中文摘要：

以银行贷款决策的 degree-of-freedom，到全部的贷款的私营企业和个人的贷款的比率被用来测量中国的金融调解的发展。时刻评价的适用的概括方法为动态面板数据模型，发展了当为另外的变量控制时，现在的纸发现经济生长上的金融调解开发的效果积极、统计上重要，例如人的资本，外国直接投资， securitization 和外贸。实验结果显示在金融开发的所谓的中国反例的概念是可疑的。金融系统改过，包括独立地操作的令人鼓舞的银行，减少或消除，并且使金融决策更面向市场强制贷款，为中国的经济生长是重要的。

英文摘要：

In terms of the degree-of-freedom of bank loan decision-making, the ratio of loans of private enterprises and individuals to total loans is used to measure the development of China ＇s financial intermediation. Applying generalized method of moments estimation developed for dynamic panel data models, the present paper finds that the effect of financial intermediation development on economic growth is positive and statistieally significant when controlling for other variables, such as human capital foreign direct investment, securitization and foreign trade. The empirical results indicate that the concept of the so-called Chinese counterexample in financial development is questionable. Financial system reforms, including encouraging banks to operate independently, reducing or eliminating mandatory loans, and maldngfinancial decision-making more market-oriented, are important for China＇s economic growth.