Wang Yiming: Promote the transformation of the financial support system for technological innovation from "debt-oriented" to "equity-oriented".

On November 13th, Wang Yiming, Vice Chairman of the China Center for International Economic Exchanges and former Vice Director of the Development Research Center of the State Council, said in a keynote speech at the Taihu World Cultural ForumQiantang Dialogue that China's science and technology innovation has three shortcomings: insufficient original innovation capability, dependence on key core technologies from others, and a shortage of leading scientific and technological talents. Promoting a virtuous cycle of "science and technology - industry - finance" is an important way to accelerate the building of a strong country in science and technology, achieve high-level self-reliance in science and technology, and is also a strategic choice to promote high-quality development. Wang Yiming suggested that the financial support system for technological innovation, which is mainly based on debt, should gradually transition to a financial market system mainly based on equity, better play the role of the capital market hub, develop diversified equity financing, promote the high-quality development of the bond market, and build a modern financial system.