2 thoughts on “How to properly handle the relationship between the real economy and the virtual economy”

  1. The positive and negative effect of the virtual economy is the effect and effect of the positive and negative effects of the virtual economy. The virtual economy must follow the principle of serving the real economy to develop, and it must not be excessive to adapt to the real economy. The virtual economy is relatively unstable than the real economy.
    Stocks are highly developed products of the market economy, and the ultimate goal is to serve the real economy. With the rapid development of the virtual economy, its scale has exceeded the real economy and has become a relatively independent economic category as the real economy. Compared with the real economy, the virtual economy has obvious differences. In summary, it is mainly manifested in four aspects: high liquidity, instability, high risk, and high speculation.
    This response time: 2021-12-15, please refer to the official website of Ping An Bank.

  2. 1. The virtual economy and the real economy

    The so -called virtual economy is an inevitable product of the development of the real economy to a certain stage. It is a relatively independent independent of virtual capital generated from the credit relationship and credit system. Economic activity form. As early as 140 years ago, Marx proposed the concept of "virtual capital" in "Capital" and made a detailed discussion of it. Marx pointed out that virtual capital is generated on the basis of living capital. When the commodity economy develops to the right of currency ownership and the right to use the currency, the capital capital has emerged. The emergence of life -interesting capital indicates that each certain and regular currency income is manifested as a interest of a capital. When people repeatedly obtained the currency income of each regular, they are calculated at the average interest rate, and it is counted as it. It is the income provided by a capital loaded by this interest rate, so that the currency income is capitalized, and the virtual capital is formed.

    At that time, according to the virtual capital discussed by Marx, there were two different forms. In addition to the above -mentioned public securities such as stocks and bonds, another form was various forms of the credit system. Credit bills, including commercial bills, bank bills and bank vouchers, and this is the focus of virtual capital analyzed by Marx, the primary and basic form of virtual capital. Today, this analysis still has important theoretical and practical significance. Because, with the increasingly active and unprecedented development of the world's financial market today, the increasing number of financial derivatives developed in order to avoid risks or speculation, and the scope of virtual capital has also been greatly expanded. It includes not only various valuable securities, but also financial derivatives established based on native financial instruments such as stocks, such as schedules, futures, etc. Virtual capital has developed a higher degree A credit system -based, a relatively independent economic activity field formed a virtual economy. The modern market economy is also based on the continuous improvement of the credit system and gradually developing, interdependence, and mutual promotion with the virtual economy and the real economy.

    This, we can see from the history of American economic development over the past 100 years.

    It review history, we can find that from the construction of the western United States to the construction of the Illi Canal, from the rise of the railway to the North and South War, from the industrialization of the United States in the late 19th century, to the high -tech industry in the United States in the United States in recent years The booming rise, at every stage of the development of the US economic development, the American capital market represented by Wall Street plays a very important role. The active capital market provides a steady stream of capital for the rise and development of the US economy, and Wall Street has gradually grown into the center of the global financial system with the prosperity and development of the US economy. For a long time, the success of the US economy has been considered as a capital market, or a good example of coordinated development between the virtual economy and the real economy. In summary, the positive role of the virtual economy in the United States on the development of the real economy is at least in the following aspects: First of all, the development of the virtual economy not only concentrates a large amount of idle and scattered capital into the real economy, but also provides enterprises with direct financing for enterprises. Support to meet the needs of funds in the development of the real economy, and it also plays a very positive role in optimizing the allocation of resource allocation. Secondly, the development of the virtual economy is very helpful to decentralize operating risks and reduce transaction costs. First, the production and diversification of a large number of financial derivatives provides a variety of options for avoiding risks for the real economic sector and investors. The second is to make full use of financial derivatives and products to promote the accelerated turnover and settlement of capital, which greatly alleviates various frictions in real economic life, reduces transaction costs, thereby improving the operating efficiency of the real economy. Third, the development of the virtual economy also effectively stimulates investment demand and consumption, and drives the growth of the real economy. Not only that, while the virtual economy promotes the development of the real economy, it itself has also achieved ultra -conventional development and rapidly expand. However, it is particularly important to emphasize that once the virtual economy loses the effective restriction and necessary strict supervision of the credit system, and allowing its free development and excessive expansion, it will lead to the bubble economy, which will not only have a serious negative impact on the real economy, but also will also have a serious negative impact, but it will also be. A series of chain reactions, like the "Domino", impact the entire national economy and even the global economy, and cause economic recession. The international financial crisis starting from Wall Street this time is an example.

