Core Viewpoint - The article emphasizes the importance of strategic scientists in bridging the gap between technology credit and capital investment, which is crucial for fostering a resilient and innovative economy in China. It highlights the need for a tailored technology credit system that aligns with national conditions and supports the development of patient capital [1][15]. Group 1: Role of Strategic Scientists - Strategic scientists play a critical role in reducing investment risks and optimizing capital allocation efficiency by providing authoritative endorsements that enhance the credibility of early-stage projects [2]. - They are essential in constructing a technology credit system that evaluates key nodes in the technology and industry chains, thereby addressing information asymmetry and mismatched evaluation standards [3]. - Their leadership in high-quality technology project reserves creates a positive feedback loop of "scientist credit—technology innovation—capital return," which enhances the willingness and scale of patient capital supply [3]. Group 2: Technology Credit Mechanism - Technology credit is defined as the trust established in the value of technology among the public, capital markets, and policymakers, which is essential for guiding the rational allocation of innovation capital [4]. - The lack of institutional mechanisms to effectively manifest and transmit technology credit to capital markets leads to a persistent information gap, resulting in misjudgments of high-potential technology firms as high-risk entities [4]. - Strategic scientists serve as key carriers of technology credit, transforming abstract technological potential into tangible, reliable signals that reduce investor risk assessment difficulties [4]. Group 3: Financing Characteristics of U.S. Tech Companies - The U.S. tech industry exhibits a "loss-financing" paradox, where many companies continue to receive capital despite long-term losses, supported by a capital market logic that prioritizes future potential over current profitability [6]. - Approximately 21% of tech companies that went public in 2024 were profitable, indicating a significant reliance on future expectations rather than current financial performance [6]. - The existence of "zombie unicorns," companies valued over $1 billion but failing to achieve profitability, underscores the unique financing dynamics in the U.S. tech sector [6]. Group 4: Policy Recommendations for China - Establish a "Strategic Scientist Committee" to identify and empower strategic scientists across key innovative fields, ensuring alignment with national strategic needs [12]. - Create a "Technology Credit Enhancement Fund" to provide credit backing for equity financing of projects led by strategic scientists, thereby reducing perceived risks for social capital [13]. - Develop a collaborative policy support framework that integrates finance, technology, and industry regulations to provide comprehensive support for certified strategic scientist enterprises [14].