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Guo Tiecheng:Economic Risks and Policy Guard
Update:Apr 24th, 2013

Success of innovative attempts will create great economic benefits, otherwise great economic risks.


At the age of knowledge-based economy, innovation has become a dominant factor in human production. All arms of the economy and society are involved in major innovation initiatives. Therefore, the risk of innovation failure is not confined to specific enterprises, but can reach the entire industry, even leading to economic downturn and social instability.


The socio-economic causes for innovation risks are four-fold: excessive subsidies; industrial rejection; financial bubble and innovation depreciation.


To guard against the economic risks of innovation, traditional innovation policies need to be improved. Firstly, the market policy should be R&D-oriented; secondly, the combination of policies need to be paid attention to in the formulation of industrial policies; thirdly, R&D policies must lay focus on the layout of scientific research and fourthly, financial policies should be based on the real economy.


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