The contemporary monetary and financial system includes banks、Securities、Insurance and Everything Pricing、Value Assessment、Risk Assessment、Asset disposal and other activities。They perform more than just monetary functions，Also continue to develop and deepen new functions of allocating resources and allocating risks through funds。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 allocating resources，Second, adhere to the correct orientation of financial policy。Finance originates from the financing needs of the real bet365 sign up bonus code，The basic purpose of allocating funds in the financial system is to serve and support the development of the real bet365 sign up bonus code。So，Serving the real bet365 sign up bonus code is an important function and basic principle determined by the essential attributes of finance as a value standard。

　　Finance deviates from the real bet365 sign up bonus code and only creates virtual wealth

There are multiple translations of the term virtual bet365 sign up bonus code: first，Fictitious bet365 sign up bonus code refers to "fictitious capital" securities that mainly rely on financial platforms、Futures、Various activities such as options；Second，Virtual bet365 sign up bonus code refers to economic activities carried out using "information technology" as a tool；Third，Visual bet365 sign up bonus code refers to visual economic activities using “computer simulation”。Among them，The connotation of Fictitious bet365 sign up bonus code is consistent with the concept of Fictitious Capital in Marx’s Capital，Revealing the connotation and essence of virtual bet365 sign up bonus code。Virtual bet365 sign up bonus code and Visual bet365 sign up bonus code refer to emerging economic activities such as the digital bet365 sign up bonus code and network bet365 sign up bonus code represented by "information technology"，Reflecting the deep division of labor in society、Refined industry classification、Different forms of actual goods and services under changes in production factors and production technology。These emerging economic activities are regarded as the category of the real bet365 sign up bonus code，Contribute to the formation of new productive forces。

Both Marx and Hayek used the concept of "fictitious capital" to summarize the nature of stocks，Used to distinguish the difference between capital actually producing products and equity representation，It is also recognized that equity pricing is the capitalization of income streams。Western mainstream economics also particularly emphasizes the difference between real investment and financial investment，Think that only when savings are converted into investments，In order to promote the formation of fixed capital and convert it into actual investment，And buy bonds、Financial investments such as stocks still belong to the category of savings。Here Western economists refer to stocks、It is necessary to distinguish financial investment from actual economic activities，The word "virtual" corresponding to "actual" should be the most appropriate expression。Based on Marx’s virtual capital theory，Anything that can accommodate bubbles、Fields that accommodate speculation are all areas that need to be studied in the virtual bet365 sign up bonus code，Finance is a normalized area of ​​speculation，This has become the main field of virtual bet365 sign up bonus code research。Although financial activities are not all virtual bet365 sign up bonus code，But it usually has more elements of virtual bet365 sign up bonus code。

Social psychological factors are the most influential features of virtual bet365 sign up bonus code operation。Although the value of assets such as stocks and bonds is affected by many factors，But psychological factors such as expectations can easily form social psychology and herd mentality，Thus forming a group behavior supported by monetary quantity。Psychological expectations can directly create profits，The only condition is whether the buyer has enough funds to realize the "value" of the subject matter。Therefore，Finance can be achieved through innovative technology、Duplicate transaction、Additional currency issuance、Asset price inflation、Ponzi debt and other means to create monetary income，But this kind of self-expansion that deviates from the real bet365 sign up bonus code is just an increase in superficial value，The wealth gained from idling is virtual。Also，Due to pricing mechanism、Operational constraints、Innovation driven、Differences in production cycles and currency transaction speeds，Virtual bet365 sign up bonus code can make quick profits，And the income is much higher than that of the real bet365 sign up bonus code。If financial innovation is the same as technological innovation，Become a direct driving force for economic growth，Many intermediaries included、Idle economic activities，Intermediate income from the expansion of asset price bubbles、Intermediary fees generated from mutual transactions will be recorded in personal income and then included in gross domestic product (GDP)，As a result, GDP cannot truly reflect the level of material production and economic conditions，And there are financial risks。

　Achieving high-quality bet365 sign up bonus code development while adhering to integrity and innovation

Promote high-quality financial development，To advocate integrity and innovation in financial services for the real bet365 sign up bonus code。The financial system includes the banking system、Currency Market、Capital market and foreign exchange market, etc.，Funds flow into the real bet365 sign up bonus code and the virtual bet365 sign up bonus code through these markets。Funds flowing into the real bet365 sign up bonus code，Through the circulation of money capital、Production Capital Cycle、Commodity capital circulation，Formation of value appreciation of industrial capital，It is the overall process of the real economic cycle。The real bet365 sign up bonus code is the foundation of a country’s bet365 sign up bonus code，Is the fundamental source of wealth creation。As an important content and main manifestation of improving productivity，The development of the real bet365 sign up bonus code is the actual foundation for the long-term, high-quality and sustainable development of social wealth，It is a solid guarantee for realizing human freedom and all-round development。So，The real bet365 sign up bonus code is the basis for financial operations，Financial services to the real bet365 sign up bonus code require continuous innovation of financial products，Improving the quality of financial services，Meet the diversification of the real bet365 sign up bonus code、Personalized financial needs。

