This book analyzes the evolution of China's financial reforms since 1979, providing a political economy perspective to explore the complex interactions among the political and economic actors-individual, group, or institutional-that affect reform outcomes.

Introduction -- Market Socialism, Financial Liberalisation and Late Development -- The Pre-Reform System: The Financial Institutions of Centrally Planned Socialism -- The Process of Financial Reform -- Policy Outcomes: The Macroeconomic and Microeconomic Impact of Financial Reform -- Towards a Socialist Capital Market? -- Conclusion: Future Trajectories