Give full play to the pivotal role of the capital market and lead the development of new - quality productivity through technological innovation.
On July 30, the Political Bureau of the Central Committee of the Communist Party of China held a meeting to analyze and study the current economic situation and arrange the economic work for the second half of the year. The meeting pointed out that it is necessary to adhere to leading the development of new - quality productive forces with scientific and technological innovation, accelerate the cultivation of emerging pillar industries with international competitiveness, and promote the in - depth integrated development of scientific and technological innovation and industrial innovation.
Currently, global scientific and technological innovation is entering a critical period of intensive breakthroughs and accelerated iterations. Disruptive technologies in many fields continue to emerge, which not only reshape industrial forms but also restructure the global competition landscape. Against this background, China needs to proactively adapt to the trend of the global scientific and technological revolution and industrial transformation, focus on the frontiers and high - points of science and technology, integrate and optimize innovation resources, make the most of the opportunity windows opened by the scientific and technological revolution, open up new areas and tracks for development, and shape new drivers and advantages for development.
In this process, building an innovation ecosystem with the capital market as the hub and improving the efficiency of innovation capital formation are of great significance for accelerating the integrated development of scientific and technological innovation and industrial innovation. Experts interviewed by a reporter from Securities Daily said that with the incentive mechanism of risk - sharing and benefit - sharing, the capital market has built a service ecosystem covering the entire life cycle of enterprises. From venture capital incubation in the startup period, equity financing in the growth period to listing or merger and reorganization in the maturity period, it can meet the needs of different stages. At the same time, through the pricing function of key elements and assets, it activates the endogenous driving force of innovation, releases the innovation potential of entrepreneurs and talents, guides the integration and agglomeration of elements such as talents, technology, and data, serves the upgrading of traditional industries, the growth of emerging industries, and the cultivation of future industries, and injects impetus into high - quality development.
Build the Foundation of New - Quality Productive Forces with Scientific and Technological Innovation
Developing new - quality productive forces is an inherent requirement and an important focus for promoting high - quality development. The formation of new - quality productive forces depends on the coordinated support of multiple factors. Among these factors, innovation is the key variable playing a leading role. Whether it is technological breakthroughs, model innovation, or element reconstruction, their core driving forces all stem from innovation practices.
In recent years, localities have always placed scientific and technological innovation at the core, adhered to leading with scientific and technological innovation, comprehensively activated innovation elements, and smoothed the innovation chain to promote the accelerated cultivation and development of new - quality productive forces. On July 31, the National Bureau of Statistics released data showing that after accounting, the added value of China's "three new" (new industries, new business forms, and new business models) economy in 2024 was 2,429.08 billion yuan, a year - on - year increase of 6.7% (calculated at current prices), 2.5 percentage points higher than the current - price growth rate of the gross domestic product (GDP) in the same period; it accounted for 18.01% of GDP, an increase of 0.43 percentage points compared with the previous year.
In the view of Su Jian, a professor at the School of Economics of Peking University, driving the development of new - quality productive forces through scientific and technological innovation will form a virtuous cycle of "new supply creating new demand". When new technological breakthroughs give rise to new products or technological progress improves the return on investment of enterprises, it will directly stimulate enterprises' investment willingness. The demand brought about by the development of new - quality productive forces is "high - quality demand" with higher quality and sustainability.
However, it cannot be ignored that the structural contradiction of insufficient transformation and upgrading momentum of traditional industries and the urgent need to cultivate the core competitiveness of emerging industries still coexists.
The meeting of the Political Bureau of the Central Committee of the Communist Party of China held on July 30 proposed to "adhere to leading the development of new - quality productive forces with scientific and technological innovation". This important arrangement is not only a key measure to cope with the current complex development environment and gain the initiative in the fierce international competition but also a fundamental requirement for promoting the economy to achieve "effective improvement in quality and reasonable growth in quantity", pointing the way for solving the structural contradiction and accelerating the cultivation of new - quality productive forces.
Wen Bin, the chief economist of China Minsheng Bank, said that a series of statements have once again confirmed that scientific and technological innovation is the core axis of the current industrial policy. It is expected that the development path will focus on eight strategic emerging industries and nine future industries.
