Zhong Guo Jing Ying Bao·2025-10-29 10:02Core Viewpoint - Liu Cheng, Chairman of CITIC Securities, emphasized the transition of economic growth drivers from the traditional "land-finance" cycle to a new cycle of "industrial innovation-technology innovation-finance" during the 2025 Financial Street Forum [1] Group 1: Economic Growth Transition - The shift in economic growth drivers is identified as moving towards "industrial innovation-technology innovation-finance" [1] - The need to adapt financial support to better align with the new cycle of innovation is highlighted [1] Group 2: Pain Points in Financial Support - Government and public institutions face challenges in balancing early investment risks with the preservation and appreciation of state-owned capital [1] - The commercial interests of projects must be balanced with their positive external effects on regional economies [1] - Enterprises and market institutions struggle with innovating financial supply to meet the characteristics of new industry demands [1] Group 3: Financial Industry Directions - The financial industry should adopt an open orientation to accelerate financial internationalization and the establishment of a unified international market [1] - A digital orientation is necessary to promote the integration of digital finance with the digital economy [1]