And yet, if not the structure, then what are the factors of success? A more in-depth analysis sheds some light on the breadth and quality of financial services. The central issue is not to understand whether markets should replace intermediation by banks, but rather how banks and markets complement each other.
The Chinese economy has continued to see stable growth on the whole, partly due to the effects of authorities' measures to support economic activity. As for the outlook, the economy is likely to broadly follow a stable growth path as authorities conduct fiscal and monetary policy in a timely manner. Emerging economies other than China and commodity-exporting economies have picked up on the whole.