Social security and pension funds, which are considered 'long money', should become innovative 'long-distance running partners'. State owned capital needs to be given more room for tolerance, long-term patience, and professional incentives. Science and technology innovation enterprises should have more diverse sources of funding. In response to the requirements of the draft outline of the 15th Five Year Plan to build a technology finance system that is compatible with technological innovation, representatives and committee members have put forward suggestions and suggestions, hoping to further play the supporting role of the financial system in technological innovation. The market calls for more "long money" to enter. For science and technology innovation enterprises, especially hard technology enterprises, long-term financial support is an essential key element for their development and growth, as well as for achieving technological breakthroughs and landing. Financial support plays a crucial role in helping strategic emerging industries such as quantum technology cross the 'valley of death'. Stable long-term capital not only supports the team to continuously tackle key technologies, but patient capital also has a strategic anchoring effect. When financial institutions are willing to accompany enterprises through a research and development cycle of more than 10 years, it actually sends a strong signal of technological credibility to the market, which helps attract upstream and downstream partners in the industry chain and high-end talent gathering. ”Guo Guoping, a National People's Congress representative and chief scientist of Benyuan Quantum, said in an interview with reporters. I hope to further improve the basic system of the capital market, introduce relevant supporting policies for the technology manufacturing industry, and broaden the financing path for enterprises. At the same time, it is necessary to broaden capital fundraising channels, extend project loan terms, and provide financing support for enterprise globalization. ”From the perspective of promoting the development of technology manufacturing enterprises, Li Dongsheng, a National People's Congress representative and founder and chairman of TCL, stated. Faced with the problem of insufficient long-term capital, the draft outline of the 15th Five Year Plan clearly proposes to "broaden the sources of medium and long-term venture capital funds through multiple channels" and "strengthen patient capital and improve the policy system to support the entry of medium and long-term funds into the market". Jin Li, a member of the National Committee of the Chinese People's Political Consultative Conference and Vice President of Southern University of Science and Technology, analyzed that long-term funds such as social security and pension are natural "patient capital". Their entry into the market can match the long-term demand for hard technology research and development, optimize the structure of the capital market, and guide investment concepts from short-term arbitrage to long-term value investment. We should weaken the assessment of short-term book floating profits, focus on evaluating long-term returns and national strategic contributions, and truly make 'long money' dare to invest, be able to invest, and invest well, "said Jin Li. The requirements of the draft outline of the 15th Five Year Plan are highly in line with the goal of a virtuous cycle of science, technology, industry, and capital. It will guide long-term capital to invest in key areas such as scientific and technological innovation, and help cultivate new quality productivity. ”Zhang Yichen, a member of the National Committee of the Chinese People's Political Consultative Conference and Chairman and CEO of CITIC Capital, told reporters that he suggested improving the risk control mechanism, standardizing the investment operation process, ensuring compliance in fund allocation, transparent management, and balancing safety and profitability. Stimulating the "pillar" role of state-owned capital has become the main force supporting early technological innovation, playing an important role in assisting the development of science and technology innovation enterprises. The draft outline of the 15th Five Year Plan proposes to "leverage the role of the National Venture Capital Guidance Fund and the National Mergers and Acquisitions Fund". According to Luo Weihong, a National People's Congress representative and deputy director of the Hangzhou Municipal People's Congress Standing Committee, the entry of state-owned capital not only provides "money" to science and technology innovation enterprises, but also serves as a star, ballast, and accelerator. Endorsement by state-owned funds can quickly enhance the recognition of enterprises by the market, institutions, and industrial chain, and solve the pain points of 'insufficient credit and unstable valuation' for early science and technology innovation enterprises. At the same time, science and technology innovation enterprises have long cycles, high risks, slow returns, low willingness of social capital investment, and state-owned funds can fill the gap of market failure. In the long run, state-owned capital naturally aligns with national strategies, guiding resources towards areas such as hard core technology and driving enterprises towards long-term innovation. ”Luo Weihong said. A representative committee member suggested that the current support system of state-owned capital for science and technology innovation enterprises still needs to be further improved. Tian Xuan, a National People's Congress representative and a distinguished professor at Peking University, analyzed that there is still a mismatch between the current state-owned capital assessment mechanism and risk tolerance, with a clear short-term performance orientation. Moreover, there are differences between state-owned capital and social capital in investment decision-making, income distribution, risk bearing, and other aspects, and their guiding role is not fully utilized. We should accelerate the construction of a differentiated assessment system that conforms to the laws of scientific and technological innovation, adjust the assessment orientation of state-owned capital, extend the assessment cycle, focus on the long-term strategic value, technological breakthrough contribution, and industrial driving effect of projects, and reduce the weight of short-term financial indicators. In addition, it is necessary to strengthen market-oriented incentive mechanisms, establish follow-up investment mechanisms, equity incentives, etc. ”Tian Xuan said. Luo Weihong also suggested developing special assessment methods, implementing differentiated assessments for state-owned capital invested in areas such as basic research, cutting-edge technology, and industrial common technology, and optimizing the assessment index system. In addition, a "negative list" management model can be implemented to clarify the prohibitions and restrictions on state-owned capital investment in science and technology innovation, giving enterprises autonomy in decision-making outside the list and leaving enough space for innovation exploration. The construction of a virtuous cycle of funds for a diversified technology finance system cannot be separated from a smooth mechanism. How to build a more diversified and scientific technology finance system is also a focus of concern for many representatives and members. Taking the bond market as an example, the draft outline of the "15th Five Year Plan" proposes to "support high-quality technology-based enterprises to go public for financing, issue bonds, and build a high-quality bond market" science and technology board ". Jia Wenqin, a National People's Congress representative and former director of the Beijing Securities Regulatory Bureau, stated that the capital market has unique advantages in sharing innovation risks and promoting the formation of innovative capital, and should continue to effectively expand the coverage of multi-level market systems for technological innovation. For example, high-yield bonds have a positive significance in alleviating the financing difficulties of technology-based small and medium-sized enterprises and reducing the financing risks of technology-based enterprises. It is suggested that rating agencies establish a rating quality verification mechanism with default rate as the core, further leveraging the market pricing function. Explore the establishment of a tiered admission mechanism, allowing for 'loss making issuances' and simplifying financial disclosure for technology startups. ”Jia Wenqin said. In response to the common concern of venture capital institutions about the "difficulty of exit", Jin Li believes that the registration system reform should be further deepened, the M&A and restructuring mechanism should be optimized, the S fund (private equity secondary market fund) trading channel should be unblocked, and capital should be able to "invest in and withdraw", forming a virtuous cycle and fundamentally solving the worries of private capital. As a senior investor, Zhang Yichen stated that as the government work report clearly proposes to "strengthen the full chain and life cycle financial services of technological innovation", it is suggested to promote investment loan linkage and insurance linkage, so as to form a synergy between bank credit and equity investment. In addition, regulatory authorities need to continuously improve the policy system and establish more suitable rules, so that M&A funds can truly become the "living water" for capital market resource allocation. (New Society)