经济日报：强化资本市场枢纽功能服务科创

Core Viewpoint - The article emphasizes the importance of capital markets in supporting technological innovation and highlights the existing gaps between capital supply and innovation demand, which need to be addressed for a thriving innovation ecosystem [1] Group 1: Current State of Technological Innovation - Global technological innovation is currently in a period of intense activity, with China advancing its innovation-driven development strategy and modern industrial system [1] - Technological innovation is transitioning from isolated breakthroughs to systematic integration, and from technological breakthroughs to market applications [1] Group 2: Role of Capital Markets - Capital markets are crucial for providing the necessary long-term capital to support technological innovation, which is essential for the growth of the innovation ecosystem [1] - There are existing issues such as mismatches in capital supply and innovation demand, as well as service gaps that hinder the effectiveness of capital markets in supporting innovation [1] Group 3: Challenges in Capital Formation - The current capital formation mechanisms are not fully aligned with the needs of innovation, leading to short-term funding and low risk tolerance in financial supply [1] - The article suggests that capital markets should leverage their unique risk-sharing mechanisms to support the entire chain from venture capital to public financing, thereby facilitating the transition of technological achievements from laboratories to production lines [1]