On The Role Of Virtual Economy On Real Economy

Since the 2008 financial crisis in the United States,the global economic recovery has been sluggish,China's economic growth rate has slowed down,the monetary policy effect is not obvious,the economic operation of high leverage,high debt,economic bubble and a series of economic problems have aroused the high attention of the society.The word "virtual economy" frequently appears in people's perspective and scholars' research,and the phenomenon of "shifting from real economy to virtual economy" and "abandoning real economy to virtual economy" appears in the economy.The dialectical relationship between virtual economy and real economy attracts the attention of economists and the government.The report to the 19th national congress of the communist party of China(CPC)pointed out that we should deepen reform of the financial system,enhance the financial sector's ability to serve the real economy,increase the proportion of direct financing,and promote the healthy development of the multi-tiered capital market.Several central economic work conferences also emphasized preventing financial risks,and proposed that finance should serve the supply-side reform and promote the virtuous circle between the virtual economy and the real economy.This points out the direction for the collaborative development of virtual economy and real economy.The essence of capital is profit-seeking,and the level of profit determines the flow of capital.Since the 1980 s,the degree of financial freedom has been increasing,and virtual capital has been developing rapidly.After the us dollar left the gold standard,the floating exchange rate increased the uncertainty and risk of financial market.The development of international finance has strengthened the links between countries and financial institutions around the world,and the rapid development of Internet information technology has accelerated the economic "virtualization".China's deepening reform and opening up have promoted institutional reform,technological innovation and the optimization of human resources education.The deepening of the reform of the financial system and the innovation of financial products have accelerated the flow of financial capital and exerted a profound impact on economic development.In the real economy,the capital turnover time is long and the rate of return is low,while in the virtual economy,the capital turnover time is short and the rate of return is high,which makes the virtual economy far more attractive to capital than the real economy.While the virtual economy attracts a large amount of idle capital,it also attracts industrial capital in the real economy,which not only leads to the problem of financing difficulty and high financing cost in the real economy,but also leads to the continuous depletion of available resources in the real economy.In recent years,the phenomenon of "shifting from real to virtual" and "separating the real from the real" in economic operation has squeezed the living and development space of the real economy and become one of the reasons for the slowdown of economic growth and the increase of financial risks,which is not conducive to the sustained,healthy and steady development of the economy.Therefore,it is of great significance to enhance financial services to the real economy.Rapid development of the virtual economy has been squeezing the real economy living space,how to make the virtual economy better serve the real economy is the focus of the current financial reform and innovation.Fictitious economy is not born out of thin air,it is the product after real economy develops to certain level,it is the new economic system that derives from real economy,it is the inherent demand of real economy development.At the same time,the emergence of virtual economy is irreversible,although it has a bad impact on the real economy,but also can not "abandon the virtual reality".First,the real economy is the foundation of the virtual economy,and serving the real economy is the fundamental ideological purpose of the development of the virtual economy.The development of virtual economy is conducive to the optimization of resource allocation in the real economy,which is a way to realize financing demands and meet the needs of large-scale capital in the development of the real economy.Second,virtual economy relative to the real economy and independent existence.With the increasing types of financial derivatives,the virtual economy keeps growing,and the virtual economy gradually breaks away from the real economy to pursue its own value-added and promote economic development.However,the alienation of the virtual economy restricts the development of the real economy.After absorbing a large number of various resources,the virtual economy produces "crowding out effect" on the real economy.Third,the relationship between virtual economy and real economy is the unity of opposites and collaborative development.The two are the development model of "the two wheels of a car and the two wings of a bird".Virtual economy not only includes all kinds of financial derivatives in the financial industry,but also involves a series of speculative economic behaviors after the contract,financialization and securitization of bulk commodities,real estate and intangible assets.Virtual capital itself does not have value,it expresses only paper wealth,its value is built on the basis of credit.Virtual economy pays expected returns to capital owners in accordance with the contract,which is a kind of economic activity in which the right to use capital