Economic Daily: Strengthen the hub function of the capital market to serve the innovation and technology industry.

The front page article of Economic Daily pointed out that currently, global technological innovation has entered a period of intensive activity. Under the guidance of deepening the implementation of the innovation-driven development strategy and accelerating the construction of a modern industrial system, technological innovation is accelerating from breakthroughs in specific areas to systematic integration, and technology breakthroughs are accelerating towards market application, much like young seedlings growing into a forest. Whether the capital market can become an adaptive source of irrigation directly affects the richness of the innovation ecosystem. Objectively speaking, there are still blockages such as cyclical mismatch and service disconnection between capital supply and science and technology innovation demand. Technological innovation requires long-term capital support, but the current capital formation mechanism that adapts to innovation laws is not yet perfect, and financial supply faces issues such as short-term capitalization and low risk tolerance. By leveraging the unique risk-sharing mechanism of the capital market, "supporting the superior and eliminating the inferior" in the full chain of services from venture capital to listing financing can accelerate the realization of technological achievements from the laboratory to the production line in a thrilling leap.