Abstract:Based on the strategic needs of “preventing systemic risks and maintaining financial security”, this paper studies the evaluation system of systemic risk measurement in China from multi-dimensional perspectives such as correlation spillover and financial security. It is an important improvement of the lack of panoramic measurement framework in traditional measurement. The study builds the multi-agent and multi-stage general equilibrium model and the related empirical models to discuss the sensitivity parameters leading to systemic risk. An important contribution of this paper is to give a relatively independent systemic risk calculation method covering different dimensions. The important findings of this paper are that the spillover correlation between financial sectors has a great impact on systemic risk, the potential price bubble in the real estate market may bring greater risks in the future, and the current policy tools in China are not well managed. Financial security is a national strategy and policy arrangement that considers systemic risk governance, which is the important policy meaning of this article.