Improvement and Innovation of Financial System in the Post-Crisis Era: A Comparison Analysis of Bank-Based vs.Market-Based

Based on development theory about financial structure,this paper inspects the performance of the two financial systems in the crisis,combined the characteristics of the financial system with that of the real economy.Both the present development level of China's national economy and its optimal industrial structure constitute the main determinant of bank-based financial structure with separate operation which is very important to be on guard against systemic risks.The study reveals that bank-based financial system of separate operation has more protection against the systemic risks for China market-based financial system is more vulnerable to risks without corresponding supervision.It is an inherent requirement for the financial structure to a real economy to strengthen the financial competition and rule of law,at the same time,to promote financial innovation and improve the operational efficiency of financial system under the proper supervision system.