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International Conference on Engineering and Business Management (EBM 2010 PAPERBACK)

Chengdu,China,China,3.24-3.26,2010

ISBN: 978-1-935068-05-1 Scientific Research Publishing, USA

Paperback 6066pp Pub. Date: March 2010

Category: Engineering

Price: $280

Title: US Subprime Mortgage Crisis: Implications For Chinese Financial Innovation
Source: International Conference on Engineering and Business Management (EBM 2010 PAPERBACK) (pp 4078-4080)
Author(s): Chunhua Zhang, PhD. Candidate of School of Management, Wuhan University of Technology, Wuhan, P.R. China, 430070 ;School of Accounting college, Jiangxi University of Financial Economic, Nanchang, P.R.China, 330013
Abstract: Abstract：This article analyzes the key reason why excessive financial innovation caused US subprime mortgage crisis and points out that any financial innovations shall not only satisfy the real and effective market requirement but also abide by investors’ basic benefit. In addition, the financial innovation must match relevant financial supervision and management. This article figures out that it is not necessary for China to give up financial innovations because of the problems in US and western countries and then becoming a world trend, which resulted in the reform of traditional business of financial institutions and obscurity of business scope of varied financial institutions. It not only sharpened the competitiveness in financial industry but also promoted the process of financial globalization. Financial innovation also increased allocating efficiency of rare resource in the world and reduced the capital lending expenses to the largest extent, which promoted financial policies. China shall not copy these problems in Chinese financial systems. Based on the complete comparison of economic growth patterns between China and America, this article points out that the problems in US financial system is excessive innovations, and on the other hand Chinese problems are short of financial innovations. It says that China must step up the financial service innovation for Chinese economic entity to the largest extent in accordance with the requirements of Chinese economic development stage
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