Financial stability is of great importance for the economic health and order. Ensuring financial stability is the top priority of economic development in China. The effective implementation of this important task requires precise and in-depth research at the theoretical level.
Based on the definition and connotation of financial stability, this paper creates the macro balance sheets of government sector, financial sector, non-financial enterprise sector and household sector in 31 provinces, municipalities and autonomous regions from 2008 to 2020 in China, providing the key indicators of the solvency, liquidity level and default risk. By constructing financial stability index, the paper evaluated the financial stability level of each sector and region. The systemically important economic sector is identified based on the characteristics of default agglomeration.
The research results are as followed. Firstly, the financial stability of various regions has experienced two cycles: rising and falling from 2008 to 2015 and a stable recovery after 2015. It has not been significantly affected by the covid pandemic, demonstrating the effectiveness of the measures to guard against and defuse major risks as well as the achievement in combating the covid pandemic. Secondly, there are large differences in the level of financial stability among regions. Thirdly, the contribution to economic growth from large to small is the financial stability of financial, household, enterprise, and government sector. The financial sector is a systemically important sector. The financial stability among government, financial and enterprise sectors form a closed loop of conduction, which is ultimately transmitted from financial sector to household sector.
This paper gives three suggestions. Firstly, to formulate financial stability policies, it is necessary to fully consider the cyclical and heterogeneous characteristics in the four sectors. Secondly, the financial sector needs to implement key management to prevent the overall instability caused by the evolution of risks in financial sector. Thirdly, to maintain financial stability, it is necessary to strengthen overall coordination, establish a regional financial stability prevention mechanism and conduct key supervision in important regions.
Key words
Financial Stability /
Macro Balance Sheet /
Macroeconomic Sector /
Systemically Important Sector /
Economic Growth
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