{"id":2621,"date":"2025-07-08T08:26:03","date_gmt":"2025-07-08T08:26:03","guid":{"rendered":"https:\/\/platypus.hr\/?p=2621"},"modified":"2025-08-13T18:01:22","modified_gmt":"2025-08-13T18:01:22","slug":"pingyao","status":"publish","type":"post","link":"https:\/\/platypus.hr\/index.php\/2025\/07\/08\/pingyao\/","title":{"rendered":"Pingyao – Wall Street of China"},"content":{"rendered":"

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Pingyao is a small town in a dusty province of Shanxi, only 3-4 hours away by bullet train from Beijing. There are two reasons tourist congregate to Pingyao. First, it is one of the best preserved medieval towns in China. Second, Pingyao was China\u2019s first Wall Street.<\/p>\n

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Pingyao is an old town, but through much of its existence it was clouded in irrelevancy. Things started to change in 1823 when the country\u2019s first modern bank Rishengchang (meaning Sunrise over Prosperity) was founded in the city. At the height of the city\u2019s power, twenty two banks were in operation, with many subsidiaries across the country. The wealth of the city came from funding trade between Qing China\u2019s powerhouses in the South (areas around modern Shanghai, Nanjing and Hangzhou) and Russia, with silk and tea moving north and wool and fur moving south.<\/p>\n

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First Chinese bank<\/p>\n

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It might seem strange that the first bank in China was created only in the 19th century, but this shows the deep traditionalism of Chinese economic doctrine. China\u2019s economy was based around agriculture, where most of the Chinese found employment, and craftsmanship. Chinese have always distrusted and looked down upon merchants: people who do not produce anything but make money by moving the products of another person\u2019s labour from point A to point B. In a society where social hierarchy was based on moral considerations, rather than wealth, merchants were at the bottom.<\/p>\n

If there were bankers in ancient China, they would have displaced merchants at the rock bottom of moral hierarchy. Chinese, like ancient Greeks and Romans, found it unnatural for \u201cmoney to beget money\u201d. The fact that engaging in such unnatural economic acts enabled bankers to become incredibly rich, made hating them all the sweeter. However, the 19th century was a period of immense turbulence in China as her Empire, closed to the world for centuries, was being preyed opened by the European Empires. As the Qing Dynasty in Beijing was coming to terms with China\u2019s backwardness and the need to modernize in order to fight off Western incursions into its sovereignty, one family made history in a provincial backwater to set up the country\u2019s first modern bank.<\/p>\n

So much history in this town and yet I have managed to allocate only one full day to explore it. China is the third largest country in the world by land area and even when you have 3 months to explore it, you need to be economical with time. I have arrived at Pingyao railway station at 23:30 and was greeted by my first unpleasant travel experience in over 2 months in China \u2013 there were no taxis! I mentioned it was a small town, but I never imagined I would have to wait for half an hour to get a taxi. Didi, Chinese Uber is fully functional, and you can call typical \u201cUber\u201d vehicles or regular taxis. I have even maxed out additional payments on the app to lure taxi drivers and still no response. I was at the high-speed railway station and they are always further away from the city (over 6km in this case), so walking with my large 20kg backpack was not an option. I began to seriously consider booking a room at the nearest accommodation. But then finally, at midnight, I managed to get a taxi.<\/p>\n

Next morning I woke up at 7 am went to explore this beautiful town. It was love at first sight! After visiting so many historical monuments that look brigher and shinier now than they did when they were built, the city walls of Pingyao are full of cracks. This place is authentically old!<\/p>\n

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Chinese city walls are not made of stone, but of earth covered with stones. There are many parts of Pingyao city walls where you can see it. As the city\u2019s economic fortunes took a turn for the worse after the collapse of the Chinese Empire in 1911 – it turns out that warlordism (1920s and 1930s), World War II and communism are bad for banking business \u2013 the city\u2019s walls that were guarding its 40 000 inhabitants went into disrepair. Luckily, Chinese \u201crenovators\u201d still did not just pour tons of concrete cement over it to make it look better.<\/p>\n

