Core Argument - The article discusses the role of modern chambers of commerce in promoting the development of privately-owned enterprises in late Qing Dynasty China, highlighting their effectiveness in creating a competitive market environment and supporting national capitalism against Western economic aggression [1]. Group 1: Historical Context - Traditional guilds failed to provide an effective market environment for the development of national capitalism and could not resist the organized economic invasion of Western capitalism [1]. - The emergence of modern chambers of commerce during the late Qing reform period weakened the monopoly of traditional guilds, promoting market competition and information exchange [1]. Group 2: Impact on Enterprises - Based on panel data from 1858 to 1927, the study employs a multi-time point difference-in-differences method to analyze the impact of chambers of commerce on privately-owned enterprises [1]. - The establishment of chambers of commerce significantly promoted the development of privately-owned enterprises [1]. Group 3: Mechanism of Influence - The influence of chambers of commerce on privately-owned enterprises varies under different political, economic, and geographical conditions, with stronger incentives in areas with more potential economic opportunities or greater political significance [1]. - The establishment of chambers of commerce enabled the realization of potential economic opportunities and enhanced the voice of national capitalism against the government and Western powers, thereby promoting the development of privately-owned enterprises [1]. Group 4: Long-term Effects - The promoting effect of chambers of commerce on privately-owned enterprises is particularly significant in the short term, although it may weaken over time, a positive influence still exists in the long term [1].