Digital Finance Empowers the Development of New Quality Productive Forces

New quality productive forces are an important manifestation of the modernization transformation of productive forces in the process of Chinese-path modernization, a temporal expression of the Sinicization of the Marxist theory of productive forces, and a major innovation that fits the current development pattern. At the 2024 Central Economic Work Conference,[1]1 2024 Central Economic Work Conference: an annual high-level meeting of the Chinese Communist Party and government in December 2024 that reviews economic performance and sets policy directions for the coming year. when summarizing the development experience of the past year, it clearly pointed out that new quality productive forces had developed steadily; when deploying key tasks for 2025, it emphasized leading the development of new quality productive forces with scientific and technological innovation and building a modern industrial system; when analyzing the regular understanding of economic work, it proposed that the relationship between cultivating new drivers and upgrading old drivers must be coordinated as a whole, and that new quality productive forces should be developed according to local conditions.

新质生产力是中国式现代化进程中生产力现代化转型的重要体现，是马克思主义生产力理论中国化的时代表达，是契合当下发展格局的重大创新。2024年中央经济工作会议在总结一年来的发展历程时，明确指出新质生产力稳步发展；在部署2025年的重点任务时，强调以科技创新引领新质生产力发展，建设现代化产业体系；在分析对经济工作的规律性认识时，提出必须统筹好培育新动能和更新旧动能的关系，因地制宜发展新质生产力。

As an emerging financial format that organically integrates advanced digital technology and traditional financial services, digital finance possesses unique advantages in reshaping financial service forms, expanding service boundaries, and improving service efficiency. Relying on digital technology, modern information technology, and artificial intelligence, it precisely matches the funding needs of scientific and technological innovation entities, achieving digital supply and innovation of financial products and services. Digital finance promotes the development of new quality productive forces by optimizing factor allocation, driving technological innovation, and pushing forward industrial upgrading.

作为先进数字技术和传统金融服务有机融合的新兴金融业态，数字金融拥有重塑金融服务形态、拓宽服务边界、提升服务效率的独特优势，依托数字技术、现代信息技术和人工智能，精准匹配科技创新主体的资金需求，实现金融产品和服务的数字化供给与创新。数字金融通过优化要素配置、驱动科技创新、推动产业升级，进而促进新质生产力发展。

Build a whole-process service mechanism of digital finance to overcome the technical difficulties of new quality productive forces. New quality productive forces are highly innovative, complex, and uncertain. To achieve disruptive original innovation and breakthroughs in key core technologies, as well as the transformation and application of scientific and technological achievements, is fraught with difficulties, among which funding is the most prominent issue. The whole-process service mechanism built by digital finance can precisely serve each key node of the development of new quality productive forces, solving project funding needs for basic research in digital technology and tackling key core technologies, alleviating financing difficulties; precisely match key factors such as capital, technology, and talents, provide data support, reduce economic losses caused by resource mismatch.

打造数字金融全过程服务机制，攻克新质生产力技术难关。新质生产力具有高度的创新性、复杂性与不确定性，要实现颠覆性原始创新和关键核心技术突破，以及科创成果转化和应用困难重重，其中资金是最为突出的问题。数字金融打造的全过程服务机制，可以精准服务新质生产力发展的各个关键节点，为数字技术基础研究、核心技术攻关解决项目资金需求，缓解融资难题；精确匹配资本、技术和人才等关键要素，提供数据支持，降低资源错配带来的经济损失。

In the initial stage of frontier technology exploration and tackling key technologies, enterprises of new quality productive forces may face problems of insufficient funds and uncertainty about direction. Digital financial institutions, by relying on analysis models built with big data and AI technology, deeply analyze massive amounts of scientific and technological information and market dynamics, then screen out projects that fit the development direction of new quality productive forces and have great application potential. They can point out the direction of technological innovation for enterprises and provide inspiration for technological breakthroughs. By injecting seed funds, providing venture capital and credit support at the right time, they solve the funding problem, allowing R&D of new technologies to proceed smoothly, thereby consolidating the technical foundation of new quality productive forces.

在前沿技术探索、关键技术攻关的起始阶段，新质生产力企业可能存在资金短缺与方向迷茫问题。数字金融机构凭借大数据、AI技术搭建的分析模型，深度剖析海量科技资讯、市场动态后筛选出契合新质生产力发展走向、极具应用潜力的项目，可以为企业点明技术创新方向，为技术突破提供灵感。适时注入种子资金、提供风险投资与信贷支持，化解资金难题，让新技术研发得以顺利启航，夯实了新质生产力的技术根基。

In the process of transferring technological achievements from the laboratory to the market, there is the problem of blocked commercialization channels. Digital finance, by introducing a data asset pledge model, transforms intangible assets such as enterprise technology patents and scientific research results into pledgeable assets, helping new technologies and new model achievements to quickly enter the market, spawning new industries and business models, continuously expanding the boundaries of new quality productive forces, allowing them to extend persistently in the dimension of innovation, demonstrating vigorous vitality and innovation capability. At the same time, a digital matching platform is built to efficiently connect enterprises, investors, and upstream and downstream partners, accelerating the industrialization and landing of achievements, clearing the “obstruction” of commercialization of new quality productive forces.

