Contributor(s): Howard Davies | In the 6th of an annual series of lectures, Howard Davies reviews the development of the Chinese financial system over the last year. He has been a member of the International Advisory Board of the Chinese banking regulator since 2003 and has observed the dramatic changes in Chinese banks at first hand. The Chinese system has been remarkably insulated from the crisis. What does that mean for the future? Will China turn its back on free-market financial reform? Howard Davies is director of 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. His latest books include The 'Financial Crisis: Who is to Blame?' and 'Banking on the Future: the fall and rise of central banking'.