China's Transitional Financial System:Evidence from the Growing Role ofFinancial Markets

다국어 초록 (Multilingual Abstract)

This paper examines China's financial system which has been greatly transformed over the past three decades which saw sustained fast growth of economy. The financial system in China specifically showed gradual and cautious changes to avoid adverse impacts on its fast-growing economy. China's financial system, which the government traditionally used as a tool for implementation of the centrally planned economy under the regime of the socialism, has been moving towards that of a capitalist economy while China has been confronted with financial difficulties such as non-performing loans for banks and corporate governance for firms. Financial institutions and financial markets, two key poles in a national financial system, are discussed in detail. Although corporate funds have been heavily financed by indirect financing through bank loans, financial markets is playing an increasingly important role in the fund procurement in the corporate sector.

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