肖耿谈发展新质生产力：100家会有99家失败也没关系，要鼓励企业家去“冒险”，要有丰厚的社会财富支撑

Group 1 - The conference "Qihang·2025 Financial Annual Meeting" was held in Beijing, focusing on the theme of "New Starting Point, New Momentum, New Journey," with over 100 guests and more than 500 financial institutions and listed companies participating [1] - During the conference, Xiaogeng, Chairman of the Hong Kong International Financial Society, emphasized that during the "14th Five-Year Plan" period, China may transition from GDP production to wealth creation, accumulation, and inheritance, aiming for high-quality development that benefits both the people and the nation [1] - Xiaogeng discussed the concept of wealth bubbles, distinguishing between "good bubbles," which encourage innovation and risk-taking, and "bad bubbles," associated with illegal activities and corruption [1] Group 2 - Xiaogeng highlighted that the strength of American high-tech companies is attributed to a strong dollar, robust macroeconomic policies, and high capital returns, which attract top talent and technology [1] - He suggested that macroeconomic policies should support "good bubbles" to foster wealth creation [1] - Regarding the development of new productive forces, Xiaogeng noted that while many enterprises may fail, the success of just one can significantly impact national competitiveness [1] Group 3 - Xiaogeng stressed the importance of encouraging entrepreneurs to take risks, which requires a sufficiently wealthy society to absorb the failures of the majority of enterprises [1] - He indicated that such an environment can only be ensured under conditions of low inflation, a bullish stock market, and overall wealth expansion [1]