Abstract: The supply-side structural reform has pointed out the direction for China's economic transformation. As a component of macroeconomics, the financial system is of great significance to the supply-side structural reform. Despite the continuous improvement of financial efficiency, the scale of finance has gradually expanded, and the financial structure has been constantly adjusted. However, the growth rate of social financing scale has fluctuated drastically, reflecting the low efficiency of financial resources flowing into the real economy. This paper evaluates the financial system from three dimensions (including 9 indicators)：Financial efficiency, financial structure and financial scale. The gray correlation degree theory is used to analyze the relationship between China's financial system and the real economy from 2008 to 2017. It is found that the degree of relevance between financial efficiency and the real economy is the highest, and the financing structure contributes the most to the development of the real economy. However, the decline in the correlation between the financial system and the real economy indicates that the two are mismatched. It can be seen that the structural reform of the financial supply side should focus on how to efficiently convert financial funds into funds needed for the real economy, build a multi-level market system, and focus on preventing financial risks.
Key Words : Financial Supply-side Structural Reform; Real Economy; Financial System