祝国平：为发展新质生产力提供长期资金支持

Group 1 - The core viewpoint emphasizes the need for high-level technological self-reliance and innovation as a foundation for China's modernization, highlighting the importance of long-term capital in fostering new productive forces [1][2][3] - New productive forces are characterized by technological breakthroughs, innovative allocation of production factors, and deep industrial transformation, with a significant increase in total factor productivity as a key indicator [1][2] - The government is actively promoting the development of angel investment, venture capital, and private equity to enhance the role of patient capital in supporting modernization and new productive forces [3] Group 2 - In 2024, China's R&D expenditure reached 36,326.8 billion yuan, with an intensity of 2.69%, consistently exceeding the average level of EU countries [4] - The annual growth rate of R&D expenditure during the first four years of the 14th Five-Year Plan was 10.5%, ranking among the top of major global economies [4] - By mid-2025, loans to technology-based SMEs reached 3.46 trillion yuan, with a year-on-year growth of 22.9%, outpacing other loan categories [4] Group 3 - Despite progress, there remains a mismatch between long-term investment and the needs of new productive forces, with issues such as a preference for short-term investments and uneven capital allocation across sectors [5][6] - Recommendations include optimizing the investment environment, expanding patient capital, and innovating financial products to enhance long-term capital support for technological innovation [5][6] - Specific measures proposed include improving tax incentives for investment in technology transfer and mid-term trials, and encouraging state-owned capital to invest in innovation and strategic emerging industries [6]