The contemporary monetary financial system includes banks、Securities、Insurance and all prices、Value Evaluation、Risk evaluation、Asset disposal and other activities。They not only perform currency functions，New features that continue to develop and deepen the risk of allocation of funds and allocations。General Secretary Xi Jinping pointed out，Finance is an important core competitiveness of the country，Financial security is an important part of national security，The financial system is an important basic system in economic and social development。So，Finance as a standard and principle should meet two basic requirements: First, serve the public interest in the process of allocation of resources，Second, adhere to the correct orientation of financial policy。Finance originated from the financing demand of the real economy，The basic purpose of the financial system allocation of funds is to serve and support the development of the real economy。So，Serving the real economy is the important function and basic criterion determined by financial as a value standard。

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Multiple translations about the word virtual economy: first，FICTITIOUS Economy refers to the "virtual capital" securities based on financial platforms、Futures、options and other activities; second，Virtual Economy refers to economic activities carried out by "information technology" as a tool; third，Visual Economy refers to the visual economic activity of "computer simulation"。Where，FITITIOUS Economy's connotation and the concept of virtual capital in Marx's "Capital Capital" concept in the same vein，reveals the connotation and essence of the virtual economy。Virtual Economy bet365 live casino games and Visual Economy refers to emerging economic activities such as digital economy and online economy represented by "information technology"，Reflecting the in -depth social division of labor、Industrial classification and refinement、Different forms of actual products and services under the change of production factors and production technology。These emerging economic activities are regarded as the category of the real economy，helps to form new productive forces。

Both Marx and Hayek use the concept of "virtual capital" to summarize the nature of the stock，Difference，Also recognized that equity pricing is the capitalization of income flow。Mainstream Western economics also emphasizes the difference between real investment and financial investment，It is believed that only when savings are transformed into investment，Only in order to promote fixed capital formation and transform into actual investment，Buy bonds、Financial investment in stocks still belongs to the category of savings。Here Western economists will stock stocks、Division of financial investment and actual economic activities is necessary，The term "virtual" corresponding to "actual" should be the most appropriate expression。According to Marx virtual capital theory，Everyone can accommodate foam、The fields of accommodation are all the areas where the virtual economy needs research，Finance is the normal field of speculation，This becomes the main area of ​​virtual economic research。Although financial activities are not all virtual economies，But usually with more virtual economy components。

Social psychological factors are the most influential features of the virtual economy operation。Although the value of assets such as stocks and bonds is affected by various factors，But the expected psychological factors are easy to form social psychology and from public psychology，group behavior supporting bet365 best casino games the number of currency support。Psychological expectations can directly create income，The only condition is whether the buyer has enough funds to achieve the "value" of the specified objects。So，Finance can use innovative technology、Repeated transaction、Currency issuance、Asset price expansion、Ponzi debt and other means to create currency income，But this self -proliferation that deviates from the real economy is just surface value proliferation，The wealth obtained by its empty rotation behavior is virtual。Another，Due to the pricing mechanism、Operating constraints、Innovation drive、Different production cycle and currency transaction speed，The virtual economy can be profitable quickly，and the income is much higher than the real economy。If financial innovation is the same as technology innovation，Direct motivation to become economic growth，Many intermediaries contained in them、Economic activity of empty rotation，Asset price bubble expanded intermediate income、The intermediary fees generated by each other will be recorded in personal income and then plus into GDP，As a result, GDP cannot truly reflect the level of material production and economic status，and there are hidden dangers of financial risks。

　Realize the high -quality financial development in Guizheng Innovation

Promote the high -quality development of finance，It is to advocate the innovative innovation of the financial service real economy。The financial system includes banking system、Currency Market、Capital market and foreign exchange market，Fund flows into the real economy and virtual economy through these markets。Flow of funds into the real economy，Capital cycle through currency capital、Production Capital Cycle、Commodity capital cycle，Value proliferation of industrial capital，is the overall process of the real economy cycle。The real economy is the bet365 live casino games foundation of a country's economy，is the fundamental source of wealth creation。Important content and main performance as an increase in productivity level，The development of the real economy is the actual basis for the long -term high -quality and sustainable development of social wealth，It is a solid guarantee for realizing human freedom and comprehensive development。So，The real economy is the foundation of finance，Financial services Real economy needs to continuously innovate financial products，Improve the quality of financial services，Meeting the diversification of the real economy、Personalized financial needs。

