陈道富：探索并构建“新投融资体制”

Core Viewpoint - The article discusses the insights shared at the 2025 China Mother Fund Forum, focusing on the evolving investment landscape and the need for a new investment and financing system to adapt to the challenges posed by the digital economy and service-oriented growth [2][3][8]. Summary by Sections Policy Choices and Economic Outlook - The analysis emphasizes the importance of understanding the policy choices for 2026 within the framework of the "14th Five-Year Plan" and China's modernization goals, highlighting the need for significant progress while maintaining stability in policy direction [3][4]. - Key judgments about the economic situation include recognizing the challenges faced in 2025, the necessity for structural reforms, and the importance of consolidating a stable economic foundation for future growth [5][6]. Investment Trends and Challenges - A critical observation is that fixed asset investment growth has entered negative territory in 2025, necessitating efforts to stabilize effective investment in 2026. Traditional investment models in infrastructure and manufacturing are reaching their peak, prompting the need for new investment directions [7][8]. - Future investment will focus on areas integrated with artificial intelligence and the digital economy, as well as high-quality development in the service sector. However, these sectors present high uncertainty and require a shift from traditional financing models [7][9]. New Investment and Financing System - The article advocates for the establishment of a new investment and financing system that aligns with the digital age and service economy, highlighting various emerging practices such as increased equity investment by insurance funds and the role of public REITs in asset revitalization [8][9]. - The new system must accommodate the unique characteristics of digital and intelligent transformation investments, which require a more nuanced approach to risk and return, emphasizing the need for a collaborative effort among market participants to optimize existing policies and create innovative financing tools [9][10].