Virtual economy real economy currency

1. "Virtual economy" is a new word that has just appeared in recent years. At present, the domestic research on virtual economy is in the ascendant, and it is still in the stage of contention. Now, the formulation of "virtual economy" is rather confusing. "Generally speaking, it can be summarized into four kinds of statements

the first understanding: Cheng Siwei's definition

Cheng Siwei's definition is: "virtual economy refers to the economic activities related to the circular movement of virtual capital mainly relying on the financial system, which is simply the activities of directly making money from money."

on the "circular movement", Cheng Siwei said: at present, the circulation of virtual economy is in the financial market, first through the exchange, the money is exchanged for IOU, stocks and bonds; Then, at an appropriate time, the IOU, stocks and bonds can be exchanged to change back into money and directly generate money from money

there are three main points in this statement: first, using "virtual capital" as the definition item; Second, the activity of "directly" making money from money; Third, "in the financial market"

this statement has the greatest impact. This is not because Cheng Siwei is vice chairman of the National People's Congress, nor because he is a famous economist, but because he is an authoritative expert and leader in the study of virtual economy in China. He is also the honorary director of the virtual economy and management research center of Nankai University. The center is the first professional research institution named "virtual economy" in China< In addition to Professor Liu Junmin, director of the "virtual economy and management research center" of Nankai University, there are economist Li Xiaoxi, Professor Pan Yingli of East China Normal University, Professor Li Yuzhong of Beijing Normal University, Jiang Xiuqian of the Department of national economy and management of Renmin University of China, and Tao Wenqing of Nanjing University of economics< According to Wang guogang, financial research center of Chinese Academy of Social Sciences, "virtual economy" is a concept used to describe the economic activities formed by holding and trading interests in the form of bills in economic operation. In modern economy, it mainly refers to the financial instry. Virtual economy includes not only securities instry, capital market, but also money market, banking instry and foreign exchange market. It is a concept covering financial instry

Li Jiange, an economic expert, expressed "virtual economy" with "economic symbol" and "symbolic economy", which is actually the same view

Cheng Siwei believes that the content of virtual economy is wider than that of finance, and some contents of finance do not belong to virtual economy. The essence of venture capital is the combination of intellectual capital and financial capital (equity capital). Intellectual capital is a kind of virtual capital, but it is obviously not included in the scope of finance< The fundamental difference between this understanding and the first one is that it focuses on capital and avoids "virtual capital"< According to Chen Huai, deputy director of the Institute of market economy of the development research center of the State Council, virtual economy is an economy of capital independence movement. Capital moves independently in the form of value separated from physical economy, which is the fundamental embodiment of the virtual nature of virtual economy. The foundation of the existence and development of virtual economy is property right transaction. The symbol of the high development of market economy is that property right itself has become the object of market transaction

Song Fengming, Professor of Tsinghua University, believes that finance is an important part of the virtual economy, and the capital market is the core part of the virtual economy

"Final Fantasy X" stressed in a post published on the Internet on March 28, 2003: To study the virtual economy, we must first study the value of capital“ Capital can also create value

the fourth understanding: new economy is "virtual economy"

the reason for this view is that the entry point of new economy is virtual space and virtual society. TV is a virtual living space, is the representation of real space. In the Internet age, this space will not only become an important space for human survival, but also a great wealth of human society< According to Jiang Qiping, restructuring the virtual economy in the sense of information space is the virtual economy in the sense of new economy. The framework system of information space is applied to the national economy to form the generalized virtual economy (or information economy). Information space includes "virtual space", "mobile space" and "network society" of "information age Trilogy" as described by Manuel Castel

the basic relationship between the real economy and the virtual economy
in economic operation, & quot; Real economy & quot; It is used to describe the concept of economic activities formed by the proction and sale of material materials and the direct provision of labor services. It mainly includes agriculture, instry, transportation, commerce, construction, posts and telecommunications and other instrial sectors< br />
" Virtual Economy & quot; It is used to describe the concept of economic activities formed by holding and trading interests in the form of bills. In modern economy, it mainly refers to the financial instry& quot; Virtual Economy & quot; At present, it has not become a common concept in academic circles, and people use it more; Virtual capital & quot In Marx's theory, virtual capital refers to the capital held by the owner in the form of equity (or stock) on the basis of the separation of ownership and management of capital. In the new Palgrave Dictionary of economics, & quot; Fictitious capital refers to financing proctive activities by means of credit Second coupon, P. 340). From this point of view, the virtual economy includes not only the securities instry, capital market, but also not only the money market, but also the banking instry and foreign exchange market, which is a concept covering the financial instry. In the historical process, the virtual economy is proced from the inherent needs of the development of the real economy, and its basic purpose is to promote the development of the real economy. In this respect, the main functions of virtual economy are as follows:

first, through issuing and trading relevant bills, transparent financial information and other relevant information of enterprises, guide capital flow, promote and adjust the allocation of economic resources among various real economic departments and enterprises, and improve economic efficiency< Second, promote the improvement of enterprise organizational system (for example, if there is no decentralization of equity and stock trading, there will be no modern joint-stock company and its internal governance structure). At the same time, through the provision of various financial instruments, promote the dispersion of operational risks in the real economy sector

in modern economy, money is no longer a precious metal such as gold. As credit currency, paper money and electronic money are & quot; Virtual & quot; Of; Compared with the real economy, the process of money management and money creation by banks and other financial institutions also belongs to & quot; Virtual & quot; Category. Money, capital and other financial instruments, like blood, have penetrated into all aspects of the national economy. The normal operation of the real economy is inseparable from the virtual economy. A typical example is that as soon as money is tightened, the real economy sector will immediately respond. Throughout the world, it can be said that without virtual economy, there would be no modern economy

in the past 50 years, especially since the 1980s, a remarkable phenomenon in virtual economy is the rapid development of financial derivatives in financial innovation. The main function of financial derivatives is to disperse and prevent financial risks, and promote the effective allocation of economic resources by promoting capital flow (including international flow). In the mid-1980s, with & quot; Plaza Agreement & quot; Since the signing of the agreement, the yen has appreciated greatly (the ratio of yen to the US dollar has risen rapidly from 240:1 to 140:1), which has led to a serious loss in the value of China's yen foreign debt; Turn over, If we can use some operation means (such as hedging) in foreign exchange futures in time in borrowing foreign debts, such losses will not occur. In the international community, there are numerous examples of using financial derivatives to prevent financial risks. There is no doubt that, like other things in the world, financial derivatives also have their negative effects, but these negative effects can be controlled and prevented through strict financial rule of law and strengthening financial supervision.

2. The formation of virtual economy has gone through five main stages. The first stage is the capitalization of idle money, that is, people's idle money becomes interest bearing capital. The earliest origin can be traced back to the business lending behavior between indivials. For example, Party A borrows money from Party B who has spare money to engage in proction and business activities, and it is agreed that Party A will repay the principal and interest to Party B when e. IOU is the rudiment of virtual capital, which gains value through circulation of borrowing and returning. At this time, B did not engage in actual economic activities, just through a virtual economic activities to make money
the second stage is the socialization of interest bearing capital, that is, from indivial lending to banks and securities. With the development of society, as an intermediary, banks have emerged. People deposit the idle money in the bank, and then the bank lends it to earn interest. People can also use the idle money to buy various securities to earn interest. At this time, the securities in people's hands are virtual capital

the third stage is the marketization of securities, that is, the formation of a virtual capital exchange financial market, and then the financial market graally develops from stocks and bonds to futures trading. The biggest problem of the early virtual capital was the lack of liquidity, which hindered the transformation of idle money into interest bearing capital. After the marketability of securities, they can be bought and sold freely according to their expected returns, thus creating a financial market for virtual capital transactions

the fourth stage is the internationalization of financial market, that is, virtual capital can conct cross-border transactions, which has gone through a tortuous process. In the middle of the 19th century, the United States and other debtor governments and railway companies issued bonds with fixed interest rates in the financial markets of Britain, France and Germany. However, it was not until the early 20th century that large-scale transnational securities investment appeared. Since the 1960s, futures trading has appeared in the trading of stocks, bonds, foreign exchange and other financial commodities, and options trading also appeared in 1973< The fifth stage is the integration of international finance. Since the 1980s, with the advancement of economic globalization, the degree of economic dependence among countries has greatly increased, and the degree of financial liberalization has graally increased; Second, with the formation of floating exchange rate system and the enhancement of financial innovation, the scale of virtual economy is increasing; Third, with the progress of information technology, the flow of virtual capital in the financial market is faster and faster, and the flow is also larger and larger. The above three factors promote the closer connection between the domestic financial markets and the international financial markets, and the mutual influence is also increasing. It can be said that the whole body is affected by one thing

