INTRODUCTION 1
Section 1 Literature 4
Section 2 Financial Development 22
PART 1 CHINA'S FINANCE-GROWTH PUZZLE 43
Section 1 Finance-Growth:from Nexus to Puzzle 45
Section 2 Financial System's Inefficiency in China 61
Section 3 Adaptive Efficiency 127
Section 4 Financial Repression Rate＆Its Liberalization 142
PART 2 FINANCIAL INSTITUTIONS'REFORMS 159
Section 1 Banking System Reforms 161
Section 2 Credit System Reforms 183
Section 3 WTO-Oriented Reforms 213
CONCLUSION 299
BIBLIOGRAPHY 302