China's prospects of successfully completing the transition to a market economy and becoming the world's largest economy during the 21st century depend on the future sustainability of high rates of economic growth. This book is a comprehensive, balanced and realistic assessment of China's financial reform program and future direction. Covering not only the banking sector but also non-bank financial institutions, stock market development and external financial liberalization, the authors examine the impact of financial reform on economic development in China during the reform period. This volume will facilitate a more accurate assessment of the Chinese approach to financial reform, and will therefore, allow more informed future policy choices for both China and other developing and transitional countries. Financial Reform and Economic Development in China contains a wealth of information for anyone concerned with China's economic future, and should be required reading for those in the corporate business sector, academics and government analysts.