國家與市場應共同推動創(chuàng)新

Innovation and technology are key to lifting billions of people out of poverty and to solving the existential challenges facing our world. For the past decade, large investments and innovation in renewables and electric vehicles by the state and private companies are paving the way for a much less polluted world and the last age of oil. Technology creation and innovation such as artificial intelligence, big data and robotics are key for sustained growth — and the world needs more innovation. 要讓數(shù)十億人脫離貧困，解決當今世界面臨的生存挑戰(zhàn)，創(chuàng)新和科技是關鍵。過去10年，國有企業(yè)和私營企業(yè)對可再生能源和電動汽車的大量投資和創(chuàng)新，正在為更清潔的世界和最后的石油年代鋪路。人工智能(AI)、大數(shù)據(jù)和機器人等科技創(chuàng)造和創(chuàng)新是持續(xù)增長的關鍵——世界需要更多創(chuàng)新。

For the past 15 years, we have seen an impressive rise in technologies created in emerging Asian economies. Measured by the number of patents granted in the US, the “Asian Miracles” are already contributing more than the major European economies to global technological progress. China’s patents granted in the US went from about 100 in 2000 to over 8,000 in 2015, more than the UK or France (about 6,500 in 2015). 過去15年，我們看到亞洲新興經(jīng)濟體的技術創(chuàng)新顯著增長。以在美國獲批專利數(shù)量衡量，“亞洲奇跡”對全球技術進步的貢獻現(xiàn)在已經(jīng)超過了主要歐洲經(jīng)濟體。中國在美國獲批專利數(shù)量從2000年的大約100項增加到2015年的逾8000項，超過英國和法國(2015年約為6500項)。

Such an advance in technology creation is of benefit to all economies, encouraging innovation and competition, as well as promoting growth and standards of living. In other words, emerging Asia no longer fits the standard growth storyline of FDI inflows and low costs of production. It is also becoming the region of dynamism, entrepreneurship and ingenuity. 這種技術創(chuàng)新進步對所有經(jīng)濟體都有好處，不僅鼓勵創(chuàng)新和競爭，還促進增長和提高生活水平。換言之，新興亞洲不再適合外國直接投資流入和低生產(chǎn)成本的標準增長模式。亞洲正成為一個充滿活力、創(chuàng)業(yè)與創(chuàng)新的地區(qū)。

In financing innovation, angel investors, venture capitalists and private equity firms sift through new technologies and young companies, invest in them and attempt to create value for both investors and society at large. Silicon Valley is celebrated as the epicentre of innovation and risk-taking but perhaps even more so is Boston, where difficult and risky R&D in biopharma takes place. 在投資創(chuàng)新方面，天使投資人、風險投資公司以及私募股權公司篩選出新技術和新公司進行投資，努力不僅為投資者自身，也為社會創(chuàng)造價值。硅谷被譽為創(chuàng)新和冒險的中心，不過波士頓可能更名副其實，因為這里進行著困難又風險重重的生物醫(yī)藥研發(fā)。

In 2015, less than 20 per cent of total US venture capital went to biopharma, compared with about 45 per cent in internet companies, mostly in California. About 60 per cent of biopharma start-ups are led by PhDs bringing cutting-edge science to the market compared with about 6 per cent for internet start-ups. The total US venture capital funding of about $50bn-$60bn is dwarfed by the flows in financial markets while risky ventures in key fields suffer from a lack of early-stage financing. 2015年，美國風險投資總額中只有不到20%流向生物制藥領域，而有約45%的投資流向互聯(lián)網(wǎng)公司，這些互聯(lián)網(wǎng)公司大多數(shù)位于加利福尼亞州。大約60%的生物制藥初創(chuàng)公司由博士領導，將尖端科技帶入市場，而互聯(lián)網(wǎng)初創(chuàng)公司的這一比例僅為6%。美國風險投資總額為500億到600億美元，這與金融市場的資金流相比相形見絀，而關鍵領域的風險投資卻面臨著缺乏早期資金的窘境。

When the state intervenes, the usual suspect of failed support (for instance, for the US solar producer Solyndra) springs out but the support received by Tesla from the same programme is less publicised. 當政府出手扶持時，人們通常會因為過去的失敗案例(如政府對美國太陽能電池板制造商Solyndra的支持)而心生懷疑，但特斯拉(Tesla)從同一項目中獲得的國家扶持卻不那么為公眾所知。