the characteristics of virtual economy

there are several characteristics of virtual economy system. One is complexity. Virtual economy is a complex system, which is mainly composed of natural person and legal person. They carry out virtual economic activities in the financial market according to certain rules. Everyone has the freedom of independent decision-making, but can not be affected by other people's decision-making and the environment. Taking the stock market as an example, when an investor buys and sells stocks is his own decision-making, but this decision-making can not be influenced by other people, or by environmental factors such as policies. Although the system is easy to proce turbidity e to the nonlinear interaction between components, it can show a certain order and stability e to the self-organization of the system< The second is metastable. Virtual economic system is a kind of metastable system, which is far away from equilibrium, but can keep relatively stable. With dissipative structure, it is necessary to exchange funds with the outside world to maintain relative stability. For example, in the stock market, there must be buying and selling, and new capital must be continuously injected in order for the stock market to survive. The metastability of virtual economy comes from three aspects: first, the inherent instability of virtual capital. The second is the virtualization of money. After the decoupling of currency from gold standard and gold exchange standard, it no longer has a real value that can be measured by some kind of material object. The government can adjust the money supply by printing money, without the previous money withdrawal mechanism. At this time, the value of money can only be measured by its purchasing power, and it is affected by the circulation of money, interest rate, exchange rate, people's consumption behavior and other factors, so the virtualization of money will enhance the instability of the virtual economy. Third, it comes from positive feedback. Theoretically speaking, the rise of stock price will rece the demand for stocks. As fewer people buy stocks, the supply and demand of stock market will be automatically balanced; However, e to the positive feedback effect in the stock market, many investors are optimistic about the future of the stock market after the stock price rises, and more funds will enter the stock market to speculate. Due to the increasing demand, the stock price will rise further. This kind of positive feedback will cause amplification effect and make the price of virtual capital fluctuate greatly. Thus, the instability of the virtual economic system is aggravated< The third is high risk. It can be divided into objective risk and subjective risk. In recent years, e to the development of information technology, a lot of progress has been made in predicting the future from the past data, but it is still impossible to predict the future completely and accurately, so there are objective risks. Subjective risk comes from people's subjective estimation error of expected return. The development of stock market is supported by people's optimistic psychological expectation. If there is no speculation, bubble and risk in stock market, it is not the stock market. Speculators do not look at the discount of future earnings, but at the price difference between buying and selling. If there is speculation, there must be bubbles. If there are bubbles, there must be risks. This is the subjective risk. This kind of risk has a positive feedback effect and is easy to be amplified, causing panic. In addition, the existence of illegal activities, such as internal transactions, manipulation by dealers and untrue information disclosure, will also cause high risks of virtual economy< The fourth is parasitism. The virtual economic system is proced by the real economic system and attached to the real economic system. Its parasitic performance is that its operation cycle depends on the operation cycle of the real economy, but the short-term deviation may occur. Due to the close relationship between virtual and real economic systems, the risks in real economy, such as overstocking of procts, bankruptcy of enterprises, will be transferred to the virtual economic system, leading to its instability. The risks in the virtual economy system, such as the sharp fall of the stock index, the sharp fall of the real estate price, the sharp increase of bad bank loans, and the sharp depreciation of the currency, will also have a serious impact on the real economy. In the market economy, it is impossible for the real economy to run away from the virtual economic system< The fifth is periodicity. On the whole, the evolution of virtual economy is cyclical. In general, the real economy has accelerated growth, the economic bubble has begun to take shape, currency and credit have graally expanded, asset prices have generally risen, stock and real estate prices have been rising, external disturbances have caused the economic bubble to burst, all kinds of financial indicators have dropped sharply, people have been throwing real assets and financial assets, and the real economy has slowed down or negative growth. This periodicity is not a simple cycle, but a spiral forward. The virtual economy is always in a cycle of expansion, bubble formation, bubble burst, contraction or collapse.

the real economy is hardware and the virtual economy is software. Marx discusses the process of capital circulation, that is, first employing workers, purchasing raw materials, machines and building factories with monetary capital through exchange, and then turning procts into procts through proction, procts into commodities through circulation, and commodities into money through exchange. I think this process is the real economy. Virtual economy refers to the economic activities related to the circular movement of virtual capital mainly relying on the financial system. This is that monetary capital can make profits without going through the real economic cycle. In short, the virtual economy is the activity of directly making money from money< At present, the scale of virtual economy is much larger than that of real economy. Since the 1980s, the world's average annual economic growth rate has been about 3%, the annual growth rate of international trade is about 5%, the annual growth rate of international capital flow is about 25%, and the total price of global stocks has increased by 2.5 times. According to the data of the International Monetary Fund and the world bank, the world's total virtual economy was 140 trillion US dollars at the end of 1997 and 160 trillion US dollars at the end of 2000, which is roughly five times of the world's GDP. The daily flow of virtual capital in the world is about 2 trillion US dollars, which is about 50 times of the world's daily average trade volume. It can be predicted that with the development of e-commerce and e-money, the scale of virtual economy will continue to expand

the real economy is the hardware in the economy, and the virtual economy is the software in the economy. They are interdependent<

the significance of studying virtual economy

studying virtual economy has not only theoretical significance, but also important practical significance. On the one hand, it is because the scale of virtual economy is expanding rapidly, and there is still a big gap between China and foreign countries in the development of virtual economy. Compared with the real economy, the scale of China's virtual economy is still relatively small. When the market value of the stock market was the highest, it was only 55% of GDP, and only about one third of it was circulating shares. The bond market and money market were relatively small, and financial derivatives had not yet developed. China did not have such large-scale financial centers as Wall Street in New York and Lombard Street in Britain. On the other hand, e to our lack of experience in how to control the virtual economy, China is facing severe challenges in the virtual economy after China's accession to the WTO. For example, in the use of funds, we still have some experience on how to make use of interest rate difference and time difference, but we don't know much about how to make use of liquidity difference, portfolio difference and risk difference to achieve the optimal balance among profitability, security and liquidity. In addition, we also lack experience on how to recognize and deal with the risks in the virtual economy system. We should seriously study the movement and development law of the virtual economy, especially the interaction and influence between the virtual economy and the real economy, so as to give full play to the role of the virtual economy in promoting China's economic development, and try our best to prevent and eliminate its negative effects

