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《Finance Forum》 2009-07
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The Implications of Global Financial Crisis for the Development of China's financial Innovation

QIN Jian-wen LIANG Zhen  
U.S. sub-prime mortgage crisis finally triggered a global financial crisis, and the worst is yet to come. The root ofthe crisis is the so-called "neo-liberal" capitalist economic model implemented in the United State, and the direct reason isthe abuse of financial innovative products that has deviated from the need of real economic development, accompanying bythe 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 innovationand regulation must be attached equal importance, which requires strengthening the off-site supervision, ensuring the qualityof 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.
【CateGory Index】: F832.5;F831.59
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