过度依赖银行信贷的原因是缺少足够的其它融资渠道，特别是股市的相对欠发达。 中国股市市值只占GDP的37 % ， 而美国为GDP的104 % 。
This excessive dependence on credit stems from the lack of adequate funding and the relative underdevelopment of China’s equity markets, with market capitalization amounting to only 37% of GDP, compared to 104% of GDP in the US.