中文摘要
过去40年来，中国的金融体系一直是其经济实现瞩目增长不可或缺的支柱。本文以“社会融资规模”（AFRE）这一分类框架为基础，综述近期关于中国金融体系及其与中国经济联系的文献；社会融资规模是衡量全国年度流动性供给的广义指标，反映了中国金融体系的独特特征。早期关于中国金融体系的研究侧重于国有企业改革，而近期文献则探讨了其他更具市场化特征的融资渠道——包括影子银行——这些渠道在2010年后迅速增长，已成为社会融资规模的重要组成部分。这些新融资渠道不仅彼此交织，而且更为重要的是，它们往往最终仍与中国占主导地位的银行部门相关联。理解这些渠道背后的机制及其内在联系，对于缓解资本配置扭曲、降低中国潜在的系统性金融风险至关重要。
Abstract
China's financial system has been integral to its spectacular economic growth over the past 40 years. We review the recent literature on China's financial system and its connections to the Chinese economy based on the categories of Aggregate Financing to the Real Economy (AFRE), a broad measure of the nation's yearly flow of liquidity accounting for unique features of China's financial system. While early work on China's financial system emphasizes the state-owned enterprise reform, the recent literature explores other more market-based financing channels—including shadow banking—that grew rapidly after 2010 and have become important components of AFRE. These new financing channels not only are intertwined with each other, but also, and more importantly, are often ultimately tied back to the dominant banking sector in China. Understanding the mechanisms behind these channels and their intrinsic connections is crucial to alleviate capital allocation distortion and mitigate potential systemic financial risk in China.