From the national point of view, a small percentage of technological innovation in China is indeed high-tech, yet most of are low-level of scientific and technological innovations. Anbound's senior researcher Chan Kung believes that technological innovation undoubtedly plays an important role in improving productivity; yet within short period of time, especially in the era of excess capital, if too much capital is channeled in the so-called technological innovation, this would be the consumption of excess capital. If the economic development is normal, consumption of the excess capital is not much of a problem, but if the economic development is not, and the manufacturing industry and other real economic developments are experiencing slowdown, such capital consumption will be problematic.