Date: June 5, 2024; Source: People's Daily
Since last year, General Secretary Xi Jinping has made a series of important statements regarding new productive forces, emphasizing that "Developing new productive forces is an intrinsic requirement and an important focus of promoting high-quality development, and it's necessary to continue to well leverage innovation to speed up the development of new productive forces." Cultivating and developing new productive forces through technological innovation requires financial support. The Central Financial Work Conference proposed the significant task of "developing Techfin," and the Central Economic Work Conference held at the end of last year emphasized "guiding financial institutions to increase support for technological innovation, green transformation, inclusive MSEs, and the digital economy." Recently, the Central Political Bureau meeting advocated for "actively developing venture capital and expanding patient capital." CIB needs to thoroughly study and implement General Secretary Xi Jinping's important speeches and the decisions of the Party Central Committee, keep in mind the "major national concerns," strengthen its sense of mission, and accelerate the formation of a financial service system that aligns with the development of new productive forces, thereby promoting the virtuous cycle of "technology-industry-finance" and supporting the development of new productive forces.
Supporting Technological Innovation. Technological innovation is the core element of developing new productive forces. Currently, with the rapid progress of a new wave of technological revolution and industrial transformation, technological innovation has become the main battleground of international strategic competition. Developing Techfin, directing financial resources towards technological innovation, and strengthening financial support for basic research and critical core technologies are crucial. Providing diversified, relay-style financial services to technology-oriented enterprises can drive the deep integration of innovation chains, industrial chains, financial chains, and talent chains, thereby better leveraging technology as the primary productive force and accelerating the cultivation of new industries, new models, and new momentum. CIB needs to focus on the significant task of developing Techfin, playing a greater role in fostering patient capital and smoothing the investment and financing chains. Additionally, establishing a risk control system based on big data is essential. Moreover, improving the intellectual property financing service system to expand and enhance financing for sci-tech enterprises is necessary. This will support the incubation, transformation, and industrialization of technological innovation achievements.
Supporting the Construction of a Modernized Industrial System. Industry is the concrete manifestation of changes in productivity. To accelerate the development of new productive forces, it is essential to vigorously promote the construction of a modernized industrial system. This process involves driving technological innovation, promptly applying technological innovation achievements to specific industries and industrial chains, transforming and upgrading traditional industries, nurturing and expanding emerging industries, and planning the construction of future industries. This will provide enormous space for the development of new productive forces. CIB must adhere to serving the real economy as its fundamental purpose, focusing financial services on building a modernized industrial system, innovating service models, improving service efficiency, enhancing the accessibility of financing for small and micro technology enterprises, and assisting the industrial system in achieving intelligent, green, and integrated development.
Supporting the Development of Green Productivity. Green development is the foundation of high-quality development, and new productive forces are inherently green productivity. Developing new productive forces requires continuously optimizing the economic policy toolbox that supports green and low-carbon development and leveraging the guiding role of Green Banking. Green Banking supports economic activities that improve the environment, address climate change, and promote the efficient use of resources. It provides financial services for projects in environmental protection, energy saving, clean energy, green transportation, and green buildings, including project financing, project operations, and risk management. This is crucial for driving green and low-carbon transformation and fostering and developing green productivity. CIB must adhere to the principle of establishing the new before abolishing the old, seeking progress while maintaining stability. By expanding financing channels for the promotion and application of green technological innovations, promoting the green and low-carbon transformation of traditional high-carbon industries in a manner suited to local conditions, and continuously improving the carbon finance service system, CIB will help build a green and low-carbon circular economy and promote a green and low-carbon transformation of the development model.