Research on the Internal Mechanism and Cultivation Path of Patient Capital Empowering New Quality Productive Forces

The cultivation and development of new quality productive forces are the key driving force for achieving high-quality development and advancing Chinese-path modernization. At the Third Plenary Session of the 20th Central Committee of the CPC, General Secretary Xi Jinping once again emphasized the importance of "developing new quality productive forces in light of local conditions." [1]1 The Third Plenary Session of the 20th Central Committee of the CPC was held in July 2024, focusing on further comprehensively deepening reform and promoting Chinese-path modernization. As early as the Politburo meeting of the CPC Central Committee held on April 30, 2024, General Secretary Xi Jinping had already put forward the important proposition of "developing new quality productive forces in light of local conditions" and further proposed the specific requirement of "actively developing venture capital and strengthening patient capital." Capital is the core category of the modern market economy, while patient capital is a form of capital used for long-term investment with a higher risk tolerance. "Strengthening patient capital" is an inheritance and development of Marxist capital theory, a scientific grasp of the characteristics and behavioral laws of capital under the socialist market economy, and, moreover, an important directive on how to "develop new quality productive forces in light of local conditions." Standing at a new historical juncture, it is of profound significance to scientifically understand the connotation and attributes of "patient capital" and to deeply grasp the internal mechanism, risk challenges, and cultivation path of patient capital empowering new quality productive forces.

新质生产力的培育与发展是实现经济高质量发展和推动中国式现代化的关键驱动力。在党的二十届三中全会上，习近平总书记再次强调了“因地制宜发展新质生产力”的重要性。早在2024年4月30日召开的中共中央政治局会议上，习近平总书记就曾提出“因地制宜发展新质生产力”的重要命题，并进一步提出了“积极发展风险投资，壮大耐心资本”的具体要求。资本是现代市场经济的核心范畴，而耐心资本则是一种用于长期投资且风险承受度更高的资本形式。“壮大耐心资本”是对马克思主义资本理论的继承发展，是对社会主义市场经济下资本特性和行为规律的科学把握，更是对如何“因地制宜地发展新质生产力”的重要指示。站在新的历史方位，科学认识“耐心资本”的内涵与属性，深度把握耐心资本赋能新质生产力的内在机理、风险挑战以及培育路径具有深远意义。

I. The Connotation and Attributes of Patient Capital

一、耐心资本的内涵与属性

Capital is the core category of the modern market economy and an important means of achieving economic development. Patient capital, as a form of capital with a long investment horizon and high risk tolerance, not only possesses the general attributes of capital but also has its unique particularities. Scientifically grasping the rich connotation and related attributes of patient capital is a prerequisite for "strengthening patient capital" and developing new quality productive forces.

资本是现代市场经济的核心范畴和实现经济发展的重要手段，耐心资本作为一种投资期限长、风险承受度高的资本形式，它不仅具有资本的一般属性，同时也具有其独特的特殊性，科学把握耐心资本的丰富内涵和相关属性是“壮大耐心资本”和发展新质生产力的前提条件。

1. Definition of the Connotation of Patient Capital

1.耐心资本的内涵界定

Capital is the core category of Marxist political economy. Marx provided an important summary of the connotation and essence of capital, holding that "capital is not a thing, but rather a definite, social production relation, belonging to a definite historical social formation, which is embodied in a thing and gives this thing a specific social character." [2]2 Karl Marx, *Capital*, Volume III, Chapter 48. Marx's unique insight opened a new path for accurately understanding "what capital is": on the one hand, capital has the general attributes of a thing and is an important factor of production; on the other hand, capital is essentially a production relation, a reflection of the social nature of production. Unlike the capitalist production relation essence of capital in Marx's context, capital under China's socialist market economy manifests the socialist production relation and is still embodied in the carrier of the "thing" that is the factor of production. According to Marx's view, capital is value that brings surplus value. In the process of realizing its valorization, it often evolves through changes in its existing forms towards more advanced manifestations, and patient capital is a specific capital form within the process of capital valorization. The concept of patient capital originates from comparative political economy, referring to equity or debt that is willing to bear short-term market pressure to obtain long-term value and is not inclined to exit easily. Based on the analytical framework of new structural economics, Justin Yifu Lin and Wang Yan define "patient capital" as "capital invested in a 'relationship,' where the investing party is willing to see the invested party achieve development in the future, thereby obtaining considerable returns." [3]3 Justin Yifu Lin and Wang Yan, "Patient Capital and New Structural Economics," *World Bank Policy Research Working Paper*, 2021. Specifically, patient capital is a form of long-term investment capital. It does not take the pursuit of short-term gains as its primary goal but focuses on the value and returns of long-term projects or investment activities. In other words, patient capital is not speculative capital; it advocates value investment and emphasizes long-term returns. It not only maintains confidence in enterprise development amidst market fluctuations but also focuses on long-term social impact while pursuing capital valorization.

资本是马克思主义政治经济学的核心范畴，马克思对资本的内涵和本质进行了重要概括，认为“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，后者体现在一个物上，并赋予这个物以独特的社会性质。”马克思的独特见解为准确理解“资本是什么”开辟了一条新的途径：一方面，资本具有物的一般属性，是一种重要的生产要素；另一方面，资本本质上是一种生产关系，是生产的社会性质的反映。不同于马克思语境下资本的资本主义生产关系本质，我国社会主义市场经济下的资本则彰显社会主义的生产关系，并依旧体现在生产要素这一“物”的载体之上。按照马克思的观点，资本就是能够带来剩余价值的价值，在实现增殖的过程中它往往会通过现有形态的变化走向更高级的表现形式，而耐心资本则是资本增殖过程中的一种具体的资本形态。耐心资本的概念源于比较政治经济学，指那些为获得长期价值而甘愿承担市场短期压力也不愿轻易退出的股权或债权。基于新结构经济学的分析框架，林毅夫、王燕将“耐心资本”定义为“投资于一种‘关系’的资本，其中的投资方愿意看到被投资方在未来获得发展，从而获得可观的回报”。具体而言，耐心资本(PatientCapital)是一种长期投资的资本形式，它不以追求短期收益为首要目标，而专注于长期项目或投资活动的价值和回报。换句话说，耐心资本不是投机资本，它提倡价值投资、注重长期回报，不仅能够在市场波动中对企业发展存在信心，而且在追求资本增殖的同时也注重长期的社会影响。

Patient capital originated earliest from foreign social security funds and pension funds, such as sovereign wealth funds, university endowment funds (e.g., Yale University's alumni fund), and pension funds. In the primary market, patient capital mostly refers to medium- and long-term investment private equity funds. For example, Harvard Business School finance professors Victoria Ivashina and Josh Lerner define patient capital as a form of long-term investment capital while interpreting the challenges and prospects of long-term investment from the perspective of private equity funds. [4]4 Victoria Ivashina and Josh Lerner, *Patient Capital: The Challenges and Promise of Long-Term Investing*, Princeton University Press, 2019. For the secondary market, patient capital mainly takes forms such as pension funds, insurance funds, and industrial capital; it is the "ballast stone" for the stable operation of the capital market. Under different modes of production, the main forces of patient capital differ. Under capitalist production relations, private capital is the main source of "patient capital," but due to the profit-seeking nature of private capital, it often leads to capital investment advocating the market principle of "fast in, fast out." Under the conditions of the socialist market economy, state-owned capital is the main force of patient capital. Its value purpose of "serving the people and the overall interests of the nation" effectively ensures its long-term investment activities such as technological breakthroughs, environmental governance, and improvement of people's livelihoods. At the same time, long-term bank funds, insurance funds, social security funds, etc., are also types of patient capital suitable for supporting the development of China's new quality productive forces.

耐心资本最早起源于国外的社保基金和养老金，例如主权财富基金、大学捐赠基金(例如耶鲁大学的校友基金)、养老金等。在一级市场中，耐心资本多指中长期投资的私募股权基金。例如，哈佛商学院金融学教授维多利亚·伊凡希娜(VictoriaIvashina)和乔希·勒纳(JoshLerner)将耐心资本定义为一种长期投资资本的同时，以私募基金的视角解读了长期投资的挑战和前景。对于二级市场来说，耐心资本则主要以养老金、保险资金和产业资本等为主要形式，它是资本市场稳定运行的“压舱石”。在不同的生产方式下，耐心资本的主体力量是不同的。在资本主义生产关系下私人资本是“耐心资本”的主要来源，但由于私人资本的逐利性，往往导致资本投资倡导“快进快出”的市场原则。而在社会主义市场经济的条件下，国有资本则是耐心资本的主体力量，其“服务于人民和国家整体利益”的价值旨归有效保证了其进行技术攻关、环境治理、民生改善等长期投资活动。与此同时，银行长期资金、保险资金、社保资金等也是适宜支持我国新质生产力发展的耐心资本类型。

From a broad perspective, patient capital refers to a form of capital where investors voluntarily engage in ultra-long-term investment. The objects into which investors inject capital often need continuous future growth and development to bring new value valorization to the original capital. This also means that the "patience" of capital is mainly concentrated in "investing early, investing small, and investing in hard technology." [5]5 "Investing early, investing small, and investing in hard technology" is a Chinese policy phrase referring to directing capital towards early-stage, small-scale, and hard-technology enterprises. Looking back at the history of human society, every liberation of productive forces has been accompanied by major breakthroughs in science and technology and the rapid development of industrial transformation. However, technological innovation and industrial transformation are a long and very costly process, requiring long-term capital investment and patient waiting. The relationship between "science and technology, industrial development, and capital investment" is a process of benign interaction. Under the current circumstances, we are now at a critical moment of a new round of technological revolution. Disruptive innovation in science and technology usually requires ultra-long-term capital investment. To this end, as early as the Central Economic Work Conference held in December 2022, it was proposed to promote a virtuous cycle among "technology, industry, and finance." [6]6 The Central Economic Work Conference is an annual high-level meeting of the CPC and Chinese government that sets economic policy priorities for the following year. The Politburo meeting of the CPC Central Committee in April 2024 first proposed "strengthening patient capital," which is an inheritance and development of this important content.

从广义上来看，耐心资本是指投资者自愿进行的一种超长期投资的资本形式，投资者注入资本的对象往往需要在未来不断成长和发展才能为原资本带来新的价值增殖，这也意味着资本的“耐心”主要集中在“投早、投小、投硬科技”等方面。回顾人类社会的历史，每一次生产力的解放都伴随着科学技术的重大突破和产业变革的迅速发展。但是，技术创新和产业变革是一个漫长且十分耗钱的过程，必须有资本的长期投入和耐心等待，“科学技术—产业发展—资本投入”之间是一种良性互动的过程。以目前情况而言，现在正处于新一轮科技革命的关键时刻，科学技术的颠覆式创新通常需要超长期资本的投入。为此，早在2022年12月召开的中央经济工作会议就提出要推动“科技—产业—金融”之间的良性循环，2024年4月时中央政治局会议首提“壮大耐心资本”便是对这一重要内容的继承发展。

2. Related Attributes of Patient Capital

2.耐心资本的相关属性

Marx deconstructed the category of capital into "capital in general" and "capital in particular." [7]7 Karl Marx, *Grundrisse*, Notebook II, "The Chapter on Capital." "Capital in general" represents the essential stipulations of capital and the general characteristics of total social capital, while "capital in particular" manifests two aspects of connotation: first, capital combined with different social systems exhibits different social attributes; second, the differences exhibited by different forms of capital within the same social system, i.e., the issue of "individual capital." As a form of capital used for long-term investment, "patient capital" not only possesses the generality of capital but also has particularities that distinguish it from other forms of capital. Accurately grasping its related attributes is an inherent requirement of strengthening patient capital.

马克思将资本范畴解构为“资本一般”和“资本特殊”，其中“资本一般”代表着资本的本质规定性和社会总资本具有的一般特征，而“资本特殊”则表现出两个方面的内涵：其一，资本与不同的社会制度结合在一起，表现出不同的社会属性；其二，同一社会制度中不同形态资本所表现出的差异性，即“资本个别”的问题。“耐心资本”作为用于长期投资的一种资本形式，不仅具有资本的一般性，而且具有区别于其他资本形式的特殊性，准确把握其相关属性是壮大耐心资本的题中之义。

The general character of patient capital is concentrated in the following aspects. First, the factor attribute of patient capital. Marx pointed out that “capital is composed of various raw materials, instruments of labor, and means of subsistence, which are used to produce new raw materials, new instruments of labor, and new means of subsistence.” “Capital is a general, eternal natural relation.” Patient capital first serves as an important factor of production in the socialist market economy in the form of “things,” and in combining and allocating other types of factors, it continuously promotes China’s economic development and social progress. Second, the nature of patient capital to increase in value. Self-expansion is the basic defining characteristic of capital in general; it is “the totality of those determinations which distinguish value as capital from value as simple value or money.” Patient capital still “has only one life instinct,” and the fundamental purpose of its long-term investment remains to increase itself through the pursuit of profit. Third, the movement attribute of patient capital. Capital “can only be understood as motion, not as a thing at rest.” The inherent requirement for capital to increase in value forces it to circulate among various factors of production by constantly changing its material form. Therefore, after patient capital enters the market, it can only realize value expansion through continuous motion; once it falls into stagnation, its investment purpose cannot be achieved. Fourth, the accumulation attribute of patient capital. “Capital can only be expanded through progressive accumulation”; achieving value preservation and appreciation through accumulation is a general attribute of capital. Patient capital emphasizes the continuity and long-term nature of the investment process, representing a steady, continuous accumulation like a long, slow stream.

耐心资本的一般性集中体现在以下几个方面：其一，耐心资本的要素属性。马克思指出，“资本是由用于生产新的原料、新的劳动工具和新的生活资料的各种原料、劳动工具和生活资料组成的”。“资本是一种一般的、永恒的自然关系”。耐心资本首先以“物”的形式充当社会主义市场经济中的重要生产要素，并在组合和配置其他各类要素中不断推动我国经济发展和社会进步。其二，耐心资本的增殖本性。自行增殖是资本一般的基本规定性，是“作为资本的价值同单纯作为价值或者货币的价值相区别开来的那些规定的总和”。耐心资本依旧“只有一种生活本能”，其进行长期投资的根本目的仍然是通过追逐利润来增殖自身。其三，耐心资本的运动属性。资本“只能理解为运动，而不能理解为静止。”资本增殖的内在要求使其必须通过不断更换物质形式在各类生产要素中流转起来。所以，耐心资本在投入市场后只有在持续不断的运动中才能实现价值增殖，一旦陷入停滞其投资目的将无法达到。其四，耐心资本的积累属性。“扩大资本只能靠累进的积累”，通过积累实现保值增值是资本的一般属性。耐心资本强调投资过程的持续性和长期性，是细水长流式的不断积累。

The particularity of patient capital is concentrated in the following aspects. First, the long-term nature of patient capital investment. Short-term profit-seeking and making quick money are instincts of capital, but patient capital is a “friend of time.” It aims to support enterprises or projects over a longer period, and investors do not pursue rapid profits; instead, they are willing to obtain more considerable future income from enterprises with strong development potential and innovation capacity. Second, the “counter-cyclical deployment” nature of patient capital investment. Marx pointed out that, given the differences in profit rates across sectors, capital tends to shift from sectors with lower profits to those with higher profits, indicating that under normal circumstances, capital investment always flows toward sectors with high profits, fast returns, and high maturity. However, patient capital is more inclined to enter areas that traditional venture capital finds difficult to cover. These areas often exhibit notable characteristics such as currently low profits, long profit cycles, late-stage development, and high risks. Third, the strategic nature of patient capital investment. Under the conditions of the socialist market economy, patient capital abandons the drawback of private capital being “solely profit-driven” and consistently focuses on long-term investment for national strategy, national rejuvenation, and the well-being of the people. The owners of patient capital often possess a high sense of social responsibility. Guided by their patriotic sentiment and strategic vision, they invest in major fields such as technological breakthroughs, environmental governance, and improvement of people’s livelihoods. Fourth, the safety of patient capital investment. Investment involves risks; in particular, owners of private capital, driven by the desire for sudden wealth, can easily lose rationality and cause investment failure. But owners of patient capital are usually prepared to bear higher risks and focus on timely risk avoidance. Therefore, they place greater emphasis on rational analysis and scientific planning of investments, making patient capital investments lower in risk and more stable in income.

