Abstract:

Patient capital is a significant driving force for the development of new productive force and a crucial link in facilitating innovative allocation of various advanced production factors. Unlike other forms of capital, patient capital operating within the framework of China's basic economic system is characterized by its long-term and robust nature, making it indispensable in safeguarding technological innovation, enhancing total factor productivity, and promoting in–depth industrial transformation and upgrading. Currently, patient capital faces challenges such as the short-term orientation of China's capital market, insufficient willingness among various types of capital for long-term investments, and bottlenecks in the "technology-industry-finance" circular system. To address these issues, it is essential to adopt a problem-oriented approach by encouraging holders of patient capital to adopt responsible investment principles and strengthening patient capital through measures such as leveraging the guiding role of state–owned capital, expanding diversified investment entities, and optimizing a market environment conducive to long–term investments. These efforts will provide long–term and stable financial support for the development of new productive force.

Key words:

patient capital, new productive force, high-quality development; capital