Formation mechanism

Market-led model

Government-led model

Theoretical Basis

Demand-Following theory

Supply-Leading theory

Generate motivation

Motive power of economic development

Government subjective impetus

Generating countries

Developed capitalist countries

Newly industrialized countries

Functional orientation

The Government did not specify in advance the development objectives, and financial gather along with economic development gradually

The Government has specific planning and positioning, that is to promote economic and industrial development finance through financial agglomeration, and expand radiation effects

Related policy

A high degree of freedom and opening, and more laissez-faire policies

Government actively supports and the high level of intervention

The role of the financial industry to the economy

The financial industry produces passive reaction on the economy

Financial industry develops actively to support economic development