Sang Hongyang

He is famous for his economic policies during the reign of Emperor Wu, the best known of which include the state monopolies over iron and salt - systems which would be imitated by other dynasties throughout Chinese history.

Sang Hongyang was born in Luoyang, one of the Han dynasty's major commercial centres, to a family of merchants.

When Emperor Wu ascended to the throne in 141 BC, Sang came to his notice and was eventually invited to become an Attendant (侍中).

By then, the ongoing campaigns against the Xiongnu had drained the wealth built up by Emperor Wu's predecessors, and the state had entered a financial crisis.

With the success of the monopolies in improving the empire's financial situation, Sang eventually rose to become Assistant Minister of Agriculture.