Abstract
Since the financial crisis in 2007, shadow banking system has caught the attention of the world. The shadow banking system of China manifests itself in a pattern and influence that are different from the Western ones. As a “doubleedged sword” to economy, shadow banking has its positive and negative effects. With the backing of quarterly date from year 2007 to 2014, analysis on the relations between China’s economy and development of shadow banking is carried out from angles of financing demander, supplier and bank based on VAR model and impulse response analysis method, so that policy reference for the development of shadow banking in China. Keywords—shadow banking; social financing; economic development; VAR
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