推动不动产金融向动产金融转变

Core Viewpoint - The article emphasizes the need for China's financial system to transition from real estate finance to movable asset finance during the "15th Five-Year Plan" period, driven by the shift towards innovation-driven economic development and the increasing importance of new factors such as technology, data, and green resources [1][2]. Group 1: Economic Transition and Financial Service Adaptation - The economic development model in China is shifting from traditional factor-driven growth to innovation-driven growth, necessitating a transformation in financial services to accommodate new asset structures [1][4]. - The financial system has faced challenges in serving new asset types, particularly in terms of recognition, pricing, and investment, which need to be addressed in the next reform phase [1][7]. - Financial institutions must enhance their capabilities to recognize, value, and trade new factors and assets, moving towards a service model that supports movable asset finance [2][14]. Group 2: Challenges in Serving New Factors and Assets - The current financial system encounters three main challenges in serving new factors: difficulties in asset recognition, valuation, and investment [7][8]. - New factors like technology and data face significant hurdles in terms of clear ownership and accounting standards, complicating their financial recognition [8][9]. - Valuation of new factors is complicated due to their lack of stable cash flows and market comparables, making traditional valuation methods less effective [10][11]. Group 3: Strategies for Financial Service Improvement - Financial institutions are encouraged to develop a modern financial system that accurately reflects the changes in asset structures due to technological, digital, and green transformations [15][16]. - A multi-dimensional evaluation framework should be established to enhance the valuation and pricing capabilities for new factors and assets [17][18]. - The construction of a unified market for new factors is essential to facilitate the trading and circulation of technology, data, and green assets [19][20]. Group 4: Investment Tools and Financial Products - There is a need to diversify investment tools for movable new factors, encouraging the growth of patient capital and innovative financial products that align with the characteristics of new assets [22][23]. - Financial institutions should innovate their service models to better support the development of new factors, focusing on credit evaluation systems that leverage business data and branch information [24].