Dean Jun Qian Visits “Financial Street Meeting Room” of CCTV Finance – Decoding China’s 2025 Economic Report with Fellow Guests | Info

Release time：2026-01-24    

At the intersection of the successful conclusion of the “14^th Five-Year” Plan and the launch of the “15^th Five-Year” Plan, the 2025 China Economic Report has been released. Over the past year, China’s economy has pressed forward under pressure, developing toward new drivers and higher quality. Behind each data point lies a shift in growth engines and a leap in development quality.

On the evening of January 22^nd 2026, Jun Qian, Executive Dean of FISF and Professor in Finance, visited the Financial Street Meeting Room of CCTV Finance, decoding China’s 2025 Economic Report together with Xuan Tian, Former Dean of the National Institute of Finance, Tsinghua University, Tao Guan, Global Chief Economist of BOC International, Lei Guo, Chief Economist of GF Securities, and Zhenshan Yao, CCTV Host.

Jun Qian

Executive Dean of FISF

Professor in Finance

New Quality Productive Forces: Dual Dimensions and Financing Relay

Jun Qian noted that new quality productive forces encompass two distinct dimensions: first, the creation of entirely new technologies and industries, moving from 0 to 1; and second, the transformation and upgrading of traditional industries and the large-scale development of emerging sectors. He emphasized that, given China’s current financial system, which is dominated by indirect financing through bank loans, the development of different types of new quality productive forces requires a correspondingly diversified, multi-tiered financing system. For innovation based on entirely new technologies, venture capital and supporting equity financing structures are essential—this is the core battleground for “patient capital”. 

Once technologies mature, business models become clear, and corporate cash flows stabilize, then traditional indirect financing systems such as bank credit should step in to support large-scale production. This creates a pattern of orderly convergence and complementary interaction between different forms of capital and different industries at different stages of development—a “relay and co-advancement” framework that collectively helps enterprises grow stronger and larger.

State-Owned Industrial Funds: Diversified Financing and Market-Oriented Operation

In response to the growing activity of government-led industrial funds at various levels, Qian argued that when state-owned capital plays a role in supporting key industries and serving as “patient capital”, two principles require particular attention. First, financing channels must be diversified: active efforts should be made to attract and leverage more private capital for joint participation. Second, fund operations must be market-oriented: investment decisions (including exits) must be made by professional teams according to market principles.

He cautioned that, on the one hand, we must avoid disorderly, homogeneous investment driven by excessive intervention or the pursuit of short-term returns, and on the other hand, when evaluating exit performance, the assessment should be based on the long-term returns of the overall portfolio (of the invested companies), rather than requiring that no individual project or enterprise incur a loss. Only by doing so can we truly raise capital allocation efficiency and foster industries with sustainable long-term competitiveness.

Building Professional Bridges: Solving the Evaluation and Pricing Challenge in Research Outcome Commercialization

When it comes to the critical link in bringing original laboratory research to the market, Qian mentioned that China needs to establish independent, professional third-party evaluation and pricing mechanisms, along with a corresponding talent pipeline. Institutions providing such specialized services must bring together multidisciplinary talent—individuals who can deeply understand cutting-edge technology while also possessing extensive industry experience and market judgment. By objectively evaluating the commercial value, commercialization pathways and potential risks of research outcomes, these professionals can build a bridge of trust between innovation sources and industrial capital, thus significantly reducing information asymmetry and transaction costs in early-stage technology transfer and greatly uplifting the efficiency of investment and capital allocation.

The Role of Government: Strengthening Infrastructure and Institutional Supply

Qian highlighted that the core responsibility of the government is to provide solid “infrastructure” and a clear, well-developed institutional framework. This includes building the computing platforms essential for AI applications, improving the market for data as a factor of production and the openness of data systems, and developing a more market-oriented intellectual property evaluation system. The government should act as a “rule-setter” and an “infrastructure provider”, creating a stable, fair (with tolerance for failure), and predictable environment that encourages and supports innovation, while leaving specific issues like deciding upon industrial pathways and the challenge of technological competition should be left to market mechanisms. In this way, the vitality of market players can be unleashed, and a healthy and sustainable innovation ecosystem can be formed.

International Reference: Developing Enterprise-led “Strategic Patient Capital”

Drawing observations of global innovation systems, Jun Qian further pointed out that China should encourage more industry leaders—particularly those with strong capital bases and deep industry insights—to engage in long-term, strategically oriented investments. This form of “corporate venture capital” does not pursue short-term financial returns alone. Instead, it focuses on building industrial chain ecosystems, acquiring cutting-edge technologies, and making effective transformations. Such “strategic patient capital”, bringing startups far more valuable resources than mere funding—market access, technical guidance and operational expertise, represents a vital approach to achieving deep integration of industrial and innovation chains and enhancing the overall efficiency of the innovation system.