Through an in-depth study of more than 40 years of China's financial system reform, this book explores the laws of monetary and financial operation and development during the reform, the path of which is roughly as follows: Breakthrough of the financial system's forbidden zone, Restoration and separation of national specialized banks, Establishment of a central bank, Opening of financial markets, Enterprization of professional banks, Commercialisation of specialized banks, Establishing an indirect financial regulation system, Strengthening and improving the financial supervision system, Hence, it is providing constructive advice and reform proposals for the national macro policy-making departments. As one of The Chinese Path series, China's Financial System Development and Reform reviews the historical process of the financial system reform and development of China. This book introduces the background, implementation effect and experience of major events about the central bank system, financial macro-control, foreign exchange management and foreign exchange market, banking reform and supervision, capital market, insurance market, financial supervision and financial opening up and other financial areas, in order to reveals the basic path of China's financial reform, development and evolution, and explores China's path of financial development and reform in line with the national conditions.