國家與市場應共同推動創新

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.

要讓數十億人脫離貧困，解決當今世界面臨的生存挑戰，創新和科技是關鍵。過去10年，國有企業和私營企業對可再生能源和電動汽車的大量投資和創新，正在爲更清潔的世界和最後的石油年代鋪路。人工智能(AI)、大數據和機器人等科技創造和創新是持續增長的關鍵——世界需要更多創新。

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).

過去15年，我們看到亞洲新興經濟體的技術創新顯著增長。以在美國獲批專利數量衡量，“亞洲奇蹟”對全球技術進步的貢獻現在已經超過了主要歐洲經濟體。中國在美國獲批專利數量從2000年的大約100項增加到2015年的逾8000項，超過英國和法國（2015年約爲6500項）。

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.

這種技術創新進步對所有經濟體都有好處，不僅鼓勵創新和競爭，還促進增長和提高生活水平。換言之，新興亞洲不再適合外國直接投資流入和低生產成本的標準增長模式。亞洲正成爲一個充滿活力、創業與創新的地區。

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.

在投資創新方面，天使投資人、風險投資公司以及私募股權公司篩選出新技術和新公司進行投資，努力不僅爲投資者自身，也爲社會創造價值。硅谷被譽爲創新和冒險的中心，不過波士頓可能更名副其實，因爲這裏進行着困難又風險重重的生物醫藥研發。

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，美國風險投資總額中只有不到20%流向生物製藥領域，而有約45%的投資流向互聯網公司，這些互聯網公司大多數位於加利福尼亞州。大約60%的生物製藥初創公司由博士領導，將尖端科技帶入市場，而互聯網初創公司的這一比例僅爲6%。美國風險投資總額爲500億到600億美元，這與金融市場的資金流相比相形見絀，而關鍵領域的風險投資卻面臨着缺乏早期資金的窘境。

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.

當政府出手扶持時，人們通常會因爲過去的失敗案例（如政府對美國太陽能電池板製造商Solyndra的支持）而心生懷疑，但特斯拉(Tesla)從同一項目中獲得的國家扶持卻不那麼爲公衆所知。

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.

推動創新，國家和市場缺一不可。瑪麗安娜?馬祖卡託(Mariana Mazzucato)在其暢銷書《企業型政府》(The Entrepreneurial State)中寫道，iPhone使用的大多數尖端科技都是由公共項目資金支持的。當然，不應低估蘋果(Apple)的作用。我們需要更多的公司將科技組合起來，創造出突破性的產品與服務。相信我們會看到亞洲出現更多這樣的企業。

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.

實際上，中國最近啓動了推動關鍵技術創新的“中國製造2025”計劃，該計劃將鼓勵中國企業和企業家創新。正如裏達?謝里夫(Reda Cherif)和福阿德?哈桑諾夫(Fuad Hasanov)在國際貨幣基金組織(IMF)的工作報告《虎躍》(The Leap of the Tiger)中論述的那樣：國內企業的科技創新是擺脫中等收入陷阱的關鍵。

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.

亞洲經濟體對創新和科技創造的持續關注不僅有益於社會，還有益於全球市場與投資者。隨着亞洲涌現更多的創新企業，更多的競爭與創新也將爲投資者提供機遇。全球活躍着很多大型的對衝基金，但很遺憾，在全世界範圍內，都看不到多少基金作爲大型天使投資人或風險投資者投資突破性創新。

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.

全球金融危機是對不可靠金融工具下重注的惡果，這應該讓我們反省投資策略。對於託生於硬科學的創新企業的早期投資，可能根本就沒有那麼高的風險。如果市場無法對新生的創新企業給予足夠的支持，就應該效仿大部分發達經濟體，由國家來提供支持。也許創立公共風險投資基金能夠鼓勵市場建立更多的私人基金。