Adam Y. Liu is assistant professor at the Lee Kuan Yew School of Public Policy, National University of Singapore. His main research interests include Chinese politics and political economy. He is currently working on a book project that explores how central-local politics drove the formation, expansion, and operation of what he calls a ‘state-owned market’ in China’s banking sector. The project is based on his dissertation, which won the 2020 BRICS Economic Research Award.