Group 1 - The core viewpoint is that DeepSeek has initiated a new narrative for China, breaking the high-cost investment monopoly of the American AI model [1] - The emergence of concepts like "Six Little Dragons" in Hangzhou and "Eight Great Kings" in Shenzhen signifies the rise of a new model in China's narrative, representing a significant development story [1] - The foundation of China's narrative logic is based on a new path in its sci-tech system, creating new miracles in competitiveness [1] Group 2 - Key factors for China's rise include a large market fostering innovation, the gradual emergence of talent and engineering advantages, a comprehensive industrial chain structure, and a shift from "Made in China" to "Innovated in China" [1] - The changing narrative logic in the U.S. is a core inducement for the shift in China's narrative logic, with American investors adjusting their strategies to seek alternative investment havens, potentially in China [2] - The revaluation of Chinese assets requires a strong micro-financial foundation, as current ROE levels remain historically low despite recent recoveries [2] Group 3 - The challenges of overcapacity in China are hindering technological progress and affecting micro-financial indicators, with potential bubbles in the AI sector [2] - To address the paradox of rapid industrial upgrades without profitability, lessons from historical U.S. innovations during periods of overcapacity should be considered [2] - Finding a balance between market models, financial sustainability, and market clearing is crucial for China's policy formulation [3] Group 4 - 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 essential for establishing a Chinese valuation effect, making the governance of market structure and order a strategic task [3]
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 Wang·2025-07-30 23:09