关键词: 金融化, 中国, 发展中国家

Abstract: This paper attempts to analyze the process of China's economy from resisting financialization to the emergence of financialization within the framework of the interaction of development modes and external economic dependence. This paper believes that the financialization and frequent debt financial crises of developing countries originate from the deviation of financial expansion and productive accumulation under the interaction of domestic development modes and external economic dependence. In terms of China, the industrializationled development mode formed under the guidance of the government's effective industrial policies and gradual financial policies can continuously resolve contradictions in economic development. At the same time, a complete industrial system and a prudent financial opening policy alleviate Chinas dependence on the world economic system, which made it possible for China to resist financialization and crises. However, after the 2008 global financial crisis, China's development mode has been facing new contradictions and its dependence on the external economy has been gradually increasing. The trend of financialization has appeared, which will bring huge challenges to the stability of China's economy and financial system. The Chinese government has been aware of the risks of financialization and has introduced a series of policies in recent years to guide money flow into real sectors and has made some achievements. However, the risks of financialization have not yet been eradicated, and it is necessary that the Chinese government formulates effective policies to guide the coordinated development of finance and the real economy.

Key words: financialization, China, developing countries