Although they sought political influence, economic modernization, and national unity, their growth was constrained by warlordism, foreign imperialism, and Yuan Shikai's authoritarian rule. The Chinese bourgeoisie developed relatively late compared to their counterparts in Western Europe and Japan. China's economy had long been dominated by agriculture, handicrafts, and merchant capital. During the nineteenth century, foreign intervention following the Opium Wars introduced treaty ports, modern industries, banking institutions, and commercial enterprises. Chinese merchants gradually accumulated capital and invested in textile mills, mining, shipping, railways, and manufacturing industries. By the beginning of the twentieth century, an emerging national bourgeoisie had become an important social force in urban centers such as Shanghai, Tianjin, Wuhan, Guangzhou, and Beijing. The fall of the Qing dynasty in the Xinhai Revolution of 1911 generated optimism among the bourgeoisie. Many businessmen had supported revolutionary organizations financially because they expected the establishment of a constitutional government that would guarantee property rights, encourage industrial development, reduce bureaucratic corruption, and strengthen China's independence from foreign domination. The establishment of the Republic initially appeared to promise political participation for educated elites and business interests. Yuan Shikai assumed the presidency after the abdication of the last Qing emperor. His accession represented a compromise between revolutionary leaders and conservative military elites. Initially, many members of the bourgeoisie welcomed Yuan