20 23年9 月，习近平总书记在黑龙江考察时首次提出"新质生产力"的概 念，阐述了新质生产力的具体表现。新质生产力的提出基于改革开放积累 的雄厚的经济实力和前沿技术的不断发展，是我国生产力实现新跃迁的重 要体 现。服务 好新质 生 产 力的 发 展， 是金 融支 持高 质量 发展 的关 键 着力 点，也是实现金融业自身转型升级的现实需要。 保险作为经济减震器和社会稳定器，面对颠覆性技术和前沿技术催生的新 产业、新模式、新动能，该如何服务新质生产力的发展？四川以国家战略 为导向，聚焦低空经济、新能源产业等新质生产力核心领域，通过产品创 新、科技赋能，构建全周期、多维度的风险保障体系，为四川经济社会高 质量发展经济转型做出了突出贡献，其模式具有很好的借鉴价值。 "护航"低空经济 低空经济是新质生产力的典型代表。低空经济飞行活动包括警用航空、海关航空、通用航航空以及部分的军用航空。低空飞行器类别主要包括： eVTOL （ 300-1000 米）、工业级无人机和部分载人飞行器（ 120-300 米）和消费级无人机及部分工业级无人机（ <300 米）。低空航空器与物联网、数字智能化 和实际生产生活相结合，带动民用航空 ...

2025年5月17-18日，2025清华五道口全球金融论坛在深圳市盛大召开。主题论坛十以"全球资本市场展望 与发展"为主题，五位国内外专家学者各抒己见，为参会者带来一场精彩的思维碰撞。本场论坛由清华 大学五道口金融学院MBA中心提供学术支持。 图为活动现场 香港执业资深大律师、香港证券及期货事务监察委员会前主席梁定邦，中国国际贸易促进委员会原副会 长张慎峰，中国证券金融股份有限公司原董事长聂庆平，国家主权财富基金国际论坛CEO邓肯·邦菲尔德 围绕全球资本市场展开分享和交流。清华大学国家金融研究院副院长，清华大学五道口金融学院上市公 司研究中心主任王娴主持本场论坛。 梁定邦 香港执业资深大律师 香港证券及期货事务监察委员会前主席 梁定邦从国际化的角度回顾了香港市场和内地市场国际化的过程。他表示，资本市场全 球化概念发展较晚，直至上世纪70年代，全球多数国家资本市场以本土市场为主。制定 全球化国际规则时，他发现金融生态兼具科学性与政治经济性，前者是长期积累形成的 科学监管方法，后者受各地独特文化、政治等因素及政府政策影响。当时全球推动全球 化，美国注重市场选择、减少干预。产业生产制度才是全球化关键，中国虽成全球最 ...

Core Viewpoint - The 2025 Tsinghua Wudaokou Global Financial Forum focused on how finance can better empower technological innovation and development, addressing current pain points in the fintech sector [1][2]. Group 1: Financial Technology and Innovation - Huang Qifan emphasized that fintech has evolved through stages, with the current phase being Industry Internet Finance 3.0, which is crucial for solving financing difficulties faced by SMEs [6]. - The "1+10" industrial chain cluster model, which includes manufacturing and ten related service industries, is essential for creating a comprehensive digital platform using technologies like big data and AI [6]. - Huang highlighted that Industry Internet can enhance value and create multiple economic function centers, thus addressing the financing challenges of SMEs [6]. Group 2: Government and Policy Support - Ma Weihua discussed the need for continuous reform of government-guided funds to improve the success rate of technology transfer, noting that China's technology conversion rate reached about 35% in 2024, still lagging behind developed countries [9]. - He identified issues such as the disconnect between the innovation chain and funding chain, valuation misalignment, and the need for a more effective risk management mechanism [9]. - Ma suggested that government funds should play a coordinating role in mobilizing social resources for tech enterprises [9]. Group 3: Investment Strategies and Market Dynamics - Ni Zewang analyzed the current challenges in the venture capital industry, including the tightening of IPOs and the need for patient capital to help startups cross the "valley of death" [12]. - He noted that many funds established since 2015 have a return on investment (DPI) of less than 0.5, indicating a lack of profitability in the sector [12]. - Ni proposed policy adjustments to lower tax burdens and encourage long-term capital from various sources to enter the venture capital space [12]. Group 4: Regional Development and Talent Acquisition - Qiu Dageng highlighted Hong Kong's initiatives in upstream R&D, talent acquisition, and institutional innovation to support fintech development [15]. - The Hong Kong government has invested 10 billion yuan to commercialize university research and attract top talent in the tech field [15]. - Qiu emphasized the importance of regulatory innovation in areas like Web3 and digital assets to enhance the competitiveness of tech enterprises [15]. Group 5: Risk Management and Collaboration - Guo Jian discussed the need for deep collaboration between financial institutions and tech companies, emphasizing the shift from catch-up to leading-edge R&D in China [17]. - He pointed out that innovative technologies can enhance risk management capabilities in financial institutions, which is crucial for supporting high-risk tech startups [17]. - Guo advocated for the use of digital technologies to improve financial risk prediction and management [17]. Group 6: Comprehensive Financial Support System - The forum concluded with discussions on building a more effective financial support system for tech innovation, emphasizing the need for institutional innovation, technological application, and regional collaboration [21]. - Huang Qifan suggested that the operation of Industry Internet would lead to resource and value aggregation, benefiting the overall tech finance landscape [21]. - The participants agreed on the importance of creating a controllable risk and shared benefit ecosystem for tech finance [21].

