www射-国产免费一级-欧美福利-亚洲成人福利-成人一区在线观看-亚州成人

US EUROPE AFRICA ASIA 中文
Business / View

Financial innovation vital for reform

By Zhu Ning (China Daily) Updated: 2014-07-14 07:04

Unlike many innovations in technology - such as those made by Apple, for instance, or Tesla, which produces electric cars - people do not get particularly excited about financial innovation.

Culturally, people like innovations that have a "wow" factor, and unfortunately financial innovation rarely creates such excitement. Add in, too, that people often do not really understand financial innovation, and as a result have become hostile and suspicious about it. People like innovation that can bring them instant, tangible benefits.

Financial innovation vital for reform 
Regulatory supervision needs to be stepped up
Financial innovation vital for reform
Starting now, bank loans easier to get 
But many financial innovations are long term, such as those aimed at retirement, and people find them hard to connect with - after all, hedging and a reduction in portfolio risk is never going to be as exciting as a Tesla roadster. As a result, few are genuinely interested in financial innovation, even though it can bring fundamental changes for the better, to society, an economy, or a financial system.

Be it shadow banking or Internet financing, both very popular in China, an important motivation for financial innovation is to circumvent regulation.

Financial regulation is still strict in China, and a lot of reform is needed, and this may explain why financial innovation is a massive growth area that could transform the regulatory landscape.

On the other hand, one has to bear in mind that financial innovation is particularly prone to risk because it can sometimes fall outside traditional regulatory boundaries.

I hear that some shadow banking products in China are already experiencing rising default levels.

This is exactly what happened during the 2007-08 subprime mortgage crisis in the US.

The key is whether investors themselves are aware of investment risk, and whether they are protected properly.

Pushing forward financial innovation, without incurring substantial and systematic financial risk, may well be critical to China's economic reform, and its development in the decades to come.

The author is a faculty fellow at the International Center for Finance, Yale University, and deputy dean of the Shanghai Advanced Institute of Finance, Shanghai Jiao Tong University. The article is based on his conversation with Robert Shiller, Professor of Yale University, the 2013 Nobel Laureate in Economics. The views do not necessarily reflect those of China Daily.

 

Previous Page 1 2 3 Next Page

Hot Topics

Editor's Picks
...
...
主站蜘蛛池模板: 天堂av影院| 欧美成人精品大片免费流量 | 国产又色又爽黄的网站免费 | 国产a一级毛片含羞草传媒 国产a自拍 | 日本一级特黄在线播放 | 黄网在线免费 | 国产乱肥老妇精品视频 | 久久网视频 | 欧美黄色精品 | 国产网址在线 | 国产日韩久久久久69影院 | 欧美成人免费全部观看天天性色 | 欧美日本综合一区二区三区 | 又黄又爽又刺激的视频 | 天天看夜夜操 | 久久欧美| 国产在线精品一区免费香蕉 | 亚洲成a人片在线观看中 | 久久精品成人 | 欧美黄网在线 | 国产欧美日韩精品a在线观看 | 久久精品国产免费看久久精品 | 成人欧美网站 | 久久精品亚瑟全部免费观看 | 免费观看a黄一级视频 | 韩国美女爽快一级毛片黄 | 日韩一区二区三区在线观看 | 国产区网址 | 成人18在线视频播放 | 国产片91人成在线观看 | 伊人不卡| 性xxxx奶大欧美高清 | 日本一区午夜爱爱 | 日本japanesevideo黑人 | 美美女高清毛片视频免费观看 | 久久国产成人精品国产成人亚洲 | 午夜成年人网站 | 亚洲男女免费视频 | 亚欧视频在线观看 | a级一级毛片| 在线综合亚洲欧美自拍 |