In a HardTalk interview first broadcast on Monday 31st March, Stephen Sackur talks to the chairman of the China Banking Regulatory Commission, Liu Mingkang.
China's economy is undergoing a huge transformation and at the core of the changes is a profound overhaul of the country's financial system.
Foreign banks are being allowed to enter the Chinese retail market, there is a booming consumer credit industry and the government is slowly relinquishing control.
But there are also concerns about a massive trade surplus and the power being wielded by China's sovereign wealth funds.
Liu Mingkang is a former governor of the People's Bank of China and is now China's chief banking regulator.
Why does he say that globalisation is a "double-edged sword" for China?
HARDtalk is broadcast on BBC World at 03:30 GMT, 08:30 GMT, 14:30 GMT, 18:30 GMT and 21:30 GMT.
Hardtalk can also be seen on BBC News 24 at 04:30 & 23:30.
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