Core Viewpoint - The 2025 Tsinghua Wudaokou Global Financial Forum focused on the release of the "China Financial Policy Report 2025," discussing the path and strategies for achieving a strong financial nation and promoting high-quality economic development in China [1][5]. Summary by Sections Overview of the Report - The "China Financial Policy Report" project was established by Tsinghua Wudaokou Financial School and the Chinese Academy of Social Sciences, aiming to reflect major themes and policy dynamics in China's financial sector over the past 15 years [3]. - The report has been published annually in both Chinese and English, gaining recognition for its comprehensive introduction to China's financial policy [3]. Key Themes of the 2025 Report - The report's theme is "Continuously Deepening Financial System Reform and Accelerating the Construction of a Modern Financial System with Chinese Characteristics," analyzing challenges and opportunities in China's financial development [5][6]. - It highlights the need for reform in the financial system to enhance resilience amid internal and external pressures, including global economic fluctuations and domestic demand instability [6]. Achievements in 2024 - The report reviews significant achievements in establishing a scientific and stable financial regulation system, a well-structured financial market, and a collaborative financial institution system [7][8]. - It emphasizes the importance of a diversified and specialized financial product and service system, as well as the development of secure and efficient financial infrastructure [8]. Future Directions - Future reforms should focus on optimizing financial resource allocation, enhancing the central bank's system, and strengthening financial stability guarantees [8]. - The report stresses the importance of maintaining a balance between development and security while deepening reforms to support China's modernization [8]. Roundtable Discussions - Discussions included the impact of tariff wars on China's economic and financial development, emphasizing the need for structural adjustments in response to external pressures [10][11]. - The importance of enhancing the efficiency of cross-border payment systems for the renminbi was highlighted, along with the need for unified approaches to stabilize the currency system [12]. - Local financial strategies were discussed as crucial for supporting national financial goals, focusing on emerging industries, green finance, and digital finance [16].

5月17日-18日 2025清华五道口全球金融论坛 于深圳盛大召开 汇聚国内外金融界 领袖、学者及行业精英 浓缩思维干货 定位思维坐标 主题五：绿色发展的机遇与挑战 主题六：新兴市场债务危机与金融治理 这四场的嘉宾金句干货已打包完毕 快查收↓↓↓ 主题讨论五 绿色发展的机遇与挑战 周瑞 法国桥智库主席 路易斯・佩雷拉・达・席尔瓦 巴西央行前副行长 国际清算银行前副总经理 刘萌 联合国全球契约组织驻华代表 鞠建东 清华大学五道口金融学院讲席教授 绿色金融研究中心主任 哈马德・塞梅加 前塞内加尔河流域开发组织负责人 马里前矿业、能源和水利部部长 主题讨论六 新兴市场债务危机与金融治理 陆毅 泰国央行金融稳定部部长 清华大学五道口金融学院讲席教授 恩赫泰万・冈包勒德 蒙古央行副行长 梁荣 张礼卿 中央财经大学国际金融研究中心主任 罗曼・诺沃日洛夫 新开发银行环境社会治理局负责人 来源丨清华五道口 编辑丨兰银帆 审核 | 王晗 ...

