The　evolution　of　financial　structure　is　not　only　a　persistent　issue　but　also　a　key　factor　affecting　the　financial　risk.　Concerns　over　the　financial　structure　evolution　and　risk　prevention　have　been　voiced,　but　studies　documented　the　interaction　between　financial　risk　and　financial　structure　are　still　in　their　infancy.　Therefore,　this　study　investigates　it　by　using　detrended　cross-correlation　analysis,　its　multifractal　asymmetric　version,　and　detrended　cross-correlation　based　on　time-delay.　Empirical　research　finds　that　the　market-based　financial　structure　increases　financial　risk　in　China.　The　characteristics　of　financial　risk　and　financial　structure　are　asymmetry,　multifractal,　bidirectional　transmission,　and　nonlinear　causality.　The　financial　structure＇s　influence　on　financial　risk　is　strengthened　within　15　months,　while　financial　risk＇s　influence　on　the　financial　structure　strengths　within　7　months.　These　findings　support　financial　supervisory　authorities　to　seek　effective　strategies　to　facilitate　the　evolution　of　the　financial　structure　and　establish　a　more　stable　financial　system.(c)　2022　Elsevier　B.V.　All　rights　reserved.