Effective financing is of particular importance for the growth of firms and clusters.However,firms and clusters in developing countries have suffered fund-gap a lot due to the dysfunctional domestic capital market and financial system.Financial globalization has enabled firms and clusters in emerging economies to overcome such drawbacks by inserting into global financial networks(GFN)and especially connecting with international financial centers(IFCs).Active investors including global venture capitalists,financial intermediaries and other advanced producer services(APS)have played key roles in the process.Zhongguancun in Beijing is an illustrative example to show how firms in this particular area have connected with IFCs.More than 40 high-tech firms from Zhongguan have got listed on Nasdaq and NYSE since the early 2000,through which those firms raised a large amount of capital.In addition,most of the firms were supported by venture capital from the US and other countries before their initial public offerings.The international investment banks,law and accounting firms from the US and other developed economies have provided services for these firms during process of overseas listings.The off-shore financial centers are also critical as all the firms have been registered in these places,such as Cayman Islands.Global venture capitalists and stock exchanges located in the IFCs,and other APS have contributed a lot to the growing of the firms within the cluster by providing efficient financial supports and other value-added services.Furthermore,personal relationships and social networks have also played key roles in the insertion of the firms into GFN.