::1991 2007 :1991 2007 3 :1996,??,,,,,,,, :,,,,, Goldsmith (1969) 35,, Shaw(1973) Gurley Shaw(1960), Demirg c2 Kunt Levin (2001) 150 (1992) 1978 1991 ( Yi,1991),,, ;, (1996) 1978 1995, ( ),,(1996),, ( 3,,:100871 ;,,:100871, :songwang80 @126. com, 4
2008 8 ),, 1991 2007 :, Goldsmith (1969), Π,,,, 1991 2007 ( IMF), IMF,Goldsmith (1969), Goldsmith,,,,,,,,,,, WTO,,,,,Goldsmith (1969),IMF ;, 1, IMF,,, 1,1991 2007, Π,,, Demirg c Kunt Levin (2001), 1991,1990 1991,,,,, ( GNP) 5
::1991 2007 2, (CPI),, 1 (:; %) 1991 1996 2001 2005 2007 e (1 + 12) 4562410 19110 15741912 20712 34647714 30517 60598916 31018 116249512 39517 11 (2 + 7) 4517116 18919 14757619 19715 30295512 26312 57355913 29118 83535413 31017 21 (36) 2137419 8816 7988218 10519 17243118 14913 34615618 17315 51723911 19018 31 317718 1315 880210 1214 1568818 1411 2403117 1214 3033413 1119 41 1807910 7416 6857112 9015 14361712 12411 28716915 14412 38937112 14916 505011 2113 2228712 2912 5154616 4414 9614317 4913 13867317 52 48518 2 127110 117 336918 312 799613 319 1763215 519 75218 312 94717 114 285218 214 1205213 515 1903216 7 924116 38 3852019 5014 7376214 6411 14105110 7111 17253412 6911 154919 614 764715 10 2232716 1818 4878715 2416 6759917 2611 769117 3116 3087314 4014 5143419 4513 9226315 4615 10493414 43 51 11811 015 250916 311 853415 714 1972916 915 6852917 1913 61 a 459113 317 1522610 714 2900319 10 71 (811) 2379617 10019 6769411 9115 13052314 11319 22740215 11813 31811512 11919 81 2133718 9018 6115218 8216 11231417 9813 19469014 10118 26169019 10016 1650013 7112 4035719 5119 6732712 6118 8744912 4716 11447719 44 304414 1213 1215316 1615 3923811 3112 8746014 4418 13153911 4911 249716 213 312612 116 235613 1 179311 713 864113 1412 325118 3 1665416 718 1331716 614 91 106718 413 158211 213 158211 115 0 0 0 0 101 f 106010 415 436114 517 1561810 1313 2877410 1419 4874110 1615 111 33111 112 59717 019 100816 019 393811 116 768313 219 121 b 45214 111 984214 917 4352212 4215 3243013 1910 32714019 85 (1316) c 377913 1713 1481910 1819 2935615 2414 9866613 4719 16713616 6016 131 29117 113 164919 213 286812 215 520513 216 785918 219 141 941719 416 1749415 713 151 1740714 815 2966410 1010 161 240718 913 893512 1113 1810018 1419 6663516 3211 11211813 4014 3415 0116 5219 0108 25610 0114 33819 0119 33610 0114 3114 0114 51 0107 7014 0106 9618 0105 8717 0104 2315 0111 11518 0116 21414 0117 11310 0111 5814 0103 231814 818 871515 1019 1756011 1415 6608619 3118 11162819 3912 (+ ) 4940313 20813 17223813 22611 37583319 33011 70465518 35817 132963117 45614 :a1 IMF (2000),, 1999,1999,1999 b1 c1 2004 2007 2004 2007 ;,, 13 16 2004 2007 13 16 d1 e1 f1 :3 4 8 9 Wind ;5 10 11 1991 2006 2006 2007,2007 (2008) ;6 Wind,12 (2008) ;13 1991 1996 2001 2006 2007,2005 2007 ;14 15,16 IMF ( IFS) 6
