资本市场支持新质生产力路径探索

Core Viewpoint - The development of new quality productivity is essential for enhancing productivity in the context of unprecedented changes and rapid advancements in information and biotechnology, requiring new theoretical guidance [1] Group 1: New Quality Productivity - New quality productivity inherits the theoretical and practical achievements of advanced productivity development in China, providing fundamental guidelines for productivity enhancement in the new era [1] - The core elements of productivity development are technological level (labor tools) and the quality of laborers, which must be integrated through enterprises to achieve results [1] - Capital markets play a crucial role in supporting the development of new quality productivity, particularly for technology-driven and small and medium-sized enterprises (SMEs) [1] Group 2: Data as a Key Production Factor - The evolution of human civilization has seen a shift in dominant production factors, with data emerging as a key factor in the digital economy era [3] - Data is recognized as the seventh production factor, characterized by non-consumable and infinite nature, low-cost replication, and increasing marginal returns [3] - The market for data circulation is expected to exceed 200 billion by 2025, injecting strong momentum into new quality productivity [3] Group 3: Role of SMEs - SMEs are pivotal in technological innovation, contributing 70% of the nation's technological innovation results, with "specialized, refined, distinctive, and innovative" SMEs holding an average of 115 patent applications each [4] - The flexible structure and decision-making of SMEs allow them to excel in exploring optimal technological routes, making them key players in cutting-edge technology competition [4] - SMEs also support the resilience of industrial and supply chains, particularly in areas where large enterprises cannot fully cover [4] Group 4: Capital Market Support for SMEs - As of July 31, 2023, 41.5% of the 12,192 specialized SMEs have recorded financing in the primary market, indicating strong financing demand [6] - The Beijing Stock Exchange (BSE) has a significant concentration of specialized SMEs, with over 60% of its listed companies being such enterprises, benefiting from its supportive structure for SMEs [7] Group 5: Policy Recommendations for Capital Market Support - There is a need to explore equity investment in the data factor industry, encouraging state-owned venture capital to lead and provide comprehensive support for early-stage data enterprises [9] - The BSE should accelerate its high-quality expansion and focus on supporting innovative SMEs in the data factor industry, enhancing its role as a core stock exchange for new quality productivity [10]