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Shanxi Merchants’ Multilevel Financial System in Ming and Qing Dynasties, China

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  • Jianbo Zhou
  • Yu Hao
  • Fujie Jin
  • Jiantao Zhou

Abstract

In the Ming and Qing Dynasties (1368–1911), China saw rapid development in industrial and commercial sectors. Over this period, a group of merchants originating from the inland province of Shanxi gradually built a multilevel financial system and became leaders in China’s banking sector. The system of financial institutions they established (pawnshops, seal shops, money shops, loan banks, and draft banks) each had a unique business model, with specific target client group and carefully designed risk management. They were also interconnected to allow for flexible capital flows, contributing to the fast economic growth in this period. Nevertheless, the traditional system also had limitations, leading to its replacement by modern banks eventually.

Suggested Citation

  • Jianbo Zhou & Yu Hao & Fujie Jin & Jiantao Zhou, 2017. "Shanxi Merchants’ Multilevel Financial System in Ming and Qing Dynasties, China," Emerging Markets Finance and Trade, Taylor & Francis Journals, vol. 53(2), pages 376-386, February.
    • Handle: RePEc:mes:emfitr:v:53:y:2017:i:2:p:376-386
    DOI: 10.1080/1540496X.2016.1185709
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    Cited by:

    1. Xue, Yan & Hu, Dongmei & Irfan, Muhammad & Wu, Haitao & Hao, Yu, 2023. "Natural resources policy making through finance? The role of green finance on energy resources poverty," Resources Policy, Elsevier, vol. 85(PA).

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