Introduction : translating market socialism with Chinese characteristics into sustained prosperity / Joseph P.P. Fan, Randall Morck, and Bernard Yeung -- The governance of China's finance / Katharina Pistor ; comment Zheng Song -- China's financial system : opportunities and challenges / Franklin Allen, Jun (QJ) Qian, Chenying Zhang, and Mengxin Zhao ; comment Chenggang Xu -- Assessing China's top-down securities markets / William T. Allen and Han Shen ; comment Qiao Liu -- Institutions and information environment of Chinese listed firms / Joseph D. Piotroski and T.J. Wong ; comment Li Jin -- Why are saving rates so high in China? / Dennis Tao Yang, Junsen Zhang, and Shaojie Zhou ; comment Leslie Young -- The Chinese corporate savings puzzle : a firm-level cross-country perspective / Tamim Bayoumi, Hui Tong, and Shang-Jin Wei ; comment Ning Zhu -- Financial strategies for nation building / Zhiwu Chen ; comment Jiahua Che -- Provincial and local governments in China : fiscal institutions and government behavior / Roger H. Gordon and Wei Li ; comment Zhigang Li.