Chosun Business Club (CBC) was established by 19 Korean businessmen in March 1920. CBC was organized in the process of shifting from a military to a cultural policy of ruling by Japanese imperialism, which was the business version of nurturing policy of pro-Japanese people. Sangyong Han, who was the executive director of Hansung Bank and was called “the Shibusawa Eiichi of Chosun”, led its establishment and served as president of CBC with the support of the Japanese Government General of Korea until 1945. CBC was operated mainly by Korean special members until September 1935; however, it eased the qualification of membership and abolished the local limitation of membership afterward. As a result, Japanese members increased, and Japanese staff members appeared on the board. These situations reflected the industrialization of Chosun in the 1930s and the advance boom for Manchuria after the establishment of Manchukuo in 1932. CBC tried to secure entrants from Japan, Manhuria, China, and Southeast Asia, and consequently, CBC’s members numbered 1,500 in 1940. CBC was by definition the Chosun business world. Korean businessmen in CBC sometimes collaborated with Japanese businessmen in colonial Korea and in Japan, and sometimes conflicted with them. CBC therefore functioned as the space of both collaboration and conflict in colonial Korea.