NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH
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China's Financial System: Opportunities and Challenges

Franklin Allen, Jun "QJ" Qian, Chenying Zhang, Mengxin Zhao

NBER Working Paper No. 17828
Issued in February 2012, Revised in April 2012

---- Acknowledgments ----

We wish to thank Joseph Fan, Randall Morck, our discussant Chenggang Xu and participants at the NBER's "Capitalizing China" Conference for helpful comments, Bibo Liu and Zhenrui Tang for excellent research assistance, Yingxue Cao and Lynn Yin for sharing data and information on China's real estate markets, and Boston College and the Wharton Financial Institutions Center for financial support. The authors are responsible for all the remaining errors. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.

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