| County economy, refers to the economic activities on the administrative division of counties, which reflects the real situations in China, where administrative districts are the basic economic units. A county’s economic growth should depend on the joint efforts of various factors--- the interior and exterior factors--- among which finance, as one exterior factor, plays a vital part. The fluctuation of structures and numbers in the distribution of financial resources can exert great influence on the totality and efficiency of the county’s economic growth; as a consequence; attention from the perspective of focusing on changes in the distribution of financial resources, should be paid to its economic development.Centering on samples from 39 counties in Jiangsu Province, the study, on the basis of a thorough analysis of the distribution of financial networks, growth in depositing and loaning, capital flow and assembling degrees of financial markets in the counties concerned, mainly explores the financial demand of 266 small and medium-sized enterprises and 576 farmers in 15 sampling counties from Suzhou City, Nantong City and Xuzhou City. In addition to the influences of finance intermediation on county total factor productivity, the study discusses the correlation between promotion of finance intermediation and county economic growth. The studies will be mainly conducted in the following five aspects.First, the analysis of general theories on county financial development and economic growth. The present study draws on an overview of theories on finance development, reviewing the current studies of the relation between financial development and economic growth, and exploring the major achievements in and conclusions of domestic county-finance studies, targeted at the financial development in the countryside. All these form the theoretical basis of the thesis.Second, the basic patterns of county finance supply and demand. Through the exploration of the questionnaire data based on 39 sampling counties, network distribution, capital supply and market competition patterns will be under thorough description, which serve as the starting point of the research. Through the analysis of capital-collection methods by and demands from 266 small and medium-sized enterprises and 576 farmer in 15 sampling counties from Suzhou City, Nantong City and Xuzhou City, the thesis aims to explore the demand-supply structures of the capital-collection demand, changes in its use and options for different capital-collecting ways, which is the micro basis of our further studying the relation between county financial development and its economic growth.Third, the analysis of mechanism in which the development of finance intermediation can promote economic growth. Drawing on the theories on finance development, the study focuses on two ways in which the development of finance intermediation can promote economic growth. On one hand, by means of expanding relative scales of finance intermediation, that is, deepening its improvements, its advantages of economies of scale will be given full play to in terms of Saving Mobilization, Information Collection, External Supervision, Risk Sharing and Transaction Facilitating. On the other, by means of perfecting the rate forming mechanism, that is, further advancing the interest rate marketization reform, the function of Saving Mobilization and Project Screening will be completely achieved in terms of the interest rate as price allocation mechanism, as well as promoting the economic growth and technology progress.Fourthly, the effects of deepening finance intermediation on county economic development and total factor productivity. Deepening finance intermediation can exert its effects in two aspects, that is, whether totality can promote economic growth and whether efficiency can promote the improvement in total factor productivity. Ideal financial growth can play an active part in county economy in both the above ways.Lastly, effects of actual implementation of the loan interest rate on county finance under the condition of interest rate regulation. Such will be analyzed respectively as specific manifestations of the interest rate, as the price signal of capital supply and demand, in county finance intermediation, influences of the actual interest fluctuation on county economic growth and total factor productivity, and their relevant performances in different regions and industries. The study shows the present county financial markets remain highly monopolized. On one hand, the capital-collection demand from small and medium-sized enterprises and farmers can’t be fully satisfied; on the other, capital outflow in counties poses a serious challenge, thus resulting in apparently financial suppression. In terms of rate management, rates cannot fully adjust capital distribution; country economy and loaning demand from small and medium-sized enterprises are weakly competitive. The further opening of rate markets can contribute to the complete loaning distribution and benign adjustment of economic structure. By far, county finance has shown its influence on the expansion of economic totality rather than on total factor productivity, which shows county financial development is not efficiency-improving but number-expanding.In order to solve such problems as how to fulfill the loaning needs from small and medium-sized enterprises, and how county finance can not only promote growth in economic totality but also make improvement in economic efficiency, the thesis, on the basis of the above conclusions, holds that multi-system county capital collection should be established and perfected, rate marketing promoted, and the ecological environment of county finance optimized in multiple ways.
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