技术成果从实验室迈向市场的过程中，存在商业化渠道不畅通问题。数字金融通过引入数据资产质押模式，将企业技术专利、科研成果等无形资产转化为可质押资产，助力新技术、新模式成果迅速进入市场，催生新产业与商业模式，不断拓宽新质生产力边界，使其在创新维度上持续延展，展现出蓬勃的活力与创新力。同步搭建数字化对接平台，高效串联企业、投资人和上下游合作伙伴，加速成果产业化落地，打通了新质生产力的商业化“梗阻”。

When new products and new technologies enter the market, precise positioning and brand marketing are key. Digital finance platforms, by leveraging data insight advantages, analyze consumer preferences and market competition patterns, helping enterprises find the right product positioning. They output marketing strategies, brand-building plans, and customer relationship management skills, enabling enterprises to quickly build brand awareness, expand market share, and promote the widespread application of new quality productive forces achievements.

新产品、新技术进入市场时，精准定位与品牌营销是关键。数字金融平台通过发挥数据洞察优势，剖析消费者偏好、市场竞争格局，助力企业找准产品定位。输出营销策略、品牌建设方案与客户关系管理技巧，让企业迅速打响知名度、拓宽市场份额，推动新质生产力成果广泛应用。

Build a digital finance ecological chain integration mechanism to promote the co-advancement of industries of new quality productive forces. Digital finance develops in coordination with strategic emerging industries and future industries, empowering deep cross-industry and cross-field collaborative cooperation of new quality productive forces. The digital finance ecological chain integration mechanism, by weaving an interconnected and efficient collaborative industrial development network, achieves synergistic optimization of capital flow, information flow, and logistics. Through coordinated support for the entire upstream and downstream of the industrial chain, it improves resource allocation efficiency, enabling each node within the industrial chain to achieve higher value addition.

构建数字金融生态链整合机制，促进新质生产力产业共进。数字金融与战略性新兴产业和未来产业协调发展，赋能新质生产力跨产业、跨领域的深度协同合作。数字金融生态链整合机制通过编织互联互通、高效协作的产业发展网络，实现资金流、信息流和物流的协同优化。通过对整个产业链上下游的协同支持提升资源配置效率，使产业链条内各节点实现更高的价值增值。

The digital finance ecosystem uses cutting-edge technologies such as blockchain and cloud computing to gather and integrate financial resources, industry dynamics, and market supply-demand information, achieving encrypted storage and real-time synchronization of industrial chain data, building a transparent data platform with multi-subject participation, breaking down “information silos” and resource circulation barriers, reducing transaction friction and trust costs, allowing capital to flow precisely to potential enterprises in new quality productive forces fields such as artificial intelligence and quantum computing, activating innovative “cells”, realizing cross-border cooperation among different industry entities, overcoming common technical difficulties, and accelerating the iterative upgrading of new quality productive forces.

数字金融生态系统运用区块链、云计算等前沿技术，汇聚整合金融资源、产业动态与市场供需信息，实现产业链数据加密存储与实时同步，构建多主体参与的透明化数据平台，打破“信息孤岛”与资源流通壁垒，减少交易摩擦和信任成本，让资本精准流向人工智能、量子计算等新质生产力领域的潜力企业，激活创新“细胞”，实现不同产业主体跨界合作，攻克共性技术难题，加速新质生产力迭代升级。

Financial institutions can join forces with upstream and downstream enterprises in the industrial chain, universities, and research institutes to carry out deep integration of industry, academia, and research around the development needs of new quality productive forces. Together, they can overcome technical difficulties such as battery endurance of new energy vehicles and R&D bottlenecks in biomedicine, spawning new technologies, new business forms, and new products. Through knowledge sharing and technology diffusion effects, different industries can learn from each other's advantages, reshape the industrial ecology, and inject strong momentum into the development of new quality productive forces.

金融机构可联合产业链上下游企业、高校及科研院所，围绕新质生产力发展需求，开展产学研深度融合。共同攻克如新能源汽车电池续航、生物医药研发瓶颈等技术难题，催生新技术、新业态、新产品。通过知识共享与技术扩散效应促使不同行业相互借鉴优势，重塑产业生态，为新质生产力发展注入强劲动力。

Digital finance promotes the establishment of long-term and stable cooperative relationships among universities, research institutions, and enterprises, realizing joint cultivation of talents, joint research of technologies, and sharing of achievements. The government provides support from the policy level, absorbs international advanced technologies and management experience, improves the intellectual property protection system, creates a good cooperative ecology for the development of new quality productive forces, and attracts more innovative elements to gather.

