专访清华大学国家金融研究院院长田轩：深圳深入推进综合改革试点，金融方面的最大挑战是跨境金融监管体系的差异与协调

Core Viewpoint - The article discusses the recent release of the "Opinions" by the Central Committee and the State Council to deepen the comprehensive reform pilot in Shenzhen, emphasizing the importance of financial services in supporting the high-quality development of the real economy [1] Financial Innovation and Integration - Shenzhen is encouraged to explore differentiated credit supervision systems for technology enterprises, allowing banks to use future revenue rights as collateral and utilizing big data and AI for credit evaluation [2] - The establishment of a specialized trading platform for technology financial products is proposed to enhance market liquidity [2] - Tax incentives and fiscal subsidies are suggested to promote the development of a risk-sharing mechanism for equity and debt collaboration, addressing the financing needs of technology enterprises throughout their lifecycle [2] Cross-Border Financial Cooperation - The policy allows companies listed on the Hong Kong Stock Exchange to also list on the Shenzhen Stock Exchange, enhancing financial market integration in the Guangdong-Hong Kong-Macao Greater Bay Area [3] - There is a need for unified financial policies to support technology enterprises in the Greater Bay Area, including tax incentives and optimized cross-border financial services [3] Attracting Insurance Capital - To attract insurance funds into private equity and venture capital funds, a detailed risk assessment system is necessary to balance the risk preferences of insurance capital with the high-risk nature of venture capital [4] - Establishing a regional equity trading market and a risk isolation structure is recommended to facilitate insurance investments in venture projects [4] Green Finance Development - The establishment of special policies and funds for green technology and future industries is essential, along with a strict evaluation and regulatory system for green projects [4] - Financial institutions are encouraged to develop green financial products to broaden financing channels [4] Challenges and Support Needed - The primary challenge identified is the difficulty in coordinating cross-border financial regulatory systems, which involves multiple jurisdictions and regulatory requirements [5][6] - Central and Shenzhen levels are urged to enhance top-level design and establish a national cross-regional financial coordination mechanism to streamline regulatory frameworks [6]