Li Yuan, a reporter of the 21st Century Economic Report, and Zhou Xin, an intern, reported in Beijing
"The reason why this Central Financial Work Conference is important is that, on the one hand, it has systematically expounded the future direction of financial development, and on the other hand, it has pinpointed the drawbacks of China's current financial system. There are several words that have never been seen before. For example, science and technology finance should meet difficulties, focus on key points, guide financial institutions to provide full chain and full life cycle financial services for science and technology enterprises, and support compulsory manufacturing; For example, the financial system is large in scale, but the capital allocation is unbalanced, the financing structure is unreasonable, there is capital, there is no capital, and patient capital is insufficient. " On April 25, Li Yang, member of the academic department of the Chinese Academy of Social Sciences and chairman of the National Laboratory of Finance and Development, said at the sub forum hosted by Renmin University of China on the theme of "promoting philosophy and social sciences with Chinese characteristics to the world - the road to financial power".
The Central Financial Work Conference held at the end of October 2023 analyzed the situation facing high-quality financial development and deployed the financial work for the current and future periods. The meeting put forward the goal of "building a financial power" and required to do a good job in "five major articles" of science and technology finance, green finance, inclusive finance, pension finance and digital finance.
As the first of the "five great articles", science and technology finance, in Li Yang's view, the essence of developing science and technology finance is to develop new quality productivity, two of which deserve attention: first, to promote the industrialization of science and technology, and ultimately develop the economy, industry and enterprises, rather than finance and science and technology; The second is risk, that is, "creative destruction". While there is creativity, its destruction cannot be ignored.
Li Yang believes that there are three main channels or forms to support the development of science and technology finance: finance, science and technology loans, and venture capital. "Some of our existing systems and mechanisms cannot very effectively support the development of science and technology finance."
"Over the years, we have seen many banks and other financial institutions have technology loan arrangements, but objectively speaking, the results are not good. Financial institutions, especially commercial banks, are risk averse financial institutions, and financial technology is a risk based activity, so commercial banks still have some constraints in this regard." Li Yang said.
Li Yang also said that venture capital is the most important channel to support science and technology finance, PE/VC once had a great development in China, but due to various reasons, it is now declining sharply. "This is very detrimental to our competition with the world's first power in science and technology, which is something we must pay attention to. To develop it, we need a lot of institutional arrangements."
Li Yang pointed out that in a long time to come, China's capital market and PE/VC will not be able to develop to the extent that they can support science and technology finance on a large scale, and they must rely on banks
In view of the above situation, Li Yang proposed three suggestions to support science and technology finance:
First, packaged loans. Many years ago, China Development Bank launched packaged loans in the name of development finance. The successful cases include Wuhu model and Tianjin model. The essence of this model is to put several projects together to calculate the general ledger.
The second is the Hefei model. Hefei's scientific and technological innovation is very developed. In addition to the general ledger, Hefei's model also has an important fault-tolerant mechanism.
The third is the comprehensive business model of the bank. At present, China's banking industry is a separate business model. Li Yang said that if it is a very important task to support innovation, banks must be able to undertake this task in the system and mechanism. Comprehensive management should be said to be a solution to the system and mechanism. ”
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