ABSTRACT
This chapter presents the coalition perspective of financial policy change and analyzes how local authorities and financial industry players interact with central-level ministries in the policymaking process. They set and frame the agenda and leverage the political support of bureaucratic central elites. Acting in concert as pro-opening policy coalitions, the local authorities and financiers drove forward the initiatives with patrons from the financial bureaucracy. In policy deliberation and implementation, the coalitions and their constituents engaged in bargaining and extended concessions to potential dissenters to obtain their political support and thereby allay resistance to the liberalizing initiatives.
