The development of China's financial system: a global perspective

China's financial sector has undergone remarkable changes since the implementation of the reform and opening-up policy. China's finance sector is playing a more and more important role in the world's financial system: once a 'support act', China has now taken to the international stage as a leading figure. The development of China's financial sector is prominent worldwide with financial institutions increasing dramatically in both number and variety, and the scale of financial assets expanding at an astounding rate. Globally, China's banking sector ranks largest in size, the market value of the stock market second, and the balance value of the bond market and the premium revenue of the insurance industry third. China has become one of the leading countries in the development of the financial market.