全球金融危机对中国金融创新发展的启示

The Implications of Global Financial Crisis for the Development of China's financial Innovation

一场由美国次贷危机引发的全球金融危机,至今仍未探底。这场金融危机的根源是美国实行"新自由主义"的资本主义经济模式,直接原因是脱离实体经济发展滥用金融创新产品,并疏于金融监管。虽然这场危机的直接原因是金融创新,但是我们不能因此停止金融创新,相反,要在吸取这场金融危机教训的基础上不断继续金融创新,并在金融创新中切实做到:金融创新立足于实体经济并服务于实体经济;金融创新与金融监管并重,加强场外监管,保证金融创新的基础资产质量,审慎对待复杂的金融产品创新,规范信用评级,加强风险控制;坚持行之有效的外汇管理政策。

U.S. sub-prime mortgage crisis finally triggered a global financial crisis, and the worst is yet to come. The root of the crisis is the so-called ＂neo-liberal＂ capitalist economic model implemented in the United State, and the direct reason is the abuse of financial innovative products that has deviated from the need of real economic development, accompanying by the insufficient supervision. Although the financial innovation caused this crisis, we can not stop the progress of financial innovation. On the contrary, we should learn from the crisis and continuously further the financial innovation to achieve the following goals： （1）financial innovation must be based on the real economy and benefit its development; （2）financial innovation and regulation must be attached equal importance, which requires strengthening the off-site supervision, ensuring the quality of underlying assets, cautiously treating the innovation of complex financial products, regulating the credit rating and reinforcing the risk control; （3） an effective foreign exchange policy must be applied.