This book provides a groundbreaking analytical framework to decode the paradoxes at the heart of China's financial system. It investigates why heavy-handed government intervention persisted alongside stellar economic growth, and why the very policies that fueled the "China miracle" are now generating significant financial risks and inefficiencies.Moving beyond mere description, the analysis adopts a historic perspective to answer four pivotal questions: Why did China maintain repressive financial policies? Why didn't these policies stifle growth? What caused the recent surge in financial risks? And what are the essential next steps for reform? The book uniquely characterizes China's reform path as one of "asymmetric market reform," driven by pragmatism rather than theoretical ideals.The scope spans from the foundational reforms of the state-owned banks and markets to the latest revolution in digital finance. It demystifies how technologies like mobile payments and Big-Tech lending are promoting inclusion while creating new regulatory challenges. The book is tailored for academics, policymakers, financial professionals, and students seeking a sophisticated understanding of China's financial trajectory.