The Wen Jiabao administration has found its feet and instituted ambitious initiatives in the financial arena. Since December 2003, major new policies toward the financial sector have been rolled out. Recapitalization, reorganization, and stock market listing of two of the main state-owned banks have begun. A program for new policies toward the stock market has been released. The launching of major programs follows the reorganization of the administrative apparatus and the promulgation of a series of laws and programmatic documents. Thus, the resumption of activist policymaking represents the culmination of a steady and methodical process of preparation. The degree of preparation is impressive, but it also reflects the magnitude of the challenges currently being faced and the difficulty of shepherding new policies through the Chinese political system.