First Steps in China’s Banking Industry

In 1823, a young man named Lei Lyutai from Pingyao, Shanxi Province, invented a transaction method whereby rather than transporting actual silver - with all the risks that entailed - a single promissory note was used instead. What he didn’t expect was that this ingenious idea would transform ancient China’s system of finance. So it was that new economic vistas were opened up - all thanks to a paper note! China’s banking industry was on the rise! Editor: Luo Wen Operation: Qiu Ruiqi Producer: Li Xin Chief Editor: Zhang Wan Supervisor: Liu Changying