China'S Stock Market Should Become An Important Carrier Of "Innovation Dream"

The implementation of the innovation driven development strategy has been put forward from the eighteen Party's Congress. Recently, Xi Jinping, general secretary of the CPC Central Committee, stressed at the seventh meeting of the central financial and economic leading group that it is necessary to carry out the strategy of innovation driven development, the significance of innovation and the determination of the top level to innovate and develop.

Realization

Drivers must play a decisive role in the allocation of resources in the market, so that the capital market can exert its full strength.

From a global perspective, from more than 100 years ago, railways, steel, to later automobile, chemical industry, to nearly 30 years of computer, communication, Internet and biotechnology, and so on, leading.

None of the major innovative industries developed by means of capital markets can achieve rapid growth.

The reason why the capital market can do this is that its characteristics match well with the innovation industry.

The innovative industry is a sunrise industry with long-term growth and promising prospects, but it also shows the characteristics of rapid technological upgrading and high elimination rate.

Excessive use of state capital and indirect financing may increase the risk of the government and the financial system.

In this context, make full use of

It can not only raise funds needed for these industries, but also make use of the characteristics of "decentralization" and "buyer's conceit" of direct financing to effectively avoid the systemic impact of the upgrading of emerging industries on the financial system.

For the Chinese stock market whose total market capitalization has exceeded 28 trillion yuan, it is difficult to undertake the historical task of supporting innovation and development and promoting economic pformation if the high-quality listing resources are lost overseas.

To bear the dream of local innovation enterprises taking advantage of the capital market take-off, China's stock market must be more tolerant than ever before.