China’s financial markets (~$12T equities + bonds) are state-dominated, with Shanghai/Shenzhen exchanges (¥90T cap, CSI 300 ~12x P/E) and STAR Market leading tech. Government bonds (~¥110T) yield ~2.1% under PBoC; CNY is tightly managed. Big Four banks control ~40% of ¥350T assets; shadow banking is curtailed. 2024–2025 stimulus lifted equities (Hang Seng +25% YTD), but property, LGFV debt, and U.S. tariffs pressure sentiment. Foreign access via Stock Connect/Bond Connect grows, yet overseas ownership is ~4% of A-shares.