Conference on culture of Chinese finance held in Pingyao

A national conference celebrating the 200th anniversary of the Rishengchang Exchange Shop that saw attendees discuss its financial history and culture is held in Pingyao county, North China's Shanxi province, on July 23. [Photo/Pingyao Rong Mei] 

A national conference celebrating the 200th anniversary of the Rishengchang Exchange Shop with discussions pinned on its financial history and culture was held in Pingyao county, North China's Shanxi province, on July 23. 

The conference aimed to build a platform for more cooperation and exchanges between the cultural, tourism, and financial circles, establish a base for financial education and training in China's financial industry, and create a recognized brand in the culture of finance. 

Experts and scholars in China's financial field, executives of financial institutions, representatives of newly emerging businesses in Shanxi, and entrepreneurs from various sectors gathered in Pingyao. They delved into topics such as the financialization of the private sector, the exploration and practices of "new finance", financial innovation, and financial responsibility. 

In 1823, the first private financial institution in China specializing in deposits, lending, and exchange was established in Pingyao. Known as the Rishengchang Exchange Shop, it effectively pioneered the development of China's modern banking industry.

Wei Jiangfeng, Party secretary of Pingyao, said in his speech that Rishengchang has contributed to the prosperity of trade, ushering in a new era of national financial development in modern China. 

Many mechanisms established by the exchange shop are still in use in modern corporate governance. Commemorating its 200th anniversary is a way of reviewing all of this history and drawing useful entrepreneurial lessons from it, Wei added. 

Zang Xinjun, president of the Shanxi Branch of the Bank of China, said Rishengchang is a microcosm of China's financial industry development. Its experiences, concepts, management systems, and business models have served as important reference points for other banks, particularly the development of the Bank of China. 

The Shanxi Branch of the Bank of China will use this conference as an opportunity to further deepen its cooperation with Pingyao.