Contributor(s): Howard Davies | Howard Davies sits on the International advisory councils of the China banking and securities regulatory commissions. In the fourth lecture of an annual series he reviews the progress of reform in china's financial markets, and the implications for the rest of the world. Howard Davies is Director of the London School of Economics and Political Science (LSE). Prior to this, from 1997-2003 he was Chairman of the Financial Services Authority, the single regulator for the UK financial sector, which was created under his leadership from nine separate regulatory agencies. From 1995-1997 he was Deputy Governor of the Bank of England.