刚刚，吴清发声：更好支持创新资本形成

Core Viewpoint - The 2025 Financial Street Forum emphasizes the theme of "global financial development under innovation, transformation, and reshaping," highlighting the need for a new financial service model that integrates direct and indirect financing, and supports long-term capital investment in hard technology [1][2]. Group 1: Regulatory Insights - The head of the Financial Regulatory Bureau, Li Yunzhe, advocates for a new financial service model that balances various financing aspects, including direct and indirect financing, and aligns financing terms with industrial development [1]. - China Securities Regulatory Commission (CSRC) Chairman Wu Qing's speech provides significant benefits for the VC/PE sector, particularly in enhancing exit channels for private equity investments [2][3]. Group 2: Private Equity and Venture Capital - Wu Qing's remarks address the critical exit challenges faced by the private equity industry, especially as funds established during the 2015-2016 "Double Innovation" wave approach their exit phase [3]. - The emphasis on new industries and business models necessitates larger and more flexible capital investments, affirming the vital role of private equity funds in supporting innovation [5]. Group 3: Long-term and Patient Capital - The concept of "patient capital" is highlighted as essential for supporting long-term investments in technology innovation, which often involves high risks and long cycles [6][7]. - The need for a robust mechanism to encourage innovation and tolerate failures is crucial for developing patient capital, which is necessary for the success of early-stage investments in technology [7]. Group 4: Policy Support and Industry Development - Since 2024, there has been a notable increase in policy support for the venture capital industry, with various government measures aimed at enhancing the investment environment and encouraging long-term capital participation [9]. - The government has outlined several initiatives to promote venture capital, including the establishment of a national venture capital guidance fund expected to attract significant social capital [9]. Group 5: Future Outlook - The ongoing reforms and supportive policies are expected to further enhance the venture capital landscape, fostering a cycle of early, small, long-term, and hard technology investments [8][9]. - The upcoming capital and industry matchmaking event in Fujian aims to leverage financial resources to support technological and industrial innovation, aligning with national modernization goals [10].