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金融支持制造业也要防“内卷”
Jing Ji Ri Bao·2025-08-07 23:04

Core Viewpoint - The People's Bank of China and other departments have issued guidelines to support the new type of industrialization, aiming for a mature financial system by 2027 that enhances service adaptability for the manufacturing sector [1][2]. Financial Support for New Industrialization - The new industrialization requires significant financial support due to its characteristics of high investment, high risk, and long cycles, particularly in areas like smart transformation and green transition [1][2]. - Financial support must address the challenges of high-risk technology development and the long-term investment needs of sectors like quantum computing and chip manufacturing, which may require over 10 years of continuous funding [2]. Policy Tools and Solutions - The guidelines propose optimizing policy tools and introducing patient capital to resolve funding bottlenecks in technology transfer [2]. - A "data credit + physical credit" model is suggested to alleviate financing difficulties for small and medium-sized enterprises [2]. - The plan includes establishing credit plans and training versatile talents to maintain reasonable investment ratios in manufacturing while enhancing financial service precision [2][3]. Differentiated Financial Strategies - A classification strategy is necessary to align financial support with the lifecycle and maturity of different industries, preventing resource misallocation [3]. - Over-investment in emerging industries could lead to bubbles, while insufficient support for traditional industries may hinder their upgrade [3]. Avoiding "Involution" in Financial Support - The guidelines emphasize the need to avoid "involution" characterized by low-level repetitive construction and homogeneous product price wars, which can stifle innovation [3][4]. - Financial resources should be directed towards technology innovation, product upgrades, and brand development to foster internationally competitive brands [3][4]. Global Context and Competitive Advantage - The global manufacturing sector is undergoing significant adjustments, with developed countries promoting manufacturing return and emerging economies accelerating industrialization [4]. - To enhance China's manufacturing competitiveness, financial resources must flow towards critical areas of technological advancement and industrial upgrading [4].