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 China. In my opinion, the final aim of the whole matter must be the nationalization of the land.

Everything else is a matter of course.

A written report has already been submitted to the Plenum. But since too little fight has been thrown upon the Chinese question I consider it desirable that the situation in China be characterized briefly, in such a manner as to bring into relief the principal questions.

The entire period prior to the Shanghai events in May of last year can be divided into three stages:

1. From the Shanghai events to the mutiny of Kwo-Sung-Lin against Chang Tso-lin. This was a period of full revolutionary offensive against the imperialists.

2. From the defeat of Kwo-Sun-Min up to the time of the northern expedition of the Canton troops. This period might be described as the counter-attack of the Imperialists against the Revolution.

3. From the northern expedition of the Canton troops down to the present, during which the revolutionary forces are resuming the offensive against the Imperialists.

It is not necessary to discuss the first and second of these stages—these are already sufficiently well known.

With the third stage the Chinese Revolution has entered upon a new period in its development. Many