Financial Market and Innovation in China
Invited conference paper presented and published in conference proceedings

香港中文大學研究人員

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摘要How to develop a financial system that effectively supports innovation and real sector economic growth has been a key challenge facing China’s financial reforms. This chapter examines the role of stock market and financial governance in China’s national innovation system. Within less than three decades, China’s stock market has grown rapidly from a negligible size to become one of the world’s largest markets. However, consistent with the general pattern of developing economies, China’s financial system remains overall bank-based. Stock markets have been instrumental in facilitating China’s state-owned enterprise reforms and the rise of China’s ‘national champion’ corporate groups which are a key pillar of China’s R&D (research and development) expenditure. However, stock markets have only played a limited role in directly financing China’s investment in innovation. Moreover, China’s stock market development has been embedded in a hybrid financial governance regime, characterized by substantial tensions among state control, market innovation and stability maintenance. The recent launch of the Science and Technology Innovation Board (STAR) is a new milestone in the development of China’s stock markets. It represents a major effort of China’s reformers to generate new institutional and policy solutions to better finance China’s innovation drive. However, further reforms to strengthen regulatory governance are still needed to balance innovation and stability in the process of stock market development.
出版社接受日期26.07.2019
著者Chen LI
會議名稱International Conference on Innovation and China’s Global Emergence Organised by East Asian Institute (EAI), National University of Singapore (NUS)
會議開始日25.07.2019
會議完結日26.07.2019
會議地點Singapore
會議國家/地區新加坡
出版年份2019
語言美式英語

上次更新時間 2020-23-04 於 11:33