3. Real economy refers to the proction and circulation of material and spiritual procts and services
the real economy has always been the basis for the survival and development of human society

virtual economy "is a concept used to describe the economic activities formed by holding and trading interests in the form of bills. Mainly refers to the financial instry. Virtual economy includes not only securities instry, capital market, but also money market, banking instry and foreign exchange market. It is a concept covering financial instry

the entry point of new economy is virtual space and virtual society. TV is a virtual living space, is the representation of real space. In the Internet age, this space will not only become an important space for human survival, but also a great wealth of human society.

4. 1、 Virtual economy and real economy
the so-called virtual economy is the inevitable proct of the development of real economy to a certain stage, and it is a relatively independent form of economic activity derived from the virtual capital generated from the credit relationship and credit system. As early as 140 years ago, Marx put forward the concept of "virtual capital" in capital, and discussed it in detail. Marx pointed out that the virtual capital is proced on the basis of interest bearing capital. When the commodity economy develops to the point where the ownership of money is separated from the right to use money, interest bearing capital appears. The emergence of interest bearing capital shows that every fixed and regular monetary income is expressed as the interest of a capital. When people calculate every regular monetary income that will be obtained repeatedly according to the average interest rate, and count it as the income provided by a capital lent according to the interest rate, then the monetary income will be capitalized and the virtual capital will be formed
at that time, according to Marx's theory of virtual capital, there were two different forms. In addition to the above-mentioned public securities such as stocks and bonds, the other form was all kinds of credit instruments proced by credit system, including commercial bills, bank bills and bank notes. This is the focus of Marx's analysis of virtual capital, and it is the first and foremost form of virtual capital The basic form. Today, this kind of analysis still has important theoretical and practical significance. Because, with the increasingly active and unprecedented development of today's world financial market, the financial derivatives developed to avoid risks or speculative profits are increasing, and the scope of virtual capital has been greatly expanded. It includes not only all kinds of securities, but also financial derivatives based on stocks and other original financial instruments, such as futures and futures. Virtual capital has been developed to a higher degree, and graally developed into a relatively independent field of economic activities based on the credit system, which forms the virtual economy. The modern market economy is also built on the basis of the continuous improvement of the credit system. It develops, depends on and promotes each other with the virtual economy and the real economy at the same time, and graally moves towards prosperity
we can see this from the history of American economic development in the past 100 years
looking back on history, we can find that from the development of the west to the construction of the Erie Canal, from the rise of Railways to the civil war, from the instrialization of the United States in the late 19th century to the booming of high-tech instries in the United States in recent years, the American capital market represented by Wall Street has played a very important role in every stage of American economic development. The active capital market provides a continuous stream of funds for the rise and development of the U.S. economy, and Wall Street has graally grown into the center of the global financial system with the prosperity and development of the U.S. economy. For a long time, the success of American economy has been regarded as a good example of the coordinated development between the virtual economy and the real economy. To sum up, the positive role of the virtual economy in the development of the real economy in the United States is at least reflected in the following aspects: first, the development of the virtual economy not only concentrates a large amount of idle and scattered capital into the real economy, provides direct financing support for enterprises, and meets the capital demand in the development of the real economy, And it also plays a very positive role in optimizing the allocation of resources. Secondly, the development of virtual economy is very helpful to disperse business risks and rece transaction costs. First, the emergence and diversification of a large number of financial derivatives provide a variety of choices for the real economy sector and investors to avoid risks. Second, make full use of financial derivatives and proct concentration, promote capital turnover and settlement, greatly ease the various frictions in real economic life, rece transaction costs, so as to improve the operation efficiency of the real economy. Thirdly, the development of virtual economy can effectively stimulate investment demand and consumption, and stimulate the growth of real economy. Not only that, the virtual economy promotes the development of the real economy, but also realizes the unconventional development and rapid expansion. However, it is particularly necessary to emphasize that once the virtual economy loses its effective restriction and strict supervision of the credit system, it will lead to bubble economy if it develops freely and over expands. This will not only have a serious negative impact on the real economy, but also proce a chain reaction, like the "Domino dominoes", which will impact the whole national economy and the global economy. It triggered a recession. This time, the international financial crisis started from Wall Street in the United States is an example
