Economic Explanation of Change of China′s Civil Financing Institution:A Perspective of New Political Economy

As the main force of sustaining the private economy,the civil financing has inherent motive power of institutional change.The change of China′s civil financing institution shows stronger character of institutional change,and local government′s middle function can′t be ignored during the institutional change.Among them repeated antagonism and disputation among interrelated interest main body is refracted.Ultimately,the change shows demand-derivative institutional change,and civil financing is promoted to evolve to democracy by means of legal system.