数字金融推动高校、科研机构与企业建立长期稳定的合作关系，实现人才共育、技术共研、成果共享。政府从政策层面予以扶持，吸纳国际先进技术与管理经验，完善知识产权保护体系，为新质生产力发展营造良好合作生态，吸引更多创新要素集聚。

Create a data value release mechanism for digital finance to drive the upgrading of elements of new quality productive forces. Data is a key production factor in the financial industry. Cultivating new quality productive forces requires strengthening the governance of digital finance elements, effectively releasing the data resource allocation and application functions of digital finance, and helping elements break through old states and achieve upgrades in dimensions such as technology, production, human resources, and market.

创设数字金融数据价值释放机制，驱动新质生产力要素升级。数据是金融业的关键生产要素，培育新质生产力需要加强数字金融要素治理，有效释放数字金融的数据资源配置与应用功能，在技术、生产、人力和市场等维度助力要素突破旧态，实现升级。

Digital finance platforms extensively absorb data from internal production and R&D of enterprises as well as external markets and industries, use standardized processes to integrate various types of data, form a complete data set, eliminate “information silos”, lay a solid foundation for accurately assessing the elements of new quality productive forces, and avoid one-sided cognition caused by data fragmentation.

数字金融平台广纳企业内部生产、研发及外部市场、行业等数据，运用标准化流程融合各类数据，形成完整数据集，消除“信息孤岛”，为精准评估新质生产力要素筑牢根基，避免数据碎片化引发的片面认知。

With the help of data analysis technology, extract key information closely related to elements from massive data. By analyzing technical data to clarify innovation direction, interpreting market data to grasp demand trends, dissecting talent data to gain insight into human resource efficiency, provide precise guidance for formulating element upgrading strategies, and discover the driving force for element upgrading hidden in data.

借助数据分析技术，从海量数据中提取与要素紧密相连的关键信息。通过分析技术数据明确创新方向，解读市场数据把握需求趋势，剖析人才数据洞察人力效能，为要素升级策略制定提供精准指引，挖掘隐藏于数据中的要素升级驱动力。

Enrich multi-dimensional application scenarios of data, follow the results of data value mining, and launch customized digital finance services. These include: providing R&D funding and risk sharing for the technology element; providing equipment upgrading and process optimization funds for the production element; building a talent cultivation linkage mechanism to help the talent element upgrade skills; providing expansion support and marketing assistance for the market element.

丰富数据多维应用场景，依循数据价值挖掘成果，推出数字金融定制服务。包括：为技术要素提供研发资助与风险分担；为生产要素提供设备升级与流程优化资金；搭建人才培育联动机制，助力人才要素提升技能；为市场要素提供拓展支持与营销助力。

Improve the digital finance financing credit enhancement mechanism to optimize the market soil for new quality productive forces. The digital finance financing credit enhancement mechanism, by integrating cutting-edge technologies and innovative financial instruments, using diversified credit enhancement means, and leveraging the power of regulatory technology, comprehensively optimizes the market soil for new quality productive forces, enabling them to achieve high-quality development in an environment of sufficient funding and a good credit environment.

完善数字金融融资增信机制，优化新质生产力市场土壤。数字金融融资增信机制通过整合前沿技术与创新金融工具，借助多元化增信手段，运用监管科技的力量，全方位优化新质生产力的市场土壤，使其能够在充足的资金保障与良好的信用环境中实现高质量发展。

Digital finance abandons the traditional single financial indicator evaluation model, integrates big data, artificial intelligence, and blockchain technology, comprehensively considers factors such as enterprise operation data, market competitiveness, and intellectual property valuation, and outlines precise credit profiles for enterprises. Financial institutions thereby accurately identify the credit status and development potential of enterprises of new quality productive forces, so as to provide sufficient and suitable financing quotas and schemes, allowing funds to flow into potential enterprises without worry.

数字金融摒弃传统单一财务指标评估模式，融合大数据、人工智能与区块链技术，全方位考量企业运营数据、市场竞争力、知识产权估值等因素，为企业勾勒精准信用画像。金融机构借此精准识别新质生产力企业的信用状况与发展潜力，以提供足额、适配的融资额度与方案，让资金无忧流入潜力企业。

Innovate and launch diversified credit enhancement tools such as credit insurance, guarantee funds, and risk compensation to reduce the credit risk of financial institutions. The government, financial institutions, and enterprises should join hands to build a risk-sharing mechanism, so that credit funds flow to new quality productive forces industries such as new energy and high-end equipment manufacturing, alleviating the difficulties and high costs of enterprise financing, and stimulating market entities' enthusiasm for participating in the construction of new quality productive forces.

