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1 Introduction 1 2 Domestic financial liberalization and financial depth in China 8 3 The performance of China's state-owned industrial enterprises 32 4 The performance of China's state-owned banks 46 5 Non-bank financial institutions and economic development in China 63 6 Stock markets and economic development in China 79 7 External financial liberalization in China 98 8 Conclusion 124Library of Congress Subject Headings for this publication: