Developing New Quality Productive Forces with Patient Capital: Chinese-Western Divergence, Dual Attributes, and Practical Exploration

China’s economy has shifted from a stage of high-speed growth to a stage of high-quality development. A large amount of capital has poured into the fields of scientific and technological innovation and industrial innovation, injecting new momentum into the development of new quality productive forces. In April 2024, a meeting of the Political Bureau of the Party Central Committee proposed that “new quality productive forces should be developed according to local conditions,” and at the same time clearly stated that “risk investment should be actively developed and patient capital should be strengthened.” The “Decision of the Central Committee of the Communist Party of China on Further Deepening Reform Comprehensively to Advance Chinese-Path Modernization” (hereinafter referred to as the “Decision”), adopted at the Third Plenary Session of the 20th Central Committee of the Communist Party of China, further emphasized: “Encourage and regulate the development of angel investment, risk investment, and private equity investment, better leverage the role of government investment funds, and develop patient capital.” It can be seen that “developing patient capital” has become a key focus of national policy, and the logical relationship between patient capital and new quality productive forces is particularly worth exploring. As a conceptual term, patient capital can be traced back to the 1980s. At that time, the United States advocated that financiers should shoulder the responsibility of “leading” industry and provide long-term investment funds for upgrading the industrial base. As an important category alongside new quality productive forces, patient capital has irreplaceable strategic value in transforming and upgrading traditional industries, cultivating and expanding strategic emerging industries, and making forward-looking arrangements for building future industries. While patient capital injects vitality into the transformation and upgrading of traditional industries, how to better enable it to serve strategic emerging industries and future industries, as well as how to develop, strengthen, and manage patient capital, has become a major contemporary issue for further exploring the efficient allocation of capital. Against the current backdrop of China further deepening reform comprehensively and advancing Chinese-path modernization, revealing the differences between Chinese and Western patient capital from the perspective of the history of economic thought, clarifying the dual attributes of patient capital, elucidating the internal logic of developing new quality productive forces with patient capital, and then exploring the cultivation path for strengthening patient capital undoubtedly have important theoretical significance and practical value.

我国经济由高速增长阶段转向高质量发展阶段，大量资本涌入科技创新和产业创新领域，为发展新质生产力注入了新动能。2024年4月，中共中央政治局会议提出“要因地制宜发展新质生产力”,同时明确提出“要积极发展风险投资，壮大耐心资本。”党的二十届三中全会通过的《中共中央关于进一步全面深化改革 推进中国式现代化的决定》(以下简称“决定”)进一步强调：“鼓励和规范发展天使投资、风险投资、私募股权投资，更好发挥政府投资基金作用，发展耐心资本。”可见，“发展耐心资本”已成为国家政策的重要着力点，耐心资本与新质生产力间的逻辑关系尤为值得探究。耐心资本作为概念术语，可追溯到20世纪80年代。当时，美国倡导金融家要肩负起“引领”工业责任，为工业基础升级提供长期投资资金。作为与新质生产力并举的重要范畴，耐心资本在改造提升传统产业、培育壮大战略性新兴产业、超前布局建设未来产业方面具有不可替代的战略价值。在耐心资本为传统产业转型升级注入活力的同时，如何使其更好地服务战略性新兴产业、未来产业以及发展、壮大和驾驭耐心资本，成为进一步探索资本高效配置的重大时代课题。在当前我国进一步全面深化改革、推进中国式现代化的大背景下，从经济思想史的角度揭示中西耐心资本的差异，阐明耐心资本的二重属性，明析以耐心资本发展新质生产力的内在逻辑，进而探索壮大耐心资本的培育路径，无疑具有重要的理论意义和现实价值。

I. History and Development: The Chinese-Western Divergence of Patient Capital from the Perspective of the History of Economic Thought

一、历史与发展：经济思想史视域下耐心资本的中西分野

The theory of patient capital is inherited from classical economics and is a special form of expression of the category of capital in contemporary society. Since the “marginal revolution,” Marxist political economy has diverged from classical economics. Marxist political economy, starting from the labor theory of value, regards capital as “a definite, social, and belonging to a definite historical social form of relations of production,” while mainstream Western economics, starting from the factor theory of value, regards capital as a factor of production in the production process. With the continuous development of the economy and society, various schools of economics have also made a series of new elaborations on the concept of “capital,” the latest research result of which is patient capital. This concept has different development foundations and development processes in different countries, gradually forming two branches: Western-style patient capital and Chinese-style patient capital. Therefore, it is necessary to clarify the differences between Chinese and Western patient capital in terms of theoretical foundations, characteristics, and purposes from the perspective of the history of economic thought, laying a theoretical foundation for better cultivating and strengthening patient capital and developing new quality productive forces.

耐心资本理论的发展承袭于古典经济学，属于资本范畴在当代社会的一种特殊表现形式。自“边际革命”后，马克思主义政治经济学从古典经济学中分化出来。马克思主义政治经济学从劳动价值论出发，将资本看作“是一定的、社会的、属于一定历史社会形态的生产关系”,而西方主流经济学从要素价值论出发，将资本看作一种生产过程中的生产要素。随着经济社会的不断发展，各个经济学派对“资本”这一概念也作了一系列新的阐述，其中最新的研究成果便是耐心资本。这一概念在不同国家具有不同的发展基础和发展历程，逐渐形成两个分支：西方式耐心资本和中国式耐心资本。因此，有必要从经济思想史的视角阐明中西耐心资本在理论基础、特征和目的等方面的区别，为更好地培育和壮大耐心资本、发展新质生产力奠定理论基础。

(I) The Theoretical Foundation of Western-Style Patient Capital

（一）西方式耐心资本的理论基础

Patient capital can be traced back to the early 20th century. It is a form of financial capital gradually cultivated by Western investment institutions and individuals in the process of capital market development, which brings long-term investment and financing returns to investors through private equity and long-term debt-equity portfolio investment. So-called patient capital refers to a type of capital that is willing to invest for the long term and bear longer return cycles, considering long-term returns for key stakeholders (such as employees and customers). In the view of Western scholars, this type of capital differs from general venture capital in that it “has the basic characteristics of venture capital, requiring long-term returns, but the expected return is in the range of 5% to 10%, rather than the approximately 35% sought by venture capitalists.” Mariana Mazzucato, in *The Entrepreneurial State*, points out that financing needs “patience” in the process of promoting innovation. “Patient capital” can take various forms; Germany’s feed-in tariff policy is a good example of public “patient capital” used to support the long-term development of the renewable energy market. In contrast, the tax credit policies of the United States and the United Kingdom are full of uncertainties and intermittent, representing “impatient capital.” The most noteworthy “patient capital” is investment provided by government-funded or national development banks to renewable energy technology manufacturers and developers. Mazzucato further points out in *The Value of Everything* that patient capital has the important characteristic of being long-term oriented and committed to improving productivity and thereby benefiting society. The sources of its funding have generally evolved from early large investment institutions, university endowments, family businesses, venture capital, and private equity funds to later large investment institutions.

耐心资本最早可追溯到20世纪初，是西方投资机构及个体在资本市场发展过程中，逐渐培育的一种通过私募和长期股债组合投资，为投资者带来长期投融资收益的金融资本形态。所谓耐心资本(style patience capital),指的是一种愿意长期投资和承受较长回报周期的，为关键利益相关者(如员工和客户)考虑长期收益的资本。在西方学者观点里，这种资本不同于一般的风险资本，在于它“具有风险投资的基础特征，要求长期回报，但期望回报在5%到10%的范围内，而非风险投资家寻求的35%左右”。玛利亚娜·马祖卡托(Mariana Mazzucato)在《创新型政府》中指出，在推动创新的过程中融资需要“耐心”。“耐心资本”可以有多种形式，德国上网电价政策即是一种较好的公共“耐心资本”,用于支持可再生能源市场的长期发展。与此相反，美国和英国的税收抵免政策不确定因素多、时有时无，是一种“缺乏耐心的资本”。最值得关注的“耐心资本”是政府资助的或国家开发银行提供给可再生能源技术制造商和开发商的投资。马祖卡托在《增长的悖论》中进一步指出，耐心资本具有立足长远、致力于提高生产力进而造福社会的重要特征。其资金来源主体总体经历了从早期大型投资机构、大学捐赠基金、家族企业、风险投资、私募股权基金到后期大型投资机构的发展历程。

From the perspective of the history of economic thought, the theory of Western-style patient capital can be divided into two main theoretical branches. The first is the factor theory of value, which regards capital as one of the elements for creating wealth. Mainstream Western economics completely abandons the labor theory of value, treating capital simply as a factor of production, overemphasizing the use value of capital and the quantity of material wealth privately owned by individuals, and focusing more on the rate of return on capital brought by the “capital-interest” relationship, while ignoring that capital is essentially a relation of production. With the development of financial capitalism, Western-style patient capital has become increasingly simplified into a form of financial capital, blindly pursuing the creation of material wealth through financial channels such as stock markets, bond markets, and investment banks, while neglecting attention to and investment in the direct production process. Therefore, compared with other forms of capital, Western-style patient capital differs from other capital only in terms of duration or form. This tendency toward the factor theory of value inherently contains a tendency to shift from the “real” to the “virtual,” making it difficult to escape the inherent impulse to pursue short-term value appreciation.

从经济思想史的角度看，西方式耐心资本理论可以分为两个主要理论分支。第一个是要素价值论，将资本视为创造财富的要素之一。西方主流经济学完全抛弃劳动价值论，将资本单纯看作一种生产要素，过分关注资本的使用价值和私人占有物质财富的数量，更多考虑的是“资本—利息”关系带来的资本收益率,忽略了资本在本质上是一种生产关系。随着金融资本主义的发展，西方式耐心资本越来越单一化为金融资本形态，一味追求通过股市、债市、投资银行等金融渠道进行物质财富创造，而忽视对直接生产过程的关注和投资。因此，与其他形态的资本相比，西方式耐心资本只是在期限或形式上区别于其他资本，这种要素价值倾向内在蕴含着脱“实”向“虚”倾向，使其很难摆脱追求短期价值增殖的内在冲动。

The second is Western investment theory, which refers to the Western investment theory that has continued from classical economics to the present day, centered on the factor theory of value, with capital marginal returns, liquidity preference, and time preference theory as its main content. This can be traced back to the Austrian School, which holds that “the same amount of money has different values now and in the future” and further elaborates on how individuals and economies make intertemporal consumption and investment decisions. Keynesianism, by introducing the two concepts of “expected returns on investment” and “marginal efficiency of capital,” argues that “in any period, if investment in any asset increases, then as the amount of investment increases, the marginal efficiency of that asset will decrease” and “in the absence of an organized market, liquidity preference arising from the precautionary motive will greatly increase; at the same time, the existence of an organized market will provide conditions for large fluctuations in liquidity preference arising from the speculative motive.” This theory explains how higher liquidity preference and diminishing marginal efficiency of capital lead to lower interest rates, lower investment levels, and short-term capital speculation tendencies. Neoliberalism, in response to the rapid development of the financial investment industry, proposed a “patient capital” theory that brings stable returns to investors through low portfolio turnover rates and non-cyclical investment strategies. However, in Western culture, there has always been a lack of “long-term oriented cultural heritage,” and the blind pursuit of short-term value appreciation makes it difficult to cultivate high-quality patient capital. Therefore, Western capital remains dominated by speculative activities in financial capital and virtual capital, with short-term investment activities contributing more market liquidity, and patient capital has not yet become mainstream.

第二个是西方投资理论，指从古典经济学延续至今，以要素价值论为核心，以资本边际收益、流动性偏好和时间偏好论为主要内容的西方投资理论。这可以追溯到奥地利学派，该学派认为“同一数量的货币现在和将来的价值是不相同的”,并进一步阐述个体和经济体如何做出跨时期的消费和投资决策。凯恩斯主义通过引入“投资预期收益”和“资本边际效率”两大概念，认为“在任何时期中，如果增加在任何一种资产上的投资，那么，随着投资量的增加，该种资产的资本边际效率就会递减”“在缺乏有组织的市场的情况下，由于谨慎动机而形成的流动性偏好会大为增加；而与此同时，有组织的市场的存在又会为来自投机动机的流动性偏好提供大幅度涨落的条件”,该理论解释了较高的流动性偏好和资本边际收益率递减如何导致较低的利率、较低的投资水平和短期资本投机倾向。新自由主义针对金融投资行业的高速发展，提出通过低投资组合周转率和非周期性投资策略，为投资者带来稳定收益的“耐心资本”理论。但在西方文化中，始终缺乏“长期取向的文化传承”,盲目追求短期价值增殖，很难培育起高质量的耐心资本。因此，西方资本仍然以金融资本和虚拟资本的投机行为为主，短期投资活动贡献了更多的市场流动性，耐心资本仍未占据主流。

(II) The Theoretical Foundation of Chinese-Style Patient Capital

（二）中国式耐心资本的理论基础

In China, Lin Yifu and Wang Yan were the first to explain the concept of “patient capital”: “‘Patient capital’ is roughly defined as capital invested in a ‘relationship’” and “‘patient capital’ (applicable to infrastructure investment projects) may have a maturity period of ten years or more.” However, the economic thought embedded in Chinese-path patient capital can be traced back to the long-termist orientation of the small-peasant economy period, and in modern times it has been combined with the theory of Marxist political economy, gradually developing into an economic theory that, under the leadership of the Party, takes state-owned capital as the main body, encourages, supports, and guides non-public capital to invest in strategic, forward-looking, and inclusive fields, bringing long-term well-being to the vast majority of the people.

在国内，林毅夫和王燕最早对“耐心资本”这一概念作了解释：“‘耐心资本’大致定义为投资于一种‘关系’的资本”“‘耐心资本’(适用于基础设施投资项目)的成熟期可能会达到10年或以上”。不过，中国式耐心资本所蕴含的经济思想，可追溯到小农经济时期的长期主义导向，在近代又与马克思主义政治经济学的理论相结合，逐步发展为在党的领导下，以国有资本为主体，鼓励、支持、引导非公有制资本投向战略性、前瞻性、普惠性领域，为最广大人民带来长期福祉的经济理论。

From the perspective of the history of economic thought, the theory of Chinese-path patient capital can also be divided into two main theoretical branches. The first is the labor theory of value. Value is the product of human labor in general, i.e., abstract labor, embodying social relations between people, and labor power creates value and surplus value. First, capital’s “most important connotation and general characteristic lies in its being a mode of socio-economic organization adapted to the needs of large-scale socialized production.” [5]5 He Cheng, “Theoretical Logic and Practical Path of the Sinicization of Marxist Capital Theory,” *Journal of Yunnan University of Finance and Economics*, 2024, no. 10, p. 3. In this sense, Chinese-path patient capital is a mode of social production and economic organization based on public ownership of the means of production, operating within the socialist market economy system, and oriented toward long-termism. Second, capital “is not a thing, but a social relation between persons which is mediated through things.” [6]6 Karl Marx, *Capital*, vol. 1, in *Marx and Engels Collected Works*, vol. 44, Beijing: People’s Publishing House, 2001, p. 877. Chinese-path patient capital is a specific category and relation of production under the socialist market economy, especially a new type of production relation bred by the formation and development of new quality productive forces. Finally, the “valorization of capital is its self-valorization.” [7]7 Karl Marx, *Capital*, vol. 2, in *Marx and Engels Collected Works*, vol. 45, Beijing: People’s Publishing House, 2003, p. 49. Unlike Western mainstream economics, which regards capital as an element of material wealth production, domestic scholarship views Chinese-path patient capital as “the relationship between material wealth production and value wealth production.” This distinguishes it from the fetishistic character of Western-style patient capital, which overemphasizes income and compensation in physical form while neglecting income and compensation in value form, and simply treats patient capital as a subject of financial investment activity. Therefore, Chinese-path patient capital is not a single financial speculative capital, nor is it simply industrial capital focused on long-term social material wealth investment; rather, under the socialist market economy system, it is industrial capital mainly invested in the fields of technological innovation and industrial innovation, with state-owned capital as the main body and various types of private capital developing together, as well as financial capital serving this form of industrial capital.

从经济思想史的角度看，中国式耐心资本理论也可分为两个主要理论分支。第一个是劳动价值论。价值是人类劳动一般即抽象劳动的产物，体现人们之间的社会关系，劳动力创造价值和剩余价值。首先，资本“最重要的内涵和一般特征在于它是适应社会化大生产需要的一种社会经济组织方式”。在这个意义上，中国式耐心资本是以生产资料公有制为基础，在社会主义市场经济体制内运行并以长期主义为导向的社会生产和经济组织方式。其次，资本“不是一种物，而是一种以物为中介的人和人之间的社会关系”。中国式耐心资本是社会主义市场经济下特有的范畴和生产关系，特别是基于新质生产力形成和发展所孕育的新型生产关系。最后，资本的“增殖也就是自行增殖”。与西方主流经济学将资本看作一种物质财富生产的要素不同，国内学界将中国式耐心资本视为“物质财富生产与价值财富生产之间的关系”,这区别于西方式耐心资本过分关注实物形式的收入和补偿，而忽视价值形式的收入和补偿，单纯将耐心资本看作一种金融投资活动主体的拜物教特性。因此，中国式耐心资本不是单一的金融投机资本，也不是单纯注重社会长期物质财富投资的产业资本，而是在社会主义市场经济体制下，主要投入科技创新和产业创新领域，并以国有资本为主体、各类私有资本共同发展的产业资本以及服务于这类产业资本形态的金融资本。

The second is the investment theory with Chinese characteristics, referring to an investment theory with Chinese characteristics centered on a long-termist orientation. China was long in the stage of a small-peasant economy, a historical period characterized by long investment cycles, during which numerous discussions on long-term investment emerged. For example, according to Qian Mu’s *Economic History of China*, during the Eastern Han dynasty, “dredging rivers and clearing blockages, every ten li [8]8 A *li* is a traditional Chinese unit of distance, approximately 500 meters. installing a sluice gate to control the water flow, costing tens of billions, taking over a year to complete the project.” [9]9 Qian Mu, *Economic History of China*, Beijing: Zhonghua Book Company, 2013, p. 125. State-run industry and commerce, canal digging, bridge building, and other construction activities requiring long-term funding and human effort were also widespread. This mode of social production inevitably gradually shaped the Chinese nation’s culture of long-termism, which was continuously strengthened and passed down in social production and life. After the founding of New China, to achieve the transition from a New Democratic society to a socialist society, under the leadership of the Party, China completed the socialist transformation of private capital, established socialist public ownership of the means of production, and through multiple “Five-Year Plans,” invested large amounts of funds in fields concerning national strategy and security, such as defense modernization and industrial modernization, which have long investment cycles and long return cycles, thereby establishing a relatively complete defense industrial system, laying a solid material foundation for the modernization cause after reform and opening up. Since reform and opening up, our Party has led the people of the whole country to gradually establish the basic economic system with public ownership as the main body and diverse forms of ownership developing together, and gradually established the socialist market economy system. At the same time, starting from giving play to the positive role of capital as an important factor of production for long-term investment, China has cultivated and developed different forms of capital, adhering to state-owned capital as the main body, and continuously guiding non-public capital to “effectively transform social funds into long-term investment.” [10]10 *Decision of the Central Committee of the Communist Party of China on Several Major Issues Concerning Comprehensively Deepening Reform*, Beijing: People’s Publishing House, 2013, p. 12. Since the New Era, under the leadership of the Party, China’s understanding of the nature and laws of capital has continuously deepened. The “Decision” [11]11 This refers to the *Decision of the Central Committee of the Communist Party of China on Further Comprehensively Deepening Reform and Promoting Chinese-Path Modernization*, adopted at the Third Plenary Session of the 20th Central Committee in July 2024. clearly proposes to “encourage and regulate the development of angel investment, venture capital, and private equity investment, better leverage the role of government investment funds, and develop patient capital,” [12]12 *Decision of the Central Committee of the Communist Party of China on Further Comprehensively Deepening Reform and Promoting Chinese-Path Modernization*, Beijing: People’s Publishing House, 2024, p. 8. in order to better develop new quality productive forces. Therefore, patient capital under the long-termist orientation, in its essence, must be cultivated and strengthened under the leadership of the Communist Party of China and in the historical stage of the socialist market economy; it is a form of capital that is people-centered and serves the interests of the vast majority of the people.

第二个是中国特色投资理论，指以长期主义导向为核心的、具有中国特色的投资理论。中国长期处于小农经济阶段，这是一个以长投资周期为特征的历史时期，出现了大量关于长期投资的论述。例如，根据钱穆《中国经济史》中的论述，东汉时期“疏通河道决通壅塞，每隔十里置一水门，以控制水流，费钱百亿，历时年余，才完成工程”,官营工商业、运河开凿、桥梁搭建等需要长期资金与人力耗费的建设活动也广泛存在。这种社会生产形态必然逐渐塑造中华民族长期主义的文化，并且在社会生产、生活中不断强化和传承。新中国成立后，为实现新民主主义社会向社会主义社会的跨越，在党的领导下，我国完成了对私有资本的社会主义改造，确立了社会主义生产资料公有制，并通过多个“五年计划”,将大量资金投入事关国家战略和安全的国防现代化、工业现代化等长投资周期、长回报周期的领域，从而建立了比较完备的国防工业体系，这为改革开放后的现代化事业奠定了坚实的物质基础。改革开放以来，我们党领导全国人民逐步确立了以公有制为主体、多种所有制经济共同发展的基本经济制度，并逐步建立了社会主义市场经济体制。与此同时，我国从发挥资本作为长期投资的重要生产要素的积极作用着手，培育和发展了不同形态的资本，坚持以国有资本为主体，不断引导非公有制资本“将社会资金有效转化为长期投资”。新时代以来，在党的领导下，我国对资本的本质和规律认识不断深化，“决定”明确提出要“鼓励和规范发展天使投资、风险投资、私募股权投资，更好发挥政府投资基金作用，发展耐心资本”,以更好地发展新质生产力。因此，长期主义导向下的耐心资本，究其本质，必然是在中国共产党的领导下、在社会主义市场经济的历史阶段下培育和壮大的，是以人民为中心、服务于最广大人民利益的资本形态。

II. The General and the Specific: The Dual Attributes of Patient Capital from the Marxist Perspective

二、一般与特殊：马克思主义视域下耐心资本的二重属性

Capital is an important link driving the agglomeration and allocation of various factors of production, possessing the important force of promoting the development of social productive forces. “Since it is a socialist market economy, various forms of capital will inevitably emerge.” [13]13 Xi Jinping, “Correctly Understanding and Grasping the Major Theoretical and Practical Issues Concerning the Development of the Socialist Market Economy,” *Qiushi*, 2021, no. 10, p. 4. Patient capital, as a form of capital increasingly receiving attention in the modern economic environment, is committed to long-term, stable value investment through scientific and reasonable decision-making, pursuing sustained and stable returns. This form of capital not only possesses the general characteristics of capital, such as valorization, mobility, and risk, but also, due to its specific “patience,” has the two major features of long-termism and stability. Adhering to the methodology of dialectical materialism and historical materialism, correctly understanding the connotation and characteristics of patient capital requires clarifying the general attributes and specific attributes of patient capital.

资本是推动各类生产要素集聚和配置的重要纽带，具有促进社会生产力发展的重要力量。“既然是社会主义市场经济，就必然会产生各种形态的资本”。耐心资本作为现代经济环境中日益受到关注的资本形态，它通过科学合理的决策，致力于长期稳健的价值投资，追求持续而稳定的回报。这种资本形式不仅具有资本的一般特性，如增殖性、运动性和风险性，还因其特有的“耐心”具有长期性和稳健性这两大特征。坚持辩证唯物主义和历史唯物主义的方法论，正确认识耐心资本的内涵特征，需要厘清耐心资本的一般属性与特殊属性。

(1) Patient Capital Possesses the General Attributes of Capital

（一）耐心资本具有资本的一般属性

As a manifestation of capital, patient capital naturally possesses the general characteristics common to capital, and inherits and develops the civilizing aspect of capital. Therefore, only by fully understanding the general attributes of capital can the connotation and extension of patient capital be clearly analyzed. First, capital is value that can bring surplus value; it has the aspect of exploiting the surplus labor of wage workers to appropriate surplus value, and also the aspect of promoting the progress of social productive forces. Marx fully affirmed the role of capital in promoting the progress of productive forces, while also pointing out that capital’s “motive and determining purpose is the self-valorization of capital to the greatest possible extent, i.e., the production of surplus value to the greatest possible extent, and hence the exploitation of labor-power by the capitalist to the greatest possible extent.” [14]14 Karl Marx, *Capital*, vol. 1, in *Marx and Engels Collected Works*, vol. 44, Beijing: People’s Publishing House, 2001, p. 368. Marx revealed capital’s characteristic of pursuing profit by optimizing resource allocation and promoting the progress of productive forces, thereby being able to manifest the civilizing aspect of “being conducive to the development of productive forces, conducive to the development of social relations, and conducive to the creation of various elements of a higher new form.” [15]15 Karl Marx, *Capital*, vol. 3, in *Marx and Engels Collected Works*, vol. 46, Beijing: People’s Publishing House, 2003, p. 928. From the perspective of the means of production, capital is a factor of production that promotes the development of productive forces with higher efficiency, emerging to meet the needs of the socialized development of productive forces. As Marx said: “The circulation of commodities is the starting-point of capital. Commodity production and developed commodity circulation, i.e., trade, are the historical preconditions for the emergence of capital. World trade and the world market open the modern life-history of capital in the 16th century.” [16]16 Karl Marx, *Capital*, vol. 1, in *Marx and Engels Collected Works*, vol. 44, Beijing: People’s Publishing House, 2001, p. 171. This profoundly reveals the historical preconditions of capital, meaning that the most general form of capital is to participate as a factor of production in the entire process of the commodity economy. Furthermore, the historical preconditions for the emergence of capital also indicate that capital is an economic organizational mode that emerged to meet the needs of the stage of large-scale socialized production with highly developed productive forces. Therefore, in the sense of “capital in general,” capital, as a mode of socio-economic production and organization, participates in the process of valorization and is an inevitable product of the continuous expansion of production and exchange.

