Ripple-Spreading Network of China’s Systemic Financial Risk Contagion: New Evidence from the Regime-Switching Model

Table 5

Systemic importance ranking of financial sectors under high and low systemic risk regimes.

Rank	High systemic risk regime				Low systemic risk regime
	DC	CC	EC	BC	DC	CC	EC	BC
1	G3	G3	G3	G3	G3	G2	G2	G3
2	G1	G2	G2	G2	G1	G3	G3	G2
3	G2	G1	G1	G1	G2	G4	G4	G1
4	G4	G4	G4	G4	G4	G1	G1	G4
5	G5	G5	G5	G5	G5	G5	G5	G5

Note. G1, G2, G3, G4, and G5 represent the real estate, banking, securities, insurance, and diversified financial sectors, respectively.