Empowering New-quality Productivity by Patient Capital:Internal Logic,Realistic Challenges and Strategy Choices
The Third Plenary Session of the 20th CPC Central Committee points out that we will encourage and standardize the development of angel investment,venture capital and private equity investment,better play the role of government investment funds,and develop patient capital.Patient capital is a form of capital that emphasizes long-term investment and steady returns,and developing patient capital is a starting point to speed up the cultivation of new-quality productivity.The internal logic of patient capital empowering new-quality productivity is to promote the optimal combination and renewal of workers,labor materials and labor objects,to provide long-term and stable financial vitality,and to help to achieve a virtuous cycle between the supply side and the demand side.Mean-while,there are practical challenges in the development of patient capital at present,such as a rela-tively low proportion of direct financing,insufficient innovation of financial instruments,relevant in-stitutions and mechanisms to be improved,and greater difficulty in risk assessment and supervision,which means that reform is urgently needed to speed up the removal of institutional barriers to patient capital empowering new-quality productivity.The path of patient capital empowering new-quality productivity is to construct diversified financing channels,to expand the scope of financial instru-ments,to coordinate all parties for win-win cooperation,and to prevent innovation risks.In order to fully exploit the empowering effect of patient capital on new-quality productivity,it is necessary to establish a market ecology for the development of patient capital,to improve the basic system adap-tive to patient capital,and to build a financial system for science and technology that is compatible with scientific and technological innovation.
patient capitalnew-quality productivityscientific and technological innovationfinancing system
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