5月21日，国际金价 在 亚洲时段上涨 ， 伦敦现货黄金上破 3300美元 /盎司 大关，为 5月9日以来 首次 ， 与此同时， 纽约黄金期货 亦 突破每盎司 3300美元关口。 金价重返3300美元/盎司关口原因 据美国媒体 北京时间 5月21日 凌晨 报道，以色列军方 已完成对伊朗纳坦兹铀浓缩设施的打击预 案，行动可能在未来 的 72小时内启动。这一消息直接触发市场对"中东全面战争"的恐慌， 纽约 商品交易所 黄金期货单日成交量突破 4500亿美元 。 与此同时 ， 尽管美国近期与中国等贸易伙伴在贸易协议上取得了一些进展，但 不少市场人士 仍 预计，关税将减缓美国经济增长并推高 美国的通货膨胀 ，这对黄金来说是 利好 。 此外 ，受美 元进一步走软、美国关税政策以及俄乌停火不确定性等 因素 影响，国际金价 也受到了提振 。 文/《清华金融评论》 王茅 5月21日，金价重返3300美元/盎司的直接原因在于，有消息称以色列将 对伊朗的核设施进行打击，导致地缘冲突加剧。此外，不少市场人士预计 ， 关税将减缓美国经济增长并推高 美国的通货膨胀 ， 这 对 黄 金 来 说 是 利好 。 二是地缘政治与避险需求。近期 ...

会议以圆桌讨论形式展开，蒙古央行副行长恩赫泰万·冈包勒德（Enkhtaivan Ganbold），泰国央行金融 稳定部部长梁荣（Rungporn Roengpitya），中央财经大学国际金融研究中心主任张礼卿，新开发银行环 境社会治理局负责人罗曼·诺沃日洛夫（Roman Novozhilov）四位嘉宾针对议题展开热烈讨论。清华大学 五道口金融学院讲席教授陆毅主持本场论坛。 恩赫泰万・冈包勒德 蒙古央行副行长 2025年5月17日-18日，"共享未来——构建开放包容的经济与金融体系"2025清华五道口全球金融论坛在 深圳市成功召开。17日下午，主题论坛六以"新兴市场债务危机与金融治理"为主题，围绕新兴市场出现 的债务危机，阐述了不同国家的治理方式及相关政策。 图为圆桌讨论现场 梁荣 梁荣在发言伊始指出，对于许多国家而言，债务水平实际上在疫情之前便已持续攀升，而2020年 的新冠疫情以及2022年通胀的急剧上升进一步加剧了这一趋势，二者导致家庭和企业收入受到冲 击、成本不断上升，最终促使部分群体积累了更多债务。同时，各国政府为缓解这些冲击而推出 的刺激政策也推高了公共债务水平。债务的积累广泛存在于企业、家庭和政府 ...

