The chapter, termed Legalized Politicization Era (2010–present), examines the role of law in securing a new political–economic equilibrium. In this era, the consequences of state capitalism, China’s economic turning point, and a legitimacy crisis in the Party-state’s rule, advanced the use of law in two directions: intensifying the presence of the regulatory state in the market on the one hand while shifting market governance powers directly to the CCP itself on the other. The chapter describes how in these developments the law has been assigned a meaningful and more explicit role in steering capital flows and structuring markets. It argues that taking notice of the two functions of law has become ever more relevant.