国家与市场应共同推动创新

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.

要让数十亿人脱离贫困，解决当今世界面临的生存挑战，创新和科技是关键。过去10年，国有企业和私营企业对可再生能源和电动汽车的大量投资和创新，正在为更清洁的世界和最后的石油年代铺路。人工智能(AI)、大数据和机器人等科技创造和创新是持续增长的关键——世界需要更多创新。

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).

过去15年，我们看到亚洲新兴经济体的技术创新显著增长。以在美国获批专利数量衡量，“亚洲奇迹”对全球技术进步的贡献现在已经超过了主要欧洲经济体。中国在美国获批专利数量从2000年的大约100项增加到2015年的逾8000项，超过英国和法国（2015年约为6500项）。

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.

这种技术创新进步对所有经济体都有好处，不仅鼓励创新和竞争，还促进增长和提高生活水平。换言之，新兴亚洲不再适合外国直接投资流入和低生产成本的标准增长模式。亚洲正成为一个充满活力、创业与创新的地区。

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.

在投资创新方面，天使投资人、风险投资公司以及私募股权公司筛选出新技术和新公司进行投资，努力不仅为投资者自身，也为社会创造价值。硅谷被誉为创新和冒险的中心，不过波士顿可能更名副其实，因为这里进行着困难又风险重重的生物医药研发。

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，美国风险投资总额中只有不到20%流向生物制药领域，而有约45%的投资流向互联网公司，这些互联网公司大多数位于加利福尼亚州。大约60%的生物制药初创公司由博士领导，将尖端科技带入市场，而互联网初创公司的这一比例仅为6%。美国风险投资总额为500亿到600亿美元，这与金融市场的资金流相比相形见绌，而关键领域的风险投资却面临着缺乏早期资金的窘境。

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.

当政府出手扶持时，人们通常会因为过去的失败案例（如政府对美国太阳能电池板制造商Solyndra的支持）而心生怀疑，但特斯拉(Tesla)从同一项目中获得的国家扶持却不那么为公众所知。

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.

推动创新，国家和市场缺一不可。玛丽安娜?马祖卡托(Mariana Mazzucato)在其畅销书《企业型政府》(The Entrepreneurial State)中写道，iPhone使用的大多数尖端科技都是由公共项目资金支持的。当然，不应低估苹果(Apple)的作用。我们需要更多的公司将科技组合起来，创造出突破性的产品与服务。相信我们会看到亚洲出现更多这样的企业。

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.

实际上，中国最近启动了推动关键技术创新的“中国制造2025”计划，该计划将鼓励中国企业和企业家创新。正如里达?谢里夫(Reda Cherif)和福阿德?哈桑诺夫(Fuad Hasanov)在国际货币基金组织(IMF)的工作报告《虎跃》(The Leap of the Tiger)中论述的那样：国内企业的科技创新是摆脱中等收入陷阱的关键。

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.

亚洲经济体对创新和科技创造的持续关注不仅有益于社会，还有益于全球市场与投资者。随着亚洲涌现更多的创新企业，更多的竞争与创新也将为投资者提供机遇。全球活跃着很多大型的对冲基金，但很遗憾，在全世界范围内，都看不到多少基金作为大型天使投资人或风险投资者投资突破性创新。

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.

全球金融危机是对不可靠金融工具下重注的恶果，这应该让我们反省投资策略。对于托生于硬科学的创新企业的早期投资，可能根本就没有那么高的风险。如果市场无法对新生的创新企业给予足够的支持，就应该效仿大部分发达经济体，由国家来提供支持。也许创立公共风险投资基金能够鼓励市场建立更多的私人基金。