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| Preface | |
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| List of Abbreviations | |
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| Looking Back at the Policy of Reform and Opening | |
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| Thirty years of opening up: 1978-2008 | |
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| Thirteen years of reform: 1992-2005 | |
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| The end of reform: 2005 | |
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| China is a family business | |
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| China's Fortress Banking System | |
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| Banks are China's financial system | |
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| Crisis: The stimulus to bank reform, 1988 and 1998 | |
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| China's fortress banking system in 2009 | |
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| The sudden thirst for capital and cash dividends, 2010 | |
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| The Fragile Fortress | |
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| The People's Bank of China restructuring model | |
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| The Ministry of Finance restructuring model | |
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| The �perpetual put� option to the PBOC | |
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| China's latest banking model | |
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| Implications | |
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| China's Captive Bond Market | |
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| Why does China have a bond market? | |
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| Risk management | |
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| The base of the pyramid: �Protecting� household depositors | |
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| The Struggle over China's Bond Markets | |
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| The CDB, the MOF and the Big 4 Banks | |
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| Local governments unleashed | |
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| China Investment Corporation: Lynchpin of China's financial system | |
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| Cycles in the financial markets | |
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| Western Finance, SOE Reform and China's Stock Markets | |
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| China's stock markets today | |
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| Why does China have stock markets? | |
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| What stock markets gave China | |
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| The National Team and China's Government | |
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| Zhu Rongji's gift: Organizational streamlining, 1998 | |
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| How the National Team, its families and friends benefit | |
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| A casino or a success, or both? | |
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| Implications | |
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| The Forbidden City | |
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| The Emperor of Finance | |
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| Behind the vermillion walls | |
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| An Empire apart | |
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| Cracks in the walls | |
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| Imperial ornaments | |
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| Appendix | |
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| Select Bibliography | |
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| Index | |