【观点】尚福林：推动科创金融发展，打造金融开放新格局

10月21-22日，中国财富管理50人论坛理事长、原银监会主席、证监会原主席尚福林出席了全球财富管理论坛•2023上海苏河湾大会并发表主题演讲。

尚福林从金融开放新格局的角度，探讨了如何更好地支持科技创新。他表示，我国开放进程与经济转型升级高度同步，改革开放40多年来，金融开放支持了我国经济发展、技术进步和产业升级，但当前所处的外部环境发生了很大变化，在当前形势下，应当把支持科技创新作为金融开放的新突破。对此，他提出了三点建议，一是建立健全支持科技创新的制度体系；二是发挥资本市场在支持科技创新中的“风险共担、收益共享”的机制优势；三是在银行支持科技创新中寻求突破。从而推动科创金融发展，开创金融开放新局面。

以下为尚福林致辞全文。

推动科创金融发展，打造金融开放新格局

——全球财富管理论坛•2023上海苏河湾大会上的主题演讲

尚 福 林

各位来宾：

大家上午好！很高兴参加全球财富管理论坛·2023上海苏河湾大会。今天的主题是“金融助力经济复苏与全球合作”。当前，全球经济正在从新冠疫情的沉重打击中缓慢复苏，然而经济增长并不乐观，国家间发展不均衡问题日益扩大。我国经济呈现持续恢复、总体回升向好的势头，社会大局保持稳定。同时，经济运行中也面临一些新的困难挑战。当我们探讨金融助力经济复苏，以及如何推动金融开放、更好地促进国际合作时，这些都是应当考虑的因素。借此机会，我想就金融开放新格局下，更好支持科技创新谈些个人看法，供大家参考。 CXO UNION-CXO联盟（cxounion.cn）

第一，我国开放进程与经济转型升级高度同步。

改革开放40多年来，中国始终坚持对外开放的基本战略，各领域均取得了丰硕成果，金融业尤为显著。在经济发展进程中，无论从资本积累，还是促进技术进步角度，金融开放都发挥了重要作用。

一是支持了国民经济发展和工业现代化建设。改革开放初期，我国通过积极吸引利用外资，发挥劳动力成本比较优势，承接发达国家产业转移的机会，发展外向型经济，成为了“世界加工厂”。金融为适应这种变化，也在开放创新中为服务实体经济积累了宝贵经验。在经常项目可兑换、资本账户开放等方面，满足沿海地区企业资金需求，通过发展加工贸易融入了全球产业链、价值链，逐步造就了今天中国全球最大货物进出口贸易国的地位。

二是提高了我国金融体系竞争力。通过引入外资金融机构、战略投资者，弥补了金融服务短板。银行保险方面，实现“引资”“引智”“引制”目标，推动中资银行、保险公司在经营管理理念、公司治理结构、资本约束和风险控制手段、业务水平和金融创新能力等方面得到提高。通过引入外资同台竞争，倒逼国内机构加快了技术引进和制度学习步伐。资本市场方面，互联互通不断深化，A股纳入国际知名指数并不断提升比重，外资连续多年保持净流入，跨境投融资交易规模增加，我国资本市场的国际吸引力和竞争力明显增强。 CXO UNION-CXO联盟（cxounion.cn）

三是吸引外资共享中国发展红利。境外资金投资人民币资产，外资金融机构在中国扩大展业，国内经济的高速增长为国际投资者带来了合理回报。党的十八大以来，在华外资银行、保险公司资本和资产均实现了快速增长。中国已成为全球最主要的金融市场之一。人民币国际化和金融双向开放取得了积极进展，银行业资产规模居全球第一，保险、股票、债券市场规模居世界第二位。实践证明，金融对外开放，扩大了金融市场规模，提高了金融服务水平，增强了我国金融体系的韧性和金融机构的综合竞争力，促进了经济社会健康发展。

第二，在当前新形势下，应当把支持科技创新作为金融开放的新突破。

改革开放40多年来，1978年到2017年，中国经济取得了连续39年平均每年9.5%的增长速度，在人类经济史上没有任何国家以这么高的速度持续这么长时间的增长。这种增长离不开一个相对友好的国际环境，让中国能够利用劳动力成本、产业要素生产成本低等比较优势，通过引进、消化、吸收发达国家的成熟技术，以较低的成本和较小的风险，实现了技术进步和产业升级，大幅缩短了与发达国家的差距。 CXO UNION-CXO联盟（cxounion.cn）

