Core Viewpoint - The article emphasizes the need for China's financial system to transition from real estate finance to movable asset finance, driven by the shift towards innovation-driven economic development during the 14th and 15th Five-Year Plans [6][7][8]. Group 1: Economic Transition and Financial System Challenges - During the 14th Five-Year Plan, the financial system explored ways to enhance the market-oriented allocation of factors and promote the development of innovative elements, but it still faces challenges in serving new asset types [8][12]. - The transition from traditional asset-driven models to innovation-driven models is crucial, with technology, digital, and green resources becoming core elements of enterprise asset structures [9][10]. - The financial system's traditional reliance on collateral and stable cash flows is increasingly incompatible with the new operational models of enterprises that focus on new elements and assets [11][12]. Group 2: New Elements and Assets - The rapid development of movable new elements will reshape enterprise asset structures, with intangible assets like patents and data becoming significant components [10][11]. - New elements are characterized by intangibility, high liquidity, and value increment, posing challenges for traditional financial services that rely on clear ownership and stable cash flows [11][12]. Group 3: Financial System's Three Major Challenges - The financial system faces three main challenges in serving new asset types: difficulties in asset recognition, valuation, and investment [13][14]. - The lack of clear standards for recognizing and accounting for new elements, such as data and green assets, complicates their financialization [14][15]. - Valuation of new elements is challenging due to their dependence on unstable cash flows and the absence of comparable market standards [16][17]. Group 4: Recommendations for Financial System Reform - Financial institutions should enhance their service capabilities for new elements by improving the recognition and valuation processes, and by facilitating the circulation and investment of these assets [20][21]. - Establishing a modern financial system that accurately reflects the changes in asset structures due to technological, digital, and green transformations is essential [21][22]. - Developing a multi-dimensional evaluation framework to improve the valuation and pricing capabilities for new elements and assets is necessary [23][24]. Group 5: Market Development and Investment Tools - Accelerating the construction of markets for technology, data, and green elements is vital for facilitating the trading and circulation of new assets [25][26]. - There is a need to create more investment tools that align with the risk-return characteristics of modern new elements, encouraging financial institutions to innovate their service models [28][29]. - Promoting the development of a multi-layered green element market will help internalize costs and benefits, enhancing the efficiency of green resource allocation [27].

Core Viewpoint - The article emphasizes the need for China's financial system to transition from real estate finance to movable asset finance, driven by the shift towards innovation-driven economic development during the 14th and 15th Five-Year Plans [1][2]. Group 1: Economic Transition and Financial System Challenges - During the 14th Five-Year Plan, the financial system explored ways to enhance the market-oriented allocation of factors and promote the development of innovative elements, but it still faces challenges in serving new asset types [1][3]. - The financial system must address three main challenges: difficulties in asset recognition, pricing, and investment for new elements and assets [7][8]. Group 2: New Elements and Assets - The transition to movable new elements will reshape corporate asset structures, with technology, digital resources, and green assets becoming core components driving high-quality development [4][5]. - The rapid development of new elements and assets necessitates a new financial service model that can accommodate their unique characteristics, such as intangibility and high liquidity [6][10]. Group 3: Financial Service Model Transformation - Financial institutions are urged to innovate their service models to facilitate the financialization, capitalization, and securitization of new elements, thereby supporting the development of a modern factor market [2][14]. - The article outlines the need for a comprehensive approach to integrate new elements into financial statements, improve valuation frameworks, and enhance market mechanisms for movable assets [15][17][19]. Group 4: Investment Challenges - New elements often face investment difficulties due to their long R&D cycles, high uncertainty, and weak cash flow, leading to reliance on venture capital rather than traditional financing [12][13]. - There is a significant divergence in investment logic among different types of investors, complicating the establishment of a mature investment model for new elements [13]. Group 5: Recommendations for Financial Institutions - Financial institutions should develop new financial products that align with the risk-return characteristics of modern new elements, moving away from traditional collateral-based models [24][25]. - Encouraging the growth of patient capital and diversifying investment tools will be crucial for supporting the development of new elements and assets [23][22].