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Financial Difficulties and Financing Sequences of Private Economy

Zhang Jie  
Private economy,whose development has played an important role in China's gradual reform and economic growth,is in a difficult financial position in recent years.As an endogenous element in the reform,private economy is doomed to get no financial backing from the state congtrolled financial system without harming its capital structure.This essay argues that the way out of the position for private economy is not to change the state owned banks' credit behavior or to set up many medium and small sized exogenous financial institutions by government or to facilitate its access to stock market.The key is to create a climate fit for the development of an endogenous financial system.Only under such a system the internal financing mechanism of private economy will not be harmed.
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