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

Table 4

The top 15 SIFIs 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	GYS	BCC	SPD	CCB	CITIC	MSB	SPD	IBC
2	HZS	HZS	BCC	RE03	NES	SPD	MSB	MSB
3	CITIC	GFS	BCM	PS	PS	CMB	BCM	CITIC
4	IS	CMS	HZS	IBC	SIT	BCM	CMB	PS
5	GFS	SPD	GFS	RE09	SS	BOB	BOB	NES
6	SS	GYS	CMS	BNB	HZS	ABC	HXB	PAB
7	RE02	RE10	IBC	CITIC	RE03	HXB	ABC	SPD
8	CJS	BCM	BOB	HZS	CJS	IBC	IBC	SIT
9	SWS	CITIC	GYS	HXB	IS	CEB	CEB	RE03
10	HTS	IS	RE10	GYS	HTS	BOC	BOC	HTS
11	NES	RE02	HXB	BNJ	GYS	CITIC	HTS	HZS
12	PS	CJS	CITIC	IS	RE01	HTS	CITIC	IS
13	RE11	HTS	RE02	GFS	SLS	CMS	CMS	SS
14	BNJ	IBC	IS	RE02	EBS	ICBC	CPIC	HXB
15	SLS	BOB	HTS	SWS	RE02	CPIC	ICBC	BNJ