Answer: Chiang Kai-shek was the first President under the 1947 Constitution
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The new Constitution of the Republic of China, promulgated on 25 December 1947, established a five-branch government with the office of president (總統) as head of state. On 20 May 1948, Chiang Kai-shek was formally elected by the National Assembly to be the first term president.
The economical boost of selling of cotton lead to the cotton gin being created during this period of time. Unfortunately, more cotton being produced meant more slaves being needed.
