Ma Jiantang, former Secretary of the Party Committee of the Development Research Center of the State Council: Developing a multi-level capital market must focus on nurturing the venture capital market.

On November 8, 2025, the Xiamen Industrial Development Conference and the Golden Group CupListed Company Golden Bull Award Ceremony were held in Xiamen. Ma Jiantang, former party secretary of the Development Research Center of the State Council, stated that any major industrial transformation follows the process of evolving from scientific discovery to technological invention, and then to industrial innovation and diffusion of technological products. Therefore, the development of new quality productivity must have high-quality supply of scientific discoveries, technological achievements, as well as deep integration of technological innovation and industrial innovation. "The life cycle of enterprises, especially science and technology enterprises, includes seed period, start-up period, growth period, and maturity period, etc. This growth process essentially involves continuous collisions and integration of scientific discoveries, technological inventions, and industrial innovations. Financial tools play a key role in meeting the financing and risk management needs of enterprises at different stages," Ma Jiantang said. He believes that modern financial markets provide diversified financial instruments with different risk preferences and applicable conditions. Bank loans, as the most common financing method currently, are essentially risk-averse, usually requiring enterprises to provide sufficient guarantees or collateral, and therefore mainly serve enterprises entering the growth or maturity period. He stated that when traditional financing methods cannot meet the needs of early-stage science and technology enterprises, venture capital and risk capital become key supports. Unlike bank credit, the essence of risk capital is to actively take risks to obtain excess returns. Developing a multi-level and inclusive capital market must make nurturing the venture capital market as an important mission.