Improvement and Innovation of Bank-Based Financial Systems in the Post-Crisis Era: A Case Study of China

摘要

Based on development theory about financial structure, this paper inspects the performance of both bank-based financial system and market-based financial systems in the crisis, combined the characteristics of the financial system with that of the real economy. The results show that, both the present development level of China's national economy and its optimal industrial structure constitute the main determinant of bank-based financial structure with separate operation which is very important to be on guard systemic risk. However, market-based financial system is prone to the crisis, under the situation of lack of the supervision. Therefore, it is essential to increase competition and enhance financial innovation under the reasonable supervision system in post-crisis era, further to improve financial operation efficiency. Thus, there exists endogenously determined optimal financial structure for the real economy; simultaneously China plays an increasing positive role in the construction of international finan cial system for sustainable development of the world economy.