Finance is the core of the real economy; capital is the blood of real economy. Healthy virtual economy, especially the financial industry, is a powerful booster for the sustainable development of the real economy. Developing virtual economy can focus on the idle capital and broaden the industrial financing challenges. The development of the real economy needs plenty of financial support, while the healthy virtual economy has the important role of concentrating a large amount of idle capital, and can better meet the financial needs of the real economy on the basis of broadening the financing channels. Virtual economy is characterized by high profitability, and a large number of idle capitals in society is always very popular in investment in stocks, bonds and financial derivatives. Therefore, the virtual economy can obviously broaden the financing channels of the real economy. Developing virtual economy can decentralize industrial business risk and reduce transaction costs. In the fictitious economy, various kinds of financial derivative instruments such as debt-to-equity swap, asset securitization, and option trading are emerging, which not only provide investors with diversified investment portfolios, but also have an important impact on the capital arrangement and investment direction of entity enterprises.
While we see the positive effect of the virtual economy, we should also know the negative effect of the virtual economy on the real economy. Virtual economy has the characteristics of high risk. Once the virtual economy over-expands, it will seriously restrict the development of the real economy, and even lead to financial crisis and economic crisis, the distortion of the virtual economy will distort the allocation of resources, pose a serious impediment to the real economy. On the one hand, the excessive development of virtual economy will squeeze the funds needed for the development of the real economy, leading to corporate entity financing difficult. When the price of virtual assets rises sharply and market inflation expectations increase, a lot of liquidity capital will flow from the real economy to the virtual economy, which will aggravate the financing problem of the real economy and seriously hinder the development of the real economy. On the other hand, the virtual economy will continue to push up the financing costs of physical enterprises.
The abnormal virtual economy may seriously endanger the world’s economic security, in particular, pose strong impact on the real economy of a majority of developing countries. Since the 21st century, the international speculative capital expands and grows rapidly in total, and the flow of which changes rapidly. Some speculators are using the liquidity and convenient trading characteristics of virtual capital through international trade, capital flows and exchange rate changes in the international capital market to speculate. Its capital has become the hot money in the international economy.
In the broad sense, the real economy refers to such economic activities as the production and sale of physical products and spiritual products. The characteristics of the real economy can be summarized as tangibleness, subjectivity, fundamentality and equilibrium four aspects. The real economy is the basis for the development of virtual economy. The real economy is the premise for virtual economy to expand the business scale, and also the basis for the innovation of various virtual economic tools. When the virtual economy and the real economy achieve balanced development, virtual economy is a powerful booster of the healthy development of real economy, and plays a significant role in promoting the production and circulation. On the other hand, when the virtual economy runs out of order, makes excessive innovation and realizes a serious departure from the development requirements of real economy, it will also lead to the real economy turbulence.