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Innovation Capital Formation: Primary Objective and Construction of “Two Areas” |
HU Yao-ting1, CHEN Zuo-hua2 |
1.Research Institute of Shenzhen Stock Exchange,Shenzhen,Guangdong,518038; 2.School of Accounting, Shandong University of Finance and Economics,Jinan,Shandong, 250014 |
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Abstract At present, international trade frictions keep flaring up and are likely to continue for a long time to come. Destabilizing factors affecting global economic growth are on the increase. China’s economy is facing great challenges in the process of shifting to high-quality development. In recent years, the CPC central committee has launched two national strategies, namely, the construction of Guangdong-Hong Kong-Macao Greater Bay Area and the pilot demonstration area for socialism with Chinese characteristics (hereinafter referred to as the “two areas”), as major plans for implementing the strategy of innovation-driven development. The primary objective of the construction of the “two areas” is to cultivate the Guangdong-Hong Kong-Macao Greater Bay Area and Shenzhen as an innovation capital formation center. Currently, this region is pretty well-prepared for this objective in terms of economy, human resources, and innovation capacity, and also has an edge in policy and institution, and advantages of being a financial hub. To build a world-leading innovation capital formation center, it is necessary to construct a transparent, open, dynamic and resilient multi-level capital market, to accelerate the reform of Chinext and launch pilot projects in the registration system of IPO Stocks, promote the development of the venture investment market, to a first-class ecosystem for innovative capital, to steadily open up the market, and to push forward the connectivity and factor integration within the “two areas” region.
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Received: 06 January 2020
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