耐心资本的特殊性集中体现在以下几个方面：其一，耐心资本投资的长期性。短期逐利、挣快钱是资本的本能，而耐心资本却是“时间的朋友”，它旨在支持较长时间的企业或项目，投资者也不追求快速利润，而愿意在那些发展潜力大、创新能力强的企业中获得更可观的未来收入。其二，耐心资本投资的“逆周期布局”性。马克思指出，鉴于不同部门中资本利润率的差别，资本往往会从获利较少的部门转移到获利较多的部门中去，即指明在常规情况下资本投资总是面向利润高、获利快、成熟度高的部门。但是，耐心资本更倾向进入传统风险投资难以覆盖的领域，这些领域往往表现出当前利润低、获利周期长、发展起步晚、面临风险大等显著特点。其三，耐心资本投资的战略性。社会主义市场经济条件下，耐心资本摒弃了私人资本“唯利是图”的弊端，始终着眼于国家战略、民族崛起以及人民幸福而进行长期投资。耐心资本的所有者往往具有高度的社会责任感，在其家国情怀和战略眼光的指引下投资于技术攻关、环境治理、民生改善等重大领域。其四，耐心资本投资的安全性。投资有风险，尤其私人资本的所有者在暴富欲望的驱使下很容易丧失理智而导致投资失败。但耐心资本的所有者通常准备承担更高风险和注重及时规避风险，因此其更强调对投资的理性分析和科学规划，使得耐心资本的投资风险更低、收入更加稳定。

In summary, patient capital, as a form of capital used for long-term investment, is also “an important factor of production under the conditions of the socialist market economy.” Theory is the guide to action. It is necessary to strengthen theoretical research on patient capital under the new conditions of the era, deeply understand and concretely grasp the rich connotations, related attributes, and behavioral laws of patient capital, and use scientific theory to guide the great practice of “expanding patient capital” and “developing new quality productive forces according to local conditions.”

总而言之，耐心资本作为一种用于长期投资的资本形式，它也是“社会主义市场经济条件的重要生产要素”。理论是行动的先导，要加强新的时代条件下耐心资本的相关理论研究，深刻认识和具体把握耐心资本的丰富内涵、相关属性以及行为规律，用科学理论指导“壮大耐心资本”和“因地制宜发展新质生产力”的伟大实践。

II. The Internal Mechanism of Patient Capital Empowering New Quality Productive Forces

二、耐心资本赋能新质生产力的内在机理

Marx and Engels conducted the most profound and thorough analysis and critique of capital from the perspective of “relations of production,” but they also fully affirmed the great historical significance of capital in creating civilization. Especially in works such as *Capital* and its manuscripts, they elaborated from the level of factors of production on capital’s production function or historical progressive role in “promoting and driving the development of productive forces.” Under the conditions of China’s socialist market economy, “the most direct mode of existence of capital is to organize various factors of production, and promoting the development of social productive forces is inevitably an objective result of this process.” As an advanced form of productive forces, the development and growth of new quality productive forces cannot be separated from capital and its integration and allocation of other factors. Among these, the expansion and growth of patient capital can not only effectively stabilize the market environment but also absorb other factors of production such as science and technology, laborers, and monetary funds into the development process of new quality productive forces.

马克思、恩格斯从“生产关系”的层面对资本进行了最深刻、最透彻的分析与批判，但是也充分肯定了资本创造文明的伟大历史意义，尤其在《资本论》及其手稿等文献中，他们从生产要素的层面具体阐述了资本“推动和促进生产力向前发展”的生产功能或历史进步作用。在我国社会主义市场经济条件下，“资本最直接的存在方式就是组织各种生产要素，而推动社会生产力发展必然是这一过程的客观结果。”新质生产力作为先进的生产力质态，其发展壮大离不开资本及其对其他要素的整合与配置。其中耐心资本的壮大和扩张，不仅能够有效稳定市场环境，而且将科学技术、劳动者、货币资金等其他生产要素吸纳进新质生产力的发展过程中来。

1. Patient Capital Creates a “Healthy Market” for New Quality Productive Forces

1.耐心资本为新质生产力营造“健康市场”

The free flow and entry and exit of various types of capital within the framework of laws and institutions are basic features of the capital market and important elements for invigorating the capital market and promoting economic development. However, once capital grows wildly and expands disorderly in the market, it will bring a series of negative impacts. In his work *The Condition of the Working Class in England*, Engels pointed out that private capitalists, due to “the general, disorderly pursuit of profit … drive them madly to inflate prices and expand production,” ultimately leading to market chaos, credit instability, and related problems such as store bankruptcies. To this end, the Central Economic Work Conference held in December 2018 emphasized that the capital market plays a pivotal role in financial operations, and it is necessary to guide more medium- and long-term funds into the capital market to promote the healthy development of China’s capital market. The expansion of patient capital will fully demonstrate its significant advantages such as long-term, strategic, and unconventional investment, creating a stable and healthy market environment for the development of new quality productive forces.

