The merchant’s psychological integration in the late modern period was a continuity and development of the integration in the early modern times. Merchants put forth values such as “the merchant being the link of the four classes,” “winning decisive battles in commercial wars,” and “self-government leading to self-strengthening.” The establishment of the chamber of commerce in Shanghai in 1904 signaled the rise of the bourgeoisie in China, which was accompanied by the stratification and reintegration of the merchant class. The chamber of commerce’s functions embodied the bourgeoisie’s will and interests as a class.