Since the 90s in last century, financial innovation tends to be different under the condition of loose regulation and the revolutionary progress of information technology. The competition in the finance industry becomes severe and financial institutions lay more stresses on innovations, not only concerning the product innovation but also the services. However, risks come. The bankruptcy of many American financial institutions in last year deserves more attentions from China's commercial banks

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... at should emphasize on financial innovations. Only by strengthening the internal and external supervision and regulation, can it reduce commercial banks' innovation risk. Since the 90s last century, commercial banks in western countries have paid more attentions on financial innovations that concern not only financial products but also financial institutions, financial system, and financial services. In a short period, these financial innovations have actualized better effects. In a sense, their independent innovations have been improved to a great degree. However, the financial crisis indicates that the commercial banks in western countries produce risks as they make innovations. They neglect innovation risks. As China's commercial banks learn innovation experiences from western countries' commercial banks and evaluate their innovation abilities, they should care about the control over risks. The independent innovation effect of commercial banks should exclude the expenses on risks. The stronger the ability of controlling risks is, the smaller the risk is, and the stronger the ability of independent innovation is.