2008 8 1991 2007 ( ) : (1), 1991 2007,, 10 %( ), ( Π) 1991 20813 % 2007 45614 %,5 %, 5,, (2),1991 2007,191 % 39517 %, 4 % ; 1713 % 2007 6016 %, 8 % :,20 90, 2001 WTO,,,2006 4,,,1991 2007 10 %, (3),,,,1991 015 % 2007 1913 %,25 % ; 415 % 2007 1615 %,8 % ;112 % 219 %, 6 % (4),,,,,1991 111 %,2001 4215 %,2005 19 %,2006 2007,2007 85 %,20 90, (5), 1991 2007, 9 %, 3 %,,; (6), 2001, 317 %,2007 10 % (7) 20 90,,,, Goldsmith(1969) :, 7
::1991 2007 2 (: %) 1991 1996 2001 2005 2007 11 (2 + 7) 9910 9317 8714 9416 7119, 21 (36) 4619 5017 4918 5711 4415 31 710 516 415 410 216, 41 3916 4316 4115 4714 3315 1111 1412 1419 1519 1119, 111 018 110 113 115 117 016 018 210 116 2013 2415 2113 2313 1418 2004 314 419 614 811 518 1619 1916 1418 1512 910 51 013 116 215 313 519, 61 113 215 215, 71 (811) 5212 4310 3717 3715 2714 81 4618 3818 3214 3211 2215 1 3612 2516 1914 1414 918 617 717 1113 1414 1113, 017 015 012 319 515 019 217 111 91 213 110 015 010 010 (2) 101 213 218 415 417 412 20 90 111 017 014 013 016 017 121 110 613 1216 514 2811, (1 + 12) 100 100 100 100 100 : (1), 20 90, 17,,, 20 90, 4 %1991 2001,,017 % 013 %, 1991,1991 2007,,517 %,, (2),1991 1 %,2001 1216 %,2005 514 %,2006 2007, 1118 % 2811 % 514 %,1991 1 % 8 (3),1991 2007,
2008 8 4618 % 2215 %16, 3612 % 918 %,1991 617 % 2007 1113 % 1994,, (4),2001 113 %,2005 215 %, (5), 1,;2,,1991 7 % 2007 216 %, 2006, (DVP) 38151, 73182 %, 2006, 1189,17 %( ), 7,, 30 %,30 % 50 %,,,,,, (,2007) Π,, Π ;,,2004 2005 Π, () 3,: (1),2004 2005 72 %(2) 2004 718 %,;2005 012,818 %(3),, Π,, 2004 2005, Π, 20 90 Π 9
::1991 2007 (3),, () 3 (:; %) 2004 2005, 1824611 2037615 1011 917 12947919 15042511 (4) : (1) 7210 7210, 1756918 1801815, 918 816 ; 629314 653410 (), 315 311 1127615 1148415 613 515 1411314 1831419 (2) 718 818 2873010 3175713 (3) 10010 10010, 1004412 1107714 3510 3419 2004 () 1868519 2067918 016, 6510 6511 113 % 4 (:; %), 2004 2005 (Π ) 15654814 16912815 6313 6410 (4) 8759317 9146416, 3514 3416,, 2004 2005 5829913 6690417 2316 2513 3949912 3727113 2512 %22 % 1610 1411, Π 2512 2210,2005 1 156714 343018 016 113 434 % Π 110 210 3793118 3384015, 1513 1218, Π 2412 2010, :1 2004 10
2008 8 1 % 2412 %,2005 2 %20 % () 5 (5) : (1),2004 5412 %, 2005 5014 %(2) 2004 1415 %,2005 18 %,, (; %) 2004 2005 18894311 20578917 (3) 2004 2005 1417 %1613 % () : (1) 2004 2005 6812 % 6619 %(2) 2004 710 %,2005 917 % (1996),20 90 (),, 5412 5014 9782715 10300313 2810 2512 7698511 8758416 2211 2114 5062216 7374016 1415 1810 2334111 2838111 617 619 1430216 2036215 411 510 1142011 2225119 313 514 155817 274511 014 017 2697719 2945517 717 712 5117311 6663419 1417 1613 2146813 2403117 518 515 25185213 29311819 6812 6619 2572217 4261414 710 917 1049614 1324015 218 310 2007, 85 % 3817 %10 %,: (1), 5000,1993,5000 65182 %,,,2006 119, 58 %,2007,,2007,1162,5713 %, 11
