On the Important Role of Financial Development and Opening in the Transitional Period:China's Experience
利用1978-2003年宏观数据，通过VAR模型研究发现，中国银行业发展对经济增长贡献显著，非国有银行效率更高，而外商直接投资的作用小于国内金融市场。
It is a common view that there is a close relation between the development of financial market and fi- mmcial institutions and the economic growth.However,it is not the case in China.The paper studies the long- term relation among economic growth,bank loans and FDI by employing VAR model and macro-economic data from 1978 to 2003.The empirical result shows that there has no stable cointegration relation between aggregate bank loans and GDP if without thinking about the structural change.However,in the past 25 years,the devel- opment of banking industry contributed to the economic growth greatly,and non-state-owned banks,as a higher efficient sector,played more important role in the economic growth although their total amount of credit loans was not a big share.In addition,there is a cointegration effect between FDI and economic growth,but its effect was less than the development of domestic financial market because of the dependence of financial market and capital regulation policy.