Hundred Days' Reform in the First Sino-Japanese War in 1894–1895, not long after the First (1839–1842) and Second (1856–1860) Opium Wars; this blow came as a major shock to the Chinese, because Japan had been regarded as a tributary state, was much smaller than China, and was regarded as inferior. China also fought France in the Sino-French War from 1884 to 1885. Moreover, the defeat of China by Japan led to a scramble for "privileges" in China by other foreign powers, notably by the German Empire and Russia, further awakening the conservatives. Before the First Sino-Japanese War, China engaged in technological modernization only,
Global silver trade from the 16th to 18th centuries its way across other parts of the world as well. India and Europe both received a fair amount of silver. This silver was often locally traded for other commodities, such as gold or crops. In India, silver flowed from the south to the north, and gold flowed the opposite way. Often silver and gold were manufactured into jewelry or hoarded as treasure. China was the ultimate destination in which silver would flow towards. In exchange, the Chinese traded their popular goods such as silk and porcelain. China had a high demand for silver due to its shift from paper money