Core Viewpoint - The article emphasizes the importance of increasing consumption rates in China to promote stable economic growth and enhance investment efficiency, highlighting the interdependent relationship between consumption and investment [1][10]. Group 1: Relationship Between Consumption and Investment - The traditional "three drivers" model (consumption, investment, net exports) often leads to a fragmented view of the relationship between consumption and investment, which are actually interrelated and should not be viewed in isolation [3][5]. - In the short term, consumption and investment may appear to compete for resources, but over the long term, investment can enhance future consumption by creating jobs and increasing income [6][10]. - The article argues that consumption is the ultimate goal of economic activity, as it relates to national welfare and the pursuit of a better life, thus reinforcing the need for a balanced approach to consumption and investment [5][10]. Group 2: Causal Relationship and Economic Models - The article discusses how investment can stimulate consumption by creating jobs and increasing disposable income, while strong consumer demand can drive investment decisions by businesses [6][21]. - It highlights that the relationship between consumption and investment can change over time, particularly in the context of China's economic transition from a planned to a market economy [10][22]. - Economic growth models, such as the Solow model, emphasize the importance of both consumption and investment, suggesting that an optimal balance is necessary for sustainable growth [12][13]. Group 3: Comparison of Consumption and Investment in China and the U.S. - Data from the World Bank indicates that China's capital formation as a percentage of GDP has fluctuated significantly, peaking at 46.7% in 2011, while U.S. capital formation has remained relatively stable between 20% and 26% [14][16]. - The article notes that during economic downturns, U.S. consumption tends to increase as investment declines, contrasting with China's rising capital formation during similar periods [16][17]. - The current consumption rate in China is still below the optimal level, indicating a need for a shift in the economic growth model from investment-driven to consumption-driven [17][22]. Group 4: Promoting a Positive Cycle Between Consumption and Investment - The 2023 Central Economic Work Conference report suggests two methods to promote a virtuous cycle between consumption and investment: stimulating potential consumption and expanding effective investment [19][20]. - The article asserts that consumption is crucial for economic stability, as it tends to be more stable than investment, especially during periods of economic uncertainty [21][22]. - It concludes that fostering a positive interaction between consumption and investment is essential for both short-term economic growth and long-term sustainable development [22].

2025年5月17-18日，2025清华五道口全球金融论坛在深圳市盛大召开。17日下午，主题论坛三"全球 经济碎片化的挑战"顺利举办。哈萨克斯坦前副总理、哈萨克斯坦央行前行长海拉特·克里姆别托夫， 中国金融学会副会长、国家开发银行原行长欧阳卫民，克罗地亚国家银行行长鲍里斯·武伊契奇，纽 约大学斯特恩商学院荣休教授鲁里埃尔·罗比尼参与讨论并发表观点。清华大学五道口金融学院副院 长、金融学讲席教授张晓燕主持论坛。 海拉特・克里姆别托夫 哈萨克斯坦前副总理 哈萨克斯坦央行前行长 海拉特·克里姆别托夫表示，当前全球经济正处于高度不确定性中，这对政策制定者提出了极 大挑战。曾经被广泛接受的经济规则和理论如今不再适用，未来图景尚不清晰。他指出，当前 的形势在某种程度上类似于20世纪30年代美国 大萧条初期。此外，国际争端的处理方式 也日益趋向商业化，更像是企业间的谈判，而非国家间的战略协商，使得全球互动 逐渐演变为一种以交易为导向的关系。 尽管面临种种挑战，他认为，全球格局正在 逐 步 向 区 域 化 演 变 ， 这 一 趋 势 有 可 能 为 中 亚 国 家 带 来 新 的 发 展 机 遇 。 在 这 一 背 景 下， ...

文/ 《清华金融评论》 王茅 近日30年期美国国债收益率突破5%， 表明美国国债的风险越来越高。导 致美债"危机"的与两件大事有关，一是关税问题，二是穆迪下调美国信用 评级。如果进一步演变， 将会给 美国股市、房市、汇市带来大麻烦。 5月19日，30年期美国国债收益率已突破5%。长期 以来，美国国债被认为是全球市场最为安全的投 资工具，是市场的 "锚"，美国国债收益率也被认为是无风险利率。但现如今情况发生了变化，30 年期美国国债收益率一度飙至5%，表明美国国债的风险越来越高。 从历史的角度来看，只要长期美国国债收益率升至 5%，都表明有负面的大事发生，究竟是什么 事情造成了美国国债的"危机"？ 本次美债"危机"的两个直接导火索 刚刚过去的周末，发生了两件大事。 一件与关税有关。 由于中国在中美关税问题上采取了强有 力的态度，当然更是因为中国强大的供应链等实力，促使美方主动与中方接洽谈判，达成了协 议。这个结果促使一些其他 "大国"确信，本国也可以在谈判中采取强硬立场以获益，这些国家认 为，自己也能够承担因放缓谈判步伐所带来的冲击。对于这种情况，美国方面感到非常"恼火"。 截至 2025年4月，美国联邦债务突 ...