The financial circle includes three levels: capital owners or controllers, think tanks and instruction executors (including intermediaries). However, the national conditions determine that the financial circle can only include the latter two, for the following reasons: 1. The capital owned by the top 100 richest people in China will not exceed 10% of the total capital, and most of the capital is state-owned, so capital owners or controllers cannot form the capital circle like Wall Street in the United States, especially private capital cannot form an influential capital circle (not allowed). 2. To put it bluntly, the financial circle is a circle formed by middle and senior managers attached to state-owned financial companies such as securities, banks, insurance and leasing, and brokers attached to power departments. Most of them are at the executive level and have great influence on capital operation, but they are definitely not decisive. 3. The top financial circle is composed of middle and senior personnel of state-owned financial corporations such as securities, banking, insurance and leasing, as well as senior think tanks. The bosses of large private enterprises participate in it, but they are mainly at the implementation or suggestion level. Therefore, the education of the top financial circle personnel is basically on the master&;s degree, otherwise the instructions of the controller can not be implemented.