Standardizing Corporate Governance and Stimulating Innovational Development of Financial Industries

摘要

The world economy is an integrated component today, thus the global economic recession brought about by US financial industrial crisis has already been touching every corner on the earth. Most people have attributed the global economic crisis to the US financial innovations, liberalizations and the spreading of financial crisis in Europe and America, as well as around the world. Of course, those people their criticisis have their own grounds. However, the indisputable fact is that innovations in the financial sector in US since the early 1970s has greatly stimulated the rapid growth of US economy and financial industries. In contrast, the weak development of China's financial system, particularly in local level, has led to difficulties for China to deepen its economic reform and development in regions. The corporate governance of China's financial industries have not yet been perfect, there are lacking of incentive mechanisms for financial innovation in China. In order to maintain the stability of financial industries and keep a sustained economic growth in China, the best way is to standardize corporate governance of financial industry and promote innovations among financial sector.