In an article published in “Economist”, third issue of 2025, Jiang Yongqiang and Zhang Qinglan pointed out that the development of new-form productivity requires long-term capital support. Cultivating and strengthening patient capital, which has long-term investment attributes, is of great significance. The long-term investment philosophy adhered to by patient capital can guide funds to major scientific and technological innovation projects that are crucial to national development. This helps promote the emergence of scientific and technological achievements, continuously improve the quality of workers, innovate labor tools, and enrich labor objects.
Currently, the investment and accumulation of patient capital in China face several practical difficulties. These include insufficient long-term investment intentions and risk identification capabilities of investment entities, the prominent short-term profit-seeking nature of the financial system and capital markets, low rates of scientific and technological achievement transformation that reduce the enthusiasm for patient capital investment, uncertainties in policies and regulations, and an imperfect exit mechanism.
Therefore, it is essential to focus on strengthening talent cultivation, improving the capital market, promoting the transformation of scientific and technological achievements, and reinforcing long-term orientation. This will continuously enhance the main forces driving new-form productivity through patient capital, market vitality, the transformation rate of achievements, and policy patience.