This journal's reporter, Sun Tingyang
This year's government work report calls for &#34;promoting the deep integration of technological innovation and industrial innovation&#34; and &#34;strengthening financial services for the entire chain and lifecycle of technological innovation.&#34;
Minister of Science and Technology Yin Hejun introduced the achievements of the integration of technological innovation and industrial innovation in China during the &#34;Ministerial Channel,&#34; stating that the value added by the &#34;three new&#34; (new industries, new business formats, new business models) economy has exceeded 18% of GDP; among the top 2000 global industrial R&amp;D investment enterprises, there are 525 companies from mainland China, accounting for 26.3%. In the global ranking of the top 100 innovation clusters, China's Shenzhen-Hong Kong-Guangzhou cluster has risen to first place in the world...
Yin Hejun stated that during the &#34;14th Five-Year Plan&#34; period, technological innovation should lead the development of new quality productivity, focus on building a modern industrial system, promote the transformation and upgrading of traditional industries, and allow &#34;old trees to sprout new buds&#34;; cultivate and grow emerging industries, and create more trillion-level industrial clusters; proactively layout future industries, continuously cultivate new economic growth points.
Focusing on the deep integration of technological innovation and industrial innovation, and developing new quality productivity, this journal's reporter interviewed several representatives and committee members.
<img src="https://imageproxy.pbkrs.com/https://inews.gtimg.com/om_bt/OJXglSRRwyJvgpTOkYHmSAJuUr_MPqTzfgjnKvFk1NzOMAA/641?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://inews.gtimg.com/om_bt/OJXglSRRwyJvgpTOkYHmSAJuUr_MPqTzfgjnKvFk1NzOMAA/641"/>
From &#34;papers&#34; to &#34;income,&#34; from &#34;samples&#34; to &#34;products&#34;
&#34;The deep integration of technological innovation and industrial innovation is the fundamental path and core engine for developing new quality productivity, and new quality productivity is the inevitable result and concentrated embodiment of the deep integration of the two,&#34; said Qin Rongsheng, a member of the National Committee of the Chinese People's Political Consultative Conference and a professor at the National Accounting Institute of Beijing, in an interview with this journal's reporter.
Qin Rongsheng further explained: Without technological innovation, industrial innovation lacks hard-core support and can only remain at the level of model replication and low-end iteration; without industrial innovation, technological innovation will remain suspended in laboratories and cannot form scalable and market-oriented productivity. The deep integration of the two can transform scientific achievements from &#34;papers&#34; into &#34;income,&#34; from &#34;samples&#34; into &#34;products,&#34; ultimately constructing a new quality productivity system.
&#34;The transformation and upgrading of traditional industries, the development of strategic emerging industries and future industries, are essentially the deep integration of technological innovation and industrial innovation,&#34; Liu Qing, a representative of the National People's Congress and director of the Yangtze River Delta National Technology Innovation Center, told this journal's reporter.
Liu Qing believes that the model for the innovation and greening, and intelligent transformation of traditional industries generally involves enterprises proposing demands and seeking solutions from research institutions internally or externally. The development of strategic emerging industries and future industries involves research institutions having original achievements, seeking capital to support investment and entrepreneurship, and serving society after mass production. It can be seen that regardless of the path, the essence is the seamless connection between the innovation chain and the industrial chain.
&#34;The deep integration of technological innovation and industrial innovation cannot leave behind traditional industries,&#34; said Yang Chengchang, a member of the National Committee of the Chinese People's Political Consultative Conference and chief economist at Shenwan Hongyuan Securities Research Institute, who believes that technological innovation and industrial innovation serve not only strategic emerging industries and future industries but also traditional industries
Yang Chengchang believes that traditional industries such as basic energy and basic raw materials are closely related to our lives and are the foundation of emerging and future industries. The development level of the vast majority of traditional industries in our country is No. 1 internationally, and many industries have very strong competitiveness in the world.
