This chapter offers a selected discussion of China’s financial regulatory system and its evolving role in global financial governance, focusing on its unique tripartite regulatory framework comprising the People’s Bank of China (PBoC, “One Bank”), China Securities Regulatory Commission (CSRC, “One Commission”), and National Financial Regulatory Administration (NFRA, “One Administration”). It analyzes certain key challenges in macroprudential regulation, securities enforcement, and banking supervision have been addressed, while navigating the tensions between financial innovation and regulatory oversight. Particular attention is given to China’s participation and leadership of global financial governance through institutions like the Asian Infrastructure Investment Bank (AIIB). The chapter also explores China’s distinctive path in rule harmonization, demonstrating how it adapts global norms to local contexts across banking regulation, regional coordination, and regulatory compliance. Through this selected analysis, this chapter reveals China’s hybrid governance model—one that maintains institutional autonomy while engaging with global financial standards. The findings highlight both the achievements and ongoing challenges in China’s financial regulatory system as it balances domestic economic objectives with global integration, offering insights into the country’s growing influence in shaping international financial governance frameworks.