Systemic Risk Contribution and Systemic Risk Taking of China’s Financial Industry
Xueting Zhao Ph.D; Prof. Tiegang Zhang; Wen Yang Ph.D.

Abstract
In this paper, we study the importance of China's financial industry system from the perspective of systematic risk contribution and systematic risk taking. The results show that the risk spillover from diversified financial industry and insurance industry to other financial industry is greater than they commitment. The risk spillover from securities industry to other financial industry is less than its commitment. In the financial crisis and "crash" period, the systemic risk contribution and the risk taking of financial institutions are greater than the sample mean, especially during the financial crisis. The risk spillover between each financial industry and the financial system is positive and asymmetry. The order of systemic risk contribution from big to small is banking, insurance, securities, real estate and multiple financial. The order of systemic risk taking from big to small is banking, insurance, securities, real estate, diversified financial.

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