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    City Walls<\/p>\n

    As you enter the old town, you can imagine the splendor and opulence being created by the banks during the city\u2019s heyday. You need to pay 125 yuan and then you can explore all historical sites in the old town. My first two destinations were banks. Even though Rishengchang is the oldest and most famous bank in the city, I liked Xietongqing much more. In Xietongqing you are able to see the vaults area, where banks would guard their silver and gold deposits. It was reported that they had special guards trained in martial arts (dare I say kung-fu) who even slept over the gold and silver bars. Also, the banking family had the honor of hosting for one day in 1900 one of the most extraordinary person in Chinese history \u2013 Empress Dowager Cixi. Truly a larger than life figure, the second most important woman in Chinese history has fallen on hard times, as she was forced to flee Beijing after the alliance of foreign imperial forces occupied Beijing during the Boxer uprising.\u00a0\u00a0<\/p>\n

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    After two banks, it was time for two temples \u2013 the town\u2019s main Confucian and Taoist temples. Even though I have seen dozens and dozens of temples by now, I was pleasantly surprised by these two temples. They were small, but quite delightful.<\/p>\n

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      As you walk through the old city street, you should not skip Ming-Qing streets, also known as Eastern and Southern streets, which are full of restaurants and souvenir shops. To finish off your tour of the old town, you must climb the walls. You can walk around the entire town, but the sun was getting strong so I did not do it this time. At only 2km in length, it is very doable and I think worth the effort if you have more time.<\/p>\n

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      Check out the difference between the city wall in Pingyao and Datong \u2013 a city which is currently in the process of being rebuilt to look 1000 years old. Do you notice any difference? Datong watch towers look much nicer, but I would also say more flammable. I am no military expert but I would think you do not want your main defense to catch fire so easily. Historical accuracy and common sense have to make way for visually pleasantry in modern China. Pingyao is one of the few places in China where I actually trust that the historical monuments I am seeing are a reliable representation of how these monuments looked like when they were built. This is why I love Pingyao and why you must include it on your travel itinerary.<\/p>\n

      [\/et_pb_text][\/et_pb_column][\/et_pb_row][et_pb_row column_structure=”1_2,1_2″ _builder_version=”4.27.4″ _module_preset=”default” global_colors_info=”{}”][et_pb_column type=”1_2″ _builder_version=”4.27.4″ _module_preset=”default” global_colors_info=”{}”][et_pb_image src=”https:\/\/platypus.hr\/wp-content\/uploads\/2025\/07\/27-Pingyao-City-Walls.jpg” _builder_version=”4.27.4″ _module_preset=”default” caption_text=”Pingyao City Walls” enable_caption_text=”on” image_caption_alignment=”center” global_colors_info=”{}”][\/et_pb_image][\/et_pb_column][et_pb_column type=”1_2″ _builder_version=”4.27.4″ _module_preset=”default” global_colors_info=”{}”][et_pb_image src=”https:\/\/platypus.hr\/wp-content\/uploads\/2025\/07\/28-Datong-City-Walls.jpg” title_text=”Datong City Walls” _builder_version=”4.27.4″ _module_preset=”default” caption_text=”Datong City Walls” enable_caption_text=”on” image_caption_alignment=”center” global_colors_info=”{}”][\/et_pb_image][\/et_pb_column][\/et_pb_row][et_pb_row _builder_version=”4.27.4″ _module_preset=”default” global_colors_info=”{}”][et_pb_column type=”4_4″ _builder_version=”4.27.4″ _module_preset=”default” global_colors_info=”{}”][et_pb_text _builder_version=”4.27.4″ _module_preset=”default” global_colors_info=”{}”]<\/p>\n

      I just had enough time to catch a 50-minute taxi to see Wang clan mansion. You can get there with 2 buses or train + bus, but I paid around 25 euros return, which is very cheap by European standards, so could not be bothered with public transportation. I would lose a lot more time and save maybe 15 euros. Wang were the dominant family for centuries in this part of Shanxi. Throughout centuries they have expanded their home base to three walled fortresses that exist today, though you can visit only two of them.<\/p>\n

