The TREATY OF SHIMONOSEKI was signed by It Hirobumi, Minister of Foreign Affairs Mutsu Munemitsu (184497), and Li Hongzhang, the Chinese ambassador extraordinary. China recognized the full independence of Korea; ceded to Japan the Pescadores, Taiwan, and the Liaodong peninsula; paid an indemnity of 200 million taels; opened four more treaty ports; negotiated a new commercial treaty (1896); and gained extraterritoriality within China. Japanese exports to China soared over the next decade or more, as did commercial investment in China, the bulk of the latter in Manchuria. The war with Russia (19045) similarly stimulated the domestic economy. | 1 |