in the face of the current international financial crisis, many people's minds are full of all kinds of questions: why, in the core wall street of such a mature capitalist developed country as the United States, those famous investment banks that were active in the international capital market will collapse rapidly? Why did the so-called "the strictest supervision and the most effective market means" which was highly praised by people create such a serious international financial crisis? With the development of the situation, when people graally see the deeper level of the problem behind these questions, they find that it is regulatory failure, internal out of control, intrigue, secret operation, and so on. Once upon a time, in order to make money, the three major rating agencies, which monopolized the international financial market rating, violated their professional ethics and, in their own words, "sold their souls to the devil.". Nowadays, these institutions, which are said to operate according to market rules, have full credibility and high rating, either go bankrupt or are merged one after another. It is particularly noteworthy that although the United States and the European Union have taken a variety of measures to deal with the international financial crisis, they have not achieved satisfactory results. It can be seen that the problem can not be solved without major operation on some existing mechanisms and systems. Otherwise, even if we get through this crisis, the next one will be more serious. As a result, it is proposed that from the current financial crisis, people can not only see the crisis of national credit in the United States, but also see the bankruptcy of the Neo liberal economic theory which was highly praised by the United States. Therefore, we must change the old financial order dominated by the United States and explore the establishment of a new financial system. Not long ago, the European Union also put forward the idea of carrying out comprehensive reform, which are important issues worthy of our further in-depth thinking and research< Second, thinking about China's capital market
capital market is the category of virtual economy. Through the international financial crisis triggered by the U.S. subprime mortgage crisis, we should clearly realize that in the process of exploring the capital market with Chinese characteristics, we must not the theory that the capital market of western countries is allowed to develop freely and the state is not allowed to intervene. We must consider whether it is concive to the development of the proctive forces of socialist society, Whether it is concive to enhancing the comprehensive national strength of the socialist country, whether it is concive to improving the standard of people's living standards, to carry out the institutional construction of our capital market, and properly handle the relationship between financial innovation and financial supervision; Deal with the relationship between virtual economy and real economy
as an old financial worker who has worked in the financial field for more than 50 years, I still remember clearly that for a long time, we have been in the process of constantly learning from foreign experience. Over the years, we have been discussing a series of important theoretical and practical problems from the combination of theory and practice, such as why we want to develop the capital market and how to develop the capital market with Chinese characteristics, and graally have a clear understanding of this problem. From this international financial crisis, we must realize that China is implementing a socialist market economy and developing a vibrant capital market with Chinese characteristics. China can not things copied abroad. It must absorb and absorb the essence and discard the dross, and avoid disadvantages, especially in the international financial crisis. We should take strict precautions. But at the same time, we can't deny the positive role of capital market and virtual economy in the development of national economy
reviewing the development practice of China's capital market for more than 10 years, we should see that the development of capital market has not only played a very positive role in promoting China's economic development, but also made remarkable achievements. To sum up, first, it is concive to the sustained and stable investment of long-term funds to support the construction of a moderately prosperous society in an all-round way and realize the grand goal of quadrupling the total economic output. Since the 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 sustained and rapid growth of the national economy. Second, it is concive to deepening economic system reform and establishing modern enterprise system. The four major banks have carried out reforms and raised a large amount of capital through the capital market. The capital adequacy ratio has been greatly improved and they have stepped into the world's advanced ranks at one stroke. Now it seems that without this major reform, it will be difficult to cope with the negative impact of the financial crisis. Third, it is concive to promoting the optimal allocation of social resources. Fourth, it is concive to promoting the operation of social security and commercial insurance. Fifth, it is concive to expanding domestic demand and increasing social wealth. Sixth, it is concive to our participation in international market competition
therefore, we must strengthen our confidence, constantly deepen our understanding of the general laws of the capital market, be good at using correct policies and theories to guide, and correctly handle the relationship between financial innovation and financial supervision, the relationship between virtual economy and real economy, and the relationship between savings and consumption. As long as the organization is used properly, it will play a positive role in the reform and development of the capital market and promote the healthy development of China's real economy
to learn from the lessons of the international financial crisis and actively promote the construction of capital market with Chinese characteristics, we should focus on the following aspects:
first of all, we should properly grasp the relationship between the development, innovation and effective supervision of capital market. Development is the last word. Only by keeping pace with the times and strengthening effective supervision can the market develop healthily. In my opinion, China's capital market should at least study measures to strengthen supervision from the following aspects: first, China Banking Regulatory Commission, China Securities Regulatory Commission and China Insurance Regulatory Commission should work together to formulate China's laws and regulations comprehensively, work together, strengthen comprehensive supervision and implement supervision. Second, for all kinds of derivatives and procts, especially for the new varieties, we must implement strict supervision, formulate perfect supervision conditions, clarify law enforcement responsibilities, and resolutely avoid the situation of laissez faire. Third, we should pay close attention to the current situation of private funds, conct thorough investigation and research, formulate effective supervision plans, and clarify the responsibilities of supervision. At the same time, it is necessary to establish a strict regulatory system for the short selling mechanism, strengthen the management of the media's stock market comments, and rectify those who are not concive to the stability of the capital market; Those who spread false rumors and make trouble and bring negative influence to the market should be investigated for responsibility
secondly, we should properly handle the relationship between the rise and fall of the capital market. Generally speaking, the rise and fall of capital market are inevitable

