Core Viewpoint - The article emphasizes the importance of long-term capital support for the development of new quality productivity in China, which is driven by technological innovation and modernization [1][2]. Group 1: Long-term Capital and Technological Innovation - Long-term capital is crucial for the transformation of scientific and technological achievements, as it supports continuous investment in basic research and enterprise R&D activities [2][4]. - The lack of stable long-term investment can disrupt innovation processes and hinder the conversion of technological achievements into practical applications [2][5]. Group 2: Policy Framework and Government Initiatives - The Chinese government encourages the development of angel investment, venture capital, and private equity to enhance the role of patient capital in supporting modern industrial systems [3]. - Recent policies have been introduced to create a more comprehensive institutional framework for long-term capital, including guidelines for government investment funds and mechanisms to facilitate financing for technology enterprises [3][4]. Group 3: Current Investment Trends and Data - In 2024, China's R&D expenditure reached 36,326.8 billion yuan, with an intensity of 2.69%, consistently exceeding the average level of EU countries [4]. - The loan balance for technology-based small and medium-sized enterprises reached 3.46 trillion yuan by June 2025, reflecting a year-on-year growth of 22.9% [4]. Group 4: Challenges and Recommendations - There is a mismatch between long-term investment and the needs of new quality productivity, with issues such as a preference for short-term projects and uneven capital allocation across sectors [5][6]. - Recommendations include optimizing the investment environment, expanding patient capital, and innovating financial products to enhance support for technological innovation [5][6].

Group 1 - The core viewpoint emphasizes the need for high-level technological self-reliance and innovation as a foundation for China's modernization, highlighting the importance of long-term capital in fostering new productive forces [1][2][3] - New productive forces are characterized by technological breakthroughs, innovative allocation of production factors, and deep industrial transformation, with a significant increase in total factor productivity as a key indicator [1][2] - The government is actively promoting the development of angel investment, venture capital, and private equity to enhance the role of patient capital in supporting modernization and new productive forces [3] Group 2 - In 2024, China's R&D expenditure reached 36,326.8 billion yuan, with an intensity of 2.69%, consistently exceeding the average level of EU countries [4] - The annual growth rate of R&D expenditure during the first four years of the 14th Five-Year Plan was 10.5%, ranking among the top of major global economies [4] - By mid-2025, loans to technology-based SMEs reached 3.46 trillion yuan, with a year-on-year growth of 22.9%, outpacing other loan categories [4] Group 3 - Despite progress, there remains a mismatch between long-term investment and the needs of new productive forces, with issues such as a preference for short-term investments and uneven capital allocation across sectors [5][6] - Recommendations include optimizing the investment environment, expanding patient capital, and innovating financial products to enhance long-term capital support for technological innovation [5][6] - Specific measures proposed include improving tax incentives for investment in technology transfer and mid-term trials, and encouraging state-owned capital to invest in innovation and strategic emerging industries [6]

搭建供需平台，解决企业"融资慢"。引导全市科技型企业加入山东省科融信综合服务平台，积极为企业 提供增信服务，为企业融资打好基础，让企业融资"融得着、接得住"。截至8月底，全市通过省"科融 信"平台增信企业515家。建立科技项目投融资需求信息共享机制，广泛收集高新技术企业、科技型中小 企业融资需求，定期向金融和投资机构推送科技企业和科技创新项目，为企业争取信贷和投资支持。提 高融资效率。鼓励金融机构开发针对科技型企业的金融产品，在政策引导下，合作银行开设了成果贷快 速审批通道，开发了"科创贷""人才贷""知识产权贷"等多款成果贷产品，为全市科技型企业提供了有力 的融资支持。目前，济宁市成果贷政策合作银行已达38家，基本覆盖市场所有主流商业银行。 实施贷补结合，解决企业"融资贵"。资金供给端，引导合作银行为科技型中小企业提供更优惠的贷款利 率和更多的选择空间，进一步降低企业融资成本。资金使用端，对科技成果转化贷款按时还本付息的科 技型中小企业，可任选一笔贷款按实际支付利息的40%给予一次性贴息支持，单个企业最高贴息50万 元。政策实施以来，全市240余家企业获批财政贴息。做好科技奖补政策与科技金融的联动，对于获得 ...