正如开篇所提到的，当前我们所处的外部环境与改革开放之初相比发生了很大变化。从外部环境看，正值世界百年未有之大变局，世界进入新的动荡变革期，大国博弈竞争加速升级，地缘政治局势持续紧张，全球经济复苏缓慢且不均衡。单边主义、保护主义上升，经贸摩擦深化，贸易增长持续低迷。全球价值链、产业链受阻，逆全球化情绪升温。大宗商品价格波动加剧。从我们自身看，中国已经成为世界第二大经济体，距离高收入国家门槛只有一步之遥，要素禀赋结构也发生了很大变化。资本积累大大增加，低成本劳动力的传统优势正在减弱，信贷投放拉动GDP的边际效应正在递减。放眼全球，科技创新日益成为影响国家竞争力和世界经济格局的重要因素、关键变量。只有依靠科技创新和产业进步，向高科技、高附加值升级，形成新的经济增长模式，提高劳动生产率，才能实现经济高质量发展。以中国目前的经济体量看，要把握住这一轮科技革命和产业变革的重大战略机遇，仅靠学习模仿是不够的，必须推动科技同经济在更宽领域、更深层次、更高水平融合发展。这也是新时期金融业的使命所在。而推动金融开放的重要意义就在于，可以优化配置国际资源，提升经济运行效率，学习借鉴金融支持科技创新的做法，助力更好地实现这一目标。

第三，推动以科创金融为抓手，开创金融开放新局面。

我们看到，全球新科技革命和产业变革正在深入发展，主要大国都在向科技前沿发力冲刺。经济增长需要科技创新，从外部性和公共产品的角度，科技创新需要政府引导参与，更需要金融资源的大量投入。在新的金融开放格局下，推动科创金融，既是帮助实体经济实现新旧动能转换的需要，也是完善金融体系、提升国际竞争力的需要，对于保持我国经济长期稳定发展、保障经济安全意义重大。

与此同时，当前金融支持科技创新仍存在不少问题，金融、科技、产业之间的循环还存在堵点，在法律法规和政策方面存在一些障碍，金融体系结构与科技创新的需要仍有比较大的优化空间，不同阶段科技创新对金融支持的要求与传统金融服务方式、业务模式和金融产品不匹配，科技创新的风险回报方式难以满足银行信贷要求，等等。这些需要通过构建系统的科创金融体系加以解决。为此，我提几点建议： CXO UNION-CXO联盟（cxounion.cn）

一是建立健全支持科技创新的制度体系。加强顶层设计，把科创金融放在“绿色金融”“普惠金融”同等的位置上，从国家战略层面加大科创金融的重视程度和推动力度。完善风险分担补偿、知识产权融资服务、科技企业信息共享机制，为科创金融发展创造良好制度环境。

二是发挥资本市场在支持科技创新中的“风险共担、收益共享”的机制优势。大力发展多层次资本市场，规范发展风险投资、私募股权投资，有序引导长期资金进入创投领域，增加市场包容度，提高股权融资比重。用好海外资源，利用“一带一路”开展科技创新国际合作，支持有条件的科创企业跨境融资。

三是在银行支持科技创新中寻求突破。我国是银行间接融资为主体的金融体系结构。银行体系积累了大量的信贷资源。如果能够解决风险与收益的匹配问题，创新探索出新的服务模式，将为科技创新提供大量的资金。这方面，我国银行业可以学习改革开放之初的探索经验，在风险可覆盖的前提下，局部寻求一些突破。比如，允许通过投贷联动分享股权收益，有限地开展股权投资，采取“沙箱监管”方式开展创新试点等。总的目的就是要发挥不同类型金融机构的特色优势，汇聚更多金融资源，提供一揽子能够有效衔接、覆盖全周期的科创金融服务。

最后，祝本次论坛取得圆满成功！谢谢大家！ CXO UNION-CXO联盟（cxounion.cn）

翻译：

Shang Fulin: Promote the development of scientific and creative finance and create a new pattern of financial opening up

On October 21-22, Shang Fulin, chairman of the China Wealth Management 50 Forum, former chairman of the China Banking Regulatory Commission and former chairman of the China Securities Regulatory Commission, attended the Global Wealth Management Forum 2023 Shanghai Suhewan Conference and delivered a keynote speech.

From the perspective of the new pattern of financial opening, Shang Fulin discussed how to better support scientific and technological innovation. He said that China’s opening up process is highly synchronized with economic transformation and upgrading, reform and opening up for more than 40 years, financial opening up has supported China’s economic development, technological progress and industrial upgrading, but the current external environment has changed a lot, under the current situation, should support scientific and technological innovation as a new breakthrough in financial opening. In this regard, he put forward three suggestions, one is to establish a sound system to support scientific and technological innovation; The second is to give full play to the advantage of the capital market in supporting scientific and technological innovation in the mechanism of “risk sharing and benefit sharing”; The third is to seek breakthroughs in scientific and technological innovation supported by banks. So as to promote the development of scientific and creative finance and create a new situation of financial opening up.