耐心资本作为资本的表现形态，天然具有资本所共有的一般特征，并且继承与发扬了资本的文明面。因此，只有充分认识资本的一般属性，才能明析耐心资本的内涵与外延。首先，资本是能够带来剩余价值的价值，它具有剥削雇佣工人的剩余劳动来占有剩余价值的一面，也具有推动社会生产力进步的一面。马克思充分肯定了资本在推动生产力进步中的作用，同时也指出资本的“动机和决定目的，是资本尽可能多地自行增殖，也就是尽可能多地生产剩余价值，因而也就是资本家尽可能多地剥削劳动力”。马克思揭示了资本以优化资源配置、推动生产力进步为手段来逐利的特征，从而可以表现出“有利于生产力的发展，有利于社会关系的发展，有利于更高级的新形态的各种要素的创造”的文明面。从作为生产资料的角度看，资本是一种以更高效能促进生产力发展的生产要素，是为适应生产力社会化发展需求而产生的。正如马克思所言：“商品流通是资本的起点。商品生产和发达的商品流通，即贸易，是资本产生的历史前提。世界贸易和世界市场在16世纪揭开了资本的现代生活史。”这深刻揭示了资本的历史前提，意味着资本最一般的形式是作为生产要素参与到商品经济全过程中。此外，资本产生的历史前提也昭示了资本是为了适应生产力高度发达的社会化大生产阶段的需要而产生的经济组织方式。因此，在“资本一般”意义上，资本作为一种社会经济生产和组织方式，参与价值增殖过程，是生产和交换不断扩大的必然产物。

Secondly, in the process of capital’s valorization, the capitalist constantly shortens socially necessary labor time, so that individual labor time falls below socially necessary labor time, thereby raising labor productivity. Marx pointed out in *Capital*: “Socially necessary labor time is the labor time required to produce any use-value under the conditions of production normal for a given society and with the average degree of skill and intensity of labor prevalent in that society.” The connotation of this concept includes both subjective and objective factors: the subjective factors include the degree of skill and intensity of labor, while the objective factors involve the conditions of production. Because ownership of the conditions of production is private, different conditions of production cause workers to have different levels of productivity; labor combined with better conditions of production can create more value in the same amount of time. The role of capital in the production process is manifested in both the quality and quantity of “labor.” From the qualitative determination of “labor,” Marx pointed out: “Capital is not a thing, but rather a definite social production relation, belonging to a definite historical formation of society, which is manifested in a thing and lends this thing a specific social character.” In exchange under conditions of private ownership, labor appears as abstract general human labor, i.e., socially necessary labor, which is the substance of value; this is the only possible form in which private labor can be transformed into social labor. On the other hand, from the quantitative determination of “labor,” in exchange under equal conditions the magnitude of value is determined by socially necessary labor time, not by individual labor time. Marx believed that capital, in producing value or surplus value, has a tendency: “to reduce the labor time necessary for the production of a commodity, i.e., its value, to below the social average at any given time. The drive to reduce the cost price to its minimum becomes the most powerful lever for raising the social productivity of labor.” At the same time, “when the new method of production has become general, and therewith the difference between the individual value of the cheaply produced commodity and its social value has vanished, this extra surplus value also vanishes. The same law of value, which determines value by labor time, makes the capitalist who introduces the new method feel that he must sell his commodity below its social value, and it also acts as a coercive law of competition, forcing his competitors to adopt the new method.”

其次，在资本增殖的过程中，资本家会不断缩短社会必要劳动时间，使得个别劳动时间低于社会必要劳动时间，进而提高劳动生产率。马克思在《资本论》中指出：“社会必要劳动时间是在现有的社会正常生产条件下，在社会平均的劳动熟练程度和劳动强度下制造某种使用价值所需要的劳动时间。”这一概念的内涵包括主观和客观两方面因素，主观因素包括劳动熟练程度和劳动强度，而客观因素则涉及生产条件。由于生产条件的所有权归属私人，不同的生产条件会导致劳动者的生产率不同，与较好生产条件相结合的劳动能够在相同时间内创造更多的价值。资本在生产过程中的作用，体现在“劳动”的质和量两方面。从“劳动”的质的规定性看，马克思指出：“资本不是物，而是一定的、社会的、属于一定历史社会形态的生产关系”。私有制条件下的等价交换中，劳动表现为抽象的一般人类劳动，即社会必要劳动，是价值的实体，这是私人劳动转化为社会劳动的唯一可能形式。另一方面，从“劳动”的量的规定性看，同等条件下的等价交换中决定价值量的是社会必要劳动时间，不是个别劳动时间。马克思认为，资本在生产价值或剩余价值时，有这样一种趋势：“就是要把生产商品所必需的劳动时间，即把商品的价值，缩减到当时的社会平均水平以下。力求将成本价格缩减到它的最低限度的努力，成了提高劳动社会生产力的最有力的杠杆。”同时，“当新的生产方式被普遍采用，因而比较便宜地生产出来的商品的个别价值和它的社会价值之间的差额消失的时候，这个超额剩余价值也就消失。价值由劳动时间决定这同一规律，既会使采用新方法的资本家感觉到，他必须低于商品的社会价值来出售自己的商品，又会作为竞争的强制规律，迫使他的竞争者也采用新的生产方式。”

Finally, capital also plays an important role in promoting changes in social relations and the formation of the world market. Marx pointed out: “The bourgeoisie has through its exploitation of the world market given a cosmopolitan character to production and consumption in every country.” This behavior of cross-border investment and production not only promotes economic exchange and cooperation between countries, achieving the optimal allocation of resources, but also drives social progress and the development of civilization. The cosmopolitan nature of capital has dissolved all national, local, and traditional modes of production, integrating the world into a single entity and greatly promoting the development of productive forces. Furthermore, the capitalist, as the personification of capital, aims not merely at the pursuit of use-values or personal enjoyment, but at the valorization of capital, to the point that it “forces human beings to produce for the sake of production, thereby developing social productive forces and creating the material conditions of production; and only such conditions can form the real basis for a higher form of society, whose fundamental principle is the full and free development of every individual.” Therefore, the logic of economic development is the logic of the progress of productive forces. The progress of productive forces in capitalist society is manifested through the shortening of socially necessary labor time, but the fruits of this progress are difficult for more people to share under capitalist relations of production. Practice shows that the process of economic globalization is accompanied by the globalization of capital, especially financial capital, but the vast majority of late-developing countries have not achieved industrialization and modernization as a result of capital globalization. How to regulate and guide capital and make it evolve into a form of capital suited to a country’s own resource endowment structure is an important task for late-developing countries to achieve modernization.

最后，资本在推动社会关系变革和世界市场形成方面同样具有重要作用。马克思指出：“资产阶级奔走于全球各地。它必须到处落户，到处开发，到处建立联系。”这种跨国投资和生产的行为，不仅促进了各国之间的经济交流与合作，实现资源的优化配置，还推动了社会的进步和文明发展。资本的世界主义本性瓦解了一切民族的、地方的和传统的生产方式，使世界联为一体，极大地推动了生产力的发展。进一步地，作为资本人格化的资本家，其目的并不仅限于追求使用价值或个人享受，而是为了增殖资本，以至于“迫使人类为生产而生产，从而去发展社会生产力，去创造生产的物质条件；而只有这样的条件，才能为一个更高级的、以每一个个人的全面而自由的发展为基本原则的社会形式建立现实基础”。因此，经济发展的逻辑就是生产力进步的逻辑，生产力的进步在资本主义社会中是通过缩短社会必要劳动时间来体现，但生产力进步的成果在资本主义生产关系下却难以被更多的人共享。实践表明，经济全球化的过程伴随着资本特别是金融资本的全球化，但绝大多数后发国家并未因资本全球化而实现工业化和现代化。如何规范和引导资本并使其演进为适合本国资源禀赋结构的资本形态，是后发国家得以实现现代化的重要任务。

Patient capital, as a manifestation of capital, cannot be metaphysically understood as a static thing. The general attribute of patient capital determines that the purpose of its movement is likewise to obtain a certain return by assuming risks, pursuing profit or surplus value in motion. Like general capital, patient capital also emphasizes promoting economic and social development through the enhancement of productive forces, but its core characteristic lies in pursuing long-term value valorization rather than short-term profit maximization; this is also the special attribute of patient capital. The mode of valorization of patient capital does not rely on rapid capital turnover or short-term speculative behavior, but rather achieves stable returns through long-term holding, sustained investment, and strategic investment in innovation and technology.

耐心资本作为资本的一种表现形态，不能被形而上学地理解为一种静止物。耐心资本的一般属性决定了其运动目的同样是以承担风险来换取一定的收益回报，在运动中追逐利润或剩余价值。与一般资本相同，耐心资本也强调通过生产力的提升来推动经济和社会的发展，但其核心特征在于追求长期的价值增殖而非短期利润最大化，这也是耐心资本的特殊属性。耐心资本的增殖方式并不依赖于快速的资本周转或短期的投机行为，而是通过长期持有、持续投入以及对创新和技术的战略性投资来实现稳定的回报。

(II) The Special Attributes of Patient Capital

（二）耐心资本的特殊属性

The special attributes of patient capital are prominently manifested in the two major characteristics of long-term nature and stability, which clearly distinguish it from other forms of capital. This form of capital not only focuses on long-term returns, but also brings lasting returns to enterprises and investors through stable investment strategies. It needs to be emphasized that the long-term nature and stability of patient capital do not contradict the general attributes of capital, but rather are a mode of realization that further regulates the characteristics of capital’s valorization. The general attributes of capital are manifested in its valorizing and profit-seeking nature, but the ways and means of achieving the goal of valorization differ depending on the form of capital. Patient capital chooses long-term investment and stable management strategies to support technological innovation and the long-term development of enterprises, thereby achieving its profit-seeking goal. Therefore, the long-term nature and stability of patient capital are concrete manifestations of capital’s valorization attribute under specific conditions, and are a strategic choice in the process of capital’s profit-seeking.

耐心资本的特殊属性突出表现为长期性和稳健性这两大特征，使其与其他资本形式显著区别开来。这种资本形态不仅关注长期收益，还通过稳健的投资策略，为企业和投资者带来持久的回报。需要强调的是，耐心资本的长期性和稳健性并不与资本的一般属性相矛盾，而是将资本增殖特性进一步规范的一种实现方式。资本的一般属性体现在其增殖性和逐利性，但实现增殖目标的方式和途径因资本形态不同而有所区别。耐心资本选择了长期投入和稳健的管理策略，以支持技术创新和企业长期发展，从而实现其逐利目标。因此，耐心资本的长期性和稳健性是资本增殖属性在特定条件下的具体表现，是资本逐利过程中的一种战略选择。

On the one hand, from the perspective of long-term nature, patient capital focuses on long-term investment and is a key force supporting the long-term development of enterprises. The long-term characteristic is mainly manifested in the design of the investment cycle, investment objectives, and investment strategy. First, the long-term nature of the investment cycle. Compared with other forms of capital, the investment cycle of patient capital is usually longer, often spanning several years or even decades. This long-term nature enables patient capital to deeply explore the intrinsic value of enterprises, helping them achieve strategic goals over the long term. Holders of patient capital pay more attention to the long-term development potential of enterprises and industries, are willing to hold capital for a longer period, and patiently wait for the full release of value. Furthermore, this long-term nature not only contributes to the stable development of enterprises, but also makes patient capital more stable in factor markets, enabling it to effectively resist fluctuations brought by economic cycles. Second, the long-term nature of investment objectives. The investment objectives of patient capital are not limited to financial returns, but also include supporting long-term investment by enterprises in technological innovation, market expansion, and strategic layout. When selecting investment targets, holders of patient capital comprehensively consider the enterprise’s long-term development strategy, industry trends, and changes in market demand, ensuring that the investment can generate sustainable returns over the long term. Third, the long-term nature of investment strategy. From the perspective of funding sources, patient capital mainly comes from government investment funds, pension funds (including social security funds, enterprise annuities, personal pensions), insurance capital, etc. The characteristics of the funding background of patient capital determine that its holders’ investment strategy particularly emphasizes the stability and sustainability of investment. Investors conduct in-depth market analysis and enterprise evaluation when making investment decisions, to ensure that the investment target has sustainable development capability over the long term. The investment strategy of patient capital is usually based on in-depth research into the long-term development potential of enterprises, emphasizing maintaining stability over the economic cycle rather than frequent adjustments in response to short-term market fluctuations. Through this long-term investment strategy, patient capital not only helps enterprises achieve long-term goals, but also brings sustained and stable returns to investors.

一方面，从长期性看，耐心资本专注于长期投资，是支持企业长期发展的关键力量，长期的特征主要体现在投资周期、投资目标和投资策略的设计上。一是投资周期的长期性。与其他形式的资本相比，耐心资本的投资周期通常更长，往往跨越数年甚至数十年。这种长期性使得耐心资本能够深入挖掘企业的内在价值，帮助企业在长期内实现战略目标。耐心资本的持有者更加关注企业和行业的长期发展潜力，愿意在较长的时间内持有资本，耐心等待价值的充分释放。此外，这种长期性不仅有助于企业的稳定发展，还使得耐心资本在要素市场中的表现更加稳健，能够有力地抵御经济周期带来的波动。二是投资目标的长期性。耐心资本的投资目标不仅限于财务回报，还包括支持企业在技术创新、市场扩展和战略布局上的长期投入。耐心资本的持有者在选择投资标的时，会综合考虑企业的长期发展战略、行业趋势以及市场需求的变化，确保投资能够在长期内产生可持续的回报。三是投资策略的长期性。从资金来源看，耐心资本主要来源于政府投资基金、养老基金(包括社保基金、企业年金、个人养老金)、保险资本等。耐心资本的资金背景特点决定了其持有者的投资策略格外强调投资的稳健和可持续性，投资者会在进行投资决策时进行深入的市场分析和企业评估，以确保投资标的在长期内具有可持续发展能力。耐心资本的投资策略通常是基于对企业长期发展潜力的深度研究，强调在经济周期中保持稳定，而不是随市场短期波动而频繁调整。通过这种长期性的投资策略，耐心资本不仅帮助企业实现长期目标，也为投资者带来持续稳定的回报。

On the other hand, from the perspective of robustness, the robustness of patient capital is reflected in the stability of its investment methods, risk management, and capital returns, which enables patient capital to maintain steady development in an uncertain market environment. The first is the robustness of investment methods. The investment methods of patient capital are usually based on the results of in-depth research and comprehensive analysis, a method that ensures the scientific and rational nature of investment decisions. Holders of patient capital typically choose to invest in enterprises that hold a leading position in their industry or have significant growth potential, and share in the returns generated by the enterprise's growth through long-term holding. This robust investment method enables patient capital to maintain relative stability amid market fluctuations and achieve capital appreciation over the long term. The second is the robustness of risk management. Risk management is key to the long-term survival and development of patient capital. Patient capital effectively reduces uncertainty in investment through comprehensive risk assessment and management strategies. When making decisions, investors consider multiple factors such as the enterprise's financial health, market environment, competitive landscape, and technological development prospects, thereby formulating robust investment strategies. This robustness of risk management helps patient capital maintain stable performance amid market fluctuations and changes in the economic cycle. The third is the robustness of capital returns. Patient capital pursues long-term stable capital returns rather than short-term high yields, and has a relatively high tolerance for risk. By making long-term investments in industries and enterprises, patient capital can maintain a stable level of returns amid economic fluctuations. By holding high-quality investment targets for the long term, investors reduce the uncertainty and costs associated with frequent trading, thereby achieving stable capital appreciation. This robustness is reflected not only in financial returns but also in the positive impact on the long-term development of enterprises.

另一方面，从稳健性看，耐心资本的稳健性体现在其投资方式、风险管理和资本回报的稳定性上，这使得耐心资本能够在不确定的市场环境中保持稳健的发展。一是投资方式的稳健性。耐心资本的投资方式通常基于深度研究和全面分析的结果，这种方式确保了投资决策的科学性和合理性。耐心资本的持有者通常选择那些在行业中具备领先地位或具有显著成长潜力的企业进行投资，并通过长期持有来分享企业成长带来的收益。这种稳健的投资方式，使耐心资本能够在市场波动中保持相对的稳定，并在长期内实现资本增殖。二是风险管理的稳健性。风险管理是耐心资本得以长期生存和发展的关键。耐心资本通过全面的风险评估和管理策略，有效降低了投资中的不确定性。投资者在进行决策时，会考虑企业的财务健康、市场环境、竞争态势以及技术发展前景等多方面因素，从而制定出稳健的投资策略。这种风险管理的稳健性，帮助耐心资本在市场波动和经济周期变化中保持稳定的表现。三是资本回报的稳健性。耐心资本追求的是长期稳健的资本回报，而非短期的高额收益，并且对风险有较高的承受能力。通过在行业和企业中进行长期投资，耐心资本能够在经济波动中保持稳定的收益水平。投资者通过长期持有高质量的投资标的，降低了因频繁交易带来的不确定性和成本，从而实现了资本的稳健增殖。这种稳健性不仅体现在财务回报上，也表现在对企业长期发展的积极影响上。

III. Driving Force and Support: The Contemporary Value of Developing New Quality Productive Forces with Patient Capital

三、动力与支撑：以耐心资本发展新质生产力的时代价值

As one of the core driving forces of high-quality development in the socialist market economy, patient capital plays a crucial role in promoting the development of new quality productive forces, enhancing total factor productivity, and facilitating the deep transformation and upgrading of industries. Patient capital is not merely a form of funds but also a tool for allocating factor resources. Its unique long-term nature and robustness make it an important hub for the innovative allocation of various production factors. Developing and strengthening patient capital, by unblocking bottlenecks in medium- and long-term investment and financing, continuously innovating the allocation of factor markets toward new quality productive forces, and guiding the deep integration of technological innovation and industrial innovation, provides a solid foundation for accelerating the development of new quality productive forces.

耐心资本作为社会主义市场经济高质量发展的核心驱动力之一，在推动新质生产力发展、全要素生产率提升及产业深度转型升级方面扮演着至关重要的角色。耐心资本不仅是一种资金形式，更是要素资源的配置工具，其独特的长期性与稳健性使其成为各类生产要素创新性配置的重要枢纽。发展壮大耐心资本，通过打通资金中长期投融资堵点、持续创新要素市场配置向新质生产力聚集、引导科技创新和产业创新深度融合，为加快新质生产力发展提供了坚实的基础。

(A) Patient Capital Is an Important Guarantee for Accelerating Technological Innovation

（一）耐心资本是加快科技创新的重要保障

New quality productive forces are a qualitative state of productive forces in which innovation plays a leading role and is the main characteristic. Enterprises are the main carriers of technological innovation and the application of its outcomes. By supporting enterprises' innovative R&D and technological accumulation, patient capital plays the role of a "funding stabilizer" and an important force in promoting the construction of an innovation ecosystem, which is conducive to accelerating the revolutionary breakthrough of technology.

新质生产力是创新起主导作用并以创新为主要特点的生产力质态，企业是科技创新与成果应用的主要载体。耐心资本通过支持企业的创新研发和技术积累，发挥着“资金稳定器”和推动构建创新生态系统的重要作用，有利于技术革命性突破加快实现。

First, the development of new quality productive forces requires the establishment of a stable funding support system among technological innovation, market expansion, and the enhancement of enterprise competitiveness. The short-term nature and profit-seeking tendency of traditional capital make it more susceptible to market fluctuations, which in turn affects the structure and efficiency of factor allocation and hinders the improvement of total factor productivity. In the circulation and turnover of industrial capital, given a certain rate of surplus value, the faster capital turns over, the more surplus value the same amount of capital can generate. Therefore, traditional Western-style capital finds it difficult to be "patient." [18]18 The original text contains a parenthetical Chinese phrase "(耐心)" meaning "patience," which is rendered as "patient" in the translation for fluency. For financial capital, "the production process is merely an unavoidable intermediate link, a necessary evil for the sake of making money." [19]19 This is a paraphrase of a well-known remark by Karl Marx in *Capital*, Volume 2, where he describes the production process as a necessary evil for financial capital. If financial capitalists could make a fortune in the capital market without going through the circulation and turnover of industrial capital, that would be the best possible outcome for them. In the 1980s, under the dominance of neoliberal policies, financial monopoly capital in major Western countries expanded dramatically, various types of virtual financial products emerged one after another, and the economy shifted from "real" to "virtual." The ultimate result was the outbreak of periodic financial crises in Western capital markets, with their scale and harm increasingly expanding. Precisely because capital is essentially a relation of production, under the Western capitalist mode of production and relations of production, such capital is fundamentally incapable of being "patient." With its unique long-term nature, patient capital can provide sustained funding support for innovative projects that are high-risk but also have high-return potential. This support is particularly crucial in the field of disruptive innovation. Traditional capital, due to its pursuit of short-term returns, is usually insufficiently interested in these areas that require long-term technological accumulation. The long-term orientation of patient capital can compensate for this deficiency, providing stable funding support for enterprises' technological progress, product iteration, and scale expansion.

一是新质生产力的发展需要在技术创新、市场拓展和企业竞争力提升之间建立稳定的资金支持体系。传统资本的短期性和逐利性，使其更容易受到市场波动的影响，反过来也影响了要素配置的结构和效率，阻碍全要素生产率的提升。在产业资本的循环和周转中，在剩余价值率一定的情况下，资本周转得越快，同笔资本能够带来的剩余价值就越多，因此传统西方式资本很难有“耐心”。对于金融资本而言，“生产过程只是为了赚钱而不可缺少的中间环节，只是为了赚钱而必须干的倒霉事”。如果能够不经过产业资本的循环和周转就能在资本市场上赚得盆满钵满，那对于金融资本家将是再好不过的事情。20世纪80年代，在新自由主义政策支配下，主要西方国家金融垄断资本急剧扩张，各类虚拟金融产品层出不穷，经济脱“实”向“虚”的最终结果是西方资本市场爆发了周期性金融危机，并且其规模和危害日益扩大化。正因为资本本质上是一种生产关系，因而在西方资本主义的生产方式和生产关系下，其资本是根本不可能有“耐心”的。耐心资本以其独特的长期性，能够为那些具有高风险但同时具有高回报潜力的创新项目提供持续的资金支持，尤其是在颠覆性创新领域的这种支持尤为关键。传统资本由于追逐短期回报，通常对这些需要长期技术积累的领域兴趣不足，而耐心资本的长期导向可以弥补这一不足，为企业技术进步、产品迭代、扩大规模提供稳定的资金支持。

Second, in the process of promoting enterprise innovation, patient capital can play the role of a "funding stabilizer." Enterprises are the main bodies of innovation, and the development of new quality productive forces requires fully mobilizing the forces of enterprise technological innovation and organizational innovation. However, the fruits of enterprise technological innovation require long-term accumulation and repeated market validation. In terms of technological breakthroughs, management innovation, and organizational adjustments, enterprises need a continuous supply of funds to provide long-term financial support. By extending the investment and financing cycle of capital, patient capital gives enterprises sufficient time and resources to complete technological breakthroughs, truly realizing the leap from concept verification to commercial operation. This sustained investment not only helps enterprises avoid falling into innovation bottlenecks due to short-term funding shortages but also lays a funding foundation for the innovation and upgrading of the entire industry. Patient capital can also precisely capture investment opportunities in the new round of industrial revolution and, through forward-looking investment layouts, help enterprises occupy strategic high ground in fierce market competition. Through cross-cycle capital allocation, patient capital promotes the sustainable development of enterprises, enabling them to remain stable amid market uncertainty, thereby achieving a comprehensive improvement in new quality productive forces.

二是耐心资本在推动企业创新过程中，可以发挥“资金稳定器”的作用。企业是创新的主体，新质生产力的发展需要充分调动企业技术创新和组织创新的力量。但企业科技创新的成果需要长期的积累和反复的市场验证，企业在技术突破、管理创新以及组织调整方面，需要持续不断的资金供应来提供长期财务支持。耐心资本通过延长资本的投融资周期，使企业有充足的时间和资源完成技术突破，真正实现从概念验证到商业运营的跨越。这种持续投入不仅帮助企业避免因短期资金不足而陷入创新瓶颈，更为整个产业的创新升级奠定了资金基础。耐心资本还可以精准捕捉新一轮产业革命中的投资机会，并通过前瞻性的投资布局，帮助企业在激烈的市场竞争中占据战略高地。通过跨周期的资金配置，耐心资本推动企业的持续发展，使其在市场的不确定性中保持稳健，从而实现新质生产力的全面提升。

Third, the role of patient capital in promoting the development of the innovation ecosystem is equally important. Patient capital is not only a provider of funds for innovation activities but also a cultivator and builder of the innovation ecosystem. Through long-term support for high-tech enterprises, startups, and innovative projects, patient capital promotes the synergistic cooperation of various innovation factors, forming a complete innovation ecosystem. The long-term orientation of patient capital enables it to play a guiding role in the synergistic allocation of innovation resources, helping various innovation factors to effectively integrate in time and space, jointly promoting the development and leap of new quality productive forces.

三是耐心资本在推动创新生态系统发展中的作用同样重要。耐心资本不仅是创新活动的资金提供者，更是创新生态系统的培育者和建设者。通过对高科技企业、初创企业和创新型项目的长期支持，耐心资本促进了各类创新要素的协同合作，形成了完整的创新生态系统。耐心资本的长期主义导向使其在创新资源的协同配置中发挥引导作用，有助于各类创新要素在时空上有效融合，共同推动新质生产力的发展与跃升。

(B) Patient Capital Is a Key Support for Enhancing Total Factor Productivity

（二）耐心资本是全要素生产率提升的关键支撑

The enhancement of total factor productivity is the driving force behind high-quality economic development, and patient capital plays an irreplaceable role in the rational allocation and efficient integration of various production factors. Through long-term stable investment, patient capital can promote the rational allocation of resources, thereby driving the continuous improvement of total factor productivity.

全要素生产率的提升是经济高质量发展的动力源泉，而耐心资本在各类生产要素的合理配置与高效融合中发挥了不可替代的作用。耐心资本通过长期稳定的投资，可以促进资源的合理配置，从而推动全要素生产率的持续提升。

First, patient capital provides a strong guarantee for the growth of total factor productivity by supporting enterprises' management optimization and efficiency improvement. To enhance total factor productivity, enterprises need to make sustained efforts in technological progress, management innovation, and organizational efficiency, and these aspects often rely on continuous capital investment. Through long-term financial support, patient capital enables enterprises to maintain investment in management modernization, production process optimization, and technological innovation, thereby promoting the continuous improvement of production efficiency. This long-term support allows enterprises to maintain strategic focus when facing short-term market fluctuations, without having to cut investment in innovation and management improvement in pursuit of short-term financial returns.

一是耐心资本通过支持企业的管理优化和效率提升，为全要素生产率的增长提供了有力保障。企业提升全要素生产率，需要在技术进步、管理创新和组织效率上持续发力，而这些方面往往依赖于持续的资金投入。耐心资本通过长期财务支持，使企业在管理现代化、生产流程优化和技术革新等方面保持投入，从而推动生产效率的不断提高。这种长期支持使得企业在面对市场短期波动时能够保持战略定力，而不必为追求短期财务回报而削减创新和管理改进的投入。

Second, the role of patient capital in enhancing total factor productivity is also reflected in its deep investment in high-efficiency production and operation areas. By investing in strategic emerging industries and high-tech enterprises, patient capital enables these enterprises to achieve efficient integration in the utilization of production factors, forming a factor synergy effect, thereby helping to improve total factor productivity. Compared with traditional capital that pursues short-term profits, patient capital pays more attention to the creation and realization of long-term value, and its investment behavior helps to form a healthy industrial ecology and promote the coordinated development of upstream and downstream industrial chains. Patient capital can also become a key supporter in the factor market, guiding resources to flow to high-efficiency production and operation areas, thereby curbing the negative impact of short-term speculative behavior on the factor market. Through the introduction of long-term capital, patient capital enables the rational allocation of resources in the market, thus effectively improving the efficiency of capital utilization. This long-term optimal allocation of resources helps to form a sustainable path for improving total factor productivity, providing solid support for the long-term growth of enterprises and high-quality development of the economy.

二是耐心资本在全要素生产率提升中的作用，还体现在对高效益生产经营领域的深度投入上。耐心资本通过对战略性新兴产业和高技术企业的投资，促使这些企业在生产要素的利用上实现高效融合，形成要素协同效应，从而有助于提升全要素生产率。相较于短期逐利的传统资本，耐心资本更关注长期价值的创造和实现，其投资行为有助于形成健康的产业生态，并推动产业链上下游协同发展。耐心资本还可以成为要素市场中的关键支持者，通过引导资源流向高效益的生产经营领域，抑制短期投机行为对要素市场的负面影响。通过长期资本的引入，耐心资本使市场中的资源得到合理配置，从而有效提高资本利用效率。这种长期的资源优化配置，有助于形成可持续的全要素生产率提升路径，为企业的长期成长和经济的高质量发展提供了坚实支撑。

Third, in the process of enhancing total factor productivity, patient capital further promotes productivity growth by deeply participating in the optimization of corporate governance structures and promoting improvements in management efficiency. Patient capital can not only provide long-term financial support but also, through active participation in corporate governance, promote the modernization of management mechanisms and the improvement of internal efficiency within enterprises. This participation enables enterprises to continuously optimize internal processes and improve operational efficiency, thereby achieving effective allocation and utilization of resources at a higher level.

三是耐心资本在提升全要素生产率的过程中，还通过深度参与企业治理结构优化和推动管理效率的提升，进一步推动生产率的增长。耐心资本不仅可以提供长期资金支持，还可以通过积极参与企业的治理，推动管理机制的现代化和企业内部效率的提高。这种参与使企业能够不断优化内部流程，提升运营效率，从而在更高水平上实现资源的有效配置与利用。

(3) Patient capital is an inherent demand for deep industrial transformation and upgrading

（三）耐心资本是产业深度转型升级的内在需求

The characteristics of the market economy itself determine that after various enterprises enter the market, they are subject to the constraints of the price mechanism, supply and demand mechanism, and competition mechanism. In an increasingly fierce market competition environment, the success or failure of capitalists' or entrepreneurs' investment, production, and operation decisions is marked by significant uncertainty. When this situation is combined with the profit-seeking nature of capital itself, it leads to capital having spontaneity, blindness, speculation, and risk-taking. In the circuit of industrial capital, industrial capital successively passes through three functional forms: money capital, productive capital, and commodity capital. However, capital has an urgent impulse to simplify "M-C-M'" into "M-M'." Marxist political economy holds that fictitious capital itself cannot create value; it is ultimately merely a transfer of profits from real capital, and real capital is the fundamental source of profits for fictitious capital. Furthermore, the real economy is the foundation of the virtual economy, and the development of the virtual economy depends on the development stage, level, structure, and scale of the real economy. In this sense, to curb capital's impulse to simply make money or pursue "M-M'," it is necessary to guide various types of capital to evolve into industrial capital, so as to effectively promote deep industrial transformation and upgrading. Unlike traditional capital, which pursues short-term profit maximization, the core concept of patient capital lies in the creation and realization of long-term value. It not only focuses on the long-term financial returns of enterprises and related industries but also pays more attention to exploring the inherent growth potential of enterprises and related industries, identifying projects and industries with long-term competitiveness and sustainable development capabilities. Holders of patient capital usually have a long-termist orientation in investment tendencies and a high degree of risk tolerance, willing to bear the short-term pressure brought by market fluctuations in exchange for stable and lasting returns in the future. By supporting long-term R&D investment and innovation projects, patient capital provides enterprises with the long-term nature and stability of funds, helping enterprises overcome the uncertainty brought by short-term market fluctuations. Specifically, patient capital plays a role in promoting industrial upgrading in the following aspects:

市场经济本身的特点决定了各类企业进入市场后都要受到价格机制、供求机制和竞争机制的约束，资本家或企业家在日益激烈的市场竞争环境中，其投资、生产和运营决策成功与否具有显著的不确定性，这种情况再结合资本本身的逐利性，就会导致资本具有自发性、盲目性、投机性和冒险性。在产业资本的循环过程中，产业资本先后经历了货币资本、生产资本、商品资本等三种职能形式，但资本具有把“G-W-G'”简化为“G-G'”的迫切冲动。马克思主义政治经济学认为，虚拟资本本身不能创造价值，它终究只是实体资本利润的转移，实体资本是虚拟资本利润的根本源泉。进一步地，实体经济是虚拟经济的基础，虚拟经济的发展取决于实体经济的发展阶段、水平、结构和规模。在这个意义上，遏制资本只想赚钱或“G-G'”的冲动，要引导各类资本演变为产业资本，才能有力地推动产业深度转型升级。而与传统资本追求短期利润最大化不同，耐心资本的核心理念在于长期价值的创造与实现。它不仅关注企业及相关产业的长周期财务回报，更注重挖掘企业及相关产业内在的增长潜力，识别那些具备长期竞争力与可持续发展能力的项目和产业。耐心资本的持有者通常具有长期主义导向的投资倾向、高度的风险承受能力，愿意承担市场波动带来的短期压力，以换取未来稳定且持久的回报。耐心资本通过支持长期的研发投入和创新项目，为企业提供资金的长期性和稳定性，帮助企业克服短期市场波动带来的不确定性。具体来说，耐心资本在推动产业升级中以下几个方面发挥作用：

First, patient capital plays an important role in promoting the modernization and upgrading of traditional industries. Currently, digitalization and greening have become the two main directions for the transformation of traditional industries. Patient capital, through long-cycle capital investment, supports traditional enterprises in carrying out intelligent transformation and the application of green technologies, helping them gradually achieve the goals of digital-intelligence and low-carbon development. This financial support enables enterprises to make continuous efforts in the introduction of digital technologies, intelligent transformation of processes, and the achievement of environmental protection goals, injecting new vitality into traditional industries and improving overall total factor productivity.

一是耐心资本在推动传统产业的现代化升级方面发挥了重要作用。当前，数字化和绿色化已经成为传统产业转型的两个主要方向。耐心资本通过长周期资金的投入，支持传统企业进行智能化改造、绿色技术应用，帮助它们逐步实现数智化和低碳化的目标。这种资金支持促使企业在数字化技术的引入、流程的智能化改造以及环保目标的实现上持续发力，为传统产业注入了新活力，并提升了整体的全要素生产率。

Second, patient capital plays an important role in the layout of strategic emerging industries and future industries. The technological R&D and commercialization processes of strategic emerging industries and future industries often require a long time, with large capital needs and uncertain returns, making it difficult for short-term capital to intervene, and some venture capital is also unwilling to get involved. Patient capital, through long-term investment, helps these emerging industries get through the critical stage from technological R&D to marketization, ensuring that enterprises can focus on technological innovation, market expansion, and the realization of long-term strategic goals. Through this stable financial support, patient capital greatly reduces the financial pressure on enterprises, enabling them to break free from the limitations of traditional speculative capital or short-term capital, and better promote the development of new quality productive forces.

二是耐心资本在战略性新兴产业和未来产业的布局中扮演着重要角色。战略性新兴产业和未来产业的技术研发与商业化过程往往需要较长时间，且资金需求大、回报不确定，这使得短期资本较难介入，一部分风险资本也不愿意介入。而耐心资本通过长期投资，帮助这些新兴产业度过技术研发到市场化的关键阶段，确保企业能够专注于技术创新、市场拓展和长期战略目标的实现。通过这种稳定的资金支持，耐心资本在很大程度上降低了企业的财务压力，使其能够摆脱传统投机资本或短期资本的局限性，更好地推进新质生产力的发展。

Third, in the process of industrial transformation and upgrading, patient capital also promotes cross-industry collaboration and resource integration. Industrial transformation requires not only technological innovation and model upgrading of individual enterprises but also deep cooperation with other enterprises, research institutions, and government departments. The long-term and stable characteristics of patient capital are conducive to promoting cross-industry collaboration, facilitating the integration of resources and advantages from different fields, and forming an innovation-driven industrial ecosystem. This synergistic effect not only helps accelerate the integration and innovation of the upstream and downstream industrial chains but also promotes the comprehensive upgrading and transformation of the entire industry.

三是耐心资本在产业转型升级过程中还促进了跨行业的协作和资源整合。产业转型不仅需要单个企业的技术创新和模式升级，还需要与其他企业、科研机构及政府部门之间的深度合作。耐心资本长期性和稳健性的特征有利于推动跨行业的协作，推动了跨行业的协作，促使不同领域的资源和优势得以整合，形成创新驱动的产业生态系统。这种协同效应不仅有助于加速产业链上下游的整合与创新，也促进了整个行业的全面升级与变革。

IV. Constraints and Challenges: Realistic Shackles on Developing New Quality Productive Forces with Patient Capital

四、约束与挑战：以耐心资本发展新质生产力的现实桎梏

Patient capital, as a form of long-term investment capital, plays an indispensable role in supporting technological innovation, promoting industrial transformation and upgrading, and optimizing the structure of the capital market. However, the development of patient capital faces multiple challenges, which are mainly concentrated in the short-termist tendency of China's capital market, insufficient long-term investment willingness of various types of capital, blockages in the "technology-industry-finance" circular system, and imperfections in the exit mechanism. To further promote the healthy development of patient capital, it is urgent to conduct in-depth analysis of the current problems from multiple angles and in all aspects.

耐心资本作为一种长期投资资本，在支持科技创新、推动产业转型升级发展、优化资本市场结构等方面发挥着不可或缺的作用。然而，耐心资本的发展面临着多重挑战，这些挑战主要集中在我国资本市场短期化倾向、各类资本长期投资意愿不足、“科技—产业—金融”循环体系中的堵点以及退出机制不完善等方面。为进一步推动耐心资本的健康发展，亟须从多角度、全方位深入分析当前存在的问题。

(1) The capital market has a short-termist tendency

（一）资本市场具有短期化倾向

The short-termist tendency of China's capital market is relatively obvious, with many investors preferring to obtain short-term returns through frequent trading, lacking the patience for long-term investment. This phenomenon limits the effective formation of patient capital and weakens the function of the capital market in serving the real economy. According to data released by the Ministry of Finance, there are currently problems with the irrational structure of China's financing, with the ratio of indirect financing to direct financing being 7:3, and within direct financing, the ratio of bond financing to equity financing being approximately 9:1. From 2023 to 2024, the annualized turnover rate of China's stock market was as high as 273%, far exceeding the 102% of the United States during the same period. This high turnover rate reflects the widespread speculative behavior and short-sighted tendencies prevalent in the market.

我国资本市场的短期化倾向较为明显，许多投资者更倾向于通过频繁交易获取短期收益，而缺乏长期投资的耐心。这种现象限制了耐心资本的有效形成，削弱了资本市场服务实体经济的功能。根据财政部发布数据显示，当前我国融资结构有不合理的问题，间接融资与直接融资占比为7∶3,直接融资中的债券融资与股权融资占比约为9∶1。2023年至2024年间，我国股票市场的年化换手率高达273%,远超美国同期的102%。这一高换手率反映了市场上普遍存在的投机行为和短视倾向。

This short-termist investment behavior not only exacerbates market volatility but also makes it difficult for many enterprises to obtain stable long-term capital support, especially in fields such as scientific and technological innovation that require long-term capital investment. The “fast in, fast out” nature of capital leads investors to focus more on short-term returns while neglecting the long-term value creation of enterprises, which is extremely detrimental to promoting high-quality economic development. Examining the causes, the structural characteristics of the market are an important factor leading to short-termist tendencies. Retail investors account for a relatively large proportion of China’s capital market; they are particularly sensitive to short-term market fluctuations and tend to chase short-term hotspots, engaging in frequent trading to obtain short-term gains. In contrast, institutional investors generally possess stronger financial strength and professional capabilities, making them more suitable for long-term investment. However, the influence of institutional investors in China’s capital market is relatively insufficient, and they have failed to effectively play the role of stabilizing the market and guiding long-term investment. Furthermore, policy orientation also has an impact on market short-termism. In the past, government capital market policies mainly focused on improving market liquidity and attracting capital into the market, while relatively fewer policies were introduced to guide long-term investment. This has led market participants to pay more attention to short-term trading opportunities rather than the long-term development potential of enterprises. Compared with developed markets such as the United States, China still lags significantly in cultivating long-term capital. For example, through policy incentives and institutional innovation, the United States has enabled long-term capital to occupy a large share of the market, with pension funds, insurance funds, and other long-term funds providing stable capital support for enterprises, whereas China’s policies and mechanisms in this regard are still not well-established.

这种短期化投资行为不仅加剧了市场的波动性，还使得许多企业难以获得稳定的长期资本支持，特别是在科技创新等需要长期资金投入的领域。资本的“快进快出”导致投资者更关注短期回报，忽视企业的长期价值创造，这对推动经济高质量发展极为不利。究其原因，市场结构的特征是导致短期化倾向的一个重要因素，我国资本市场散户投资者占市场比重较大，他们对市场的短期波动尤为敏感，倾向于追逐短期热点，频繁交易以获取短期收益。相比之下，机构投资者通常具有较强的资金实力和专业能力，更适合长期投资，但机构投资者在我国资本市场中的影响力相对不足，未能有效发挥稳定市场和引导长期投资的作用。此外，政策导向对市场的短期化也有影响。以往政府的资本市场政策主要集中在提高市场流动性和吸引资金入市，而对引导长期投资的政策相对出台较少，这导致市场参与者更多关注短期交易机会，而非企业的长期发展潜力。与美国等发达市场相比，我国在长期资本培育上仍存在较大差距。例如，美国通过政策激励和制度创新，使得长期资本在市场中占据较大份额，养老基金、保险基金等长期资金为企业提供了稳定的资金支持，而我国在这方面的政策和机制尚不健全。

(II) Insufficient Willingness of Various Types of Capital to Engage in Long-Term Investment

（二）各类资本长期投资意愿不足

The willingness of various types of capital to engage in long-term investment is generally insufficient, a phenomenon reflected in both state-owned capital and private capital. Data from the National Bureau of Statistics shows that in 2023, China’s basic research expenditure was 221.2 billion yuan, still at a relatively low level compared with other developed countries in the world. This gap reflects the inadequacy of China’s long-term investment in scientific and technological innovation. State-owned capital should play a guiding role in promoting long-term investment, but in practice, commercial state-owned enterprises, after the classification reform of state-owned enterprises, tend to neglect basic research and long-term investment in scientific and technological innovation in order to achieve short-term economic performance targets or meet the performance assessments of superior regulatory authorities. Insufficient long-term investment weakens the role of state-owned capital in promoting scientific and technological innovation and economic transformation and upgrading, constraining the improvement of China’s overall innovation capacity. At the same time, the willingness of private capital to engage in long-term investment also faces numerous obstacles. First, the uncertainty of the policy environment increases the risk for private capital, leading it to be more cautious in decision-making. Especially in the field of scientific and technological innovation, which involves high investment and long cycles, private capital often lacks sufficient confidence or patience to bear the corresponding risks. Second, restrictions on financing channels are also an important factor constraining long-term investment by private capital. Although the government has made efforts in recent years to improve the financing environment for private enterprises, due to an imperfect credit system, many private enterprises still find it difficult to obtain long-term capital support, which directly suppresses private capital investment in the field of scientific and technological innovation. In contrast, international experience shows that a stable policy environment and sound legal guarantees are crucial for stimulating long-term investment willingness. The United States actively encourages long-term investment through a well-established policy system and tax incentive measures, especially in the field of scientific and technological innovation. Long-term funds such as pension funds and insurance funds occupy an important position in the capital market, effectively supporting the long-term development of enterprises. China’s current policy system still needs further improvement in terms of incentivizing long-term investment, in order to attract more capital to long-term development fields such as scientific and technological innovation.

各类资本对长期投资的意愿普遍不足，这一现象在国有资本和民营资本中均有体现。国家统计局数据显示，2023年我国基础研究经费为2212亿元，与世界其他发达国家相比投入仍然处于较低水平，这一差距反映出我国在长期科技创新投入上的不足。国有资本在推动长期投资中应起到引导作用，但在实际操作中，国企分类改革后的商业类国企为了实现短期经济效益目标或完成上级监管部门对于绩效的考核，存在忽视了基础研究和长期科技创新投入的倾向。长期投资不足削弱了国有资本在推动科技创新和经济转型升级中的作用，制约了我国整体创新能力的提升。同时，民营资本的长期投资意愿也面临诸多障碍。一是政策环境的不确定性增加了民营资本的风险，导致其在决策时更加谨慎，尤其是在涉及高投入、长周期的科技创新领域，民营资本往往缺乏足够的信心或耐心承担相应的风险。二是融资渠道的限制也是制约民营资本长期投资的重要因素。尽管近年来政府在改善民营企业融资环境上作出了努力，但由于信用体系不完善，许多民营企业仍难以获得长期资金支持，这直接抑制了民营资本在科技创新领域的投入。相比之下，国际经验表明，稳定的政策环境和完善的法律保障对激发长期投资意愿至关重要。美国通过完善的政策体系和税收激励措施，积极鼓励长期投资，特别是在科技创新领域，养老金和保险基金等长期资金在资本市场中占据重要地位，有效支持了企业的长期发展。而我国目前的政策体系在激励长期投资方面仍需进一步完善，以吸引更多资本投向科技创新等长期发展领域。

(III) Blockages Exist in the “Science and Technology–Industry–Finance” Circulation System

（三）“科技—产业—金融”循环体系存在堵点

At present, there are still multiple blockages in China’s “science and technology–industry–finance” circulation system, hindering the market-oriented application of scientific and technological achievements and capital support for scientific and technological innovation. For example, universities and research institutes are important forces in China’s scientific and technological innovation, but the market-oriented conversion rate of their scientific and technological achievements is relatively low. According to the “2023 China Patent Survey Report” released by the China National Intellectual Property Administration in March 2024, the industrialization rate of invention patents in Chinese universities is only 3.9%, while the industrialization rate of invention patents in enterprises is 51.3%. This disconnect in patent industrialization causes a large number of scientific research achievements to fail to transform into productive forces, reducing the practical value of scientific research. It also makes it difficult for patient capital to find suitable investment targets, diminishing the effective linkage between capital and technology. At the same time, enterprises also face numerous obstacles in the process of acquiring scientific and technological achievements. The cooperation channels between enterprises and research institutions are not smooth, and information asymmetry and unclear distribution of benefits lead to difficulties in smoothly transferring scientific and technological achievements into the production links of enterprises. Due to the lack of an effective mechanism for transforming scientific and technological achievements, even if enterprises have the ability to apply scientific research results, they find it difficult to obtain the necessary technical support. This situation severely affects the linkage and integration among “science and technology, industry, and finance,” resulting in limited participation of patient capital in the field of scientific and technological innovation. Internationally, developed countries like the United States have effectively promoted the market-oriented application of scientific research results by establishing efficient mechanisms for transforming scientific and technological achievements. For example, Stanford University has established the Office of Technology Licensing (OTL), specifically responsible for promoting the commercial application of scientific research results, which has significantly improved the conversion rate of scientific and technological achievements. Compared with this, China still lags significantly in the transformation of scientific and technological achievements, and it is urgent to promote the effective docking of scientific and technological achievements with the market through policy and institutional innovation.

目前，我国的“科技—产业—金融”循环体系中仍存在多个堵点，阻碍了科技成果的市场化应用和资本对科技创新的支持。例如，高校和科研院所是我国科技创新的重要力量，但其科技成果的市场化转化率却相对较低。根据国家知识产权局在2024年3月发布的《2023年中国专利调查报告》显示，我国高校发明专利产业化率仅为3.9%,而企业发明专利的产业化率达51.3%。这种专利产业化的脱节使得大量科研成果无法转化为生产力，降低了科研的实际价值，也使得耐心资本难以找到合适的投资标的，减少了资本与科技的有效联动。同时，企业在获取科技成果过程中也面临诸多障碍。企业与科研机构之间的合作渠道不畅，信息不对称以及利益分配不明确，导致科技成果难以顺利进入企业生产环节。由于缺乏有效的科技成果转化机制，企业即使具备应用科研成果的能力，也难以获得必要的技术支持。这种局面严重影响了“科技—产业—金融”三者之间的联动和融合，导致耐心资本在科技创新领域的参与度受到限制。在国际上，像美国这样的发达国家，通过建立高效的科技成果转化机制，有效推动了科研成果的市场化应用。例如，斯坦福大学设立了技术许可办公室(Office of Technology Licensing, OTL),专门负责推动科研成果的商业化应用，大幅提高了科技成果的转化率。与此相比，我国在科技成果转化方面仍存在较大差距，亟须通过政策和机制创新，促进科技成果与市场的有效对接。

V. Paths and Prospects: Practical Paths for Developing New Quality Productive Forces with Patient Capital

五、路径与展望：以耐心资本发展新质生产力的实践路径

Patient capital, as an important force in promoting high-quality economic development, shoulders the heavy responsibility of promoting the development of new quality productive forces and empowering industrial transformation. To fully leverage the advantages of patient capital in supporting long-term innovation and optimizing resource allocation, it is necessary to adopt a multi-party collaborative approach, regulate and guide the healthy development of patient capital, and promote its healthy and sustainable development by leveraging the leading role of state-owned capital, expanding diversified investment entities, and cultivating a favorable market environment. This will not only ensure that patient capital injects momentum into the long-term stability of the economy but also create broad space for the vigorous development of emerging industries.

