Adam Liu is a PhD candidate in political science at Stanford University. His research focuses on comparative political economy, the political economy of finance, authoritarian politics and contemporary Chinese politics. Combining all of his research interests, his dissertation explores the puzzle of the exponential growth of commercial banks in China in the past two decades, when political change—what is usually thought of as a prerequisite for financial development—is absent. Using a novel spatial dataset containing all Chinese banks ever built in PRC China, his dissertation will also examine the economic and distributive consequences of China’s bank proliferation.