Evolution of China’s Financial Asset Mix from 1991 to 2007

YI Gang ( 易纲 )1 and SONG Wang ( 宋旺 )2
1China Center for Economic Research (CCER), Peking University
2PhD Candidate of CCER, Peking University

Editorial Note:

Since 1978, China’s financial sector has experienced successful reform and become increasingly market-based. The mix of China’s financial assets has also evolved during this time. What was the nature of this evolution? How will the current mix influence the country’s economic development? This paper
attempts to answer these questions and suggests a path for China’s financial market development in the coming decade.

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