耐心资本作为推动经济高质量发展的重要力量，肩负着促进新质生产力发展、赋能产业转型的重任。要充分发挥耐心资本在支持长期创新、优化资源配置中的优势，必须采取多方协作的方式，规范和引导耐心资本的健康发展，通过发挥国有资本的引领作用、扩大多元化的投资主体、培育有利的市场环境等多个方面，推动其健康、可持续发展。这不仅能够保障耐心资本为经济的长期稳定注入动力，还将为新兴产业的蓬勃发展创造广阔空间。

(I) Promoting the Healthy Development of Patient Capital and Practicing the Concept of Responsible Investment

（一）推动耐心资本健康发展，践行责任投资理念

“Capital is an important factor of production in the socialist market economy. Regulating and guiding the development of capital under the conditions of the socialist market economy is both a major economic issue and a major political issue.” [22]22 Xi Jinping, “Correctly Understanding and Guiding the Healthy Development of Capital,” *Qiushi*, no. 10 (2022). Marx’s analysis of “capital” in *Capital* focuses on the production process, circulation process, and overall production process of capital under the capitalist mode of production, with the core proposition discussed being the production, realization, and distribution of surplus value. However, the classical writers did not envision the organic integration of socialism with the market economy, nor did they consider how socialist countries might utilize capital. Since it is a socialist market economy, various forms of capital will inevitably accompany it. “Regulating and guiding the healthy development of capital is an important part of the Party’s leadership over economic work.” [23]23 Xi Jinping, “Correctly Understanding and Guiding the Healthy Development of Capital,” *Qiushi*, no. 10 (2022). The pursuit of profit is the inherent nature of capital. Patient capital, as an important lever for our Party to exert the positive role of capital and control its negative role under the conditions of the socialist market economy, should conform to the development needs and operational laws of the high-level socialist market economy system, closely align with national strategic objectives, especially in fields such as promoting scientific and technological self-reliance and self-strengthening, advancing industrial upgrading, and achieving green development, and play the role of guiding funds, using long-term and stable capital flows to support the country’s breakthroughs and development in key areas, thereby providing sustained momentum for high-quality economic development.

“资本是社会主义市场经济的重要生产要素，在社会主义市场经济条件下规范和引导资本发展，既是一个重大经济问题、也是一个重大政治问题”。马克思在《资本论》中对“资本”的分析，重点关注资本主义生产方式下资本的生产过程、流通过程和生产总过程，讨论的核心命题是剩余价值的生产、实现及分配问题。但经典作家并未设想社会主义能与市场经济有机融合，因而也未考虑社会主义国家如何利用资本的问题。既然是社会主义市场经济，就会随之相伴各种形态的资本形式。“规范和引导资本健康发展是党领导经济工作的重要内容”。逐利是资本的天性，耐心资本作为我们党在社会主义市场经济条件下发挥资本积极作用、控制资本消极作用的重要抓手，应顺应高水平社会主义市场经济体制的发展需求和运行规律，紧密结合国家战略目标，特别是在推动科技自立自强、促进产业升级、实现绿色发展的领域，发挥引导性资金的作用，以长期稳健的资本流向支持国家在关键领域的突破和发展，从而为经济高质量发展提供持续动力。

Furthermore, while ensuring that patient capital provides financial support for economic development, especially for strategic emerging industries and future industries, it must also be urged to fulfill its social responsibilities, thereby achieving a dialectical unity of capital appreciation and social interests. By guiding various types of capital into key areas of innovation-driven development within the framework of national policies and plans, it is possible to effectively support the implementation of basic research, scientific and technological innovation, and major projects. Among these, patient capital investment should adhere more closely to the concept of responsible investment, in order to achieve a comprehensive improvement in economic, social, and environmental benefits. Responsible investment focuses not only on financial returns but also emphasizes positive impacts on environmental protection, social governance, and other aspects. By promoting the concept of responsible investment, patient capital can take into account social benefits and sustainable development goals while achieving economic benefits. Patient capital should inherit the civilizing role of capital while discarding capital’s profit-seeking nature and attempting to break free from the tendency of industrial capital to shift from the real to the virtual economy, promoting comprehensive social progress through responsible investment. The core of the responsible investment concept lies in balancing the relationship between capital appreciation and social responsibility. By focusing on environmental, social, and governance (ESG) factors, it ensures that capital can make positive contributions to society and the environment while pursuing economic returns. Internationally, the concept of responsible investment has been widely applied. For example, large institutional investors in European and American countries generally incorporate ESG factors into their investment decisions to ensure the sustainability and long-term nature of investments. When developing patient capital, China should draw on this experience, promote the popularization and application of the responsible investment concept in the capital market, and ensure that patient capital not only brings returns to economic development but also contributes to the sustainable development of society and the environment. Through responsible investment, patient capital can effectively support the country’s long-term development in areas such as scientific and technological innovation and the green economy, helping to achieve coordinated and sustainable economic and social development.

进一步地，在确保耐心资本在为经济发展特别是战略性新兴产业和未来产业提供资金支持的同时，也要促使其践行社会责任，从而实现资本增殖与社会利益的辩证统一。通过在国家政策和规划的框架下引导各类资本进入创新驱动发展的关键领域，可以有效支持基础研究、科技创新和重大工程的实施。其中，耐心资本的投资更应遵循责任投资理念，以实现经济、社会和环境效益的综合提升。责任投资不仅关注财务回报，还强调对环境保护、社会治理等方面的积极影响。通过推动责任投资理念，耐心资本可以在实现经济效益的同时，兼顾社会效益和可持续发展目标。耐心资本应在继承资本文明作用的基础上，摒弃资本的逐利性以及尝试挣脱产业资本的脱实向虚倾向，通过责任投资推动社会的全面进步。责任投资理念的核心在于平衡资本增殖与社会责任之间的关系，通过对环境、社会和公司治理(ESG)因素的关注，确保资本在追求经济回报的同时能够对社会和环境作出积极贡献。在国际上，责任投资理念已得到广泛应用。例如，欧美国家的大型机构投资者在投资决策中普遍纳入ESG因素，以确保投资的可持续性和长期性。我国在发展耐心资本时，应借鉴这一经验，推动责任投资理念在资本市场中的普及和应用，确保耐心资本不仅为经济发展带来收益，也为社会和环境的可持续发展作出贡献。通过责任投资，耐心资本可以有效支持国家在科技创新、绿色经济等领域的长期发展，助力经济社会的协调与可持续发展。

(II) Leveraging the Guiding Role of State-Owned Capital to Promote the Development of Patient Capital

（二）发挥国有资本的导向作用，推动耐心资本发展

The “Decision”[24]24 The “Decision” refers to the “Decision of the Central Committee of the Communist Party of China on Further Comprehensively Deepening Reform and Promoting Chinese-Path Modernization,” adopted at the Third Plenary Session of the 20th Central Committee of the CPC in July 2024. points out: “Promote the optimization and structural adjustment of the state-owned economy, make state-owned capital and state-owned enterprises stronger, better, and larger, enhance core functions, and improve core competitiveness.” State-owned capital occupies a pivotal position in China’s economic system, especially in promoting high-quality development and supporting strategic emerging industries, where it plays an irreplaceable guiding role. In the development of patient capital, the guiding role of state-owned capital is crucial. State-owned capital must “strive to act as long-term capital, patient capital, and strategic capital” (Zhang Yuzhuo, 2024). Its characteristics of long-term stability and its strong capital reserves can provide a solid backing for patient capital, effectively sharing its risks in long-term investment, and enhancing the scientific and forward-looking nature of investment.

“决定”指出：“推进国有经济布局优化和结构调整，推动国有资本和国有企业做强做优做大，增强核心功能，提升核心竞争力。”国有资本在我国经济体系中占据着举足轻重的地位，尤其在促进高质量发展和支持战略性新兴产业方面，具有不可替代的引导作用。在耐心资本的发展中，国有资本的导向作用至关重要。国有资本要“着力当好长期资本、耐心资本、战略资本”(张玉卓，2024),其长期性、稳定性的特性以及其强大的资金储备，能够为耐心资本提供了坚实的后盾，有效分担其在长期投资中的风险，增强投资的科学性和前瞻性。

First, state-owned capital, through its leading layout in strategic industries, leverages social capital to co-invest, guiding other capital into areas with long-term development potential. For example, in high-tech, green energy, and other new quality productive forces sectors, state-owned capital increases investment, providing patient capital with important information support on technology roadmaps, market prospects, and policy directions. This information sharing not only reduces the investment uncertainty for other holders of patient capital but also helps them make more informed decisions. Second, the positive externality effect of state-owned capital makes it naturally compatible with patient capital. State-owned capital not only plays a pillar role in the implementation of national strategies but also bears the important responsibility of promoting scientific and technological progress, ensuring people’s livelihoods, and consolidating national defense. The evolution of state-owned capital into patient capital not only allows it to continue undertaking national strategic tasks but also enables it to leverage its stable financial support to promote the long-term development of enterprises. Through coordinated operation with other patient capital, the leading advantages of state-owned capital in technology transfer, innovation, and R&D can effectively accelerate the layout of patient capital in high-tech industries, contributing to the sustained growth of new quality productive forces. Third, the guiding role of state-owned capital is also manifested in its ability to provide more transparent and accurate information for the entire capital market by building information exchange platforms. Through information sharing, state-owned capital can provide patient capital with forward-looking analysis of policy trends, industry trends, and technological prospects, reducing investors’ decision-making risks and speculative psychology. While cultivating and expanding the investment volume of patient capital, this also improves the investment quality of patient capital. This information support not only enhances investors’ confidence in market expectations and their patience for long-term holding but also provides holders of patient capital with more opportunities for rational resource allocation and diversified investment, injecting sufficient and stable patient capital into the development of new quality productive forces.

一是国有资本通过在战略性行业中的领先布局，撬动社会资本跟投，引导其他资本进入具有长期发展潜力的领域。例如，在高科技、绿色能源等新质生产力领域，国有资本通过加大投入，为耐心资本提供了技术路线、市场前景、政策走向等方面的重要信息支持。这种信息共享不仅降低了其他耐心资本持有者的投资不确定性，也帮助他们做出更加明智的决策。二是国有资本的正外部性效应使其与耐心资本天然契合。国有资本不仅在国家战略实施中扮演着支柱角色，还具备推动科技进步、保障民生、巩固国防的重要责任。国有资本演变为耐心资本，不仅能够继续承担国家战略任务，还能利用其稳健的资金支持，推动企业的长期发展。通过与其他耐心资本协同运作，国有资本在技术转移、创新研发等方面的领先优势，可以有效促进耐心资本加快在高新技术产业中的布局，助力新质生产力的持续增长。三是国有资本的引导作用还表现在其能够通过搭建信息交流平台，为整个资本市场提供更加透明、准确的信息。国有资本通过信息共享，能为耐心资本提供政策动向、行业趋势和技术前景的前瞻性分析，降低投资者的决策风险和投机心理，在培育与壮大耐心资本投资体量的同时，提升耐心资本的投资质量。这种信息支持不仅提升了投资者对市场预期的信心和长期持有的耐心，也为耐心资本的持有者提供了更多合理配置资源、进行多元化投资的机会，为新质生产力发展注入充足、稳定的耐心资本。

(III) Expanding Diversified Investment Entities to Strengthen the Capital Base of Patient Capital

（三）扩大多元化的投资主体，壮大耐心资本的资金基础

The development of patient capital cannot be separated from broad social financial support, and relying solely on a single investment entity is insufficient to meet its capital needs in the development of future industries. Therefore, it is necessary to enrich the capital base of patient capital by expanding diversified investment entities, thereby providing sustained financial support for industrial transformation and upgrading.

耐心资本的发展离不开广泛的社会资金支持，而仅依赖单一的投资主体难以满足其在未来产业发展中的资本需求。因此，必须通过扩大多元化的投资主体来充实耐心资本的资金基础，从而为产业转型升级提供持续的资金支持。

First, government investment funds, pension funds, insurance capital, and the like constitute the main sources of patient capital, and the characteristics of these funds themselves also align with the special attributes of patient capital. Government investment funds are the “ballast stone” of patient capital; localities should expand the scale of government investment funds in light of their fiscal conditions, thereby providing a more stable source of funds for patient capital. At the same time, they should combine their own resource endowments, industrial foundations, and scientific research conditions, operate through market-oriented methods, and establish a clearer investment framework, thus forming a long-term advantage in investment cycles. Pension funds are a more stable source of patient capital; it is necessary to accelerate the improvement of the social security system for flexible-employment personnel, migrant workers, and those in new forms of employment, and expand the coverage of social security funds. Promote the establishment of enterprise annuity systems in industries and enterprises with high profit margins or high labor intensity, and increase the amount of enterprise annuities. Optimize the design of the personal pension system, improve the contribution and withdrawal mechanisms, and enhance residents’ trust in and participation in the personal pension system. Insurance capital naturally has the potential to become patient capital; it is necessary to establish a long-cycle assessment system to make insurance capital more “patient,” create a favorable investment environment to ensure the reliability and safety of insurance capital investments, and enhance insurance companies’ active investment research and management capabilities as well as risk management capabilities, thereby realizing the potential for insurance capital to evolve into patient capital. Second, it is necessary to expand the channels for patient capital, attracting various types of capital entities to participate broadly and evolve into patient capital, which helps enhance market vitality and provide suitable financial support for enterprises in different industries and at different stages. The development of patient capital requires not only attracting domestic capital but also actively introducing international capital. Against the backdrop of globalization, we must adhere to the basic state policy of opening up and deepen reform through opening up. The volume of international capital is enormous; if patient capital can rely on the advantages of a super-large market to attract international investors to make long-term investments in industries such as China’s manufacturing and service sectors, it can not only enhance the capital volume of related industries and enterprises but also, by introducing advanced international management experience, technical support, and market networks, help related enterprises raise their technological level, transform and upgrade production methods, and improve organizational forms, thereby enhancing the core competitiveness of their products and services in global competition and contributing to the development of new quality productive forces. The entry of international capital will also promote greater openness in China’s capital market and enhance the global influence of patient capital. To this end, it is necessary to fully assess the qualifications of international capital, diversify the sources of international capital, and continuously optimize the structure of international capital. In addition, international capital must comply with relevant laws, regulations, regulatory requirements, and industry standards, just like domestic capital. International capital entering China for purposes such as cashing out, arbitrage, or short-term speculation should be strictly restricted and regulated, ensuring that opening up is expanded on the premise of national stability and industrial chain security, and achieving a positive interaction between patient capital and the high-quality development and high-level security of related industries. Third, for patient capital in different fields, a classified approach should be adopted to ensure that various types of capital can maximize their effectiveness in suitable areas. For high-tech innovation fields, more industrial capital and private equity capital with higher risk tolerance should be attracted; for the transformation and upgrading of traditional industries, it is more appropriate to introduce long-term financial support from bank capital and state-owned capital. By optimizing the capital structure, patient capital can continuously provide financial guarantees at different stages of enterprise development, ensuring that enterprises receive sufficient funding during the innovation cycle.

