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中国体制外资本市场的典型表现是民间借贷、股票的场外发行与交易市场和银行“违规”发放贷款，其发展的制度根源是管制利率下的信贷配给与信贷分配中的所有制偏向。现在既已广泛存在的民间金融和银行“违规”发放的体制外贷款，对金融资源的配置具有帕累托改进的作用。改革的方向是，应在法律上或制度上保护这些民间金融机构的财产权利和正当的经营活动，以减少它们经营上的制度不确定性，从而使场外市场加入到一体化的国内资本市场中去，进行公开的而不是隐蔽性的地下业务活动。
The typical performance of China’s capital markets outside the system is that of private lending, over-the-counter issuance and trading of stocks and banks, and “non-compliance” of loans by banks. The institutional root of its development is the ownership bias in credit rationing and credit distribution under the control of interest rates. Now that there are widespread out-of-system loans issued by non-governmental financial institutions and banks in violation of regulations, Pareto improves the allocation of financial resources. The direction of the reform is that the property rights and proper business activities of these private financial institutions should be legally or systematically protected to reduce the institutional uncertainty of their operations so that the OTC market can be added to the integrated domestic capital market Go, open, not concealed underground business activities.