      Wang family mansion is a good representation of life in China, where the key family unit was not nuclear family but extended families or clans. Generations of the same clan lived together and provided many services, like education, that were the responsibility of the state in Europe. Even in the 19th century there were barely any state schools, while the oldest Chinese university \u2013 Imperial University of Peking \u2013 was established only in 1898! It would be completely wrong to assume that China did not have an educational system because it did not have Western educational institutions. Education in China, like most other aspects of life, was the responsibility of the family, not the government.<\/p>\n

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      As I was walking on the walls of one of the Wang fortresses, I could not help but be happy that I am leaving this part of China. It is early June and the sun is becoming more and more unbearable. Luckily, in the next few days I will be traveling to the most northern area in China, where Russians and Jews have made a more lasting impact on the local culture than Han Chinese. But before I reach these cooler parts, it was time to explore the souvenir shops of the old town in Pingyao at night. The local artisans specialize in jewelry boxes, painted by hand, or so they say.<\/p>\n

      [\/et_pb_text][\/et_pb_column][\/et_pb_row][et_pb_row _builder_version=”4.27.4″ _module_preset=”default” global_colors_info=”{}”][et_pb_column type=”4_4″ _builder_version=”4.27.4″ _module_preset=”default” global_colors_info=”{}”][et_pb_gallery gallery_ids=”2664,2665,2666,2667″ _builder_version=”4.27.4″ _module_preset=”default” global_colors_info=”{}”][\/et_pb_gallery][\/et_pb_column][\/et_pb_row][et_pb_row _builder_version=”4.27.4″ _module_preset=”default” global_colors_info=”{}”][et_pb_column type=”4_4″ _builder_version=”4.27.4″ _module_preset=”default” global_colors_info=”{}”][et_pb_text _builder_version=”4.27.4″ _module_preset=”default” global_colors_info=”{}”]<\/p>\n

      I will also remember Pingyao as the town where I discovered buckthorn juice. Google says buckthorn is poisonous so make of it what you want. At the time of writing this blog, my stomach is making me no problems.<\/p>\n

      [\/et_pb_text][\/et_pb_column][\/et_pb_row][et_pb_row _builder_version=”4.27.4″ _module_preset=”default” global_colors_info=”{}”][et_pb_column type=”4_4″ _builder_version=”4.27.4″ _module_preset=”default” global_colors_info=”{}”][et_pb_image src=”https:\/\/platypus.hr\/wp-content\/uploads\/2025\/07\/41-2.jpg” align=”center” _builder_version=”4.27.4″ _module_preset=”default” width=”46%” image_title_alignment=”center” global_colors_info=”{}”][\/et_pb_image][\/et_pb_column][\/et_pb_row][et_pb_row _builder_version=”4.27.4″ _module_preset=”default” global_colors_info=”{}”][et_pb_column type=”4_4″ _builder_version=”4.27.4″ _module_preset=”default” global_colors_info=”{}”][et_pb_text _builder_version=”4.27.4″ _module_preset=”default” global_colors_info=”{}”]<\/p>\n

      I did not ask because I preferred not to know, but what do you think? Should I eat these fishes or they are there to eat me? My feet, to be more precise. China always springs some ludicrous surprise on you. \ud83d\ude42<\/p>\n

