刘元春：“十五五”要为科创企业向创新链前端进发创造良好的政策和金融环境

Core Insights - The 2025 Bund Summit emphasized the need for China to enhance its foundational research investment to support its innovation-driven development strategy [1][2] - China's R&D intensity is at 2.68%, nearing the OECD average, but foundational research accounts for only 6.91% of total R&D spending, significantly lower than the 17% in the U.S. [1] - The mismatch between funding and innovation chains is attributed to insufficient investment in foundational research by enterprises [1] Group 1 - Liu Yuanchun highlighted that private enterprises are currently significant contributors to foundational research investment, while state-owned enterprises are gradually increasing their contributions due to national strategic requirements [2] - A parallel structure between state-owned and private enterprises in foundational and applied research is expected to emerge in the future [2] - Effective advancement of foundational research requires an appropriate market structure, indicating that excessive competition may not necessarily lead to deeper research [2] Group 2 - Liu Yuanchun pointed out the "inverted U" relationship between market structure and competition, suggesting that a monopolistic competition market system is more favorable for foundational research [2] - The upcoming "14th Five-Year Plan" should focus on the importance of national policies, layouts, and ownership structures in promoting foundational research [2]