Original title: Finance should be highly efficient to enable new quality productivity
The core element of developing new quality productivity is scientific and technological innovation, but technological breakthrough is not overnight and requires continuous input of resources. As the source of the economy, finance should efficiently empower the cultivation and expansion of new quality productivity.
Strategic emerging industries and future industries are key areas for the formation and development of new quality productivity, as well as gathering areas for technology-based enterprises. The early capital investment of scientific and technological enterprises is large, and it is difficult to produce immediate results. Most start-up scientific and technological enterprises lack collateral and beautiful financial statements. However, banks are more willing to invest in low-risk and high return projects. Difficult and expensive financing has become one of the "growing pains" of sci-tech innovation enterprises. Therefore, to accelerate the development of new quality productivity, we must strengthen financial innovation, get through the blocking points where institutional risk preference does not match the early investment of science and innovation enterprises, and incubate and cultivate patient capital to enable new quality productivity.
Optimizing credit supply is an important foundation. At present, the total assets of China's financial institutions have exceeded 460 trillion yuan, providing a solid foundation for high-quality development of the real economy. The Central Financial Working Conference clearly proposed to optimize the capital supply structure and use more financial resources to promote scientific and technological innovation and advanced manufacturing. This requires financial institutions to increase capital supply in some important areas involving scientific and technological innovation. From the data, last year's balance of domestic and foreign currency loans of small and medium-sized technology-based enterprises and high-tech enterprises kept growing year on year. In the future, it is necessary to guide long-term funds to continuously increase supply, deeply stimulate the innovation potential of sci-tech innovation enterprises, and promote stronger productivity.
Reducing the comprehensive financing cost is the key link. In recent years, the People's Bank of China has taken measures such as lowering policy interest rates, giving full play to the role of the market-oriented adjustment mechanism of deposit interest rates to guide major banks to lower deposit interest rates, and promoting the reduction of the first housing loan interest rates in stock, giving play to the key role of price tools in the allocation of financial resources, improving the efficiency of monetary policy transmission, and effectively supporting the steady growth of the real economy. In the future, we should continue to break through the blockages of financial support for the real economy, improve the allocation efficiency of financial resources and boost the confidence of business entities. Scientific and technological enterprises should also strive to find their own financing paths, flexibly expand direct and indirect financing channels, constantly explore innovative equity, bonds and other financing methods, and gradually reduce financing costs.
Strong and strict supervision is an effective guarantee. At present, the development of financial service sci-tech innovation enterprises has achieved good results in both "quantity" and "price" of funds, but there are still many weaknesses and difficulties in some areas. For example, there are problems such as lack of capital and patient capital, all of which restrict the development of technology-based enterprises. Therefore, the regulatory authorities should take the initiative to make up for the weakness that banks are afraid to lend and capital is unwilling to invest as soon as possible, guide financial institutions such as bancassurance to change their thinking, introduce more professional and diversified products and measures that are suitable for the characteristics of scientific and technological innovation enterprises, and accurately build full life cycle financial services based on the initial stage, growth stage and maturity stage. It is worth noting that strengthening supervision and strict supervision is not only to manage the industry and risk, but also to focus on the formation of joint regulatory forces, optimize the regulatory mechanism, and work with local governments, science and innovation enterprises, and banking and insurance institutions in the same direction and answer the same question.
Promoting efficient financial empowerment and new quality productivity is not only a powerful action to deepen financial supply side structural reform, but also an important reflection of the five major articles on science, technology and finance proposed by the Central Financial Work Conference. Next, we should also speed up the promotion of an efficient and virtuous cycle of capital assets, and continue to add new momentum to high-quality economic development.
