刚刚，吴清发声，长期和耐心资本远远不够

Core Viewpoint - The 2025 Lujiazui Forum highlighted the importance of integrating technology innovation with industry innovation, emphasizing the need for supportive policies for venture capital and private equity to foster a robust capital market [1][4]. Group 1: Policy Initiatives - The People's Bank of China is promoting the use of technology innovation bond risk-sharing tools to support private equity institutions in issuing technology innovation bonds [2]. - The Shanghai government aims to enhance the deep integration of technology and industry innovation, guiding venture investments and improving the capital market [3]. - The China Securities Regulatory Commission (CSRC) announced a focus on enhancing the inclusiveness and adaptability of regulations, with reforms in the Sci-Tech Innovation Board and Growth Enterprise Market as key measures [6]. Group 2: Specific Reforms - The CSRC introduced a new growth tier in the Sci-Tech Innovation Board and restarted the listing of unprofitable companies under the fifth set of standards, targeting high-quality tech firms with significant breakthroughs and substantial R&D investments [7]. - Six reform measures were announced for the Sci-Tech Innovation Board, including introducing seasoned professional institutional investors, pre-IPO review mechanisms for quality tech firms, and expanding the scope of the fifth set of standards to support more frontier technology sectors [8]. - The CSRC will officially implement the third set of standards in the Growth Enterprise Market to support quality unprofitable innovative companies in going public [8]. Group 3: Capital Market Dynamics - The current capital formation mechanism is inadequate for innovation, with issues such as short-term funding and low risk tolerance highlighted by the CSRC [9]. - The capital market can provide comprehensive services from venture capital to public financing, essential for different stages of enterprise development [10]. - Private equity and venture capital funds have significantly contributed to the majority of companies listed on the Sci-Tech Innovation Board and the Beijing Stock Exchange, indicating a strong role in nurturing innovation [10]. Group 4: Long-term Capital Development - The CSRC emphasized the need to cultivate long-term and patient capital, addressing bottlenecks in the fundraising, investment, management, and exit processes of private equity funds [11]. - Encouragement for social security funds, insurance capital, and industrial capital to participate in private equity investments is part of the strategy to broaden funding sources [11]. - The development of patient capital is crucial for supporting long-term innovation cycles, which often involve high uncertainty and failure rates [13]. Group 5: Recent Policy Support - Since 2024, the venture capital industry has seen significant policy support, with the State Council releasing measures to promote high-quality development in venture capital [16]. - The focus on early-stage, small-scale, long-term investments in hard technology is expected to strengthen the role of patient capital in fostering technological innovation [17].