National Strategy  Global Vision  Decision-Making Consultation  Public Opinion Guidance



Wu Cong

Member of 18th “Aid Tibet Service" PhD Group of Central Organization Department of the CPC; Deputy Dean of RUC NADS; Taking a training position in the Propaganda Department of the Tibet Autonomous Region Party Committee




[]Wu Cong: Reflections on Financially Supporting the Innovation-driven Development of Economic Development Zones: Taking Lhasa Economic and Technological Development Zone as an Example

Recently, under the guidance of the District Party Committee Organization Department, the 18th batch of the Aid Tibet Service PhD Group of the Central Organization Department investigated and inspected the national Tibet Lhasa Economic and Technological Development Zone (hereinafter referred to as Lhasa Economic Development Zone). As a member, the author has conducted in-depth research on the construction of the park and related companies. Taking the Lhasa Economic Development Zone as an example, this article explores new forms and new approaches for innovation-driven development in the financial support economic development zone under the new normal, and strives to provide new ideas for the financial sector to promote optimization of industrial structure and innovation-driven development in the Economic Development Zone.

Raise the strategic height and fully understand the important role of finance in innovation-driven development

As the core of the modern economy, finance is an important force supporting technological innovation and plays a pivotal role in service-driven innovation. By accelerating the flow of financial efficiency and improving the quality and efficiency of the financial system, it is possible to effectively use and revitalize credit resources to guide the transformation and upgrading of the industrial structure in the direction of “innovation” and “green”. At the same time, finance is an important force to support mass innovation in the masses. By strengthening comprehensive financial coverage and accelerating the innovation of financial service models, it can effectively promote the tens of millions of small and micro businesses and grassroots entrepreneurs to actively participate in the dual-creation trend and stimulate the vitality of technological innovation.

Strengthen the role of the government and optimize the macro layout and policy environment

At present, Tibet's scientific and technological innovation is in a stage of climbing, and it still faces many restrictive factors such as a long research and development cycle, large capital investment, and high risks, leading to a lack of financial support and initiative for scientific and technological innovation. In order to solve this problem, Lhasa Economic Development Zone should take the initiative to attack and strengthen the government's (management committee) integration of finance and innovation.

First is to prescribe the right medicine for science and technology companies at different stages of development. Formulate corresponding support plans and development measures, give full play to the government's support and guidance role, carry out reforms in the supply side of financial support innovation policies, and create a good external financing environment for technological innovation. The second is to further increase government financial support for technological innovation. We will give full play to the leveraging role of government special funds for science and technology, establish a stable growth mechanism for investment in science and technology, strengthen policy guidance, build a platform for financial support innovation, and carry out various forms of exchanges and cooperation in order to realize the effect of financial capital investment in “a couple of cases”. The third is to further give play to the legal regulations for the organic integration of finance and technological innovation. The legal provisions such as the proportion of financial support for scientific and technological innovation, the ratio of technological innovation revenue to the return of finance, etc., will be refined to promote positive interaction between finance and innovation and ensure that it will develop in the direction of legalization and standardization. The fourth is to establish a dynamic matching mechanism for the service system. The results transformation of technological innovation show obvious stage characteristics. In the initial stage, technical factors have become the restrictive conditions for innovation, but with the maturity of technological innovation, effective supply of capital has become the decisive factor of whether technological innovation results can be transformed and developed. Therefore, establishing a sound and dynamic matching mechanism to provide diversified and multi-level financial services for scientific and technological innovation is conducive to the in-depth development of scientific and technological achievements.

Excavate credit potential and promote the allocation of financial resources to the field of technological innovation

Based on the phased characteristics of the technological innovation and development in Lhasa Economic Development Zone, traditional credit is still an indispensable support force in the field of science and technology innovation, and it needs to support the scientific and technological innovation of the park.

First, the role of Tibet’s special financial policies and existing policy banks in supporting scientific and technological innovations should be brought into play. On the basis of full investigation and in light of the actual situation in Lhasa Economic Development Zone, a "Small and Medium Business Bank" has been set up specifically to support the development of small and medium-sized technology companies. The second is to promote the establishment of SME credit guarantee funds. Improve the system of corporate credit guarantees and use credit levers to leverage the financing capabilities of small and medium-sized technology companies. The third is to establish a sound science and technology innovation insurance system. Divide the S&T innovation risks of SMEs and improve their dilemma of difficult loans and difficult financing.

Make market play and realize the multi-level and multi-category diversification of financing forms.

In the industries and fields where financial support for scientific and technological innovation, Lhasa Economic Development Zone should fully mobilize the enthusiasm of financial instruments, financial markets, and financial institutions to enable them to coordinate development and increase the efficiency of capital allocation.

The first is to actively build a financial support innovation service platform. We will improve the intermediary service system for financial support for technological innovation, and attach importance to regulating and establishing various types of intermediary agencies such as information consulting agencies, guarantee agencies, insurance agencies, accounting firms, law firms, and making use of the financial service system. The second is to improve the risk investment system in the technological innovation market. While broadening the sources of venture capital funds to attract social capital to participate in the field of scientific and technological innovation, it is also necessary to improve the exit mechanism of venture capital, guide it through the IPO and mergers and acquisitions as the main method to achieve risk capital exit, and thirdly, promoting risk investment institutions to achieve limited partnership reform. The fourth is to encourage venture capital institutions to engage in "angel investment" and "creative investment." The government has formulated related fiscal measures, used financial and taxation leverage to guide risk investment behaviors to move forward, and dispersed the investment risks of institutions.

Correctly deal with the three relationships to ensure that financial flows to the real economy of the park

The first is to correctly handle the relationship between "financing" and "use of capital." The second is to correctly handle the relationship between "speed, quantity" and "quality, direction." Third, it is necessary to correctly handle the relationship between financial “serving the role of the real economy” and “self-development and self-realization”.