
So to keep this short and sweet in my opinion best DM civs are Minoan, Babylonians, Persians, Assyrians, Greeks and other civs that I can't remeber. The only true counter to this civilization are the Hittites with their best overall bonus of double hit points heavy catapult. What about cataphracts? Well you'll do some damage but good luck reaching them. Armored elephants to destroy them with insane hp, too slow. They are the most devastating combination ever in AoE. A great annoying civilization are the Minoan epically with their annoying 2 additional range for their composite bowman range and access to Helepolis. In my opinion the Shang is really good for early game rush rather then late game.

Also including that the Shang are missing all of their government technology in the iron age isn't a very good trade for cheaper villagers in late game. Even though Shang still has all priest tech, the Babylonians destroy them with their priest and chariots. Don't get me wrong their double wall hit points and cheaper villagers are excellent bonuses but their are better civilization in aoe especially the Babylonians when they have not only double wall hit points but also tower hit points as well including a faster rejuvenation rate for priest, it's no challange. If it's deathmatch, Shang isn't really the best late game civilization.

It depends on what gamemode you play with.
