a bank-based financial system. However, some scholars find that China has a market-based financial system. This study … tries to resolve this puzzle. Following the definitions of the World Bank, we construct China’s financial structure index … with stock issuance amount, China is bank-based, which aligns with economic intuition …

-financial economy and concludes that banking models in China and Russia are different. Since the time of that publication, the Russian … Speranskaya [1999], namely whether Russia really abandoned the Chinese path of state capitalism in the banking sector as opposed … non-banking financial institutions. Our main hypothesis is that the institutional models of banking in China and Russia …