创新推出信用保险、担保基金、风险补偿等多元化增信工具，降低金融机构信贷风险。政府、金融机构、企业应携手搭建风险分担机制，让信贷资金涌向新能源、高端装备制造等新质生产力产业，缓解企业融资难、融资贵困境，激发市场主体投身新质生产力建设的热情。

Digital finance, with the help of regulatory technology, monitors market dynamics and enterprise credit changes in real time, accurately warns of potential risks, guides financial institutions to adjust credit policies according to risk conditions, and maintains the stability of the capital chain. It strictly adheres to the bottom line of systemic risks, ensures a stable and orderly market, and creates a safe and stable financing environment for the development of new quality productive forces.

数字金融借助监管科技，实时监测市场动态、企业信用变化，精准预警潜在风险，指导金融机构依循风险状况调整信贷政策，维持资金链稳定。严守系统性风险底线，确保市场平稳有序，为新质生产力发展营造安全、稳定的融资环境。

Innovate the digital finance inclusive service mechanism to stimulate the momentum of subjects of new quality productive forces. The digital finance inclusive service mechanism, with the help of cutting-edge technologies, breaks through time and space limitations, expands service scope, and attracts many subjects to participate. It customizes exclusive financial plans according to the differentiated needs of subjects, builds a supply-demand matching channel, optimizes services in real time, and ensures alignment with the development of new quality productive forces. Digital finance injects strong impetus into new quality productive forces by comprehensively stimulating the momentum of market entities.

创新数字金融普惠服务机制，激发新质生产力主体动能。数字金融普惠服务机制借助前沿技术，突破时空限制，拓展服务范围，吸引众多主体投身其中。根据主体差异化需求定制专属金融方案，并搭建供需对接通道，实时优化服务，确保契合新质生产力发展。数字金融通过全方位激发市场主体动能，为新质生产力注入强劲动力。

Talent is not only the source of innovation, but also a key force in promoting industrial upgrading and technological breakthroughs. With the help of big data, cloud computing, and mobile internet technology, digital finance breaks geographical and time limitations, achieving seamless integration of online and offline services; it widely sets up financial service stations in rural and remote areas, promotes mobile payments and micro-credit, expands the coverage radius of financial services, and attracts groups such as small and micro enterprises, farmers, and individual entrepreneurs to participate in the construction of new quality productive forces, enriching the development forces.

人才不仅是创新的源泉，更是推动产业升级、技术突破的关键力量。借助大数据、云计算、移动互联技术，数字金融打破地域与时间限制，实现线上线下服务无缝对接；在农村、偏远地区广设金融服务站，推广移动支付、小额信贷，拓宽金融服务覆盖半径，吸纳小微企业、农户、个体创业者等群体投身新质生产力建设，充实发展力量。

Digital finance should closely follow the differentiated needs of market entities, customize large-scale financing and merger and restructuring plans for leading enterprises; create intellectual property pledge loans and science and technology innovation funds for “specialized, refined, differential, and innovative”[2]2 “Specialized, refined, differential, and innovative” (zhuanjingtexin): a classification for small and medium-sized enterprises that are specialized, refined, differentiated, and innovative, encouraged by Chinese policy. small and medium-sized enterprises; introduce intelligent service processes, streamline procedures, reduce costs, improve the accuracy and cost-effectiveness of financial services, allowing enterprises to focus single-mindedly on the innovation and development of new quality productive forces.

数字金融宜紧扣市场主体差异化需求，为龙头企业定制大额融资、并购重组方案；为“专精特新”中小企业打造知识产权质押贷款、科创基金；引入智能服务流程，精简手续、降低成本，提升金融服务的精准度与性价比，让企业心无旁骛聚焦新质生产力创新发展。

Digital financial institutions join hands with the government and enterprises to customize special financial support policies, providing policy guidance and support for market entities to participate in the development of new quality productive forces. They build two-way feedback channels, collect the demands of market entities in real time, dynamically optimize the content and form of financial services, and ensure that services closely follow the development needs of new quality productive forces.

数字金融机构携手政府、企业定制专项金融支持政策，为市场主体参与新质生产力发展提供政策引导与扶持。搭建双向反馈渠道，实时收集市场主体诉求，动态优化金融服务内容与形式，确保服务紧贴新质生产力发展需求。

(The author is a researcher at the Institute of Financial Strategy, Chinese Academy of Social Sciences)

（作者系中国社会科学院财经战略研究院研究员）

Online editor: Huihui

网络编辑：慧慧