Diversification has been a key characteristic in China＇s post-1978financial development, but specialization has progressed slowly. These two tendencies are contradictory as to the issue of whether financial developme...Diversification has been a key characteristic in China＇s post-1978financial development, but specialization has progressed slowly. These two tendencies are contradictory as to the issue of whether financial development in post-1978 China has followed a market-oriented direction. Our preliminary explanation is that the causes of confiicting observations lie at the role of the state, which has been overwhelming and unusuaL The relatively large size of the government system seems to have embraced an “inside” market system.展开更多
文摘Diversification has been a key characteristic in China＇s post-1978financial development, but specialization has progressed slowly. These two tendencies are contradictory as to the issue of whether financial development in post-1978 China has followed a market-oriented direction. Our preliminary explanation is that the causes of confiicting observations lie at the role of the state, which has been overwhelming and unusuaL The relatively large size of the government system seems to have embraced an “inside” market system.
