金融创新需要良好生态系统

Financial innovation needs good ecosystem

这是我今年第四次来到上海。我非常高兴来到这里。我知道在座的有很多是来自金融界的嘉宾。我相信我是为数不多的相信金融对推动经济增长至关重要的几位经济学家之一，特别是创新非常重要。

Many scientists still believe that technologies are driving forces for economic growth. The author of the article believes that technological progress is not enough to promote the economic development. Technological progresses will bring new development opportunities for commercial industry. However, existence of these opportunities needs suitable entrepreneurs to collect these resources and these innovative resources. Innovation, especially successful innovation, is an equation, which needs matches of multiple elements. So does a good financial system. Firstly, venture investors are required to provide capital supports in the early period. There are also investors who are called angel investors. Angel investors have special foresights and are good at fining early investment projects. Secondly, there should be investors who have profound capitals. With their investments, the projects can develop rapidly. Moreover, financers are also need to make up the capitals after withdrawal of venture investors, such as banks, stock markets and private investors. In this stage, we shall lay special emphases on primary innovation. This will play an important role. It can improve the Chinese enterprises in terms of value chain greatly and can help Chinese companies to move a step-forward. China shall give great supports to enterprises in terms of innovation. Bankers and venture investors shall have wide visual scope to provide more supports to innovation and help the financing projects.