As the rapid development of ifnancial market, the content of ifctitious capital expanded and a new concept called“Fictitious Economy”appeared. Stock market, bond market, derivatives market, real estate ifnance market, etc. are all sub-systems of ifctitious economy. However, there are not only ifnancial markets included in this big system, but also other factors such as credit rating system. As the biggest developing country, China’s ifctitious economy has been rising quickly. This paper reviews the development of ifctitious economy in China over the last 20 years, and shows the ifctitious degree of economy using indicators MR and FIR, while paying more attention on stock market, a special one called local government ifnancing platform and ifnancial derivatives market.%随着金融市场的飞速发展，虚拟资本的内涵不断扩展。作为最大的发展中国家，中国的虚拟经济发展迅速。本文在虚拟资本与虚拟经济理论框架的基础上，提出了虚拟经济的分类，并针对不同类型的虚拟经济，分别探讨了我国股票市场、地方政府融资平台以及金融衍生品市场的发展情况。在此基础上，对中国近20年来虚拟经济的发展进行回顾，以货币化率和金融相关率为参考指标，探讨我国虚拟经济的整体发展及经济虚拟化的程度。
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