一是政府投资基金、养老基金、保险资本等构成了耐心资本的主要来源，这类资金自身的特点也与耐心资本的特殊属性相契合。政府投资基金是耐心资本的“压舱石”,各地要结合财政状况扩大政府投资基金的规模，从而为耐心资本提供更为稳定的资金来源，同时要结合自身的资源禀赋、产业基础、科研条件，采用市场化方式运作，建立更为明确的投资框架，从而形成长久的投资周期优势；养老基金是更为稳定的耐心资本来源，要加快完善灵活就业人员、农民工、新就业形态人员社保制度，扩大社保基金的覆盖面。推动各类高利润率或高劳动强度的行业、企业建立企业年金制度、提高企业年金的额度。优化个人养老金制度设计，完善缴纳和领取机制，提升居民对个人养老金制度的信任度和参与度；保险资本天然具备成为耐心资本的潜力，要通过建立长周期考核制度促使保险资本更加“耐心”,创造良好的投资环境确保保险资本投资的可靠安全，提升保险公司的主动投研管理的能力和风险管理能力，从而兑现保险资本演变为耐心资本的潜力。二是要拓展耐心资本的渠道，吸纳各类资本主体广泛参与并演变为耐心资本，有助于提升市场活力，并为不同行业、不同阶段的企业提供适配的资金支持。耐心资本的发展不仅需要吸引国内资本，还应积极引入国际资本。全球化背景下，我们必须坚持对外开放这一基本国策，深化以开放促改革。国际资本的体量极大，耐心资本若能依靠超大规模市场优势，吸引国际投资者进入我国制造业、服务业等产业中进行长期投资，不仅能够增强相关产业、企业的资金体量，还能通过引进国际先进的管理经验、技术支持和市场网络，帮助相关企业提升科技水平、转型升级生产方式和完善组织形式，提升其产品、服务等在全球竞争中的核心竞争力，助力新质生产力的发展。国际资本的进入还将推动我国资本市场更加开放，提升耐心资本在全球范围内的影响力。为此，需要充分评估国际资本的资质，多元化国际资本来源地，持续优化国际资本结构。此外，国际资本需与国内资本一样遵守相关法律法规、监管规定、行业准则等，严格限制和监管出于套现、套利、短期投机等目的而进入我国的国际资本，确保国家稳定和产业链安全的前提下扩大开放，实现耐心资本与相关产业的高质量发展和高水平安全良性互动。三是针对不同领域的耐心资本，应当采取分类施策的方式，确保各类资本能够在适合的领域中发挥最大效益。对于高科技创新领域，更多地吸引风险容忍度较高的产业资本和私募股权资本；对于传统产业的转型升级，则更适合引入银行资本和国有资本的长期资金支持。通过优化资本结构，耐心资本能够在企业发展的不同阶段持续提供资金保障，确保企业在创新周期内获得充足的资金支持。

(IV) Cultivating a Market Environment Suitable for the Development of Patient Capital, Optimizing Capital Allocation Efficiency

（四）培育适合耐心资本发展的市场环境，优化资本配置效率

The particularity of patient capital determines that it has higher requirements for the market environment. To enable patient capital to maximize its effectiveness in the market, it is necessary to cultivate a market environment suitable for its long-term investment through policy guidance, institutional construction, and market optimization. This requires not only government policy support but also coordinated cooperation among all market parties to achieve a high degree of alignment between patient capital and economic development goals.

耐心资本的特殊性决定了它对市场环境有更高的要求。要使耐心资本在市场中发挥最大效能，必须通过政策引导、制度建设和市场优化，培育适合其长期投资的市场环境。这不仅需要政府的政策支持，还需要市场各方的协同合作，才能实现耐心资本与经济发展目标的高度契合。

First, policy guidance is key to the development of patient capital. The government should further improve the basic system of the capital market, enhance its inclusiveness, guidance, and adaptability, release more policy space, encourage long-term capital allocation, guide the formation of patient capital, and direct its accumulation toward the field of new quality productive forces. For example, deepen institutional reforms on the investment and financing sides; while continuously improving the quality of listed companies and optimizing their structure, guide patient capital to invest and allocate in the STAR Market [25]25 The STAR Market (科创板, Science and Technology Innovation Board) is a Shanghai Stock Exchange board launched in 2019 to serve high-tech and strategic emerging companies, with more flexible listing rules than the main board. and equity fund markets, fully leveraging the function of patient capital in effectively coordinating investment and financing within the capital market. At the same time, the flexibility of regulatory policies also needs to be further strengthened, allowing patient capital to conduct more flexible investment operations in high-risk, high-return areas, avoiding capital flow obstacles caused by excessive regulation. Second, optimizing the market environment requires the joint efforts of the whole society. Enterprises should abandon the business philosophy of short-term profit-seeking and establish long-term development goals; investors should also enhance their awareness of long-term investment and gradually form a market culture oriented toward value investment. The government should formulate long-term performance assessment systems and provide preferential policies to incentivize enterprises and capital to achieve greater success in long-term strategies. Third, the transparency and information liquidity of the capital market also need to be further improved, ensuring that patient capital can obtain sufficient investment information in the market and make rational investment decisions through scientific analysis. In addition, companies need to disclose relevant financial and operational information in a timely, proactive, and accurate manner, fully build communication and sharing channels between the company and small and medium-sized patient capital investors, and through means such as share buybacks, stock dividends, and shareholder increases, fully share the dividends brought by the development of new quality productive forces with patient capital investors, achieving a positive feedback loop between the two. Fourth, the development of patient capital cannot be separated from technological empowerment. Through digital technologies such as big data and artificial intelligence, patient capital can more accurately identify market opportunities and risks, reduce investment costs, and improve capital allocation efficiency. At the same time, the application of financial technology can also optimize information transmission mechanisms, helping patient capital investors more clearly grasp market dynamics and adjust investment strategies in a timely manner, providing more flexible and effective financial support for enterprise innovation and development.

一是政策引导是耐心资本发展的关键。政府应进一步完善资本市场的基础制度，增强资本市场制度的包容性、引导性和适配性，释放更多的政策空间，鼓励资本的长期布局，引导耐心资本的形成，并向新质生产力领域积聚。例如，深入推进投资侧和融资侧的制度改革，在持续提升上市公司质量、优化上市公司结构的同时，引导耐心资本向科创板市场和权益类基金市场投资布局，充分发挥资本市场中耐心资本有效协调投融资的功能。同时，监管政策的灵活性也需进一步加强，允许耐心资本在高风险、高收益领域进行更加灵活的投资操作，避免过度监管造成的资金流动障碍。二是市场环境的优化需要全社会的共同努力。企业应当摒弃短期逐利的经营理念，树立长期发展目标；投资者也应提升长期投资意识，逐渐形成以价值投资为导向的市场文化。政府应通过制定长期绩效考核体制、提供优惠政策，激励企业和资本在长期战略上取得更大成就。三是资本市场的透明度和信息流通性也需进一步提升，确保耐心资本在市场中能够获得足够的投资信息，并通过科学分析做出理性的投资决策。此外，各公司还需要及时、积极、准确地披露相关财务和经营信息，充分搭建公司和中小耐心资本投资者之间的沟通和共享通道，通过回购、股票分红、股东增持等手段，将新质生产力发展带来的红利充分地与耐心资本投资者共享，实现两者之间的正向反馈。四是耐心资本发展离不开科技赋能。通过大数据、人工智能等数字技术，耐心资本可以更加精准地识别市场机会和风险，降低投资成本，提高资本的配置效率。同时，金融科技的应用还能够优化信息传递机制，帮助耐心资本投资者更加清晰地掌握市场动态，及时调整投资策略，为企业创新发展提供更为灵活、有效的资金支持。

VI. Conclusion

六、结语

Capital, as a historical and social category, has evolved over hundreds of years of development into various forms such as commercial capital, industrial capital, and interest-bearing capital. While playing a huge role in promoting the development of productive forces, it has also brought tremendous exploitation to laborers and unprecedented devastation to world civilization. Engels said: “Where history begins, the course of thought must also begin, and the further development of the course of thought is nothing but the reflection of the historical process in an abstract and theoretically consistent form.” [26]26 This is a translation of a passage from Engels’s *Anti-Dühring* (1878), where he discusses the relationship between the history of thought and historical development. In the history of economic thought, countless economists and schools of economics have studied the role of “capital” in relation to productive forces and relations of production, but most have been limited to the material level of capital. It was not until the establishment of Marxist political economy that the fetishism of capital was clarified, elucidating that capital is “a definite, social, and belonging to a definite historical social formation relation of production.” [27]27 This is a translation of a passage from Marx’s *Capital*, Volume III (1894), Chapter 48, where he defines capital as a social relation of production specific to a historical mode of production.

资本作为一个历史和社会范畴，在数百年的发展进程中已经演化出商业资本、产业资本、生息资本等各种资本形态，在对生产力发展起到巨大推动作用的同时，也对劳动者带来巨大的剥削，对世界文明带来前所未有的摧残。恩格斯说：“历史从哪里开始，思想进程也应当从哪里开始，而思想进程的进一步发展不过是历史过程在抽象的、理论上前后一贯的形式上的反映。”经济思想史上有无数经济学家和经济学流派对“资本”之于生产力和生产关系的作用进行研究，但多局限在资本的物的层面。直到马克思主义政治经济学创立，才明晰了资本的拜物教，阐明资本是“是一定的、社会的、属于一定历史社会形态的生产关系”。

At the present stage, China’s economy is in a historic period of convergence between the new round of global technological revolution and industrial transformation on the one hand and the shift in the domestic development model on the other. Promoting industrial innovation through scientific and technological innovation places higher demands on the long-term nature and stability of capital. Patient capital, as a new form of capital, possesses both the general attributes and the special attributes of capital, and has gradually formed two branches: Chinese-style patient capital and Western-style patient capital. Among these, Chinese-style patient capital develops within China’s basic economic system, can accelerate scientific and technological innovation, raise total factor productivity, and promote the deep transformation and upgrading of industries, becoming an important link that drives the innovative allocation of all kinds of advanced factors of production. At present, a large number of capital investment entities in China still tend to pay excessive attention to short-term price-earnings ratios, which makes it difficult for these investment entities to pursue a long-termist orientation and leaves them lacking the intention and ability to enter national strategic fields such as emerging industries with long payback cycles and high investment risks, or to make forward-looking layouts in future industries. Adhering to a problem-oriented approach, only by upholding the centralized and unified leadership of the Party, giving play to the “vanguard” role of state-owned capital, consolidating the funding base of patient capital, strengthening patient capital and making it an important driving force for developing new quality productive forces, can we ensure the steady and sustained progress of Chinese-path modernization.

现阶段，我国经济正处于世界新一轮科技革命和产业变革同国内发展方式转变的历史性交汇期，以科技创新推动产业创新对资本的长期性和稳健性提出更高水平的要求。耐心资本作为新的资本形态，具有资本的一般属性和特殊属性，并逐渐形成中国式耐心资本和西方式耐心资本两个分支。其中，中国式耐心资本在我国基本经济制度内发展，能够加快科技创新、提升全要素生产率、推动产业深度转型升级，成为带动各类先进生产要素实现创新性配置的重要纽带。当前，我国大量资本投资主体依旧存在过分关注资本短期市盈率的倾向，这使得各投资主体难以奉行长期主义导向，缺乏进入长回报周期、高投资风险的新兴产业和超前布局未来产业等国家战略领域中的意向及能力。坚持问题导向，只有通过坚持党的集中统一领导，发挥国有资本的“排头兵”作用，夯实耐心资本的资金基础，壮大耐心资本并使之成为发展新质生产力的重要动力，才能推动中国式现代化行稳致远。

Online editor: Paul

网络编辑：保罗