To promote innovation, we need both the state and the market. Mariana Mazzucato has argued in her bestseller The Entrepreneurial State that most of the cutting-edge technologies that the iPhone has were funded by public programmes. Of course, Apple’s role should not be underestimated. We need more companies putting technologies together to create path-breaking products and services. I believe we will see more of these groups coming from Asia. 推動創(chuàng)新，國家和市場缺一不可。瑪麗安娜•馬祖卡托(Mariana Mazzucato)在其暢銷書《企業(yè)型政府》(The Entrepreneurial State)中寫道，iPhone使用的大多數(shù)尖端科技都是由公共項目資金支持的。當然，不應低估蘋果(Apple)的作用。我們需要更多的公司將科技組合起來，創(chuàng)造出突破性的產(chǎn)品與服務。相信我們會看到亞洲出現(xiàn)更多這樣的企業(yè)。

In fact, China’s recent initiative “Made in China 2025” in promoting the creation of key technologies should encourage Chinese companies and entrepreneurs to innovate. Technology creation by domestic companies is key to escaping the middle-income trap as argued in the IMF working paper The Leap of the Tiger by Reda Cherif and Fuad Hasanov. 實際上，中國最近啟動了推動關鍵技術創(chuàng)新的“中國制造2025”計劃，該計劃將鼓勵中國企業(yè)和企業(yè)家創(chuàng)新。正如里達•謝里夫(Reda Cherif)和福阿德•哈桑諾夫(Fuad Hasanov)在國際貨幣基金組織(IMF)的工作報告《虎躍》(The Leap of the Tiger)中論述的那樣：國內企業(yè)的科技創(chuàng)新是擺脫中等收入陷阱的關鍵。

The continued focus of the Asian economies on innovation and technology creation is not only beneficial to society but also to global markets and investors. As more innovative companies come out from Asia, more competition and innovation will provide opportunities for investors. We see many large hedge funds active globally but, unfortunately, we do not see as many funds playing the role of a big angel investor or a venture capitalist investing in path-breaking innovation from all over the world. 亞洲經(jīng)濟體對創(chuàng)新和科技創(chuàng)造的持續(xù)關注不僅有益于社會，還有益于全球市場與投資者。隨著亞洲涌現(xiàn)更多的創(chuàng)新企業(yè)，更多的競爭與創(chuàng)新也將為投資者提供機遇。全球活躍著很多大型的對沖基金，但很遺憾，在全世界范圍內，都看不到多少基金作為大型天使投資人或風險投資者投資突破性創(chuàng)新。

The huge bets on dubious financial instruments that led to the global financial crisis should make us question our approach to investing. Early investment in innovative companies stemming from hard science may not be such a risky proposition after all. If the market does not provide enough support to young innovative companies, the state should provide support as it does in most advanced economies. Perhaps the creation of public venture capital funds would encourage the market to create more private funds. 全球金融危機是對不可靠金融工具下重注的惡果，這應該讓我們反省投資策略。對于托生于硬科學的創(chuàng)新企業(yè)的早期投資，可能根本就沒有那么高的風險。如果市場無法對新生的創(chuàng)新企業(yè)給予足夠的支持，就應該效仿大部分發(fā)達經(jīng)濟體，由國家來提供支持。也許創(chuàng)立公共風險投資基金能夠鼓勵市場建立更多的私人基金。

Joseph Stiglitz and Bruce Greenwald in their book Creating a Learning Society 約瑟夫•斯蒂格利茨(Joseph Stiglitz)和布魯斯•格林沃爾德(Bruce Greenwald)在他們的著作《創(chuàng)造學習型社會》(Creating a Learning Society)中寫道：發(fā)展中經(jīng)濟體與發(fā)達經(jīng)濟體的區(qū)別在于知識上的鴻溝?？萍寂c創(chuàng)新能夠創(chuàng)造奇跡，在發(fā)展中經(jīng)濟體也是如此。國家與市場就像鳥的兩翼，只有兩翼齊振才能翱翔藍天。

argue that the gap in knowledge differentiates developing from advanced economies. Technology and innovation, including in developing economies, can create miracles. The state and the market are the two wings of the same bird and it takes both to fly. 本文作者是清華大學國家金融研究院院長、國際貨幣基金組織前副總裁

Min Zhu is the chair of the National Institute of Financial Research at Tsinghua University, Beijing, and a former deputy managing director of the International Monetary Fund