“金融有为”地方纵横谈丨以要素证券化为核心的金融服务新要素模式

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 Models for New Factors - Local governments are encouraged to create new financial models that support new factors by focusing on value formation, capital support, and ecological collaboration [3] - Financialization of new factors is essential for discovering their prices and enhancing their value, with local governments needing to explore financialization paths tailored to local characteristics [3][4] - The introduction of "patient capital" is crucial for the high-quality development of new factor enterprises, which often face challenges in obtaining traditional credit funding [4] Group 2: Integration of Financial Services and Industry - There is a need for a dual empowerment approach where financial services enhance industrial development and vice versa, leveraging digital technologies for improved risk control and service capabilities [5] - Local governments should promote deep integration between financial elements and digital industry systems, encouraging the development of financial products tailored to the characteristics of digital industries [5] Group 3: Case Study of Hangzhou - Hangzhou has pioneered a comprehensive financial service model that integrates industry, data, and finance to support the growth of new industries and technologies [6] - The city has established a data trading center and a data exchange to facilitate the assetization and securitization of data elements, becoming the first city in China to legislate for data circulation and trading [7] - Hangzhou's financial innovation has led to the development of customized financial tools that replace traditional collateral with new factors like talent and intellectual property, significantly supporting the digital economy [9]