Walking the walls and the old city — Pingyao's greatest asset is its completeness — you can walk much of the six-kilometre Ming city wall around the town, past watchtowers and gate towers, looking down over a sea of grey-tiled roofs, then descend into a genuinely intact old city: straight grey-brick lanes of Ming-and-Qing courtyard houses, temples, guildhalls and shops, hung with red lanterns, centred on the tall City Tower. Few places in China give this unbroken sense of the imperial past. Wander the lanes, climb the wall, and let old China surround you (go early or late for the quiet).
The cradle of Chinese banking — Pingyao was, improbably, the financial capital of Qing China — the birthplace of the piaohao, the exchange banks that pioneered paper drafts and a nationwide remittance network, making the town's merchants immensely rich. The Rishengchang, China's first such bank, is now a fascinating museum, its counting rooms, strongrooms and courtyards preserved, and other old banks line the streets. Touring them, you trace the surprising story of how modern Chinese finance began in this walled provincial town. It's the deeper history beneath the picturesque streets.
Courtyard houses, temples and the yamen — Pingyao rewards going inside — the grey-brick courtyard houses (many now guesthouses) reveal the layered, inward-looking world of old Chinese domestic life; the county yamen shows the workings of imperial local government, with its halls and (grim) jail; and the temples and guildhalls hold carvings and shrines. Staying in a traditional courtyard guesthouse (kang beds and all) deepens the immersion. Between the banks, the yamen and the houses, the town is a rich, living museum of Ming-Qing life.
Shanxi food and the merchant country — Pingyao eats Shanxi, which means noodles and vinegar — Shanxi is China's noodle heartland, famous for knife-cut noodles (dao xiao mian) and countless other shapes, and for its dark aged vinegar (used and drunk everywhere); the local Pingyao beef (spiced, sliced cold) is a specialty, along with wantuo (a chilled buckwheat dish). And the surrounding Shanxi country holds the wealth the banks built — the fortress-like Wang Family Compound and other merchant mansions, and temples like Shuanglin with their extraordinary painted clay sculptures. Eat the noodles and Pingyao beef, and get out to the merchant mansions.