5. The perfection of China's market economy requires the development of virtual economy. How to correctly deal with the relationship between virtual economy and real economy is an important issue put forward by the 16th National Congress of the Communist Party of China. In fact, the relationship between virtual economy and real economy is a unity of opposites. The moderate development of virtual economy will promote the development of real economy, while the excessive expansion of virtual economy will have a negative effect on the real economy<

the real economy is the foundation of the virtual economy
the emergence of the virtual economy is based on the emergence of money and the development of credit, while money and credit are the results of the development of commodity proction and exchange. Therefore, without the development of the real economy, there will be no virtual economy, and the virtual economy is the inevitable proct of the development of the real economy to a certain extent. On the other hand, the virtual economy and the real economy do not develop synchronously, but have their own operating rules, So as to form a relatively independent field of economic activities

the positive role of virtual economy on the real economy
1. Promote the optimal allocation of social resources
2. Provide financial support for the real economy
3. Help to disperse business risks
4. Help to restructure property rights and deepen enterprise reform

the negative impact of virtual economy on the real economy
1 Excessive expansion increases the possibility of turbulence in the real economy.
2. virtual economy over expansion leads to the formation of the bubble economy. The virtual expansion of
3. economy will also overshadow the overheated economy

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6. 1、 Virtual economy and real economy

the so-called virtual economy is the inevitable proct of the development of real economy to a certain stage, and it is a relatively independent form of economic activity derived from the virtual capital generated from the credit relationship and credit system. As early as 140 years ago, Marx put forward the concept of "virtual capital" in capital, and discussed it in detail. Marx pointed out that the virtual capital is proced on the basis of interest bearing capital. When the commodity economy develops to the point where the ownership of money is separated from the right to use money, interest bearing capital appears. The emergence of interest bearing capital shows that every fixed and regular monetary income is expressed as the interest of a capital. When people calculate every regular monetary income that will be obtained repeatedly according to the average interest rate, and count it as the income provided by a capital lent according to the interest rate, then the monetary income will be capitalized and the virtual capital will be formed

in those years, according to Marx's virtual capital, there were two different forms. In addition to the above-mentioned public securities such as stocks and bonds, the other form was various credit instruments proced by the credit system, including commercial bills, bank bills and bank bills. Moreover, this is the focus of Marx's analysis of virtual capital, and it is the primary and fundamental form of virtual capital The basic form. Today, this kind of analysis still has important theoretical and practical significance. Because, with the increasingly active and unprecedented development of today's world financial market, the financial derivatives developed to avoid risks or speculative profits are increasing, and the scope of virtual capital has been greatly expanded. It includes not only all kinds of securities, but also financial derivatives based on stocks and other original financial instruments, such as futures and futures. Virtual capital has been developed to a higher degree, and graally developed into a relatively independent field of economic activities based on the credit system, which forms the virtual economy. The modern market economy is also built on the basis of the continuous improvement of the credit system. It develops, depends on and promotes each other with the virtual economy and the real economy at the same time, and graally moves towards prosperity

we can see this from the history of American economic development in the past 100 years

looking back on history, we can find that from the development of the western part of the United States to the construction of the Erie Canal, from the rise of Railways to the civil war, from the instrialization of the United States in the late 19th century to the vigorous rise of high-tech instries in the United States in recent years, in every stage of American economic development, The American capital market represented by Wall Street has played a very important role. The active capital market provides a continuous stream of funds for the rise and development of the U.S. economy, and Wall Street has graally grown into the center of the global financial system with the prosperity and development of the U.S. economy. For a long time, the success of American economy has been regarded as a good example of the coordinated development between the virtual economy and the real economy. To sum up, the positive role of the virtual economy in the development of the real economy in the United States is at least reflected in the following aspects: first, the development of the virtual economy not only concentrates a large amount of idle and scattered capital into the real economy, provides direct financing support for enterprises, and meets the capital demand in the development of the real economy, And it also plays a very positive role in optimizing the allocation of resources. Secondly, the development of virtual economy is very helpful to disperse business risks and rece transaction costs. First, the emergence and diversification of a large number of financial derivatives provide a variety of choices for the real economy sector and investors to avoid risks. Second, make full use of financial derivatives and proct concentration, promote capital turnover and settlement, greatly ease the various frictions in real economic life, rece transaction costs, so as to improve the operation efficiency of the real economy. Thirdly, the development of virtual economy can effectively stimulate investment demand and consumption, and stimulate the growth of real economy. Not only that, the virtual economy promotes the development of the real economy, but also realizes the unconventional development and rapid expansion. However, it is particularly necessary to emphasize that once the virtual economy loses its effective restriction and strict supervision of the credit system, it will lead to bubble economy if it develops freely and over expands. This will not only have a serious negative impact on the real economy, but also proce a chain reaction, like the "Domino dominoes", which will impact the whole national economy and the global economy. It triggered a recession. This time, the international financial crisis started from Wall Street in the United States is an example

