Abstract: The export of Hunan grains to other provinces and its circulation with in the province witnessed sustained growth that exceeded the high Qing period Coarse cereals became an important marketable grain Contrary to the view point that Hunan was a landlord- oriented market this paper argues that the grain market w as a peasant- oriented market during the late Qing and Republic Foreign goods, including fo reign rice, did not occupy a large proportion of the trade .Thus, this paper casts doubts on the notion that rural China was semi-colonia l and semi- feudal, at least in term s of the effects of aggressive economic imperialism.