In Red Capitalism, Carl Walter and Fraser Howie argue that financial reforms in China, in serious terms, were effectively terminated around 2005 after the leadership transition to president Hu Jintau and premier Wen Jiabao, whose priority was focused more on enhancing equality and social stability.¹ If this is the case, there should be even less to expect of anything substantial in the finance realm during the ‘lame duck’ period that leads up to the installation of another crop of political