Core Viewpoint - Liu Cheng, Chairman of CITIC Securities, emphasized the transition of economic growth drivers from the traditional "land-finance" cycle to a new cycle of "industrial innovation-technology innovation-finance" during the 2025 Financial Street Forum [1] Group 1: Economic Growth Transition - The shift in economic growth drivers is identified as moving towards "industrial innovation-technology innovation-finance" [1] - The need to adapt financial support to better align with the new cycle of innovation is highlighted [1] Group 2: Pain Points in Financial Support - Government and public institutions face challenges in balancing early investment risks with the preservation and appreciation of state-owned capital [1] - The commercial interests of projects must be balanced with their positive external effects on regional economies [1] - Enterprises and market institutions struggle with innovating financial supply to meet the characteristics of new industry demands [1] Group 3: Financial Industry Directions - The financial industry should adopt an open orientation to accelerate financial internationalization and the establishment of a unified international market [1] - A digital orientation is necessary to promote the integration of digital finance with the digital economy [1]

Core Viewpoint - The speech emphasizes the need to transition the economic growth model from a "land-finance" cycle to an "industry innovation-technology innovation-finance" cycle during the 14th Five-Year Plan period [1] Group 1: Financial Support for Technological Innovation - The main pain points for government and public institutions in the tech finance sector include balancing early investment risks with the need for state capital preservation and appreciation, as well as balancing commercial interests with positive external effects on regional economies [1] - For enterprises and market institutions, the challenges lie in innovating financial supply to meet the characteristics of new industry demands, balancing short-term capital returns with long-term funding needs, and collaborating with social capital to form a virtuous cycle [1] Group 2: Financial Industry Directions - The financial industry should adhere to an open orientation, accelerating the promotion of financial internationalization and the construction of a unified international market [1] - There is a need to maintain a digital orientation to promote the integration of digital finance with the digital economy [1]