夏德仁：大湾区需加快补齐研发投入短板，以金融创新推动科技产业循环

Core Viewpoint - The second "Shenzhen Xiangmi Lake Financial Annual Conference" emphasizes the importance of promoting a virtuous cycle among technology, industry, and finance in the Guangdong-Hong Kong-Macao Greater Bay Area as a key agenda for China's development [3][8]. Group 1: Technology-Finance Integration - The integration of technology innovation and industrial innovation is a national strategic priority, with modern finance, especially technology finance, playing a crucial role [3][8]. - Technology finance is not only a funding channel but also a risk-sharing partner for technology and industry, creating a community of shared fate where financial returns are closely linked to technological innovation outcomes [3][8]. Group 2: Recent Progress in Technology Finance - Significant progress has been made in technology finance services, with the special re-lending tool quota increasing to 800 billion yuan, and over one million technology enterprises receiving bank services [4][9]. - As of September this year, the proportion of new technology loans accounted for over 30% of all new loans, with a loan acquisition rate exceeding 50% for technology-based SMEs [4][9]. - The capital market has strengthened support, with nearly 70% of new companies listed on the Shanghai Stock Exchange in the past five years being technology innovation enterprises [4][9]. Group 3: Challenges and Recommendations - The Guangdong R&D investment intensity is projected to be 3.6% in 2024, significantly lower than Beijing's 6.58% and Shanghai's 4.37%, indicating an urgent need to address R&D shortcomings in the Greater Bay Area [4][9]. - Recommendations include improving financial products and services for the entire lifecycle of technology enterprises, developing venture capital funds, and establishing a risk-sharing mechanism involving government, enterprises, and insurance institutions [5][10]. - Encouraging pilot projects in cutting-edge areas such as smart investment advisory, digital currency, and financial AI, while enhancing the "investment-loan linkage" mechanism in commercial banks is also suggested [5][10].