各类资本在法律和制度的框架下自由流动和进出是资本市场的基本特征，也是活跃资本市场和推动经济发展的重要内容，但是资本一旦在市场上野蛮生长和无序扩张将会带来一系列负面影响。恩格斯在《英国工人阶级状况》一文中就指出，私人资本家由于“普遍地漫无秩序地追逐利润……使他们发疯似地哄抬物价和扩大生产”，最终导致了市场混乱、信贷动摇以及商店破产等相关问题。为此，2018年12月召开的中央经济工作会议就强调指出，资本市场在金融运行中具有牵一发而动全身的作用，要引导更多中长期资金进入资本市场，推动我国资本市场健康发展。耐心资本的壮大将使其投资的长期性、战略性以及非常规性等显著优势得到充分彰显，为新质生产力的发展营造一个稳定、健康的市场环境。

First, patient capital overcomes short-term fluctuations in the capital market by focusing on long-term investment. Short-term capital, in its pursuit of “quick money,” engages in various improper competitions, short-term speculative operations, and other erroneous behaviors, which are also important causes of short-term fluctuations in the capital market. However, patient capital differs from short-term capital’s “fast in, fast out.” It adheres to value investing, with a longer assessment cycle. It neither suddenly and frantically floods the market and inflates prices, nor does it speculatively and rapidly withdraw funds or sell stocks. Instead, it plays an important role in stabilizing the capital market through sustained investment. Second, patient capital guides the capital market to align with national macro policies through strategic investment. Marx pointed out that capital has the notable characteristic of focusing only on the present and ignoring the future, and only on personal self-interest and ignoring social interests. But under the conditions of the socialist market economy, patient capital, as strategic capital and responsible capital, while pursuing profits, places greater emphasis on certain social impacts. Patient capital can effectively guide the capital market to combine with the national strategic layout, promoting the high-quality development of new quality productive forces. Third, patient capital plays an important role in stabilizing the capital market through “counter-cyclical deployment.” In capital market transactions, patient capital often follows unconventional operations of “taking what others discard,” and does not rush into high-profit sectors like other capital investments. Especially when the capital market is depressed, patient capital’s investment in related distressed enterprises not only helps improve the financing environment and operating conditions of those enterprises but can also stabilize the capital market while effectively boosting investors’ investment confidence and future expectations, gradually guiding investors to focus on the long-term value of enterprises and cultivate a cultural gene of long-term investment.

其一，耐心资本通过专注长期投资克服资本市场的短期波动。短期资本为“挣快钱”会进行各种不当竞争、短期投机炒作等错误行为，这也是造成资本市场短期波动的重要原因。但耐心资本却不同于短期资本的“快进快出”，其坚持价值投资，考核周期较长，既不会突然间疯狂地涌入市场和哄抬物价，也不会投机式的快速撤资和抛售股票，反而会在持续投资中发挥出稳定资本市场的重要作用。其二，耐心资本通过战略投资引导资本市场与国家宏观政策相结合。马克思指出，资本具有只顾眼前不顾未来、只顾个人私利不顾社会利益的显著特点。但在社会主义市场经济条件下，耐心资本作为战略资本和责任资本，在追逐利润的同时更强调一定的社会影响。耐心资本则能够有效引导资本市场与国家战略布局相结合，推动新质生产力的高质量发展。其三，耐心资本通过“逆周期布局”发挥稳定资本市场的重要作用。在资本市场的交易中，耐心资本往往遵循“人弃我取”的非常规性操作，并不会像其他资本投资般一股脑涌入高利润部门。尤其在资本市场低迷时，耐心资本对相关困境企业的投资不仅有利于改善该企业的融资环境和经营状况，而且还可以在稳定资本市场的同时有效提振投资者的投资信心和未来期望，并逐步引导投资者关注企业的长期价值和培育长期投资的文化基因。

2. Patient Capital Provides a “Technology Partner” for New Quality Productive Forces

2.耐心资本为新质生产力提供“技术伙伴”

In analyzing the capitalist mode of production, Marx scientifically recognized the important role of capital in promoting the development of productive forces in the process of “utilizing science, appropriating science.” However, China currently faces the challenge of being constrained by others in key core technologies, with the “bottleneck” problem urgently needing resolution. Since new quality productive forces are advanced productive forces with scientific and technological innovation as their core element, expanding patient capital is precisely about assisting the development of new quality productive forces by promoting scientific and technological innovation.

马克思在分析资本主义生产方式的基础上，科学认识了资本在“利用科学，占有科学”过程中推动生产力发展的重要作用。但是，当前我国却面临着关键核心技术受制于人、“卡脖子”问题亟待破解的难题，而新质生产力又是以科技创新为核心要素的先进生产力，壮大耐心资本就是要在促进科技创新中助力新质生产力的发展。

First, the profit-seeking nature of patient capital provides investors with an inexhaustible driving force for technological innovation. As the Belgian economist Ernest Mandel argued, capital’s “constant impulse” to pursue surplus profit “leads to unceasing efforts to reform technology.”[17] Patient capital still retains the nature of chasing profit, and this nature will continuously increase the internal driving force for technological innovation. Therefore, the owners of patient capital, in order to rapidly accumulate their capital, will rack their brains to innovate in science and technology; this kind of original, disruptive, and revolutionary technological innovation will become an important support for the development of new quality productive forces. Second, the long-term nature of patient capital provides a continuous stream of financial support for those tackling technological breakthroughs. Technological innovation often cannot achieve a breakthrough overnight, and in this process it will also face various uncertain risks and challenges; this is also an important reason why private short-term capital is reluctant to get involved. For technological researchers to have no worries about the future, they cannot do without the accompaniment and support of patient capital. As a “friend of time,” patient capital has a longer assessment cycle and adheres to value investing; it can continuously “add fuel” and “refuel” for technological research and development. Even if setbacks occur during the technological innovation process, there will be no emergency capital withdrawal or capital shortages. Third, the strategic nature of patient capital provides important guarantees for the rapid deployment of new technologies into production. History proves that only by transforming the achievements of technological innovation into actual productive forces can it be fully demonstrated that science and technology are the primary productive forces. However, the development and growth of new things is not smooth sailing; the transformation of scientific and technological achievements into actual productive forces often faces a series of difficulties and challenges. Patient capital investment is often consistent with the strategic deployments, guidelines, and policies of the Party and the state, making the comprehensive deployment of new technologies in the economic, political, cultural, and people’s livelihood fields more rational. This undoubtedly helps promote the transformation of more scientific and technological achievements into new quality productive forces.