    Faced with the current international financial crisis, many people's minds are full of various questions: why in the core Wall Street of a mature capitalist country like a mature capitalist country in the United States, those who have been active are active Will the well -known investment banks in the international capital market quickly collapse? Why is the "strictest supervision and the most effective market means" that people have strongly respected by people will create such a serious international financial crisis? With the development of the situation, when people gradually saw the deeper level of the problem through these questions, they even found that they were supervised failure, internal outcome, scams, and dark box operations, and so on. Once upon a time, the three major rating agencies of monopolizing the international financial market rating did not even violate professional ethics in order to make money. In their own words, they sold "the soul to the devil." Today, these institutions that claim to operate in accordance with market rules have sufficient credibility and high rating, either bankruptcy failure or mergers. It is particularly worth noting that although the United States and the European Union have taken a variety of measures on this international financial crisis and have made great bets, the results are not ideal. It can be seen that if some existing mechanisms and institutions are not operated, the problem cannot be solved. Otherwise, even if the crisis is over, the next crisis comes, the problem will be more serious. As a result, some people proposed that from the current financial crisis, it not only made people see the national credit crisis, but also the bankruptcy of the new liberal economics theory that was strongly respected by the United States. To this end, it is necessary to change the old financial order led by the United States and explore the establishment of a new financial system and a new financial system. Not long ago, the European Union also put forward the opinions of comprehensive reform, which are important issues that are worthy of our further thinking and research.

    . Thinking about the Chinese capital market

    The capital market is the category of the virtual economy. Through the international financial crisis caused by the US subprime mortgage crisis, we should be soberly realized that in the process of exploring the capital market with Chinese characteristics, we must not copy the free development of the Western country's capital market and the state is not allowed to interfere with intervention. A set of theories must be based on whether it is conducive to the development of the productive forces of socialist society, whether it is conducive to enhancing the comprehensive national strength of a socialist country, whether it is conducive to improving the standards of people's living standards, to carry out the system construction of our capital market, and properly handle the treatment The relationship between good financial innovation and financial supervision; handling the relationship between the virtual economy and the real economy.

    A old financial workers who have worked in the financial sector for more than 50 years, I have clearly remembered that for a long time, we have always been in a process of continuous learning and learning from foreign experience. Over the years, from the combination of theory and practice, we have explored a series of important theories and practical issues such as the development of the capital market and how to develop the capital market with Chinese characteristics. know. From this international financial crisis, we must deeply realize that China has implemented a socialist market economy and develops a dynamic capital market with Chinese characteristics. The essence goes to its dross and avoids harm, especially the disadvantages exposed in the international financial crisis, and we must strictly prevent it. However, at the same time, it cannot be used to waste food, and it will completely deny the positive role of the capital market and the virtual economy on the development of the national economy.

    The development practice of my country's capital market for more than 10 years, we should see that the development of the capital market has not only played a very active role in promoting my country's economic development, but also achieved significant results. In summary, the first is to help continue to stabilize long -term funds to support the building of a well -off society in an all -round way, and achieve the grand goal of turning the economic aggregate. Since our establishment of the capital market, we have raised a large amount of capital through the capital market, which has played an important role in promoting the rapid growth of the national economy. The second is to help deepen the reform of the economic system and establish a modern enterprise system. The four major banks carried out a large amount of capital through the capital market, and the capital adequacy ratio increased significantly, and entered the world's advanced ranks in one fell swoop. Now it seems that without this major reform, it is difficult to cope with the negative impact of the financial crisis. Third, it is conducive to promoting the optimized allocation of social resources. Fourth, it is conducive to promoting the operation of social security and commercial insurance. Fifth, it is conducive to expanding domestic demand and increasing social wealth. Sixth, it is conducive to our participation in international market competition.

