We should acknowledge that the success of the New Economy in the U.S. stem from effective system arrangement, especially the maturity of the system for venture capital (VC), though it appear to be technical leading.

• 应该承认，美国新经济的成功虽然表现为技术的领先，但根源却是有效的制度安排，尤其是创业投资制度的日益成熟和完善。