| According to the mainstream view of economics today, the economic system is divided into two sub-systems of real economy and fictitious economy. Since the1970s, along with the deepening of financial deepening and financial liberalization, fictitious economy is increasingly affecting the normal operation of the social economy. The form of wealth has also undergone profound changes, especially in the promotion of electronic technology, network technology and communication technology, from the earliest physical precious metals as a symbol of wealth to the currency as a means of wealth storage, and then digitized fictitious wealth. The form of the wealth is growing fictionalization performance as the morphology of the value of symbols. Moreover, in today’s fictitious economy is highly developing, fictitious assets become an important part of social wealth, the proportion of the wealth of a country and family structure presents the increasing trend,80%of U.S. household assets, accounted for37%in Chinese household assets. Despite the development of China’s fictitious economy scale, the total, compared with the developed countries in Europe and America, there are a lot of gaps, but the fictitious economy in the entire socio-economic system plays an important role in the economic operation. Whether from the theory or reality, the study of the relationship between real economy and fictitious economy is far-reaching significance.From Marx’s "Das Kapital" birth, the theory of fictitious capital has been existed about150years’ time, the discussion for relationship between real economy and fictitious economy has never completely stopped. The fictitious economic research pioneer Mr. Cheng Siwei, had pointed out that in2005, five key directions for the study of the fictitious economy, one of the core content is the relationship between the real economy and fictitious economy. From history or reality visits, the economy is running out of the relationship between the real economy and the fictitious economy will cause serious economic consequences, such as Dutch tulips events, recent U.S. subprime mortgage crisis.In recent years, China’s social reality, many thought-provoking economic phenomena, such as2010’s "beans you play","garlic you relentless","ginger your army",2011,"apple why","dip price volatility of salt "phenomenon, so all the price fluctuations of the process is often accompanied by excessive speculation. Similarly, real estate prices rising highly is also driven speculative capital. However, the academic "beans you play","garlic you relentless", did not cause debate on "fictitious" and "real ", but about real estate price trend, it produced a battle on "fictitious" and "real". Correct understanding of these phenomena is a clear need to start from the internal relations of the real economy and the fictitious economy, in particular the need for the real economy is exactly how to enter fictitious economic system. Only to clarify the essential characteristics of real economy and fictitious economy, can give full play to the financing of the fictitious economy in the process of industrial upgrading in China, optimize the resources configuration, play fictitious economic role of services in the real economy, but also guard against the risk of excessive economic fictionalization in order to form positive interaction between the real economy and the fictitious economy. The paper is based on the above point to study the two areas.Basing on the results of previous studies, the paper defines the core concepts, for the first time put forward the "real economy fictionalization" concept and some characters. This paper describes the accumulation of wealth is to promote the fundamental cause of the economic fictionalization, and this wealth morphological performance for a variety of fictitious assets. The pursuit and accumulation of wealth promote entity enterprises enter into the field of fictitious economy. In addition, the real economy fictionalization also has been affected by a trend of declining profits, the development of information technology, international capital and financial innovation factors. These factors promote the development of the real economy virtualization.The paper regards the credit system and monetary fictionalization as economic fictionalization basis. By Marx’s theory of fictitious capital, focusing on how to generate fictitious capital, the paper analyses the various forms of fictitious capital generation process, the path including interest-bearing capital, the equity shares, issuing of bonds and medium-term notes, asset securitization and derivatives innovation. Pointing out that the emergence of different fictitious forms of capital will produce different fictionalization paths, and they are the foundation of a fictitious economy running.The paper also studied the results of the real economy fictionalization from the microscopic point of view, focusing on the value of the accumulated problems of the fictitious economy and economic operation of foam problem. This paper argues that the foam is caused by excessive speculation, this excessive speculation not only exist in the real economy, but also exists in the fictitious economy, and conductivity. The economic bubble in the normal form of the two systems, but if the foam is not controlled effectively, it may form a bubble economy, and eventually will cause serious injury to the socio-economic operation. The paper elaborates the process of fictionalization of the real economy from the starting, the path and the results, establish a close link between the real economy and fictitious economy from the microscopic point of view, revealing the relationship between the two economic patterns; explained from a macro perspective, the real economy fictionalization role in promoting economic growth.Framework on the basis of the foregoing analysis, the paper also discriminates the fictitious character of real estate and proposes real estate is the context of the real economy in accordance with the cost-plus pricing. The paper regards that China’s real estate bubble is an indisputable fact. It does not base on bubble and speculation to identify the real economy and the fictitious economy because that is clearly not rigorous. It should be in accordance with the nature of fictitious economy running that is to have the fictitious capital generation and trading. Real economy fictionalization path along the paper describes, the paper puts forward the real estate industry to achieve fictionalization path, first, the issue of the stock market; issuing corporate bonds; Third, the issue of the Notes; application for asset securitization, especially asset securitization by real estate trusts. Also, the paper uses of the derived theories to analysis the economic phenomenon of China in recent years. These conclusions include that China’s real economy has declined, but not in a cold state; the fictitious economy is not hot: stock market cold, note market wave motion, asset securitization in the thaw period, only private funds borrowing in avid speculation middle. From the angle of the real economy fictionalization of the subprime mortgage crisis in the United States, the paper reveals the economic operation of the risks of excessive fictionalization. Compared with developed Western countries, currently China’s degree of fictionalization of the real economy is still very low. For the needs of the real economy, fictitious economy there is a great potential for development. Facing the economic environment of declining in exports, enlarging external demand, the government should increase policy support to the entity enterprises based on strengthen the fictionalization risk prevention, and enterprises should use various fictionalization path of the real economy. At the same time, the government should apply fictionalization path to provide the channels of guiding the flow of "hot money" to the real economy serving the real economy. Finally, the paper puts forward four proposals:One is to improve the control mechanisms of the real economy; improve our financial regulatory regime; explore effective fictionalization path; Fourth, create a favorable policy environment. |
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