Research On The Transformation Of China’s Financial Development Pattern From The Perspective Of Financial Structure

In October 2010, the twelfth five-year-plan for national economic and social development explicitly pointed out that we need to speed up the transformation of the economic development mode and to create a new situation of scientific development; that we need to see the strategic economic restructuring as the main direction to speed up the transformation of the pattern of economic development. In November 2012, the CPC central committee again argued that we need to adjust the economic structure and treat it as a main direction of accelerating transformation of the mode of economic development, and pointed out that we need to improve the demand structure, to optimize the industrial structure, to promote the regional coordinated development and to solve major structural problems. Finance is the core of the economy. From a financial point of view to speed up the economic structure adjustment, the most critical thing is the allocation of financial resources. How to allocate the financial resource to where it is needed, to maximize the combination of economic benefits and social benefits, not just to maximize economic profits? This is related to the financial structure adjustment and optimization. Therefore, this article analyzes from the perspective of financial structure to change the way of financial development.In this paper, the concrete structure are arranged as following:First of all, the meaning of the modes of financial structure and financial development has carried on the induction and summary, and the related theoretical literature in accordance with the relevant theories of evolution sequence of its representative views are introduced, and the traditional financial development hold by Goldsmith and new financial development on the basis of the comparison hold by Bai Qinxian are comprised. On this basis, the study follows the theoretical foundation and this article thinks that financial structure is the composition of financial elements; Financial development is the evolution of financial structure and financial functions.Secondly, this article researches the mechanism of action on the financial structure adjustment and changes of the pattern of financial development. By analyzing the elements related to financial structure the article tries to seek the reason of evolution of financial structure and the logical relation of financial structure and financial function. On this basis, choices of financial structure models are analyzed on the logical level. This paper argues that:the financial structure adjustment is the premise and foundation of the change of financial development. Financial structure decides financial development. At the same time, the change of the pattern of financial development is the starting point and end-result of financial structure adjustment.Again, in order to analyze structural imbalance problem existing in the financial development in our country, in the third chapter, the article use the related data to describe the current status of China’s financial development, and find the deep reasons of the imbalance. In the fourth chapter points out that we should follow the basic concept and principle in the change of the financial pattern and the financial development, and points out the urgency of the change of the pattern of economic and financial development in our country. In the fifth chapter, this article carries on the empirical research, analyzing the financial structure adjustment and the change of the pattern of development of economy and finance. On this basis, the article analyzes the panel data about the east Midwest, and compares the empirical results and theoretical analysis, concluding that the relationship between financial structure and economic structure adjustment is not a simple linear relationship but have a moderate and reasonable range. Changing in the reasonable scope, the financial structure can promote the growth of the economy. While the adjustment of financial structure exceeds the reasonable range, negative effect of financial function will gradually strengthen according to the financial structure adjustment.Finally, in the sixth chapter the article proposes the research conclusion and gives the corresponding policy recommendations. This paper argues that to transform the mode of China’s financial development must first set up the new financial development view and accelerate the construction of strengthening financial legislation system, and gradually build a the new financial architecture. To adjust the financial structure, the first step is to realize the transformation from quantitative oriented denotation expansion to quality oriented connotative financial development; And then realize the transformation from administrative controls to activating the folk financial vitality; The third is to realize the transformation from national- institutions expansion to local, regional economic development; Finally is to realize the transformation from commercial finance development to three dimensional pattern of financial development. In addition, China’s financial structure should be appropriate to the actual level of economic and financial development and its advancement or lag will produce adverse effect to the development of the economy. Factors such as laws and regulations, policy, system, culture environment, political system etc. will also affect the change of financial structure. We should give enough attention to them. The core of the change of the pattern of financial development is to achieve the unity of the financial structure and financial function. Only the harmony between economic and social development and evolution of financial structure can promote the sustainable development of economy and finance.The innovation of this article focuses on the following three points:first, For the first time from the financial structure as the foundation from the perspective of China’s financial development and the change of this one major problem; Second, For the first time on the financial development and the transition of the exploratory study and description, and compares the traditional financial development represented by goldsmith and the new financial development represented by baiqinxian; Third, the imbalance of China’s financial structure and change the way of financial development has carried on the thorough empirical analysis, and puts forward some corresponding countermeasures and Suggestions, in order to change the way of realizing China’s financial development. In addition, in view of the banking industry in the dominant position of China’s financial system, this paper for the change of the pattern of China’s financial development research mainly focused on the banking industry. In this paper the specific problems, such as for small micro enterprise finance, in terms of data collection and sorting needs to further improve and perfect.