Abstract
ABSTRACT This study explores the formation of China’s financial regulatory system during the financial reforms of 1978–2018, emphasizing the respective roles of the bureaucratic system and financial elites. By analyzing administrative documents and profiles of financial bureaucrats, it highlights the establishment of ministry-level regulatory agencies. The findings reveal that political leadership, driven primarily by concerns over financial risks, was the key driver behind the formalization of the regulatory system. Effective financial supervision, however, depends on the dual authority of financial bureaucrats, derived from both their hierarchical positions and professional expertise. Central bankers, in particular, consolidated their influence by advancing through supervisory roles. Furthermore, the study underscores the rise of professional regulators, who enhance regulatory efficiency by balancing political influence with technical expertise.
Published Version
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