Due to the inherent logic of independent growth from the real bet365 sign up bonus code，The excessive expansion of finance away from the real bet365 sign up bonus code has left a large amount of social funds trapped in the financial market for self-circulation (idling)，Without entering the real economic field that is mainly based on actual production activities，Production leading to social reproduction、Assignment、Exchange、The overall consumption cycle is not smooth，Hindering the development of the real bet365 sign up bonus code。When funds flow into the virtual bet365 sign up bonus code，The logic of virtual economic growth is that it does not need to be put into the production process，Just stay in the capital market or foreign exchange market、The money market realizes its own cycle and proliferation，And get income、Price difference，Thus obtaining superficial value increase，The income is the division of industrial capital profits。Visible，Virtual bet365 sign up bonus code can gain faster returns through self-propagation of capital，The benefits of the real bet365 sign up bonus code must go through the entire production process，So capital is more inclined to flow into the virtual bet365 sign up bonus code。At the same time，A large amount of capital bypasses industrial capital，Use the form of fictitious capital to engage in leveraged trading and speculation，Promote the blind expansion of financial assets、High debt scale，Continuous accumulation of financial risks，Ultimately triggering a systemic financial crisis。

Therefore，To pursue the path of financial development with Chinese characteristics is to advocate finance to serve the real bet365 sign up bonus code，Instead of promoting the economic virtualization of “making money with money”，Aims to build a structure that can efficiently allocate market resources，A modern financial system with Chinese characteristics that can effectively control financial risks。

　　Effectively improve the ability and level of serving the real bet365 sign up bonus code

As the financial function changes from investment and financing to risk management，Profit maximization should not be the only criterion for financial efficiency evaluation。Finance for stocks、Speculation and speculation in bonds and derivatives, investment and financing are just pursuit of monetary income，For the chip、High-tech industrial investment and financing represented by operating systems，In order to truly reflect its financing efficiency。The real bet365 sign up bonus code is the foundation of a country’s bet365 sign up bonus code，What is more important than the profitability of financial activities is supporting and driving the development of the real bet365 sign up bonus code，Otherwise the value created by economic activities is nothing but virtual value，The resulting systemic risks will only accelerate their accumulation，Until it triggers an economic and financial crisis。International experience has profoundly shown that，“Shifting from the real to the imaginary” will lead to excessive hollowing out of the country’s real bet365 sign up bonus code，Thus weakening its ability to resist risks。Since the 18th National Congress of the Communist Party of China，my country strives to prevent and resolve financial risks，Overcome the tendency of the bet365 sign up bonus code to shift away from reality and toward virtual reality，Focus on solving the risks of non-performing assets、Bubble risk and other issues。The report of the 20th National Congress of the Communist Party of China further pointed out，We must “insist on focusing our economic development on the real bet365 sign up bonus code，Promote new industrialization”。Accelerate the construction of a modern industrial system supported by the real bet365 sign up bonus code，It is an urgent need to strengthen the material and technological foundation of a modern country，To promote high-quality development、Promoting Chinese-style modernization is of great significance，But the premise is that the relationship between the virtual bet365 sign up bonus code and the real bet365 sign up bonus code must be correctly handled。In the process of accelerating the construction of a manufacturing power，We must resolutely curb the tendency of "turning away from reality and turning to fiction"，We must also follow financial rules。This is the basic requirement for finance to better serve the real bet365 sign up bonus code，It is also the core standard for financial efficiency evaluation。

　For this purpose，We should rethink the evaluation criteria of financial efficiency，Focus on the profitability of financial institutions to ensure their own development，It also guides finance to effectively support the development of the real bet365 sign up bonus code。Supervise the behavior of financial institutions with scientific and effective evaluation standards，Maintaining the sound operation of financial markets，Effectively improve the ability and level of serving the real bet365 sign up bonus code。On the one hand，Deepen financial supply-side structural reform，Put serving the real bet365 sign up bonus code in the first place，Building a long-term mechanism for finance to effectively support the real bet365 sign up bonus code，Achieving a virtuous cycle of mutual promotion between modern finance and the real bet365 sign up bonus code。On the other hand，Accelerate the construction of a complete and effective modern financial regulatory system，Improve financial risk prevention、Early warning and disposal mechanism，Bring all types of financial activities under supervision according to law，Firmly hold on to the bottom line of preventing systemic financial risks，To accelerate the construction of a financial power and lay a solid foundation for security。

　(The author is the director of the Virtual bet365 sign up bonus code and Management Research Center of Nankai University、Professor)