改革开放以来,中国金融改革始终处于企业产权改革之后,长时期充当“第二财政”的角色,这也是人们把中国金融和财政的关系归纳为“强金融、弱财政”的制度根源。区域政府为弥补经济发展中的资本短缺,一方面采用政治干预的手段迫使银行向当地国有企业贷款;另一方面不遗余力地组建当地金融机构,从辖区内外汲取金融资源。本文对金融市场的创新进行了分析,并阐述区域政府在金融市场创新中的推动作用。 Since the reform and opening up, China’s financial reform has always been in the midst of reform of property rights of enterprises and a long-term role of “second finance”. This is also a system in which people regard the relationship between China’s finance and finance as “strong finance and weak fiscal performance.” source. In order to make up for the shortage of capital in the economic development, the regional governments forced the banks to lend to the local state-owned enterprises through political intervention. On the other hand, they spared no effort to set up local financial institutions and draw financial resources from inside and outside their jurisdictions. This article analyzes the innovation of financial markets and expounds the promotion effect of regional governments in the innovation of financial markets.