The Coordinated Development Of The Development Finance And Finance Under The Financing System In China

2011 is the first year "The Twelfth Five-Year Plan "of China. The year is the critical year of deepen reform and opening up and accelerating the transformation of economic development mode. China's economic development is quite rapid in the first half year. The total GDP reached 20.4459 million RMB and the average economic growth rate remained at 9.6%.But China's economic development is still based on investment and export-oriented, consumer-driven obviously insufficient. As the rising cost of raw materials and labor, investment and export-oriented economic development model facing new bottlenecks and obstacles, The affect reason is investment produced by high inflation and exchange rate reform in export difficulties. With increasing levels of urbanization, China's public infrastructure utilities behind the constraints of urbanization and industrialization. The simultaneous development of urban and rural infrastructure, power, transportation, water conservancy construction and other public goods and quasi-public goods lag, which will ultimately affect the economy of sustainable development.After 30 years of China's rapid economic development process. The fixed asset investment, particularly infrastructure investment on the development of urbanization and industrialization has played a huge role. But the role of infrastructure in the transition from quantitative to qualitative change period, the performance is not fully the release. In this context, this choice of the " The coordinated development of the development financing and financial under the financing system in China" as a research topic to explore in our current financing system. Coordinate development finance and public finance to solve the case of the economy to public goods and quasi-public goods financing.The paper start the study by the qualitative analysis and model analysis. The qualitative analysis, which mainly writes China's financial, banking and capital markets financing of three overlapping institutional structures and their development stage, the main problems and their causes. Among them, the status quo of China's financial system has gone through three stages. In the first stage, the main content is financial. financing bank is supplement:In the second phase. the main content is bank financing.financial is supplement:In the third stage, financing structure is consist of the financial, banking and capital markets.China's financial system is facing a major problem---the long-term financing problems, the performance of infrastructure, basic industries and quasi-public goods, long-term financing bottlenecks. This was mainly due to the financing bottleneck caused about three aspects. The first, state-owned banks long-term financing difficulties in the reform of state-owned commercial banks, its long-term financing function of the "exit"; The second, long-term bank financing policy dilemma: effectiveness of fiscal and financial effectiveness of the dual utility conflicts, financial policy can not be achieved long-term financing of efficient operation:The third, the plight of long-term financing of capital markets, although capital markets have been expanding, but did not put them into long-term financing bottlenecks.Difficulties about the analysis based on long-term financing to analyzes the development of financial and fiscal relations between the theory and practice. Theoretical relationship between the parts, the first is financial policy to the development of finance. Development finance is the financial policy of the advanced stage of financial and fiscal policy has a strong history and relationship history:The development of finance and financial ties and differences. Policy guidance, funding and resource allocation is the contact area of the three main aspects and differences. Relationship between the part of the practice, prior to 1998. fiscal policy and the traditional relationship between the financial, policy finance can be used as "second-finance" did not really play its financial effect; After 1998, development of financial relations and public finance, financial restructuring policy at this stage for the development of financial, fiscal expansion of the traditional public finance, respectively, from loans, to analyze risk and long-term development relationship between them.Model concluded that the development of financial and fiscal investment in fixed assets coordination relationship. Development finance and financial investment industry output for the first three have a certain proportion of impact, but the economic impact of financial development than financial. You can also see the two together will be the development of a tertiary industries have a greater impact. The development of China's financial reform is still in the stage of development. development finance and financial investment ratio is not coordinated, so their force is not the greatest role to play. Therefore, the conclusions of the above model. presented below, to promote the development of coordinated development of financial and fiscal policy recommendationsFinally, the paper based on a qualitative analysis and empirical test from the macro and public investment aspects, made valuable policy recommendations. Macro should make the development of finance and financial development strategy and industrial policy coordination. The public investment level, mainly for the development of financial and fiscal allocation of funds, financial products should be gathered in order to protect public finances to provide public goods efficiently. Development of financial products should be in the quasi-public greater efficiency role.