During the Ming and Qing Dynasties, merchants organized commercial groups that engaged in business nationwide, with Shanxi Province having some of the most important ones and Pingyao as the center. The Xiyucheng dye store on Xi Da Jie dealt in remittance and in 1824 became the first draft bank in China, dealing in bank drafts rather than in silver or gold money. Known as Rishengchang (Sunrise Prosperity), it was the cornerstone of modern Chinese banking.
During the hundred years that draft banking lasted in China, Pingyao became the hub as other local merchants opened similar banks. Branch banks were soon set up in major cities in China and in Asia, leading to great prosperity in Pingyao, with its subsequent economic, cultural and societal development. Courtyards became more ornate, streets, shops and stores were developed, enlarged or improved, and its products, such as lacquer ware and clay sculptures, became well known.
Rishengchang (Sunrise Prosperity)
The first draft bank of China, Rishengchang, is situated in the busiest section of Xi Da Jie, which used to be the First Street in the Qing Dynasty. The original site of Rishengchang occupied 2,324 square meters. The land used is arranged in a compact layout of buildings with definite functions. Although it was only a small compound, it was a forerunner of modern banking and once manipulated the economic lifelines of the whole Qing Dynasty in the 19th century.