::1991 2007 815 % (2),,,,(,1996), 1996, 2006 1 2007 1, (Shibor), 1 2 1 3 6 9 1 Shibor,,,,2007 3 %,,,,(,1992),, 6,,1994 517 %,2000 20 %,,,; (3),6 () (:; %),,,2007 1157, 2007 9 2007, 2006 ; 2008,2008 2007,,, Π 1994 3160219 178518 517 1995 3916912 293514 715 1996 4743415 397012 814 1997 5931715 218811 317 1998 6844211 567310 813 1999 7369519 809016 1110 2000 7639318 1641914 2115 2001 8007716 1691314 2111 2002 9089216 1948814 2114 2003 10615519 2186016 2016 2004 11605019 2249419 1914 2005 12085111 2506715 2017 2006 13649413 2780112 2014 :Wind :, :,2008 1 24 2 :,http :ΠΠccnews1people1com1cnΠGBΠ87320Π62618941html 12
2008 8 : (1),,,,2007, 219 %,,,2005,5, 40 %,,2007, 85 %, 2817 % ; 3817 %,11 % (2) 7 2005 (:),, 2001 2007, 317 % 10 % ; 113 % 215 % Π() () 1 ( %) 2 60131 4613 217 49005 214515 14111 17639 254419 9193 25024 2217 3114, 4271 19. 4 1152 (7),, 2005, 60113,11, () 4613,72, (GDP ) 217 %,50 (3), 7227 28313 5142 6376 99 3161 82933 170611 10125 10234 198314 7147 41077 555814 11119 300241 4599 12145 222220 356815 10121 197251 231015 6179 1142912 387512 9115 78723 2449 6197 476481 374617 10154 :(2007),, 20 90,; 2005, 36 %, : (Bloomburg) ; 13
::1991 2007 157 %,,:,,,,,?,,, ;,,,,,,,1991 2007, ;,,,,,,,,,,,,,,,,,,,,,,, 2008,2,2,,,,, 14
2008 8,,,1991 2007 :,,2006 :,51,1992 :,11,1996 :,12,2008 :,,CCER 1,2007 :,1999 2008 :,,2007 :(2006), Demirg c2kunt, A1, and R. Levin, 2001, Financial Structure and Economic Growth : A Cross2country Comparison of Banks, Markets, and Development, Massachusetts Institute of Technology. Goldsmith, R. W., 1969, Financial Structure and Development, Yale University Press. Gurley, J1G., and E. S. Shaw, 1960, Money in a Theory of Finance, The Brookings Institution. IMF, 2000, Monetary and Financial Statistics Manual, International Monetary Fund. Shaw, E., 1973, Financial Deepening in Economic Development, Oxford University Press. Yi, G., 1991,The Monetization Process in China During the Economic Reform, China Economic Review, Spring, PP75 95. The Evolution of Chinaπs Financial Assets Structure : 1991 2007 Yi Gang and Song Wang (China Center for Economic Research, Peking University) Abstract : In 1996, the first author of this essay manifested that financial assets structure of China which was then dominated by indirect financing had led to many problems in the economy. After more than ten years of financial reform, has the financial assets structure been improved? Can the existing financial assets structure accommodate the development of Chinese economy? This paper tries to answer above questions by reanalyzing the current financial structure in China. It is found that the financial asset structure of China has experienced obvious improvement. Meanwhile,the new structure has brought some new problems which ought to be resolved by further improvement of monetary market and capital market. In the coming ten years, the optimal path for the development of Chinaπs financial market is through two2way opening. Key Words :Financial Assets Structure ; Monetization ; Financial Deepening JEL Classification : E44, G20 (: ) (: ) 15