China Daily, July 11, 2018. Sit Tsui is an associate professor of the Rural Reconstruction Institute at Southwest University in Chongqing, China. He Zhixiong is a researcher officer at the Centre for Cultural Research and Development of Lingnan University in Hong Kong, China. Yan Xiaohui is a researcher officer at the Centre for Cultural Research and Development of Lingnan University in Hong Kong, China. People’s Lives and Property Confronting the triple trap of the COVID-19 pandemic, economic downturn, and ecological crisis, the Chinese leadership has reiterated that “China puts the people’s interests first—nothing is more precious than people’s lives.” This kind of people-centered governance philosophy is ostensibly meant to protect the lives and health of the people, while defending people’s property under the basic system of collective ownership. Since 1949, China has struggled to maintain its national sovereignty over land resources and the financial system through policies of capital control and definancialization. Historically, China has practiced financial containment and control of speculative capital for about forty years. China has integrated itself into the world economy and to a certain degree into Western-dominated financial institutions since the 1970s. It has gradually relaxed or removed some of the limits on foreign banks, insurers, and money management firms. China approved the establishment of more than one hundred foreign banking and insurance institutions in the country, such as Allianz, Crédit Agricole Corporate, BlackRock, and Schroders. However, it has never relinquished its goal of capital control and its financial opening is comparatively limited. Foreign investors who want to enter China’s domestic capital market are subject to strict control. Qualified Foreign Institutional Investor is allowed, but its quota has a very small value. Foreign capital is not yet predominant in China’s domestic capital market.