其一，耐心资本的逐利性为投资者进行科技创新提供不竭动力。正如比利时经济学家厄尔奈斯特·曼德尔(EvnestMandel)所认为的，资本追求剩余利润的“不断冲动”“会导致不停地努力来改革技术。”[17]耐心资本依旧具有追逐利润的本性，这种本性将持续增加进行科技创新的内在动力。因此，耐心资本的所有者为了使其资本快速积累将会绞尽脑汁地进行科学技术的创新，这种具有原创性、颠覆性以及革命性的科技创新将成为新质生产力发展的重要支撑。其二，耐心资本的长期性为技术攻关者提供源源不断的资金支持。科技创新往往无法在一朝一夕中实现突破，并且在此过程中还会面临各种不确定的风险与挑战，这也是私人短期资本不愿涉足的重要原因。技术攻关者要想没有后顾之忧，就离不开耐心资本的陪跑与支持。耐心资本作为“时间的朋友”，其考核周期较长、坚持价值投资，能够源源不断地为技术研发“添柴”“加油”，即使在技术创新过程中遭受挫折也不会出现紧急撤资、资金短缺等情况。其三，耐心资本的战略性为新技术迅速投入生产提供重要保障。历史证明，只有将技术创新成果转化为现实生产力，才能全面彰显科学技术是第一生产力。但是，新事物的发展壮大并不是一帆风顺的，科技成果转化为现实生产力经常会面临一系列难点难题。耐心资本投资往往与党和国家的战略部署、方针政策相符合，能使新技术在经济、政治、文化、民生等领域的全面投入更为合理，这无疑有助于促进更多科技成果转化为新质生产力。

3. Patient Capital Injects “Financial Momentum” into New Quality Productive Forces

3.耐心资本为新质生产力注入“金融动力”

The expansion of patient capital will inject “financial momentum” into new quality productive forces in the process of promoting the development of emerging industries and future industries, cultivating new quality laborers, and guiding the green and low-carbon development of the economy.

耐心资本的壮大，将在促进新兴产业和未来产业发展、培养新质劳动者以及引导经济绿色低碳发展的过程中为新质生产力注入“金融动力”。

First, patient capital provides financial support for emerging industries and future industries. New quality productive forces are advanced productive forces oriented toward emerging fields and future industries, and new industries must have substantial long-term capital support during their development process. At the same time, emerging industries and future industries have distinct characteristics such as small market size, large R&D investment, small scale themselves, and difficulty in asset valuation. Because the market is “unwilling to invest, dares not invest” and banks “dare not lend, are unwilling to lend,” they inevitably face difficulties such as financing difficulties. The unconventional and long-term stability of patient capital investment will provide full-cycle financial services for start-up enterprises, effectively alleviating the financing difficulties faced by related industries. For example, in June 2023, the “Action Plan to Increase Support for Financing Technology-Based Enterprises” reviewed and approved by the State Council executive meeting was precisely to supplement the supply of long-term capital in the market and provide financial service support for the early development of technology-based enterprises. Second, patient capital, in continuously increasing financial support, builds a team of new quality laborers. Laborers are the dynamic elements that promote the development of productive forces; the development of new quality productive forces ultimately depends on people and their development. As data becomes the object of labor and algorithms become the tools of labor, it is imperative to cultivate a team of new quality laborers who can skillfully operate, control, and maintain various digital devices. But talent cultivation is a long-term, continuous process. Patient capital not only has sufficient funds and patience to support, guide, and wait for the successful cultivation of new quality laborers, but also, as strategic capital, patient capital can allocate labor resources more efficiently and precisely, thereby laying the talent foundation for the development of new quality productive forces. Third, patient capital supports the green and low-carbon development of the economy by strengthening the guiding role of green finance. New quality productive forces are green productive forces; we must unswervingly follow the development path of ecological priority and green low-carbon. Unlike private short-term capital, which neglects resource waste and environmental damage, patient capital, as responsible capital, and its owners pay more attention to social interests and environmental protection. Especially in situations where short-term capital is unwilling to enter the field of environmental protection and its governance, expanding patient capital is conducive to strengthening the guiding role of green finance, guiding more funds to flow to the ecological environment protection industry, and better promoting the development of new quality productive forces in building efficient ecological green industrial clusters.