Inner logic of self -proliferation from the real economy，Finance's excessive expansion from the real economy has left a large number of social funds in the financial market self -circulation (air rotation)，instead of entering the real economy field that is mainly based on actual production activities，Production in social reproduction、allocation、exchange、The overall cycle of consumption is not smooth，Obstructing the development of the real economy。When funds flow into the virtual economy field，The logic of the virtual economic proliferation is that no need to invest in the production process，Just stay in the capital market or foreign exchange market、The currency market realizes self -circulation and proliferation，Then get income、Differential price，As a result, the surface value proliferation，Its benefits are the division of the profit of industrial capital。Visible，The virtual economy can gain more income through the self -proliferation of capital，and the income of the real economy must go through the entire production link，So capital is more inclined to inflow into the virtual economy field。At the same time，A large amount of capital bypasses industrial capital，Take the form of virtual capital bet365 best casino games to engage in leverage transactions and speculation activities，Promote the blind expansion of financial assets、High debt scale，Constantly accumulate financial risks，Finally trigger a systemic financial crisis。

Therefore，The road to financial development with Chinese characteristics is to advocate finance to serve the real economy，instead of promoting the economic virtualization of "giving money with money"，It is designed to build a market resource efficiently，Modern financial system with Chinese characteristics that can effectively control financial risks。

　　Effectively improve the ability and level of serving the real economy

With financial functions from investment and financing to risk management，Maximizing profitability should not be the only criterion for financial efficiency evaluation。Finance is stock、Speculation of bonds and derivatives Investment financing is just pursuing currency income，for a chip、High -tech industrial investment financing represented by the operating system，can truly reflect its financing efficiency。The real economy is the bet365 live casino games foundation of a country's economy，What is more important to make a profit than financial activities is supporting and driving the development of the real economy，Otherwise, the value created by economic activities is just virtual value，The systemic risk brought by it will only accelerate accumulation，until the economic and financial crisis is detonated。International experience has been profoundly indicated，"Realization and False" will lead to excessive hollowization of the real economy of the country，Then weaken its ability to resist risk。Since the 18th National Congress of the Communist Party of China，my country strives to prevent and resolve financial risks，Overcoming the economy to escape from reality，Focus on solving non -performing asset risks、Bubble risk and other questions。The 20th National Congress of the Communist Party of China further points Bet365 lotto review out，To "persist in focusing the focus of the economy on the real economy，Promote the new type of industrialization "。Accelerate the construction of a modern industrial system supported by the real economy，It is the urgent need for the foundation of the material technical foundation of the state of modernization，For high -quality development、Promoting Chinese -style modern construction is of great significance，But the premise is that the relationship between the virtual economy and the real economy must be properly handled。In the process of accelerating the construction of a strong country，We must resolutely curb the tendency of "getting rid of reality"，Also follow the financial law。This is the basic requirement for finance to better serve the real economy，It is also the core standard of financial efficiency evaluation。

For this，We should re -consider the evaluation criteria for financial efficiency，Based on the profitability of financial institutions to ensure its own development，Guide finance to effectively and effectively support the development of the real economy。Scientific and effective evaluation standards for supervision financial institutions，Maintain the steady operation of the financial market，Effective improvement of the ability and level of serving the real economy。On the one hand，Deepen the structural reform of the financial supply side，Putting the service real economy in the primary position，Build a long -term mechanism for financial effects to effectively support the real economy，Active cycle of mutual promotion of modern finance and the real economy。On the other hand，Accelerate the establishment of a complete and effective modern financial regulatory system，Improve financial risk prevention、Early warning and disposal mechanism，All types of financial activities are included in supervision，Find the bet365 Play online games bottom line that does not occur without systemic financial risks，To accelerate the construction of a financial strong country to consolidate the security foundation。

　(The author is the director of the Virtual Economy and Management Research Center of Nankai University、Professor)