The following is Shang Fulin’s speech. CXO UNION-CXO联盟（cxounion.cn）

We will promote the development of innovative finance and create a new pattern of financial opening-up

— Keynote speech at the Global Wealth Management Forum 2023 Shanghai Suhewan Conference

Shang Fulin

Dear guests,

Good morning, everyone! It is my great pleasure to attend the Global Wealth Management Forum 2023 Shanghai Suhewan Conference. Today’s theme is “Finance for Economic Recovery and Global Cooperation”. At present, the global economy is slowly recovering from the heavy blow of the COVID-19 pandemic, but economic growth is not optimistic, and the problem of uneven development among countries is widening. China’s economy has shown a momentum of sustained recovery and overall recovery, and the overall situation of society has remained stable. At the same time, the economy is also facing some new difficulties and challenges. These are all factors that should be taken into account when we discuss how finance can contribute to economic recovery and how to promote financial openness and better foster international cooperation. I would like to take this opportunity to share with you my views on how to better support scientific and technological innovation under the new pattern of financial opening-up.

First, China’s opening up process is highly synchronized with economic transformation and upgrading.

Over the past 40 years and more of reform and opening-up, China has adhered to the basic strategy of opening-up and achieved fruitful results in all fields, especially in the financial sector. In the process of economic development, financial openness has played an important role in both capital accumulation and technological progress.

First, it supported national economic development and industrial modernization. In the early days of reform and opening up, China actively attracted foreign investment, gave play to the comparative advantage of labor costs, accepted the opportunity of industrial transfer from developed countries, developed an export-oriented economy, and became a “world processing plant.” In order to adapt to this change, the financial sector has also accumulated valuable experience in serving the real economy through open innovation. In terms of current account convertibility and capital account opening, it has met the capital needs of enterprises in coastal areas, integrated into the global industrial chain and value chain through the development of processing trade, and gradually created China’s status as the world’s largest importer and exporter of goods today. CXO UNION-CXO联盟（cxounion.cn）

Second, it has improved the competitiveness of China’s financial system. By introducing foreign financial institutions and strategic investors, we have made up for the shortcomings of financial services. In terms of banking and insurance, the goal of “attracting capital”, “introducing wisdom” and “introducing system” will be achieved, and Chinese banks and insurance companies will be promoted in terms of operation and management concept, corporate governance structure, capital constraint and risk control means, business level and financial innovation ability. By introducing foreign capital to compete on the same stage, domestic institutions are forced to speed up the pace of technology introduction and system learning. In the capital market, connectivity has been deepened, A-shares have been included in internationally renowned indexes and their share has been increasing, foreign capital has maintained A net inflow for many years in a row, cross-border investment and financing transactions have increased, and China’s capital market has become significantly more attractive and competitive internationally.

Third, we will attract foreign investment to share in China’s development dividends. Foreign funds have invested in RMB assets, foreign financial institutions have expanded their exhibition business in China, and the rapid growth of the domestic economy has brought reasonable returns to international investors. Since the 18th CPC National Congress, the capital and assets of foreign banks and insurance companies in China have all achieved rapid growth. China has become one of the world’s leading financial markets. Positive progress has been made in the internationalization of the RMB and two-way opening up of the financial sector. China’s banking sector ranks first in the world in terms of assets, and its insurance, stock and bond markets rank second in the world. Practice has proved that the opening up of the financial sector has expanded the scale of the financial market, improved the level of financial services, enhanced the resilience of China’s financial system and the comprehensive competitiveness of financial institutions, and promoted the healthy economic and social development.

Second, under the current new situation, we should support scientific and technological innovation as a new breakthrough in financial opening up.

Over the past 40 years of reform and opening up, from 1978 to 2017, China’s economy has achieved an average annual growth rate of 9.5 percent for 39 consecutive years, no country in human economic history has sustained such a high rate of growth for such a long period of time. Such growth cannot be achieved without a relatively friendly international environment, so that China can take advantage of the comparative advantages of low labor costs and low production costs of industrial factors, through the introduction, digestion and absorption of mature technologies from developed countries, at lower cost and less risk, to achieve technological progress and industrial upgrading, and significantly shorten the gap with developed countries. CXO UNION-CXO联盟（cxounion.cn）

