Ri Sheng Chang

Pingyao, Shanxi

The Rishengchang is the oldest pre-modern bank in China, founded in 1824. It pioneered such innovations as checking (technically, bills of exchange between branches of the same bank) and credit. Pingyao was a powerhouse commercial and financial hub in 19th century China; at its height, it boasted no fewer than 22 banks that thrived on the tea and silk trade between China and its northern hinterlands.

When the banking system collapsed during the chaos at the end of the Qing dynasty, Pingyao became a backwater that lay undisturbed by subsequent modernization. The very lack of development that then impoverished its citizens, uniquely preserved Pingyao's historic character, and finally enabled its resurrection as a heritage city in the present.