The term Jinshang is a tribute given to merchants from Shanxi Province for their achievements in building China's commercial culture. Jin is the shortened form for Shanxi Province. Although they lived in closed residences, their sense of business possibility was not restricted. It was the Shanxi merchants who first established the Piaohao trade exchange shop in China.

Early in the Spring and Autumn Period (770-476BC), China was still an agricultural society with an undeveloped commodity economy. Salt, at that time, was a necessity in people's daily life; moreover, it was the most important commodity. The abundant salt produced in Shanxi gave rise to the earliest Shanxi merchants.

However, it was during the Ming (1368-1644) and the Qing (1644-1911) dynasties that the Jinshang reached their period of great prosperity. Their footsteps not only covered China but also reached Japan, Southeast Asia, Arabia, and Europe. Their business interests ranged from salt, iron, cotton, silk, and tea to various financial endeavors (including pawnshops, private banks, and account bureaus).

Shanxi merchants were the earliest Chinese dealers trading with Russian merchants, and with the greatest number. The branches of Shanxi-based banks (Piaohao or Piaozhuang) covered not only China but also stretched into Russia, setting up in such cities as Moscow and Petersburg. Shanxi merchants' trading activities were also prosperous in Korea and Japan.

But in a society deficient in efficient commercial regulations, it was not easy for just a few people to achieve great success in their business. What held Shanxi merchants together and made them a strong force was their common adoration of Guan Yu, a respected general of the State Shu in the Three Kingdoms period (220-280). In the commercial halls established by Shanxi merchants, a place to worship Guan Yu could always be found. They adored Guan Yu not simply for his military talents but for his loyalty and honesty, which were two crucial virtues for doing business.