is divvied from capital owners and transferred to others after being contracted and financialized,thus creating the economic illusion of "making money with money".Financial assets are the bridge and link between real economy and virtual economy.Financial products and contracts are adopted to realize the transformation of assets between real economy and virtual economy.From the perspective of obtaining social funds,the more contracts issued by those in the virtual economy and the real economy are converted into financial assets,the more funds they will get.Thus,the emphasis of analyzing the dialectical relationship between real economy and virtual economy should be the "financialization" of assets.The current structure of the national economy there are many imbalances: imbalance in the virtual economy and real economy and real economy internal imbalance between supply and demand of capital supply and the real economy and virtual economy capital demand imbalances,these imbalances eventually lead to the real economy lose vitality,fail to attract capital inflows,capital mainly into the virtual economy and idling in capital market,constantly pushing the financial leverage.Capital available to the real economy continues to decline and shrink.How to address this imbalance? An important aspect of deepening the supply-side structural reform is to guide capital to enter the real economy,allocate resources through the virtual economy,and make up for the funding gap in the real economy in terms of technological innovation and industrial optimization and upgrading.Enterprises are encouraged to issue equity financing and other forms of financing to reduce the financing costs of the real economy through "deleveraging",so as to promote the development of the real economy.In the market economy,the relationship between the real economy and the virtual economy should be a collaborative development model of "the two wheels of a car and the two wings of a bird".Virtual economy is the internal demand of the development of real economy,and the real economy is the solid foundation of the development of virtual economy.From the perspective of the development history of virtual economy,after the virtualization of credit and monetary capital,with the help of Internet technology,the development speed of virtual economy exceeds that of real economy.The essence of capital is to maximize profits,which leads to the rapid growth of its self-value,leading to a serious tendency of "shifting from real to virtual" economy.However,the real economy is the foundation of the development of the virtual economy.When the virtual economy and the real economy have serious deviation,it will lead to a serious economic bubble,and even induce economic crisis.From the perspective of reality,every development and innovation of virtual economy is based on the development of real economy.When the return rate of real economy capital is lower than the return rate of virtual economy capital,the profit-seeking capital will withdraw from the real economy and put into the virtual economy,and the multiplier effect of capital withdrawal leads to the continuous reduction of available capital in the real economy,and the phenomenon of "moving from real to virtual" appears in the economy.Virtual capital idles in the financial market but does not enter the real economy.This shows the tear of fictitious economy and real economy is inevitable.But this kind of tear is temporary,it is a kind of concomitant phenomenon in fictitious economy development process.The imbalance between the development of the virtual economy and the real economy leads to frequent economic crises.At this time,the adoption of loose money cannot fundamentally solve the economic crisis,because the new money is affected by the high rate of return of the virtual economy and enters the virtual economy,which does not help the development of the real economy.With the virtual economy and the real economy badly torn apart,loose monetary policy will only deepen the split.From the perspective of long-term economic development,virtual economy and real economy are a kind of long-term coexistence,dialectical and unified relationship.While developing fictitious economy,accelerate the development of real economy.When the development of real economy is blocked,the development of real economy should be promoted by virtual economy.Encourage corporate capital to appreciate itself without having to exist independently of the real production cycle.This article first to define the scope of the research of virtual economy and real economy,build a research framework of this article,and then clarify the dialectical principle of the virtual economy and real economy,the real economy is the foundation of virtual economy and virtual economy is the product of the entity economy development to a certain degree,between the two should be a "double of the car,a bird's wings" development pattern.This paper argues that direct financing promotes the development of real economy,and finance has the function of "leverage force".However,when the virtual economy overdevelops,it will also have a bad influence on the real economy.This paper discusses the influence of the virtual economy on the real economy in the phenomenon of "moving from the real economy to the virtual economy" and "separating the virtual from the real economy",and puts forward the conclusion that the excessive development of the virtual economy will cause the economic crisis.Finally,it puts forward the strategy of dialectically grasping the development of virtual economy and real economy.