There are a lot of Literatures about financial innovation, including academic studies and empirical studies. But recently, the research of financial innovation is at the turning point. The direct reason is the happening of American subprime mortgage crisis. At the same time, some people are doubtful of the effect of financial innovation. They thought that we should limit the development of financial innovation, because there is too much potential risk caused by financial innovation in market which will affect the stability of development. In our opinion, they are not correct. Reducing risk by limiting the development of financial innovation is not a good way. Especially, China should continue to develop it to improve our competence in international financial market. The paper study on the Status quo of western countries and Status quo of Chinese study.
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