2010 年 31 巻 p. 33-47
The economic development of China has been accompanied by the development of financial intermediation. The ratios of deposit and lending against GDP are exceptionally high as a developing country. It is highly evaluated that China realized miraculous development of financial intermediation taking into consideration of their history of mono-banking system under the planned economy before 1978, the year of their reform and open policy started. An analysis of the effects of financial intermediation using their provincial level deposit and lending data of 1998-2007, however, could not certify that the financial development contributed to the economic growth of that region. Instead, ratios of deposits against income of each province contributed negatively to their economic growth. It was also verified that the higher the ratio of bank lending against funding from provincial budget as funding sources of capital formation of each province, the higher the economic growth. Unlike preceding studies, it was not certified that banking lending did not contribute to economic development. These can be evidence that financial reform is showing some progress in China.