The anniversary of the gem

The gem has been established for one year. This year, the gem is the star of the economy, is the star of the stock market, but also the star of society. is a star, nature will have a lot of "gossip" and "Gossip News", shareholder wealth, senior management turnover, excess funds idle, PE corruption, high valuation bubbles, illusory high growth, the gem has become a media scramble to report the object.　　So, the gem played its due role, or just become a circle of money, rich, cash, corruption tools? According to statistics, in one year, 123 companies landed on the gem, raised 84.132 billion yuan, of which more than 50% for the super raise funds, made 400多位亿万 rich.　　Raise so many funds, greatly exceed the normal production and operation needs of enterprises, enterprises can be reasonable use, will not squander waste, or even corruption? Let's take a look at the world's most successful gem Nasdaq. In order to encourage enterprises to innovate and support the early survival and development of enterprises, Nasdaq fully market-oriented listing, as long as the investment banks are willing to underwrite and enough investors willing to buy, even if only business plans and has not generated revenue, profits, companies can also be listed to raise funds,　　This led to a large number of social funds, especially the various PE into the stock market, the hottest high-tech companies and network companies, and even a large number of burning money in exchange for clicks and other indicators, so as to be able to issue high prices. Although the bursting of the dotcom bubble in 2001 hit stock investors, PE investors and many High-tech companies, the bubble, which lasted several years, has contributed to the rapid growth of the High-tech and it industries in the US and around the world, thanks to the huge influx of talented people into these industries,　　These industries and major products can quickly break through the key technology in the short term, reduce manufacturing costs, organize large-scale production, so that the widespread popularization and application, greatly promote the scientific and technological progress, improve social efficiency. Under normal circumstances, in the enterprise management decision based on cost-benefit accounting, many research and development decisions and technology innovation are often abandoned by enterprises because of their high risk and long cycle, which is the normal embodiment of market economy principle. Only by relying on the "visible hand" of the government to make planning, clear guidance, preferential policies and subsidies in advance can we speed up the promotion of technological progress and independent innovation.　　And the gem, has greatly helped the government this "visible hand" quickly play a role. The Government's planning and policy guidance will lead to overvalued values in the stock market, through the rapid listing of small enterprises in the gem, the high valuation of the stock market is smoothly transferred to the real economy, resulting in funds, talent and other resources quickly into the government-encouraged industries, thus driving the rapid development of these industries. In this way, with the help of the gem, the Government has achieved the guiding effect, with a small amount of subsidy funds to drive a large number of social funds, and ultimately achieve the strategic industry ultra conventional development purposes.　　And the market cycle is long, the threshold is high, the motherboard can not play this role. Nasdaq has played a major role in the economic restructuring and technological progress of the United States, and the significance of today's gem to China's economyMaybe even more important. The current Chinese economy is facing the internal and foreign problems such as export decline, exchange rate war, real estate regulation, labor cost rising and so on, only by adjusting the economic structure, vigorously developing consumption and domestic demand, and developing strategic emerging industries in a unconventional way, can we solve the problem facing China and realize sustainable and rapid economic development　　"Twelve-Five" Planning and strategic emerging industry development goals have been determined, the Government is determined to carry out economic restructuring, the gem has actually taken up the task of nurturing new economic growth points. We can see this clearly from the annual speech of Shang Fulin, "The gem is an important channel to implement the National independent Innovation strategy and an important impetus to promote the economic structure transformation." The Gem further perfects the financing chain of innovative small and medium-sized enterprises, accelerates the industrialization of scientific and technological achievements, and plays an important role in promoting and guiding national independent Innovation Strategy. With these knowledge, how to see the gem is very clear. It is a new thing, carrying too much hope and responsibility, but also attracted too much attention and criticism. We should report a tolerant attitude and encourage the vision, to the actual behavior to support the development of the gem.　　Because the gem is bound to produce a number of great enterprises, they will be China's economic future hope. Hua Bao Xingye Emerging Industry fund proposed manager Guo Pengfei