Core Viewpoint - The development of patient capital is crucial for enhancing technological innovation and improving innovation efficiency in China's financial market, which currently faces issues such as unreasonable financing structures and frequent short-term speculation [1][2]. Group 1: Importance of Patient Capital - Patient capital refers to long-term capital that has a high risk tolerance and is essential for supporting large-scale, stable, and medium-to-long-term funding for economic growth in China [2][4]. - The current financial structure in China is imbalanced, with significant disparities between the strengths of banking and non-banking financial institutions, as well as between indirect and direct financing [2][3]. - As of the end of 2024, the total assets of China's financial institutions reached 495.59 trillion yuan, with bank assets accounting for 444.57 trillion yuan, while the securities industry only had 15.11 trillion yuan [2]. Group 2: Characteristics and Functions of Patient Capital - Patient capital is characterized by its focus on medium-to-long-term returns, lower sensitivity to short-term market fluctuations, and support for projects that require extended periods to yield results, such as infrastructure and technology innovation [4][5]. - It aims to improve the structure and efficiency of financial institutions, markets, and products by optimizing the ratio of direct to indirect financing and the duration of funding sources [3][4]. Group 3: Role of Government Investment Funds - Government investment funds are a significant source of patient capital, designed to guide social capital towards supporting industry development and innovation [7][8]. - By the end of 2024, China had established 2,178 government-guided funds with a total target size of approximately 12.84 trillion yuan, of which 7.70 trillion yuan had been subscribed [9]. - The focus of these funds is primarily on industrial investment, with 78.8% of newly established funds in 2024 being industrial investment funds, targeting sectors like semiconductors, healthcare, and artificial intelligence [9][10]. Group 4: Regional Initiatives and Innovations - Cities like Beijing and Shanghai are leading the exploration of patient capital development, implementing various strategies to support innovation and entrepreneurship [12][14]. - Beijing has established multiple government investment funds totaling 1 trillion yuan, focusing on long-term support for small and innovative enterprises [14]. - Shanghai has introduced significant funds for key industries and has implemented policies to encourage long-term capital investment in technology innovation [15][16]. Group 5: Recommendations for Future Development - To effectively develop patient capital, it is essential to create a supportive policy environment that prioritizes long-term value and encourages diverse funding sources [17]. - Establishing a comprehensive support ecosystem that combines financial backing with auxiliary services is crucial for fostering a conducive environment for startups [17].
积极发展壮大耐心资本
Jing Ji Ri Bao·2025-07-05 22:12