Korean Financial System Reform

China and Korea are both East Asian countries, and have similarities in many aspects. There are many aspects that both China and Korea can learn from each other in the financial area particularly. This paper discusses the previous Korean financial system reforms since the 60's in 20th century, including the formation of Bureaucracy finance, financial liberalization reform and the financial system reform during the Korean financial crisis in the late of 90's . After the introduction of these reforms, and analyzed the effects of it, specified its positive effects and the existence of some problems. Finally,it draws some aspects to China from the Korean financial system reform. Our country is experiencing rapid growth phase of the national economy, high growth economy needs to rely on sound financial environment, which determines the important of financial industry in the national economy. Thus, China's financial system reform played a key role for maintaining good momentum of economic growth . We could use experiences and lessons if those from Korean financial system reform according to China's national conditions. This not only benefits to improve China's financial system and preserve our financial stability, but also have a positive impact to promote the development of the socialist market economic system.This paper introduced three Korean financial system reforms. Especially in the aspects of Korean financial liberalization reform in the 80's and the Korean financial system reform in the late of 90's, it both draws positive and negative effects of these two reforms by using the method of dialectical materialism and historical materialism. This allows us to have a more complete understanding to Korean financial system reform from a macro view. In addition,it extracts some enlightenment to China from Korean financial system reform by a comparison of methods and comparing the actual situation both China and Korea. This paper's argument is Korean financial system reform, argued that the relevant historical materials of Korean financial system reform and some academics of experts, scholars ,and some research results from Korean scholars particularly, including related books, papers and so on. In the process of writing this article, it not only focus on classifying, screening and selecting the inspection of books, literature theory and academic press, but also try to make it informative and comprehensive show-related content of writing by use the means of theory with practice, status quo loyal to the histories.After Korean financial crisis happened in the late of 90's last century, Chinese scholars have done a lot of research in this area by using various methods, basically all-round, multi-angle analysis of developments in the Korean financial system and the reform measures, and many valuable theoretical results provides a number of measures can learn and even used to our country in the financial system . It can be said of China has an advantage in research of Korean financial system reform. This paper reviewed Korean financial system reforms since 60's last century based on comprehensive research of various aspects reference to other documents.In this process, the main analysis are Korean financial system and its effects, focus is enlightenment to China from Korean financial system reform. Under the situation of economic globalization, the financial sector increasingly fierce in the international competition,and financial crisis will occur periodically. Therefore, this article related to a more comprehensive and profound discussion have some reference on the financial system reform in China from the Korean financial system in terms of enlightenment.