Impact Of The Financial Architecture To Economic Growth

Under the new economic normal,China economy is facing a transformation and the motive force of the economic growth mode of economic development,the modern financial system in the period of economic transition in China and how to build a future sustained and stable growth of adaptation is a major problem.Along with the technical progress to the economic growth influence is more and more big,the driving force which takes the technical progress as the economic growth has become one of the basic features of the national or regional economy.Key to the sustained and rapid economic growth lies in changing the mode of economic growth,economic growth will mainly rely on factor inputs to rely on elements of efficiency,its power is scientific and technological innovation,and technological innovation projects can obtain financing goals and achieve economic growth is the key to change the mode of success.Therefore,only to meet the needs of China's economic development,to be innovative as the inherent driving force of economic growth to provide protection of the financial system is the most suitable for China's national conditions.In this paper,the static model of 1993 to 2011 International Panel of 17 countries and regions based on the main research,market oriented and bank oriented financial system to provide financial support and to ensure sustained economic growth in the financial system which has more advantages,analysis of the financial system in the mechanism of economic growth and the economic growth effect from the view of technical progress.According to the development stage of China economy at present,studies how to build the economy and our financial system matching.Firstly,the research background and significance of this paper are summarized,and the research contents and methods are introduced in this paper.Secondly,based on the relationship between financial structure and economic growth literature systematically on two kinds of financial system development process reviews,two kinds of functions of the financial system were studied and compared,and relevant research literature on financial structure and economic growth theory review and analysis,lay the foundation for this model as well as the theoretical and empirical research.Again,this paper constructs the structure of the financial system and economic growth model,based on the analysis of panel data from the perspective of transnational,global financial system structure's impact on economic growth,to provide evidence and reference for the reform of the financial system in china.The empirical study shows that the impact of market leading financial system on economic growth is greater than that of bank dominated financial system,which has more advantages in promoting technological innovation and sustaining economic growth.Finally,according to the results of this paper,the author puts forward policy recommendations on the choice of financial system in China,emphasizes the establishment of multi-level capital market,and takes the non bank financial intermediaries as a supplement.