Acknowledgments.

Contributors.

Advisory Committee.

About the Editors.

About the Sponsor.

Part I. Macro-economy and Policies.

1. The Macroeconomic Situation.

2. Financial Industry Performance and Monetary Policy Operation.

Appendix to Part I — An Analysis of China’s Fund Flow in 2004.

Part II. Financial Institutions.

3. The Banking Industry.

4. The Insurance Industry.

5. The Trust Industry.

6. The Securities Industry.

Appendix I to Part II — Asset-management Companies in China.

Appendix II to Part II — China’s First Money-broking Company.

Appendix III to Part II — The National Council for Social Security Fund.

Part III. Financial Markets.

7. The Inter-bank Money Market.

8. The Inter-bank Bond Market.

9. The Stock Exchange Market.

10. The Futures Market.

11. The Gold Market.

Part IV. Balance of Payments and Exchange Rate.

12. The Balance of Payments and Reform of the RMB Exchange Rate.

Part V. Legal and Institutional Environment for Financial Development.

13. Building a Rule-of-law Environment in the Financial Industry.

14. Regional Differences in Asset Quality and Financial Ecology.

Index.