Towards Financial Superpower: China's Financial Industry and Its Road to Internationalization

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Dr Lerong Lu (Reader in Law, The Dickson Poon School of Law, Reader in Law, The Dickson Poon School of Law, King's College London)

Towards Financial Superpower

China's Financial Industry and Its Road to Internationalization

Dr Lerong Lu (Reader in Law, The Dickson Poon School of Law, Reader in Law, The Dickson Poon School of Law, King's College London)

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English

Oxford University Press
04 September 2025

International economics; Finance; Financial services law & regulation

The topic of the financial industry, from both practical and regulatory perspectives, has been widely debated since the Global Financial Crisis of 2007-2008, but the discussion is mostly framed within a Western context. However, China now boasts one of the largest and most dynamic financial systems in the world and has three of the largest global stock markets as well as the gigantic commercial banks such as the ICBC and the Bank of China. It is actively opening its financial markets by reforming its securities law and introducing stock connect schemes with exchanges in the UK and Switzerland and also has the most advanced Fintech and mobile payment sector. China's central bank digital currency (CBDC) pilot project is already being rolled out on a national scale, contributing to the rise of the Chinese yuan as a new global currency. In this volume, Lerong Lu explores the remarkable rise of China's financial industry, its detailed operating mechanisms, and regulatory frameworks and regime. He examines the legal and regulatory environments underpinning this industry, including its regulatory agencies and institutional arrangements (such as the People's Bank of China, the National Financial Regulatory Administration, and the China Securities Regulatory Commission), financial safety net and crisis management tools, and specialized financial courts and dispute resolution mechanisms. Lu captures the fast-changing and dynamic nature of China's financial institutions and markets from three unique angles: financial marketization, financial globalization, and financial innovation. Through detailed case studies, the author critically assesses the strengths and special characteristics of these financial institutions, markets, and currencies in the world's second-largest economy, addressing if and when China becomes the next global financial superpower.

By: Dr Lerong Lu (Reader in Law The Dickson Poon School of Law Reader in Law The Dickson Poon School of Law King's College London)
Imprint: Oxford University Press
Country of Publication: United Kingdom
Dimensions: Height: 240mm, Width: 160mm, Spine: 21mm
Weight: 561g
ISBN: 9780198948537
ISBN 10: 0198948530
Pages: 272
Publication Date: 04 September 2025
Audience: Professional and scholarly , Undergraduate
Format: Hardback
Publisher's Status: Active

List of Figures List of Tables List of Abbreviations 1: Overview of China's financial industry 2: China's financial regulatory agencies 3: China's financial safety net 4: China's banking industry 5: China's capital markets 6: China's central bank digital currency 7: China's financial courts 8: The internationalization of China's financial industry Bibliography Index

Dr Lerong Lu is a Reader in Law (Associate Professor) at King's College London, specializing in international financial law and regulation. He has published over fifty academic papers and authored two books, including Global Fintech Revolution (Oxford University Press, 2024). His insights have appeared in interviews with the BBC and The Wall Street Journal. Dr Lu holds a PhD and an LLM (with Distinction) from the University of Leeds and is a Fellow of the UK Higher Education Academy.