Unleashing the Innovation Momentum of Private Enterprises (Financial View)

Release time:Apr 16, 2024 20:41 PM

Strengthen the position of enterprises as the main body of technological innovation, promote the deep integration of innovation chain, industry chain, capital chain, talent chain, further enhance the support of financial and tax policies for technological innovation, and promote the optimization of supply in technology finance

The Opinion of the Central Committee of the Communist Party of China and the State Council on Promoting the Development and Growth of the Private Economy proposes to encourage private enterprises to continuously increase research and development investment, carry out key core technology research and development, and actively undertake major national scientific and technological projects in accordance with national strategic needs and industry development trends.

Innovation is the primary driving force for development. In recent years, China has deeply implemented the innovation driven development strategy and solidly promoted high-level technological self-reliance and self-improvement. In 2022, China's total investment in research and experimental development reached 3087 billion yuan, an increase of 10.4% compared to the previous year. Enterprise research and development investment maintained double-digit growth, and a large number of innovative enterprises stood out. Opening up new fields and tracks for development through technological innovation, and shaping new driving forces and advantages for development are urgent requirements for high-quality development. Strengthening the position of enterprises as the main body of scientific and technological innovation, promoting the deep integration of the innovation chain, industry chain, capital chain, talent chain, and further enhancing the support of financial and tax policies for scientific and technological innovation, promoting the optimization of the supply of science and technology finance, and continuously adding innovation vitality to private enterprises through the use of funds.

To support innovation in private enterprises, it is necessary to accelerate the gathering of capital elements towards the enterprises. In the first half of the year, more than 300000 enterprises nationwide enjoyed the policy of R&D expense deduction. The number and amount of high-tech enterprises enjoying R&D expense deduction accounted for 65.4% and 83% of all R&D enterprises, respectively; As of the end of June, the balance of medium and long-term loans in high-tech manufacturing industry was 2.5 trillion yuan, a year-on-year increase of 41.5%; There are 542 listed companies on the Science and Technology Innovation Board, and over 1000 specialized, refined, and new small and medium-sized enterprises are listed on the A-share market... The implementation of relevant policy measures is detailed, supporting the continuous improvement of the strength, depth, and accuracy of enterprise technological innovation.

To provide funding support for innovation in private enterprises, it is necessary to pool policy efforts. Finance at all levels continuously increases investment in scientific and technological innovation, playing a leading and driving role. In the fields of technology, industry, finance and taxation, we need to strengthen policy coordination, resource docking, and information sharing, strengthen the docking between government, banks, and enterprises, and better unleash the policy effectiveness of the "enterprise innovation credit system" to facilitate the efficient connection between financial institutions and innovative enterprises. At the same time, the financial sector continues to enhance the intensity and level of service technology innovation, promote the establishment and improvement of a comprehensive and multi-level technology financial service system, improve the market-oriented financing risk sharing mechanism involving banks, insurance, guarantees, securities firms and other parties, provide differentiated and all-round financing services for innovative enterprises in different growth stages, and form a pattern of mutual promotion, close integration, and virtuous cycle of technology, industry, and finance.

From the perspective of actual demand, it is necessary to closely focus on the expectations of enterprises and key areas of technological innovation, and increase support. In response to the insufficient involvement of venture capital in innovation processes such as achievement transformation, we will strengthen the role of government investment funds such as achievement transformation guidance funds, and guide social capital to invest more in key technology fields and start-up technology-based enterprises. Based on the characteristics of innovative small and medium-sized enterprises, we will continuously improve a more suitable and sustainable financial service system, launch more matching products and services, further improve the financing guarantee business model, and encourage and guide innovative technology research and development services in the insurance industry.

It is worth mentioning that basic research is the source of technological innovation. In recent years, basic research and original innovation in China have been continuously strengthened, and original achievements have emerged one after another. To cope with international technological competition and achieve high-level technological self-reliance and self-improvement, it is necessary to continuously strengthen basic research. Private enterprises with the ability and conditions can play a greater role in strengthening independent innovation and basic research. This requires optimizing the expenditure structure at all levels of finance, implementing tax preferential policies for basic research investment in enterprises, and better guiding social capital to actively participate. For financial institutions, they can actively seek suitable entry points, innovate targeted financial products and services, and better support private enterprises in basic cutting-edge research and technology transfer.

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