This paper focuses on drawing policy implications relating to establishing financial institutions and developing financial market temporarily in the North Korean economies after the unification of the Korean Peninsula. The reason that the developing process of financial institutions and market in China helps to establish the North financial institutions and market is that the situation of the two economies is very similar. But China has also undergone trial and error in developing financial market, so the North economies need to adopt China’s cases selectively rather than to blindly imitate them. We also need to consider the integration of the South and North economies when developing financial market in the North. The financial market in the North economies need to develop into bank-oriented market in a reasonable period of time after the unification of the two economies. It need to various levels of banks that consist of state-owned banks, commercial banks, and municipal commercial banks. According to the development of banks, it need to develop capital market, especially securities market gradually. It is natural that financial institutions and market of the North economies be combined into those of the South economies. Therefore, the South need to design financial institutions and market not to block the integration of the two economies.