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1、8TheChineseeConomyTheChineseeconomy,vol.43,no.6,November–December2010,pp.8–21.©2010M.E.Sharpe,Inc.Allrightsreserved.ISSN1097–1475/2010$9.50+0.00.DOI10.2753/1097-1475430602DominickSalvatoreChina’sFinancialMarketsintheGlobalContextAbstract:Awell-functioningfinancialsectoriscruci
2、alforanation’sgrowthanddevelopment.DuringthepasttenyearsChinahasmadesubstantialprogressindevelopingandimprovingitsfinancialmarkets,butadditionalmajorimprovementsarestillneededinareasidentifiedinthisarticle.TheseimprovementswillpermitChina’srapidgrowthtocontinueunabated,reducet
3、hestructuralimbalanceintheworldeconomy,andmayhelptoavoidanotherglobalfinancialandeconomiccrisis.Awell-functioningfinancialmarketiscrucialtoanation’sgrowthanddevelopment.Beforethecurrentfinancialcrisis,theU.S.financialsec-torwasthenation’sthird-largestsectorwith8percentofgrossd
4、omesticproduct(GDP),followingthemanufacturingsectorwith14percentofthenation’sGDP,andtherealestatesectorwith12percent.ForNewYorkCity,financehasbeenthelargestsector,comprising15percentofthecity’seconomyandprovidingjobsfor328,000people.ComparablefiguresforLondonare20percentand318
5、,000.Ofcourse,financeisalsothesectorwherethecurrentfinancialcrisisbegan,plungingtheUnitedStatesandmostoftheworldeconomyintorecession.Becauseoftheimportanceofawell-functioningfinancialsector,betterregulationsarenecessarytopreventbubblesfromdevelopingandcaus-ingcrises.Recallthat
6、itwastheInternationalMonetaryFund’s(IMF)pressureinthe1990sforprematureactivationofafinancialsectornotyetsufficientlywelldevelopedorstrongenoughtowithstandglobalDominickSalvatoreisdistinguishedprofessoranddirectorofthePh.D.programineconomicsatFordhamUniversity;e-mail:salvatore@
7、fordham.edu.8november–DeCember20109competitionthatledtotheseriousfinancialcrisisbefallingsomeEastAsiancountriesin1997.ThatcrisisbeganwiththesharpdevaluationoftheThaibahtinJuly1997andquicklyspreadtoKorea,Indonesia,Ma-laysia,andthePhilippines.China,whichresistedIMFpressuretorapi
8、dlyopenitsfinancialsector,didnotfacethecrisis,exceptasrepercu
