## Figure 1.18. Stylized Map of Linkages within China’s Financial System

## Source details

**Canonical URL:** [Figure 1.18. Stylized Map of Linkages within China’s Financial System](https://www.imf.org/-/media/files/publications/gfsr/2018/april/ch1/pdf/figure1-18.pdf)

## Other formats

- [Markdown version](/-/media/files/publications/gfsr/2018/april/ch1/pdf/figure1-18.pdf.md)
- [Structured JSON version](/-/media/files/publications/gfsr/2018/april/ch1/pdf/figure1-18.pdf.json)

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### System aggregates and key statistics
- Banks (RMB 250 trillion)
- Other financial institutions (RMB 24 trillion)
- Investment products (RMB 75 trillion)
- Numbers shown are total on-balance-sheet assets for banks and financial institutions, and total investment products outstanding as of end-2017 or latest available reporting period.
- Numbers for other financial institutions do not include fund management companies and their subsidiaries due to lack of data.
- Investment products include non-principal-guaranteed bank-issued wealth management products and asset management products issued by other financial institutions depicted.

### Institutional actors and roles
- Banks: Big 5; Small and medium banks
- Other financial institutions: Fund management companies and subsidiaries; Trust companies; Insurance companies; Securities brokers
- Ultimate creditors and ultimate borrowers: Households, firms, government financing vehicles
- Governments, policy banks
- Households and firms shown as both investors and borrowers

### Financial instruments and balance-sheet links
- Bank deposits and debt
- Repo and other borrowing
- Corporate and government bonds
- Credit and other illiquid assets
- Investment products (issuance directed to “Investment products” node)
- Direct investment flows between institutions

### Structural features highlighted
- Implicit guarantees shown between various institutions
- Cross-product leverage and investment flows noted (double-counting)
- Distinction of assets versus liabilities and investment vehicles in the stylized map

### Visual legend (as presented)
- Black arrows indicate fund flows
- Blue arrows indicate investment product issuance

*Sources: Asset Management Association of China; CEIC; ChinaBond; People’s Bank of China; and IMF staff estimates. Note: See also Ehlers, Kong, and Zhu (2018). RMB = renminbi.*

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_Source: https://www.imf.org/-/media/files/publications/gfsr/2018/april/ch1/pdf/figure1-18.pdf_