CWR > Volume 7(2); 2021 > Review Article
Book Review
Published online: Sept 1, 2021

Conceptualizing the Regulatory Thicket: China’s Financial Markets after the Global Financial Crisis

Daile Xia & Kuangran Li
Shanghai University of Finance and Economics Law School
No.777 Guoding Road, Shanghai 200433, P. R. China
Corresponding Author:

ⓒ Copyright YIJUN Institute of International Law. This is an Open Access article distributed under the terms of the Creative Commons Attribution Non-Commercial License ( which permits unrestricted non-commercial use, distribution, and reproduction in any medium, provided the original work is properly cited.


After the 2008 global financial crisis, China’s banks fled the bogs far better than their counterparties in Europe, the US and Japan. China has achieved outstanding success in modernizing its banking sector and financial markets. The theory of law and finance generally acknowledges a close correlation between vibrant financial growth and a function of legal and regulatory system. But this theory may not apply to China. A group of scholars attributes China’s success to its top-down Party-state model of “rule by law” scheme. This book intends to thoroughly examine China’s financial regulatory system in the first decade after the global financial crisis, and provide insights to China’s market liberalization and economic development. This author indicates that China’s current regulatory system on financial market is still restrictive and mainly government-dominated. To further promote the development of financial markets and market economy, more market-led reforms to regulatory system and the expansion of the markets are needed.

Keywords : Global Financial Crisis, China’s Financial Market, State-Owned Banks, Financial Regulatory System, Market Liberalization

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