In the mid-19th century， China and Japan， both located in East Asia， began to learn from the West and pursue the process of enriching their countries and strengthening their military.A comparative study was conducted between Zhang Jian 张謇， known as the “pioneer of modernization” in China， and Shibusawa Eiichi 涩泽荣一， known as the “father of Japanese capitalism”， through the simultaneous establishment of modern enterprises in the second half of the 19th century between China and Japan，especially from the perspective of the capital market. It can be seen that Zhang Jian’s failure was due to the fact that China had not yet established a normal capital market at that time， and his enterprises were unable to receive the corresponding help and support from the capital market. They could only obtain loans at high interest rates， unable to resolve the heavy debt burden and ultimately ending with a failure. However， with the support and assistance of the Japanese government， Shibusawa Eiichi first established the capital market and thereby promoted the establishment and development of modern Japanese enterprises，eventually embarking on the road to success.The different circumstances and outcomes of the two individuals serve as a side proof of the different development paths of China and Japan.