in the face of the current international financial crisis, many people's minds are full of all kinds of questions: why, in the core wall street of a mature capitalist developed country like the United States, those famous investment banks that were active in the international capital market will collapse quickly? Why did the so-called "the strictest supervision and the most effective market means" which was highly praised by people create such a serious international financial crisis? With the development of the situation, when people graally see the deeper level of the problem behind these questions, they find that it is regulatory failure, internal out of control, intrigue, secret operation, and so on. Once upon a time, in order to make money, the three major rating agencies, which monopolized the international financial market rating, violated their professional ethics and, in their own words, "sold their souls to the devil.". Nowadays, these institutions, which are said to operate according to market rules, have full credibility and high rating, either go bankrupt or are merged one after another. It is particularly noteworthy that although the United States and the European Union have taken a variety of measures to deal with the international financial crisis, they have not achieved satisfactory results. It can be seen that the problem can not be solved without major operation on some existing mechanisms and systems. Otherwise, even if we get through this crisis, the next one will be more serious. As a result, it is proposed that from the current financial crisis, people can not only see the crisis of national credit in the United States, but also see the bankruptcy of the Neo liberal economic theory which was highly praised by the United States. Therefore, we must change the old financial order dominated by the United States and explore the establishment of a new financial system. Not long ago, the European Union also put forward the idea of carrying out comprehensive reform, which are important issues worthy of our further in-depth thinking and research< Second, thinking about China's capital market is the category of virtual economy. Through the international financial crisis triggered by the U.S. subprime mortgage crisis, we should clearly realize that in the process of exploring the capital market with Chinese characteristics, we must not the theory that the capital market of western countries is allowed to develop freely and the state is not allowed to intervene. We must consider whether it is concive to the development of the proctive forces of socialist society, Whether it is concive to enhancing the comprehensive national strength of the socialist country, whether it is concive to improving the standard of people's living standards, to carry out the institutional construction of our capital market, and properly handle the relationship between financial innovation and financial supervision; Deal with the relationship between virtual economy and real economy

as an old financial worker who has worked in the financial field for more than 50 years, I still remember clearly that for a long time, we have been in the process of constantly learning from foreign experience. Over the years, we have been discussing a series of important theoretical and practical problems from the combination of theory and practice, such as why we want to develop the capital market and how to develop the capital market with Chinese characteristics, and graally have a clear understanding of this problem. From this international financial crisis, we must realize that China is implementing a socialist market economy and developing a vibrant capital market with Chinese characteristics. China can not things copied abroad. It must absorb and absorb the essence and discard the dross, and avoid disadvantages, especially in the international financial crisis. We should take strict precautions. But at the same time, we can't deny the positive role of capital market and virtual economy in the development of national economy

reviewing the development practice of China's capital market for more than 10 years, we should see that the development of capital market not only plays a very positive role in promoting China's economic development, but also has made remarkable achievements. To sum up, first, it is concive to the sustained and stable investment of long-term funds to support the construction of a moderately prosperous society in an all-round way and realize the grand goal of quadrupling the total economic output. Since the 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 sustained and rapid growth of the national economy. Second, it is concive to deepening economic system reform and establishing modern enterprise system. The four major banks have carried out reforms and raised a large amount of capital through the capital market. The capital adequacy ratio has been greatly improved and they have stepped into the world's advanced ranks at one stroke. Now it seems that without this major reform, it will be difficult to cope with the negative impact of the financial crisis. Third, it is concive to promoting the optimal allocation of social resources. Fourth, it is concive to promoting the operation of social security and commercial insurance. Fifth, it is concive to expanding domestic demand and increasing social wealth. Sixth, it is concive to our participation in international market competition

therefore, we must strengthen our confidence, constantly deepen our understanding of the general laws of the capital market, be good at using correct policies and theories to guide, and correctly handle the relationship between financial innovation and financial supervision, the relationship between virtual economy and real economy, and the relationship between savings and consumption. As long as the organization is used properly, it will play a positive role in the reform and development of the capital market and promote the healthy development of China's real economy< In order to promote the construction of capital market with Chinese characteristics, we should pay attention to the following aspects:

