1. The balance between financial innovation and security is the prerequisite for the healthy development of the market.

One of the reasons for the financial crisis in the United States is that the innovation of its financial derivatives is not monitored. As a tool of financial innovation, financial derivatives not only enliven market transactions, expand market space and improve market efficiency, but also imply huge risks. For China, our financial innovation is far from enough. To develop the financial market, we must carry out financial innovation, which is not only the inherent need of a country's own financial market development, but also the inevitable requirement of enhancing international competitiveness. We should not give up financial innovation just because the financial derivatives innovation in the United States is out of control, but deal with the relationship between financial innovation and financial supervision.

At present, there are some problems in China's capital market, such as unbalanced innovation and difficult risk monitoring. The lag and imbalance of market infrastructure construction and the downturn and shrinkage of market transactions highlight market risks and restrict the further development of financial innovation. Therefore, we must pay attention to moderation while promoting financial innovation. Financial innovation must adapt to the maturity of the market, the soundness of market organization, system and mechanism, the potential of market development and the size of space. That is, the capacity that can be carried by the internal and external conditions and characteristics of the market and the compatibility of financial innovation are important factors that determine whether financial innovation can be carried out and whether it can promote market development. Financial innovation with insufficient motivation or development will reduce the quality of market development and delay the process of market development.

2. A sound credit system is the basis for the healthy development of the market.

Whether the credit system is perfect or not determines the health and maturity of a country's financial market development to a considerable extent. Compared with developed countries, China's capital market credit system construction is still in its infancy, and there are some problems such as imperfect credit system, lax credit constraints and underdeveloped credit system, which have become an important factor affecting the healthy and stable development of the market. The outbreak of the American financial crisis shows that both developed and mature markets, both emerging and developing markets need to constantly improve and perfect the credit system. The construction of credit system is a long-term, continuous and constantly improving process. The construction of credit system must not be taken lightly and allowed to develop.

3. Strict and continuous market supervision is the guarantee for the healthy development of the market

The supervision of financial markets in the United States adopts a separate supervision mode, and the Federal Reserve is responsible for the overall safety of financial holding companies. This model not only emphasizes horizontal comprehensive supervision and functional supervision, but also produces many problems. For example, it is difficult to coordinate different regulatory concepts, regulatory objectives and regulatory operations of different regulatory agencies, and it is easy to form regulatory blind spots or weak areas; Relatively loose comprehensive supervision and multi-head supervision are easy to buck-buck and shuffle each other when performing their supervisory duties, which reduces the efficiency of supervision.

At present, China's financial market supervision is facing pressure and challenges from home and abroad: the basic system construction of domestic capital market has not been completed, and the stock index decline and market shock brought about by system transformation and market adjustment have reduced the market function and role; The internationalization of capital market and the turbulence of international financial market make the situation faced by market supervision more complicated. To this end, we must prudently push forward the internationalization process under the uncertain development situation of the international financial market, instead of being anxious. At the same time, we should pay attention to strengthening close communication and cooperation between regulatory agencies to prevent the gradual evolution and spread of departmental risks from small to large, from local to overall, from non-systematic risks to systematic risks.

Financial risks in emerging markets have increased.

Under the subprime mortgage crisis, emerging markets may face greater financial risks. 1997 some practices of some Asian countries after the financial crisis may become the inducement of the next crisis. For example, the huge foreign exchange reserves of Asian countries have indeed enhanced their ability to resist the turmoil in financial markets, but at the same time, they have also brought the risk of large capital flows to countries. Investors from Asian countries are increasingly inclined to invest in relatively safe western developed countries. Reports from authoritative organizations such as the United Nations Economic and Social Commission for Asia and the Pacific and Lehman Brothers point out that the risk of capital outflow in developing countries such as Southeast Asia has recently appeared, and the possibility of another currency crisis has increased. According to the statistics of the World Bank, in 2005, the average proportion of internal savings and investment in GDP of East Asian economies (except China, Japan and China) fell below 30% and 25% respectively, which was the lowest level since 1990s. Stephen roach, chief economist of Morgan Stanley, also believes that high-risk mortgage loans, like the Internet in those days, may "puncture" the global asset bubble, and highly indebted emerging market economies such as Turkey may bear the brunt.

With the deepening of China's opening to the outside world, China's economic participation in the world economy and globalization is also deepening. Therefore, once the American economy falls into recession, China's economy will also have an impact. Mainly manifested in four aspects: First, the decline in US import demand will affect China's exports, which in turn will affect economic growth and employment; Second, once the dollar depreciates sharply, the international purchasing power of China's huge foreign exchange reserves will shrink; Third, the United States will enter a cycle of interest rate cuts, which will make it more difficult for China to use interest rate hikes to curb inflation; Fourth, the recession in the United States will increase the scale and frequency of international short-term capital flowing in and out of China, and aggravate domestic financial risks.