This graph line aims to show the rapid growth of Chinese advertising agencies in Shanghai and gradual catch-up process in the long-term. While foreign agencies were far more numerous until 1929, the number of Chinese advertising agencies more than doubled in the 1920s (from 9 in 1919 to 24 in 1929) and 1930s (from 24 in 1930 to 42 in 1937). Although they experienced a slight decline during the war 1937-1945, Chinese agencies eventually led the profession in Shanghai at the end of the period (36 Chinese vs. 23 Western, and only 8 Japanese). This was mainly due to the massive departure of foreigners after December 1941 and the restitution of foreign settlements in 1943. Despite a gradual growth (from 1 in 1919 to 8 during the war 1938-1943), Japanese agencies remained but a minority during the entire period.

The figures are based on the Shanghai Municipal Archives and other secondary sources (Bankers' Directory, 1933; Hong List, 1941; Morgan, 2003).