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《Research On Financial and Economic Issues》 2004-08
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Property Rights, Legal Institution and Puzzle of Financial Development In China

JIANG Chun,XU Li-cheng ( Wuhan University, Hubei Wuhan 430072, China)  
In general financial theory, financial development is determined by defined property rights and effective legal institution.This paper provides a proposition about "puzzle of financial development in China" through the analysis of financial development mechanisms in China.Then this paper gives some explanations to the phenomenon. Finally, this paper analyses the path of further financial development in China.