相较大多数发达经济体,法律在中国的金融体系中扮演着不同的角色。中国的金融体系是由庞大的银行部门主导的;股票市场在资源配置中的功能有限且缺乏效率。在支持整个经济增长方面,金融体系中最成功的部分,是由替代性融资渠道、治理机制和制度组成的影子银行部门。银行和市场共存能够为混合经济部门(非国有、非上市公司)的发展提供持续支持。 Compared to most developed economies, law plays a different role in China’s financial system. China’s financial system is dominated by a huge banking sector; the stock market has limited and inefficient resource allocation. The most successful part of the financial system in supporting economic growth as a whole is the shadow banking sector, which consists of alternative financing channels, governance mechanisms and systems. The coexistence of banks and markets can provide ongoing support for the development of mixed economy sectors (non-state-owned and non-listed companies).