其一，耐心资本为新兴产业和未来产业提供资金支持。新质生产力是面向新兴领域和未来产业的先进生产力，而新产业在发展过程中又必须要有大量长期资金的支持。与此同时，新兴产业和未来产业具有市场面积小、研发投入大、自身规模小、资产难评估等鲜明特点，由于市场“不愿投、不敢投”、银行“不敢贷、不愿贷”不免使其面临融资难等困境。而耐心资本投资的非常规性和长期稳定将为初创期企业提供全周期金融服务，有效缓解相关产业融资难的问题。例如，2023年6月，国务院常务会议审议通过的《加大力度支持科技型企业融资行动方案》，就是为了补足市场长期资本的供给，为科技型企业的早期发展提供金融服务支撑。其二，耐心资本在持续加大资金扶持中打造新质劳动者队伍。劳动者是促进生产力发展的能动要素，新质生产力的发展归根到底有赖于人及其发展。伴随数据成为劳动对象、算法成为劳动工具，培育能够熟练操作、控制以及维护各种数字设备的新质劳动者队伍势在必行。但人才的培养是一个长期、持续的过程，耐心资本不仅有足够的资金和耐心支持、引导、等待新质劳动者的成功培育，而且耐心资本作为战略资本能够更加高效和精准的配置劳动者资源，从而为新质生产力的发展奠定人才基础。其三，耐心资本在强化绿色金融的牵引作用中支持经济绿色低碳发展。新质生产力就是绿色生产力，要坚定不移走生态优先、绿色低碳的发展道路。不同于私人短期资本对资源浪费与环境破坏的忽视，作为责任资本的耐心资本及其所有者更注重社会利益和环境保护。尤其在短期资本不愿进入环境保护及其治理领域的情况下，壮大耐心资本有利于强化绿色金融的牵引作用，引导更多资金流向生态环境保护产业，在打造高效生态绿色产业集群中更好推动新质生产力的发展。

Capital and productive forces are a set of closely linked and interacting dialectical relationships, but “the impact of capital increase on improving productive forces is incomparably greater than the impact of improving productive forces on capital.” As a factor of production, capital plays a significant role in the liberation and development of productive forces. In the New Era, the development of new quality productive forces is inseparable from patient capital’s integration and allocation of other production factors. At the same time, the development of new quality productive forces will also create more possibilities for “expanding patient capital.”

资本与生产力之间是一组紧密联系且相互作用的辩证关系，但“资本的增加对提高生产力的影响无可比拟地大于生产力的提高对资本的影响”，作为生产要素的资本对生产力的解放与发展具有重大作用。新时代，发展新质生产力离不开耐心资本对其他生产要素的整合与配置，同时新质生产力的发展也会为“壮大耐心资本”创造更多可能。

III. Risk Challenges of Patient Capital Empowering New Quality Productive Forces

三、耐心资本赋能新质生产力的风险挑战

Against the backdrop of the new normal of economic development, various regions and departments are actively developing and cultivating new quality productive forces. Among them, continuously expanding patient capital has always been an important measure for developing new quality productive forces in accordance with local conditions. However, this measure faces a series of risk challenges in the specific practice process. Scientifically analyzing and accurately grasping the opportunities and risk challenges of the times is an inherent requirement for promoting patient capital to better empower new quality productive forces.

在经济发展新常态的大背景下，各地区各部门正在积极发展和培育新质生产力，其中不断壮大耐心资本始终是因地制宜发展新质生产力的重要举措。但是，这一举措在具体实践过程中面临着一系列风险挑战，科学分析和准确把握时代机遇与风险挑战是推动耐心资本更好赋能新质生产力的内在要求。

1. Profound and Complex Changes in the Domestic and International Situation Bring New Challenges

1.国内外形势深刻复杂变化带来新挑战

“Economic work has never been abstract or isolated, but concrete and interconnected.” The development of new quality productive forces must be considered and planned based on the “two overall situations.”[9]9 The “two overall situations” refers to the overall strategic situation of the great rejuvenation of the Chinese nation and the changes unseen in a century in the world. The profound and complex changes in the domestic and international situation have brought a series of new opportunities for patient capital to empower new quality productive forces, but also a series of new challenges.

“经济工作从来都不是抽象的、孤立的，而是具体的、联系的”，新质生产力的发展必须立足于“两个大局”来思考和谋划。国内外形势深刻复杂变化既为耐心资本赋能新质生产力带来了一系列新机遇，同时也带来了一系列新挑战。

First, it faces the challenge of how to accurately seize strategic opportunities. Against the backdrop of the “two overall situations,” profound and complex changes have occurred in the domestic and international situation, such as the in-depth development of economic globalization, the “west-to-east” shift of the world economic center, and the rapid development of the new round of global technological revolution and industrial revolution, as well as a series of new changes in China, including the optimization and upgrading of the economic structure, breakthroughs and innovations in scientific and technological capabilities, and the steady advancement of comprehensive deepening of reform and opening up. New changes bring new opportunities, which also pose a challenge to the ability of risk investors to “seize opportunities and meet challenges.” If they can accurately grasp the pulse of the times, the opportunities will be unprecedented, and patient capital empowering new quality productive forces will also go with the flow. But if they miss the opportunities, they will fall behind the times. Second, it shoulders the era task of realizing the great rejuvenation of the Chinese nation. The overall strategic situation of the great rejuvenation of the Chinese nation is the basic starting point for patient capital to empower new quality productive forces. In the New Era, although national rejuvenation has entered an irreversible historical process, there are still related difficulties such as unbalanced and inadequate development, key core technologies being controlled by others, uneven levels and distribution of productive forces, and large income distribution gaps. Both patient capital, as responsible capital, and new quality productive forces, as an important condition for national rejuvenation, must shoulder the era task of realizing the great rejuvenation of the Chinese nation while directly facing the above-mentioned difficulties and challenges. Third, it faces the external impact brought by the changes unseen in a century in the world. Since reform and opening up, the Chinese economy has become deeply integrated with the world economy, which is also an important influencing factor for patient capital to empower new quality productive forces. Today, the changes unseen in a century in the world have entered a period of accelerated evolution, bringing a series of impacts and challenges to China’s economic development. For example, problems such as the sluggish recovery of the world economy, the surge of “anti-globalization” ideology, and the prevalence of unilateralism and protectionism profoundly affect China’s various economic work. How to resolve challenges and seize opportunities in the complex and volatile world economic situation is an important task currently facing China’s work in expanding patient capital and its empowerment of new quality productive forces.

