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has been cited by the following article:

• TITLE: An Empirical Study about the Impact of China’s Financial Industry Development on Economic Growth

  AUTHORS: Songyan Zhang, Xiangxing Tao, Yuefu Lai

  KEYWORDS: GDP, Money Supply, Gold Reserve, Foreign Exchange Reserve, Total Issuance of Stocks

  JOURNAL NAME: Open Journal of Social Sciences, Vol.7 No.10, October 31, 2019

  ABSTRACT: Since the reform and opening up, China’s economic level has witnessed rapid growth, while the financial industry is gradually growing. This paper mainly explore the relationship between the development of China’s financial industry and the economic situation. To measure the economic growth by GDP; to measure the development of domestic financial industry by financial development indicators such as currency and quasi-currency, gold reserve, foreign exchange reserve, the number of domestic listed companies (A, B shares), total stock issuance capital, total stock market value, stock turnover, etc. Using the relevant data from 1992 to 2017, this paper explores the relationship between the two by means of multiple regression model and principal component analysis. The research shows that with the increase of money supply and the number of listed companies, as well as the expansion of the total size of the stock market, China’s economic development has improved significantly and accordingly put forward relevant suggestions.