“金融有为”地方纵横谈丨以培育耐心资本为核心的政府投行招商模式

Core Viewpoint - The "14th Five-Year Plan" emphasizes the combination of an effective market and a proactive government, aiming to enhance the role of the market in resource allocation while improving government functions to build a unified, open, competitive, and orderly market system [1] Group 1: Financial Market Development - The financial market is crucial for capitalizing and securitizing resources, and achieving high-quality economic development during the "14th Five-Year Plan" requires local governments to explore financial service systems with local characteristics [1] - The report outlines five development models for local financial reform: regional financial center model, technology industry financial cycle model, government investment bank招商 model, new financial service elements model, and local characteristic financial service model [1] Group 2: Industrial System Development - The "14th Five-Year Plan" calls for the construction of a modern industrial system to strengthen the foundation of the real economy, with local governments playing a key role in attracting and laying out industries [2] - Local governments face challenges such as homogeneous industrial layouts and the loss of traditional industry advantages while trying to develop strategic emerging industries [2] Group 3: Government Investment Bank招商 Model - The government investment bank招商 model aims to enhance the attraction of emerging industries and quality enterprises through local industry funds and guiding funds, with a focus on creating a positive interaction between equity investment and project attraction [3] - Key factors for developing this model include leveraging government funds as patient and innovative capital, improving evaluation mechanisms for local funds, and attracting market-oriented management institutions [3][4] Group 4: Project Implementation and Industry Chain Development - Major projects and leading enterprises are essential for building complete industry chains and ecosystems, with the government investment bank model providing significant multiplier effects in project implementation [4] - Local governments should identify core and weak links in the industry chain and prioritize support for leading enterprises and key projects, especially in areas where social capital is hesitant to invest [4] Group 5: Traditional and Emerging Industry Collaboration - Local governments must balance the development of traditional industries with the growth of emerging and future industries, focusing on upgrading traditional sectors through technology and innovation [5] - Investments should target key areas such as technological transformation and green transition, fostering a collaborative development environment among traditional and new industries [5] Group 6: Hefei's Experience - Hefei has successfully implemented the government investment bank招商 model, focusing on strategic emerging industries like integrated circuits and new energy vehicles, resulting in significant industrial cluster effects [6] - The city has established a closed-loop mechanism for investment evaluation and risk assessment, ensuring investments are based on clear industrial logic [6][7] Group 7: Investment Mechanisms and Brand Building - Hefei has developed a tiered risk tolerance and accountability mechanism to encourage investment, allowing for a loss tolerance of 15% to 50% for different fund types [7] - The city launched the "Creative Investment City" initiative to attract innovative capital, establishing a total scale of 20 billion yuan for government guiding funds and linking over 200 funds with a total scale of 400 billion yuan [8] - Hefei's comprehensive strength has significantly improved, with GDP exceeding 1 trillion yuan and becoming a new growth star in the Yangtze River Delta region [8]