Tu Guangshao: It is necessary to increase the intensity of financial innovation to serve the changing economy such as scientific and technological innovation, green and digitization
Beijing News Shell Finance News (Reporter Jiang Fan) Tu Guangshao, former general manager of China Investment Corporation, said at the 2022 annual meeting of the China Wealth Management 50 Forum on December 24 that it is necessary to increase financial innovation to serve the top three sectors of technological innovation, greenery and digitization Support for economies in transition.
Tu Guangshao pointed out that China’s economy is undergoing three major transformations, namely, the transformation of economic development led by innovation led by technology innovation, the low-carbon and green transformation led by green development, and the transformation of development of the digital economy and digitalisation. These three transformations are of great importance for high-quality development and at the same time entail huge financial needs, i.e. huge and long-term investments.
However, the development of the three major transition economies has brought about new rails and, at the same time, some new risk characteristics. Tu Guangshao said that the greatest risk in scientific and technological innovation is uncertainty; there are many kinds of risks in green finance, such as technological change risks, market risks, especially the green and low-carbon transformation risks of traditional industries; in terms of the digital economy, the confirmation of data rights, data governance, data security and other aspects will also bring some new risk characteristics.
In his view, new forms of assets are constantly emerging. For example, in the process of scientific and technological innovation, it is mainly intellectual property assets; in the process of green and low-carbon transformation, there are problems with the valuation and pricing of carbon goods and green goods; digital transformation has also produced different types and characteristics of digital assets. Finance deals mainly with assets: how to identify and manage these new assets and how to make these assets continuously realize their value through finance are new issues for financial institutions to think about.
In the process of serving the three major transformation economies, Tu Guangshao stressed that financial institutions need to continuously expand the three domains of financial services and increase financial services. These three major areas have some new characteristics and new demands for financial services. Therefore , it is necessary to expand the domain of these fields of financial services through financial services in these fields, so as to better meet the transformation and development needs of the three major fields.
He believes that in the field of scientific and technological innovation it is necessary to form a scientific and technological financial domain that combines equity and creditor rights through venture capital and capital markets. In terms of green assets, it is necessary to form and improve the green finance service system for carbon asset and green asset pricing and the promotion of capitalization. At the same time, data capitalization should be the main factor in promoting data finance.
In addition, Tu Guangshao also pointed out that in order to accelerate the management reform of financial institutions, financial institutions are facing transformation in three major areas. At the same time, strengthen the optimization of financial ecology, improve infrastructure, supervision and other supporting policies.
Edited by Bai Huabing
Proofreading Zhao Lin