      [\/et_pb_text][\/et_pb_column][\/et_pb_row][et_pb_row column_structure=”1_2,1_2″ _builder_version=”4.27.4″ _module_preset=”default” global_colors_info=”{}”][et_pb_column type=”1_2″ _builder_version=”4.27.4″ _module_preset=”default” global_colors_info=”{}”][et_pb_image src=”https:\/\/platypus.hr\/wp-content\/uploads\/2025\/07\/43-1.jpg” _builder_version=”4.27.4″ _module_preset=”default” global_colors_info=”{}”][\/et_pb_image][\/et_pb_column][et_pb_column type=”1_2″ _builder_version=”4.27.4″ _module_preset=”default” global_colors_info=”{}”][et_pb_image src=”https:\/\/platypus.hr\/wp-content\/uploads\/2025\/07\/42-2.jpg” _builder_version=”4.27.4″ _module_preset=”default” global_colors_info=”{}”][\/et_pb_image][\/et_pb_column][\/et_pb_row][\/et_pb_section][et_pb_section fb_built=”1″ admin_label=”Comments” _builder_version=”4.16″ min_height=”768.6px” custom_margin=”62px||62px||false|” saved_tabs=”all” locked=”off” global_colors_info=”{}”][et_pb_row _builder_version=”4.16″ global_colors_info=”{}”][et_pb_column type=”4_4″ _builder_version=”4.16″ global_colors_info=”{}”][et_pb_text content_last_edited=”off|desktop” _builder_version=”4.16″ _dynamic_attributes=”content” header_2_font=”Bellefair||||||||” header_2_text_color=”#000000″ header_2_font_size=”48px” header_2_line_height=”1.2em” header_2_font_size_tablet=”42px” header_2_font_size_phone=”34px” header_2_font_size_last_edited=”on|phone” locked=”off” global_colors_info=”{}”]@ET-DC@eyJkeW5hbWljIjp0cnVlLCJjb250ZW50IjoicG9zdF9jb21tZW50X2NvdW50Iiwic2V0dGluZ3MiOnsiYmVmb3JlIjoiPGgyPiIsImFmdGVyIjoiIENvbW1lbnRzPC9oMj4iLCJsaW5rX3RvX2NvbW1lbnRzX3BhZ2UiOiJvbiJ9fQ==@[\/et_pb_text][et_pb_comments show_avatar=”off” show_count=”off” _builder_version=”4.16″ form_field_background_color=”rgba(0,0,0,0)” form_field_text_color=”#000000″ form_field_focus_background_color=”rgba(0,0,0,0)” title_font=”Bellefair||||||||” title_text_color=”#000000″ title_line_height=”1.2em” form_field_font=”Montserrat|600||on|||||” form_field_font_size=”11px” form_field_letter_spacing=”3px” custom_button=”on” button_text_size=”11px” button_text_color=”#fff0ec” button_bg_color=”#000000″ button_border_width=”0px” button_border_radius=”0px” button_letter_spacing=”2px” button_font=”|700||on|||||” button_custom_padding=”20px|30px|20px|30px|true|true” border_radii_fields=”on|0px|0px|0px|0px” border_color_all_fields=”#000000″ border_width_bottom_fields=”1px” locked=”off” global_colors_info=”{}” button_bg_color__hover=”#ff4e00″ button_bg_color__hover_enabled=”on|desktop”][\/et_pb_comments][\/et_pb_column][\/et_pb_row][\/et_pb_section]<\/p>\n","protected":false},"excerpt":{"rendered":"

      Pingyao is a small town in a dusty province of Shanxi, only 3-4 hours away by bullet train from Beijing. There are two reasons tourist congregate to Pingyao. First, it is one of the best preserved medieval towns in China. Second, Pingyao was China\u2019s first Wall Street….<\/p>\n","protected":false},"author":1,"featured_media":2644,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"on","_et_pb_old_content":"","_et_gb_content_width":"1080","_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[],"class_list":["post-2621","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-china"],"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/i0.wp.com\/platypus.hr\/wp-content\/uploads\/2025\/07\/18-1.jpg?fit=2000%2C1500&ssl=1","_links":{"self":[{"href":"https:\/\/platypus.hr\/index.php\/wp-json\/wp\/v2\/posts\/2621","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/platypus.hr\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/platypus.hr\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/platypus.hr\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/platypus.hr\/index.php\/wp-json\/wp\/v2\/comments?post=2621"}],"version-history":[{"count":12,"href":"https:\/\/platypus.hr\/index.php\/wp-json\/wp\/v2\/posts\/2621\/revisions"}],"predecessor-version":[{"id":2752,"href":"https:\/\/platypus.hr\/index.php\/wp-json\/wp\/v2\/posts\/2621\/revisions\/2752"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/platypus.hr\/index.php\/wp-json\/wp\/v2\/media\/2644"}],"wp:attachment":[{"href":"https:\/\/platypus.hr\/index.php\/wp-json\/wp\/v2\/media?parent=2621"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/platypus.hr\/index.php\/wp-json\/wp\/v2\/categories?post=2621"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/platypus.hr\/index.php\/wp-json\/wp\/v2\/tags?post=2621"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}