As mentioned in the opening paragraph, the external environment we are currently in has changed a lot compared with the beginning of reform and opening up. From the perspective of the external environment, the world is undergoing profound changes unseen in a century. The world has entered a new period of turbulence and change. Competition among major countries is accelerating, geopolitical tensions remain tense, and global economic recovery is slow and uneven. Unilateralism and protectionism are on the rise, economic and trade frictions are deepening, and trade growth remains sluggish. Global value chains and industrial chains have been hindered, and anti-globalization sentiment is heating up. Volatility in commodity prices has increased. From our own perspective, China has become the world’s second largest economy, just a step away from the threshold of high-income countries, and the structure of factor endowment has also undergone great changes. Capital accumulation is greatly increased, the traditional advantage of low-cost labor is weakening, and the marginal effect of credit in boosting GDP is diminishing. Looking around the world, scientific and technological innovation has increasingly become an important factor and key variable affecting national competitiveness and the world economic pattern. Only by relying on scientific and technological innovation and industrial progress, upgrading to high-tech and high value-added, forming a new economic growth model, and raising labor productivity can we achieve high-quality economic development. In view of China’s current economic size, to seize the major strategic opportunities of this round of scientific and technological revolution and industrial transformation, it is not enough to rely only on learning and imitation. We must promote the integration of science and technology and the economy in a wider range, deeper level and higher level. This is also the mission of finance in the new era. The important significance of promoting financial opening is that it can optimize the allocation of international resources, improve the efficiency of economic operation, learn from the practice of financial support for scientific and technological innovation, and help better achieve this goal. CXO UNION-CXO联盟（cxounion.cn）

Third, to promote the scientific and creative finance as the starting point, to create a new situation of financial opening up.

We can see that the global new scientific and technological revolution and industrial transformation are deepening, and major countries are sprinting to the forefront of science and technology. Economic growth requires scientific and technological innovation. From the perspective of externalities and public products, scientific and technological innovation requires government guidance and participation, and more importantly, a large amount of financial resources. Under the new pattern of financial opening up, promoting science and innovation finance is not only necessary to help the real economy realize the transformation of old and new growth drivers, but also necessary to improve the financial system and enhance international competitiveness. It is of great significance to maintain the long-term stable development of China’s economy and ensure economic security. CXO UNION-CXO联盟（cxounion.cn）

At the same time, there are still many problems in the current financial support for scientific and technological innovation, the circulation between finance, technology and industry is still blocked, there are some obstacles in laws, regulations and policies, and the structure of the financial system and the needs of scientific and technological innovation still have a relatively large room for optimization. The requirements of financial support for scientific and technological innovation at different stages do not match the traditional financial service methods, business models and financial products, and the risk-return methods of scientific and technological innovation are difficult to meet the requirements of bank credit, and so on. These need to be solved by building a systematic scientific and creative financial system. To this end, I wish to make the following suggestions:

First, establish a sound system to support scientific and technological innovation. Strengthen the top-level design, put science and innovation finance in the same position as “green finance” and “inclusive finance”, and increase the importance and promotion of science and innovation finance from the national strategic level. We will improve risk-sharing compensation, intellectual property financing services, and information sharing mechanisms for science and technology enterprises to create a favorable institutional environment for the development of science and technology finance.

The second is to give full play to the advantage of the capital market in supporting scientific and technological innovation in the mechanism of “risk sharing and benefit sharing”. We will vigorously develop a multi-tiered capital market, standardize the development of venture capital and private equity investment, guide long-term capital into venture capital in an orderly manner, make the market more inclusive, and increase the proportion of equity financing. We will make good use of overseas resources, use the Belt and Road Initiative to carry out international cooperation in scientific and technological innovation, and support qualified scientific and technological innovation enterprises in cross-border financing. CXO UNION-CXO联盟（cxounion.cn）

The third is to seek breakthroughs in scientific and technological innovation supported by banks. Our country is the structure of financial system with bank indirect financing as the main body. The banking system has accumulated a large amount of credit resources. If the matching problem between risk and return can be solved, innovation will explore a new service model, which will provide a lot of funds for scientific and technological innovation. In this regard, China’s banking industry can learn from the exploration experience at the beginning of reform and opening up, and seek some partial breakthroughs under the premise that risks can be covered. For example, it is allowed to share equity income through investment and loan linkage, to carry out equity investment in a limited way, and to carry out innovation pilots in a “sandbox supervision” way. The overall purpose is to give play to the characteristics and advantages of different types of financial institutions, gather more financial resources, and provide a package of scientific and creative financial services that can effectively connect and cover the whole cycle. CXO UNION-CXO联盟（cxounion.cn）

To conclude, I wish this forum a complete success. Thank you all!

由CXO UNION-CXO联盟（cxounion.cn）转载而成，来源于中国财富管理50人论坛；编辑/翻译：CXO UNIONCXO联盟小U。

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