Abstract: In the late Qing dynasty，China saw the emergence of mercantilism under the impact of trade crisis.The thoughts of “war of trade” went through a shift of focus from commerce to industry and eventually the ideal of saving the country by developing industry was established.Such thoughts also bring forward some reforms in the ruling system of the Qing dynasty such as the founding of the ministry of commerce and the institution of commercial laws like Shang Lǜ.Another effect of commerceoriented thoughts social resulted in great changes in social strata with the social status of merchants greatly promoted.Such effects quicken the process of modernization of China at the time.

Key words: late Qing dynasty, the thoughts of “war of trade”, mercantilism, saving the country by developing industry, merchants, gentry merchants