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上海财经大学校长刘元春：新科创体系构筑中国新叙事逻辑
Zheng Quan Shi Bao·2025-07-30 19:02

Core Viewpoint - The emergence of DeepSeek marks a new narrative landscape in China, breaking the high-cost investment monopoly of the American AI model [1] Group 1: Chinese Narrative and Innovation - The rise of concepts like "Six Little Dragons" in Hangzhou and "Eight Great Kings" in Shenzhen reflects a broader phenomenon of China's narrative and innovation [1] - The core foundation of China's narrative logic is the new path taken by its sci-tech system, which has created new miracles in competitiveness [1] - China's large market fosters significant innovation, serving as a super new market for capital, technology, and data [1] - The gradual emergence of talent and engineering dividends enhances China's advantages in the fourth industrial and technological revolution [1] - The comprehensive transformation from "Made in China" to "Innovated in China" and "Intelligent Manufacturing in China" is underway [1] Group 2: Economic Context and Challenges - The shift in American narrative logic is a key factor influencing China's narrative changes, with U.S. investors adjusting their strategies due to high risks [2] - The potential for China to become an alternative investment hub hinges on its ability to provide the financial market functions similar to the U.S. [2] - A strong micro-financial foundation is essential for the revaluation of Chinese assets, despite recent improvements in ROE, which remain historically low [2] - Overcapacity in China significantly hampers technological progress and affects micro-financial indicators, with potential bubbles in the AI sector [2] Group 3: Balancing Economic Models - Finding a balance between market models, financial sustainability, and market clearing is crucial for China [3] - The governance of the third round of overcapacity must maintain the essence of the "Chinese model" rather than simply replicating foreign solutions [3] - The formation of new models is vital for establishing a Chinese valuation effect, making the governance of market structure and order a strategic task [3]