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Taihang Mountains in Shanxi. [Photo by Pete Marchetto/For chinadaily.com.cn] |
Thus this faraway town in the middle of nowhere, Pingyao, became for some time the financial hub of all China, as important in its time as Shanghai or Hong Kong are in China today.
No success is eternal, however. With the coming of the 20th century new methods of financial trading were developed, and it became increasingly important to have financial centers located alongside other trade and commerce. So it was that, 108 years after its founding, the Rishengchang Exchange fell out of favor and into bankruptcy. With the demise of its other exchanges, Pingyao returned to its former days of being just another town of little significance in a province far away from the nation's vibrant commercial centers.
That demise was to bring an unexpected positive benefit to those of us in the 21st century. Over a century of prosperity served Pingyao well. It helped maintain its substantial city walls and ensured the quality and resilience of its buildings. The demise in its prosperity was to bring Pingyao's development to an abrupt halt, freezing that heritage in time from nearly a century ago, perfectly preserved as a testament to its bygone days of fortune.
The modern visitor may see the Rishengchang Exchange set in Pingyao's unique surroundings and be thankful for the rise of the bank, which made Pingyao's preservation possible.
