| There are six "dilemmas" in our economy development, and many economists and researchers are faced with this problem that is what kind of financial system can satisfy the needs of economic growth, what is the characteristic of its structure, whether is there a general sense of the evaluation criteria, and how to optimize and upgrade the structure to promote economic growth? Can economic development promote the optimization of the financial structure? Although many scholars agree that the financial system has played an important role in the development of the real economy and in the process of growth, but they disagree with which type of financial system can promote economic development better, but has been unable to reach agreement.The study of the financial structure holds an important position in the theory which researches the relationship of financial development and economic growth. The aim of research on the financial structure is to study the region's financial system or internal structure, and to study the different financial structures can promote or inhibit the economic development and growth. At present, based on the roles of financial intermediaries (mainly banks) and financial markets in their respective financial systems, the financial structure of countries or regions is divided into bank-based financial structure and market-based financial structure.Which one has more advantages, bank-based financial structure or market-based financial structure? The scholars who agree on the bank-based financial structure stress that the bank system has more advantages than the market in the fields of personal financing, financing for the company to expand, promoting new business formation and allocating funds. While those who agreed on market-based financial structure stress the market's comparative advantages. The papers from home and abroad show that the controversy on bank-based and market-based financial system researches is focused on Germany as the representative of the bank-based financial system and the United States as the representative of the market-based financial system. Through years of study, the researchers have found that in developed or transition countries, there is no clear evidence to show that the companies in a country or region with bank-based or market-based financial system can more easily get foreign capital accommodations or more rapid economic development. On the contrary, there are more evidences to show that bank and market have a complementary relationship rather than substitute one in promoting economic development. Therefore, it is valueless to stress a country or region has a bank-based or market-based financial system.Scholars in our country also have a tendency to emphasize the functions of specific financial structure. Although according to prevailing standards, China belongs to bank-based financial structure, from deeper analysis of institutional factors, China is actually a government-led financial structure. Government plays a decisive role in China's financial structure changes. At present, there exists a contradiction between high efficiency of capital investment transformation and low efficiency of resources allocation. The main reason leading to inefficient allocation of financial resources is there exist too many financial interventions on the financial system; banking and securities market intermediaries have not yet established a fully market-oriented and standardized business model, and there appear government and its will too often in the financial market. Why such problems exist? On one hand, our financial system is still in the initial stage of development. On the other hand, the deeper reason is that our market economy is transferred from a planned economy, and to some degree, the construction of our financial system is based on studying and learn from western mature experiences and patterns, but at the same time, too much of the planned economic system has been kept,, which are embodied in our banking system and capital market system.As discussed above, this article will sum up the studies of previous scholars and then research on China's financial structure optimization. There is no much for us to argue on advantages and disadvantages between bank-based and market-based financial structure. The choices of China's financial development patterns should consider the requires of the different stages of economic development and the resources endowments, at the same time, fully respect the results of the market mechanism, and the market forces and market choice should play a key role, while the act and no act from the government should provide a comfortable environment for the financial intermediaries and financial markets to full play the functions, which should be the reasonable choices for the development patterns of China's financial structures.The main contents of this article are as follows:The first chapter is mainly about a review of the background, the meaning, the way, the structure, the innovation and the shortcoming of the article. And we think it is significant to study the optimization of financial structure, as we are restructuring the economy development mode.The second chapter is about a review of the financial structure and economic growth theory, which is the basis for studying China's financial structural optimization. In this section, we discuss the relationship of the financial structure and economic growth from these aspects:the theory of financial development and inhibition, legal, as well as information economics, culture, social customs and the neo-institutional finance theory.The third chapter is to compare the international financial structures. By comparing and researching the financial structures of developed countries, transition countries, East Asia (emerging) countries or regions, we can resolve the problems whether the efficiency of different financial structures and the stage of economic development have relations and what the changing trend of the financial structure is.The fourth chapter is about the theory which analyzes the financial structure and economic growth. By comparing the advantages and disadvantages of the bank-based and market-based financial system and analyzing the relationship between the concentration ratio of banks and economic growth, we bring out the theory of optimal financial structure which adapts to the different stage of economic development. And based on that, we take out the optimization model of financial structure with economy development. This chapter is the outline of the whole dissertation, under which the author takes out the fifth and the sixth chapters.The fifth chapter is mainly about the optimization theory and empirical analysis of the China's financial structure with economic development. Firstly, we analyze the relationship of market-based financial structure and economic growth in America and the bank-based financial structure and economic growth in Germany. Then we use the data to analyze the structure of China's financial contributions to economic growth from the view of China's financial structure and economic growth, which is indirectly to describe the efficiency of China's financial structure. Finally, we use the panel data of provinces and counties to test the effect of the matching degree of banking structure and economy structure on economy development. The analysis of this chapter provides strong empirical supports for the sixth chapter as for China's financial structure optimization of routing and recommendations.The sixth chapter is about China's financial structure optimization of routing and recommendations. We stress that reasonable adjustments should respected and be guided by the changes of financial services requirements, and the government should be self-conscious and be cautious to act or not act. On such basis, it elaborates on the path to optimize the financial structure.The seventh chapter is about the conclusion, contribution, shortcoming and suggestion for future research. The main conclusion of the article is that financial structure should match the economy structure and then economy can keep sustainable grow.There are some innovations in the paper, but there are also shortcomings, for we can not acquire plenty of data to test the theory.The above seven chapters analyze the current situation of China's financial structure, problems, changes and the optimizing path, respectively. The author wishes this research work could be good to optimize the structure of China's financial system. And because the limited conditions for the author and the reality, this research is not perfect and the author hopes this paper could do some benefits to the forthcoming researchers.
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