Yang Chengchang suggested that policy support for traditional industries to achieve green and intelligent transformation can start from supporting leading enterprises in the supply chain. &#34;Once the transformation of traditional industry chain leading enterprises is successful, it will drive hundreds of supporting enterprises to upgrade and transform, jointly developing new productive forces.&#34;
Yao Zuoping, a representative of the National People's Congress and Party Secretary of SAIC-GM-Wuling Automobile Co., Ltd., said that during the 14th Five-Year Plan period, they aim to increase the proportion of artificial intelligence application scenarios from the current 75% to a higher level, further tackling core technologies in intelligent manufacturing, and forming replicable and exportable system solutions to drive upstream and downstream enterprises in the industry chain towards intelligence.
Long-term stable funding supports the development of new productive forces
This year's government work report calls for strengthening financial services for the entire chain and lifecycle of technological innovation. Government investment funds should take the lead in being patient capital, promoting more startups to accelerate their growth into leading technology enterprises.
&#34;‘Strengthening financial services for the entire chain and lifecycle of technological innovation’ emphasizes a systematic arrangement from research to industry; ‘invest early, invest small, invest long-term, invest in hard technology’ directly addresses the weakest links in technological innovation that require long-term support, which is the main focus and evaluation standard for financial services across the entire chain,&#34; said Qin Rongsheng.
Qin Rongsheng explained that both aim to solve issues such as short-term profit-seeking capital, detachment from reality, and the focus on later stages over earlier ones, promoting the concentration of financial resources in original, leading, and strategic technological fields, with long-term stable funding supporting technological self-reliance and the development of new productive forces.
&#34;Those with original technology often have a high valuation of the technology. Investment institutions may not understand this technology and provide a relatively low valuation. There is a valuation gap between the two, making it difficult to reach an agreement,&#34; analyzed Liu Qing. Social capital tends to avoid projects perceived as high-risk and high-valuation; government funding programs have fixed project cycles, leading to path dependence, making it difficult for fiscal funds to empower accurately.
The Yangtze River Delta National Technology Innovation Center, where Liu Qing works, uses a &#34;grant-investment combination&#34; model to resolve this issue. This model first allocates funds for technology project establishment to help teams bear early R&amp;D risks, and when the project progresses to a stage where market financing is possible, the initial project funds are adjusted to investment at market prices.
Establishing a fault-tolerant mechanism has also been frequently mentioned.
Liu Qing suggested that state-owned venture capital institutions should establish sufficient fault-tolerant mechanisms when investing in technological innovation projects, enabling them to confidently provide financial services across the entire chain and lifecycle, and to &#34;invest early, invest small, invest long-term, invest in hard technology.&#34;
&#34;Increasing financial support for emerging and future industries, while also creating a risk-sharing mechanism,&#34; said Huang Qunhui, a member of the National Committee of the Chinese People's Political Consultative Conference and a researcher at the Institute of Economic Research of the Chinese Academy of Social Sciences, in an interview with this publication. A fault-tolerant mechanism should be established to encourage patient capital to &#34;invest early, invest small, invest long-term, invest in hard technology.&#34;
Qin Rongsheng also suggested guiding long-term funds such as insurance and pension funds into the market, smoothing the exit channels for venture capital and equity funds, and forming a virtuous cycle of &#34;investment - exit - reinvestment.&#34;

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This year's government work report emphasizes the deep integration of technological innovation and industrial innovation. Minister of Science and Technology Yin Hejun pointed out that the economic added value of new industries, new business formats, and new business models has exceeded 18%. Mainland China accounts for 26.3% of global industrial R&D investment. National Committee member Qin Rongsheng stated that the combination of technology and industrial innovation is the core of the development of new productive forces, capable of transforming technological achievements into actual income and products. National People's Congress representative Liu Qing emphasized that the transformation of traditional industries and the development of emerging industries both rely on this deep integration

"Thesis" becomes "Revenue," "Sample" becomes "Product"