    For this reason, we must firmly strengthen their confidence, continue to deepen the awareness of the general laws of the capital market, and be good at using correct policies and theories to guide, properly handle the relationship between financial innovation and financial supervision, and virtual economy The relationship with the real economy and the relationship between savings and consumption. As long as the organization is appropriate, it will play a positive role in the reform and development of the capital market and promote the healthy development of my country's real economy.

    In the lessons of this international financial crisis, starting from the actual situation of my country's basic national conditions and the actual situation of the capital market, and actively promote the construction of the capital market with Chinese characteristics, we should focus on the following important relationships:

    First, to properly grasp the relationship between the development, innovation and effective supervision of the capital market. Development is the last word. Only by advancing with the times and continuously strengthening effective supervision can the market develop healthy. In my opinion, the current capital market in my country should study and strengthen supervision from the following aspects: First, the CBRC, the Securities and Futures Commission, and the Insurance Regulatory Commission should jointly formulate Chinese regulations, work together, strengthen comprehensive supervision, and implement supervision. The second is to implement strict supervision for various derivative tools and products, especially the new varieties introduced, formulate comprehensive supervision conditions, clarify law enforcement duties, and resolutely avoid the situation of leaving any self -current. Third, the status quo of private equity funds must be carried out in a thorough investigation, formulate an effective regulatory plan, clarify the responsibilities of supervision, and cannot be allowed. At the same time, a strict regulatory system should be established for the short -term mechanism, and management of the media's stock market must also be strengthened. Those who are not conducive to the stability of the capital market must be cleaned up and rectified; For accountability.

    Secondly, it is necessary to properly handle the relationship between the capital market. Generally speaking, the rise and fall of the capital market are unavoidable. However, from the perspective of the practice of developing the capital market in my country, we should strive to avoid the ups and downs in the short term, and strive to achieve long -term stable development. In my opinion, in order to maintain growth, expand domestic demand, and regulate structure, our policy support for the capital market should also be further strengthened. We must take comprehensive measures of "combined boxing" types to maintain the long -term stable development of the capital market and maintain the economy stable and rapidly. Growth combines. At present, the international financial crisis has some adverse effects on my country's economic development and financial work. In this regard, we must carefully study and analyze, actively find the correct response strategies and measures, and put the international financial crisis on the healthy development of my country's economic and financial health. The pressure of pressure is transformed into power and challenges are opportunities. As long as we unify our minds, conscientiously implement the decision -making of the Party Central Committee and the State Council, estimate the difficulties more fully, prepare the measures more thoroughly, strengthen the confidence, strengthen the foresight, targetedness, and effectiveness of macro regulation, mobilize each of each The positive factor in the area should be in response to the negative impact of the international financial crisis. Our capital market will definitely usher in a new situation of sustainable and healthy development.

    Third, the relationship between the government and the market should be properly handled. The development of the capital market requires the guidance and support of the policy. Relevant government departments must further improve relevant policies to create a good environment for the stable and healthy development of the capital market. After reflection on this international financial crisis, our minds should be sober. We must see that my country's capital market is developed with the gradual establishment of the socialist market economy system. Due to the early stage of the development of the capital market, the system is not yet on the development of the system. In improvement, there are still many contradictions and problems, which have some restrictions on the sustainable and stable development of the capital market. Therefore, to promote the sustainable and stable development of the capital market, there must be corresponding policies and measures to guide and support it. Relevant departments must further improve relevant policies and create a good environment for the sustainable and stable development of the capital market.

    . To better play the positive role of the capital market

    Finally, we return to the topic: How to properly handle the relationship between the virtual economy and the real economy.

    As I have already said before, the capital market is the category of the virtual economy. The virtual economy is an inevitable product of the development of the real economy to a certain stage. By reviewing the practice of economic development at home and abroad, we have seen the huge promotion of the virtual economy on the development of the real economy. harm. Therefore, while fully affirming the active role of the capital market, we must soberly recognize the potential problems and tend to avoid harm. Only in this way can we better play the positive role of the capital market and the virtual economy.

