Abstract: It is well know that the motion of prices is the core of the market mechanism, and it also as a signal of the national economic development. This paper using three cities (Tianjin, Shanghai and Guangzhou) wholesale price materials from 1910s to 1940s，and follow-up to classify according to the using and calculate the urban wholesale price index by weight average. It is also give an analysis to the wholesale price change trend and its influence to the economic growth of modern China.

Key Words: Wholesale price, Economic Growth, Modern China