Ⅰ. Introduction
Since 1978, the Chinese economy has experienced an impressive annual growth rate
of about 10 percent (Table 1). One of the major engines driving this economic growth
is finance. Over the past 15 years, China's financial assets have grown at the annual
rate of about 18 percent, or more than twice the growth rate of GDP. Table 2 provides
the asset change for various financial institutions from 1986 to 1995.
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