Japanese - chinese bomb fuze

I have had this small bomb fuze in my Japanese collection for many years. It was marked inert in 1953 . The markings shown are the only original markings. The mark for the Chinese arsenal at Jinan is shown from Ken Elk’s new book on Chinese ammo which I received as a gift from Woodin Lab. Ken says that the Jinan arsenal was in operation for only a few years in the 1930s and ending in about 1937. Is this Chinese or Japanese ?