In November 1932 the Chinese Minister of Finance, T.V. Soong invited Jean Monnet to act as Chairman of a Committee in China for securing co-operation of both Chinese and foreign interests for the practical realisation of a programme of economic development in China in an effort to re-establish her credit, this Committee once established was to be both international and non-political. Monnet went to China in 1933, with David Drummond (Lord Perth) as his assistant, there they met and formed a working relationship with French agent Henri Mazot. Monnet after some preliminary investigations found that his basic task would be the partnership of Chinese capital with foreign companies. This concept led to the formal inauguration of the Chinese Development Finance Corporation (CDFC), which was made up of the main Chinese private banks teamed with four government controlled ones, with the objective of acting as the instrument for organised reconstruction and to co-operate with Chinese and foreign financial interests in providing long term credits on a large scale.Initially the CDFC was hampered by Japanese opposition to the Corporation and British lack of faith. Monnet therefore sought Japan's participation in international investment, the British felt this was the Corporation's only chance of success. Furthermore, Monnet was pushing toward greater co-operation with China, since Britain was one of her major investors it would be better for the Committee to work with them, rather than Britain continuing to act independently. This aim was hampered by the fact that many British diplomats had unfavourable opinions of Monnet, they felt he was looking after his own interests. Another blow to Monnet was the arrival of Sir Fredrick Leith-Ross, sent to bolster British business interests in response to the Japanese threat. In fact Monnet's time in China produced no financial reward for him, and in fact was his last foray in the world of international banking. The Americans viewed Monnet's work in China in a better light, the US Ambassador to France, William Bullitt in a letter to the Secretary of State, said that he found his statements and predictions remarkably accurate.

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