金融支持新质生产力发展的逻辑与路径｜宏观经济

Core Viewpoint - The article emphasizes the importance of developing "new quality productivity" in China as a strategic support for enhancing core competitiveness, with financial support playing a crucial role in this development [2][4]. Financial Support for New Quality Productivity Development - Financial functions are evolving to better meet the needs of the real economy, facilitating a positive cycle between finance and the real economy [4]. - Financial services can act as intermediaries to connect current savings with future investments, particularly in technology research and development [4]. - The financial system can guide funds to the most efficient sectors, enhancing the allocation of production factors and supporting technological innovation [4]. - Financial tools can help mitigate risks associated with high-cost, long-cycle, and high-risk technological innovations [4]. Historical Perspective on Financial Development - Historical analysis shows that financial systems have historically supported productivity advancements, with financial innovation needing to adapt to different economic stages [5]. - The relationship between finance and productivity is reciprocal, where financial support enables productivity growth, which in turn generates returns for the financial sector [5]. Role of Financial Technology - Financial technology enhances the ability of financial services to support new quality productivity by breaking spatial and informational barriers [6]. - It broadens the coverage of financial services to technology-oriented small and medium-sized enterprises, driving innovation and high-quality development in the economy [6]. - Financial technology is crucial for banks' innovation financing, improving efficiency in customer marketing, transaction security, risk assessment, and intellectual property valuation [6]. Challenges in Financial Support for New Quality Productivity - Despite a relatively complete financial system, there are mismatches between the financial structure and the needs of new quality productivity development [8]. - Traditional bank credit products and service models are struggling to adapt to the innovation-driven economic model, as they are typically conservative and focused on short-term loans [9]. - Direct financing mechanisms for technology innovation enterprises need strengthening, as current capital market structures present barriers for small and medium-sized tech firms [10]. - The venture capital market is not fully developed, with a lack of diverse exit channels and a predominance of government-led funding, limiting support for technology innovation [11]. - Coverage of financial services for private enterprises, which are vital for technological innovation, remains insufficient, leading to unmet financing needs [12].