特稿 | 章俊：资本市场如何赋能新质生产力

Core Viewpoint - The development of new productive forces is a strategic choice for China's economy amid global changes, emphasizing the need for technological innovation and capital market support to enhance national competitiveness and drive high-quality economic growth [2][4]. Group 1: Global Context and Challenges - The world is undergoing a deep technological revolution and industrial transformation, with intensified geopolitical risks and adjustments in the international monetary system [2][3]. - Geopolitical conflicts, such as the ongoing Russia-Ukraine war, are impacting global energy security and commodity prices, leading to increased cross-border investment risks [3]. - The U.S. dollar's dominance is being questioned, with its share in global foreign exchange reserves projected to drop to 57.8% by the end of 2024, indicating a shift towards a multipolar currency system [3]. Group 2: Domestic Economic Transformation - China's urbanization rate has surpassed 67%, and the real estate market is facing a fundamental reversal in supply-demand dynamics, with land transfer revenue expected to decline by 16% in 2024 [4]. - The traditional "land finance" model is unsustainable, revealing risks such as repeated construction and local government debt [4]. - New productive forces, driven by technological innovation and data as key production factors, are crucial for breaking through the current economic transformation [4]. Group 3: Role of Capital Markets - Capital markets are essential for nurturing new productive forces, facilitating resource allocation, and supporting technological innovation [5][8]. - The Chinese government has prioritized the development of capital markets, implementing policies to enhance their functionality and efficiency [5][6]. - The capital market's ability to support technology enterprises throughout their lifecycle is being strengthened, with various initiatives aimed at improving access to financing [6][7]. Group 4: Challenges in Capital Market Empowerment - Supply-side challenges include insufficient patient capital and limited exit channels for equity investments, which hinder investment in high-risk tech startups [9][10]. - Demand-side issues involve mismatches between investment preferences and the financing needs of early-stage companies, as well as inadequate mechanisms for transitioning between different market segments [11][12]. - Mechanism-related challenges include information asymmetry and the need for a restructured valuation system that accurately reflects the potential of new productive forces [13][14]. Group 5: Recommendations for Strengthening Capital Market Support - To cultivate patient capital, innovative long-term assessment mechanisms should be established, focusing on aligning investments with strategic technological advancements [15][17]. - Diversifying exit pathways and enhancing institutional investor participation in the secondary market can optimize capital allocation and support new productive forces [16][18]. - A comprehensive governance framework should be developed to improve risk assessment models and enhance collaboration among market participants [19][20].