first of all, we should properly grasp the relationship between the development, innovation and effective supervision of capital market. Development is the last word. Only by keeping pace with the times and strengthening effective supervision can the market develop healthily. In my opinion, China's capital market should at least study measures to strengthen supervision from the following aspects: first, China Banking Regulatory Commission, China Securities Regulatory Commission and China Insurance Regulatory Commission should work together to formulate China's laws and regulations comprehensively, work together, strengthen comprehensive supervision and implement supervision. Second, for all kinds of derivatives and procts, especially for the new varieties, we must implement strict supervision, formulate perfect supervision conditions, clarify law enforcement responsibilities, and resolutely avoid the situation of laissez faire. Third, we should pay close attention to the current situation of private funds, conct thorough investigation and research, formulate effective supervision plans, and clarify the responsibilities of supervision. At the same time, it is necessary to establish a strict regulatory system for the short selling mechanism, strengthen the management of the media's stock market comments, and rectify those who are not concive to the stability of the capital market; Those who spread false rumors and make trouble and bring negative influence to the market should be investigated for responsibility

secondly, we should properly handle the capital market

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what is the relationship between them
the real economy refers to the proction and circulation of material and spiritual procts and services. It includes material proction and service sectors such as agriculture, instry, transportation and communication, commercial service and construction, as well as proction and service sectors of spiritual procts such as ecation, culture, knowledge, information, art and sports. The real economy has always been the basis for the survival and development of human society
"virtual economy" is a new word that appears in recent years. At present, the domestic research on virtual economy is in the ascendant, and it is still in the stage of contention. Now, the formulation of "virtual economy" is rather confusing. "Generally speaking, it can be summarized into four kinds of statements
the first understanding: Cheng Siwei's definition
Cheng Siwei's definition is: "virtual economy refers to the economic activities related to the circular movement of virtual capital mainly relying on the financial system. In short, it is the activity of directly making money from money. The real economy is the basis of virtual economy
the emergence of virtual economy is based on the emergence of money and the development of credit, Money and credit are the result of the development of commodity proction and exchange. Therefore, without the development of real economy, there will be no virtual economy. Virtual economy is the inevitable proct of the development of real economy to a certain extent. On the other hand, the virtual economy and the real economy do not develop synchronously, but have their own operating rules, So as to form a relatively independent field of economic activities
the positive role of virtual economy in the real economy
1. Promote the optimal allocation of social resources
2. Provide financial support for the real economy
3. Help to disperse business risks
4.
help to restructure property rights and deepen enterprise reform
the negative impact of virtual economy on the real economy
1 The possibility of economic turbulence in the big entity
2. virtual economy over expansion leads to the formation of the bubble economy. The virtual expansion of
3. virtual economy will also overshadow the overheated economy
chain selling is a kind of virtual economy. Chain sales are divided into off-site chain sales and online chain sales. The off-site chain sales have been running for 13 years, and there are many disadvantages. In order to save the refugees from off-site, online chain sales officially went into operation on October 1, 2009. Small investment, the return is also objective, 1 single 580 yuan, 21 single 8932 yuan, you can work at home, just a computer, a cable. Can be full-time, part-time. There is no operating cost
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8. Real economy refers to the proction and circulation of material and spiritual procts and services. It includes material proction and service sectors such as agriculture, instry, transportation and communication, commercial service and construction, as well as proction and service sectors of spiritual procts such as ecation, culture, knowledge, information, art and sports. The real economy has always been the basis for the survival and development of human society

"virtual economy" is a new word that appears in recent years. At present, the domestic research on virtual economy is in the ascendant, and it is still in the stage of contention. Now, the formulation of "virtual economy" is rather confusing. "Generally speaking, it can be summarized into four kinds of statements
the first understanding: Cheng Siwei's definition
Cheng Siwei's definition is: "virtual economy refers to the economic activities related to the circular movement of virtual capital mainly relying on the financial system. In short, it is the activity of directly making money from money. The real economy is the basis of virtual economy
the emergence of virtual economy is based on the emergence of money and the development of credit, Money and credit are the result of the development of commodity proction and exchange. Therefore, without the development of real economy, there will be no virtual economy. Virtual economy is the inevitable proct of the development of real economy to a certain extent. On the other hand, the virtual economy and the real economy do not develop synchronously, but have their own operating rules, So as to form a relatively independent field of economic activities

the positive role of virtual economy on the real economy
1. Promote the optimal allocation of social resources
2. Provide financial support for the real economy
3. Help to disperse business risks
4. Help to restructure property rights and deepen enterprise reform

the negative impact of virtual economy on the real economy
1 Excessive expansion increases the possibility of turbulence in the real economy.
2. virtual economy over expansion leads to the formation of the bubble economy. The virtual expansion of
3. economy will also overshadow the overheated economy.