Connect the Veins of Science and Technology and Industry with the Capital Market
From domestic and international practices, whether it is large and powerful technology giants or small and beautiful technology innovation stars, they all rely on the strong support of the capital market. Innovation activities are characterized by starting from scientific and technological breakthroughs, thriving in industrial transformation, and succeeding with capital empowerment. Therefore, further playing the hub role of the capital market in the in - depth integration of scientific and technological innovation and industrial innovation is of great significance for accelerating the cultivation of new - quality productive forces and consolidating and expanding the positive momentum of economic recovery.
On the one hand, the capital market has a unique risk - sharing and benefit - sharing mechanism, which can provide full - chain and relay - style services from venture capital to listing financing, merger and reorganization, meeting the needs of enterprises at different stages such as the startup period, growth period, and maturity period.
Wu Qing, the chairman of the China Securities Regulatory Commission, introduced at the 2025 Lujiazui Forum that private equity and venture capital funds have participated in the investment of 90% of the listed companies on the Science and Technology Innovation Board and the Beijing Stock Exchange and more than half of the listed companies on the Growth Enterprise Market, and the effects of "incubators", "accelerators", and "propellers" continue to be released.
On the other hand, through the pricing of key elements and assets, the capital market can stimulate the entrepreneurial spirit and the innovation and creativity of talents, drive the organic integration and coordinated agglomeration of production elements such as talents, technology, and data, continuously improve the total factor productivity, and better serve the upgrading of traditional industries, the growth of emerging industries, and the cultivation of future industries.
A relevant person in charge of Lens Technology Co., Ltd. told a reporter from Securities Daily: "By going public on the capital market, it not only provides the company with financial and institutional guarantees but also enables the company to transform from a single glass panel manufacturer into a leading technology innovation enterprise covering multiple fields such as consumer electronics, automotive electronics, and intelligent manufacturing through resource integration, policy guidance, and brand empowerment. This in - depth integration of capital and technology is the core driving force for the company to continuously lead the technological transformation in the industry. For example, in 2020, the company acquired the metal casing business of Catcher Technology Co., Ltd. for 9.9 billion yuan, ranking among the top three global metal structural parts manufacturers, providing a foundation for cross - material technology integration for the development of new products such as AI mobile phones and intelligent vehicles."
It is in helping the development and growth of individual micro - entities that China's industrial system has been continuously optimized and upgraded. This driving effect from point to area not only consolidates the industrial foundation for economic development but also provides a solid foundation for the cultivation of new - quality productive forces, offering strong industrial support for consolidating and expanding the positive momentum of economic recovery.
Accumulate the Momentum for Innovation and Development through Deepening Reforms
With the strong empowerment of the capital market, China's scientific and technological innovation is accelerating to break through the limitations of single - point efforts and leap to multi - field systematic integration. The conversion efficiency of technological achievements into market applications continues to improve, and a number of emerging scientific and technological forces with strong international competitiveness have emerged in many tracks. In this situation, accelerating the construction of a financial service system precisely adapted to it and comprehensively deepening the reform and opening - up of the capital market have become the keys to further activating innovation momentum and strengthening innovation forces.
Since the beginning of this year, the capital market has launched a series of reform measures to support scientific and technological innovation, including promoting the entry of long - term funds into the market, introducing more than 300 billion yuan of new insurance funds into the science and technology field through adjusting the assessment mechanism; deepening the reform of the Science and Technology Innovation Board, launching "1 + 6" measures, establishing a science and technology innovation growth layer, and restarting the listing standards for unprofitable enterprises; making coordinated efforts on institutional foundations and innovation tools, building a science and technology financial service system, launching special pilot projects, and amending regulations, etc., to form a closed - loop to promote the in - depth integration of capital and science and technology.
It is worth noting that the top - level design of the capital market reform by government departments continues to be strengthened. Xue Hongyan, the deputy dean of the Xingtu Financial Research Institute, believes that the deepening of the policy logic not only responds to the current practical needs of economic transformation but also highlights the upgraded positioning of the capital market in the overall national strategy.
This article is from Securities Daily, author: Tian Peng. Republished by 36Kr with permission.