Red hat merchant

Red hat merchant (hong-ding shangren), alternatively translated as red-hat businessman, entrepreneur with red hat, refers to a government official who also appears as a businessman, combining the roles of civil servant and businessman, that is, "government businessman". The term originated from the Qing dynasty and was initially used to describe state officials who were also engaged in commercial activities. At that time, wealthy officials often wore caps with rubies. The typical representative of the "red hat merchant" is Hu Xueyan, a prominent businessman in the late Qing dynasty.

Nowadays, the term "red hat merchant" is widely used to refer to a businessperson who benefits from good relationships with important high-level government officials. The term is also used to refer to businesspeople who hold top positions in local companies and local government financing vehicles.