    Igone back to what we mentioned earlier and summarized, I think the virtual economy has the following characteristics: First, the virtual economy is based on the credit relationship and credit system. The development itself has also promoted the development of the credit system, and then greatly promoted the development of the real economy. Second, the virtual economy is essentially different from the real economy. Virtual capital itself is worthless, but it is a certificate of capital ownership and a copy of the paper of the substantial capital. The capital of virtual capital representatives has been invested in the production field, and it itself is stranded in the capital market as a financial asset that can be traded. In this regard, we must know clearly that we must not give up the end, excessively passionate to chase the paper income of the virtual economy, and ignore the development of the real economy of creating wealth in society. Third, there is a self -expansion mechanism for virtual capital and virtual economy. Stocks, especially financial derivative products, etc., as the ownership certificate with the right to obtain future value, their value shows people's early recognition of the value that has not been created. Therefore, adding many future revenue that has not been achieved into real values, which makes virtual capital swelling quickly. When the virtual capital is excessively expanded and exceeds the bearing capacity of the real economy, the foam economy will occur. Once the bubble is broken, it will cause a financial crisis and cause huge damage to the real economy. Therefore, we must correctly understand these basic characteristics of the virtual economy, properly handle the relationship between the virtual economy and the real economy, and pay attention to the positive role of its development, but also strictly prevent its negative effects.

    In the current situation, I think that the correct treatment of the relationship between the virtual economy and the real economy is important. The market is stable and firmly investors' confidence. Firm confidence is a powerful weapon to deal with the current world economic turmoil and financial crisis. At present, while we see that the national economy continues to maintain smooth and rapid development, we must also see that the impact of the international financial crisis is still spreading, and the impact on my country's real economy is still deepening. From the perspective of foreign conditions, major developed countries have entered a decline, and emerging economies generally slow down. During one period, we will highlight the pressure of continued to deepen the influence of the international financial crisis and a significant slowdown in global economic growth, highlighting the significant decrease in external demand, and the gradual weakening of my country's traditional competitive advantages. Efforts to maintain the stability of the capital market and stabilize the market expectations of confidence, and spend difficulties through confidence, extremely important. Because the capital market is the hub link of the real economy investment and financing service chain, it can not only become an important fulcrum for expanding domestic demand, but also can better take into account the requirements of economic growth and structural transformation. Base. Therefore, we must start with maintaining confidence, unified understanding, all departments collaborate, fast start, great determination, clarify the goals of the market, organize mobilizing funds, and promote a large amount of funds for the purchase of stocks to enter the market.

    The relationship between the virtual economy and the real economy correctly. In addition to firm confidence and stabilizing the operation of the stock market, it should also accelerate the construction of a multi -level capital market system and give full play to the market's resource allocation functions. It is necessary to promote the steady development of the futures market, expand the scale of bond issuance, and give priority to the issuance of bond issuance related to infrastructure, people's livelihood engineering, ecological environment construction and post -disaster reconstruction. The capital market serves the real economy. At present, we must more clearly realize that in the face of the adverse effects of the international financial crisis, it is not only stress, challenges, but also an important opportunity period for promoting my country's capital market to play a role. For example: In the face of the international financial crisis, on the one hand, it is necessary to help my country ’s small and medium -sized enterprises, especially entrepreneurial and high -growth small and medium -sized enterprises to solve the lack of mobile funds; on the other hand, the growth and development of SMEs need financial growth and development. The system to play a comprehensive support role, it is necessary to use the capital market to help them solve the problem of capital necessary for long -term development. Therefore, service scientific and technological innovation, service SMEs are currently the financial system, including the capital market, improve the efficiency of resource allocation, and support more effectively. The focus of the development of the real economy.

    The last one is to continuously improve and improve macro -control, maintain the stability and safety of the capital market, and focus on maintaining the stable and rapid development of the economy. It is necessary to conscientiously implement positive fiscal policies and moderate loose monetary policies, and further increase financial support for financial development. By improving the supporting policies and measures and innovative institutional mechanisms, mobilize commercial banks to increase the enthusiasm of credit investment, enhance financial institutions to resist risks, form a joint force of expanding financing and preventing risks in various aspects such as banking, securities, and insurance. Economic growth and promotion of structural adjustment.

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