其一，面临着如何准确抓住战略机遇的挑战。“两个大局”的背景下，国内外形势发生了深刻复杂变化，如经济全球化纵深发展、世界经济重心“自西向东”位移和全球新一轮科技革命和产业革命的迅速发展，以及我国经济结构的优化升级、科技创新能力的突破创新、全面深化改革的稳步推进等一系列新变化。新变化带来新机遇，这也对风险投资者“抓住机遇，迎接挑战”的能力提出了挑战，他们如果能够准确把握时代脉搏，机遇也就前所未有，耐心资本赋能新质生产力也将顺流而上，但如果错失机遇就将落后于时代。其二，肩负着实现中华民族伟大复兴的时代任务。中华民族伟大复兴战略全局是耐心资本赋能新质生产力的基本出发点。新时代，民族复兴固然进入不可逆转的历史进程，但是却也存在着发展不平衡不充分、关键核心技术受制于人、生产力水平和布局不均匀、收入分配差距较大等相关难题。无论是作为责任资本的耐心资本，还是作为民族复兴重要条件的新质生产力，都必须在直面上述难题挑战中肩负起实现中华民族伟大复兴的时代任务。其三，面临着世界百年未有之大变局带来的外部冲击。改革开放以来，中国经济已经与世界经济深度交融，这也是耐心资本赋能新质生产力的重要影响因素。当今世界百年未有之大变局进入加速演变期，为中国经济发展带来了一系列冲击与挑战。例如，目前世界经济复苏乏力、“逆全球化”思潮涌动、单边主义和保护主义盛行等问题深刻影响着我国各项经济工作。如何在错综复杂的世界经济形势下化解挑战、抓住机遇，是目前我国壮大耐心资本及其赋能新质生产力各项工作面临的重要任务。

2. Contradictions in the Concepts, Models, and Assessment Mechanisms of Investment Institutions

2.投资机构的理念、模式以及考核机制的矛盾

New quality productive forces are an advanced form of productive forces that break away from traditional economic growth modes and paths of productive forces development. The investment philosophies, investment models, and assessment mechanisms of traditional investment institutions clearly do not meet the practical needs of their development. How to impel investment institutions to keep pace with the times is an unavoidable contradiction and challenge for patient capital in empowering new quality productive forces.

新质生产力是摆脱传统经济增长方式、生产力发展路径的先进生产力，传统投资机构的投资理念、投资模式以及考核机制等显然不适应其发展的现实需要，如何推动投资机构与时俱进是耐心资本赋能新质生产力不可避免的矛盾挑战。

First, the contradiction between “making quick money” and the long-term investment required for scientific and technological innovation. New quality productive forces are based on revolutionary changes in science and technology, and disruptive breakthroughs and innovations in science and technology are inseparable from the long-term investment and support of capital. However, domestic venture capital philosophies are still immature; many people are keen on “making quick money” and getting rich overnight, while market capital emphasizes “seeking instant success and quick profits, fast in and fast out.” This short-term speculative behavior will undoubtedly have a suppressive effect on scientific and technological innovation. Therefore, how to effectively guide all types of capital to abandon the impetuous mentality of “making quick money” is the principal contradiction facing the expansion of patient capital and the development of new quality productive forces.

其一，“挣快钱”与科技创新长期投入之间的矛盾。新质生产力以科学技术的革命性变革为基础，而科学技术的颠覆性突破和创新离不开资本的长期投入和支持。但国内风险投资理念尚不成熟，很多人热衷于“挣快钱”、一夜暴富，市场资本又讲究“急功近利、快进快出”，这种短炒行为无疑会对科技创新产生抑制效应。因此，如何有效引导各类资本摒弃“挣快钱”的浮躁心态，是壮大耐心资本和发展新质生产力面对的主要矛盾。

Second, the contradiction between traditional investment models and new fields and new industries. New quality productive forces are advanced productive forces oriented toward emerging fields and future industries. However, some investment institutions still use traditional investment models and methods, which undoubtedly do not match the new fields, new industries, new business forms, and new models that new quality productive forces face. Especially in the current era of deep transformation and upgrading of traditional industries, the capabilities, strategies, tools, and means of traditional investment institutions for venture capital all face the requirement of keeping pace with the times.

其二，传统投资模式与新领域、新产业之间的矛盾。新质生产力是面向新兴领域和未来产业的先进生产力，但是目前部分投资机构依旧运用传统的投资模式与方法，这无疑与新质生产力所面向的新领域、新产业、新业态、新模式等不相匹配。尤其在当前传统产业深度转型升级的时代背景下，传统投资机构进行风险投资的能力、策略、工具、手段等都面临着与时俱进的要求。

Third, the contradiction between short-term performance assessment and long-term investment in new quality productive forces. The new technologies, new industries, and new fields that new quality productive forces target not only require long-term capital investment and support but also require the patient waiting and resilient persistence of investors. However, some investment institutions currently have a situation where assessment mechanisms are short-term oriented and fault-tolerance mechanisms are imperfect. Under pressure, staff tend to favor enterprises with high maturity and fast returns. Although this helps to urge staff to fulfill their duties and work actively, it is not conducive to the formation of patient capital and the development of new quality productive forces. Therefore, how to cultivate a team of investors who are willing and able to engage in value investment and long-term investment is a contradiction and difficult problem that must be faced in the current development of new quality productive forces.

其三，短期绩效考核与新质生产力长期投资之间矛盾。新质生产力所面向的新技术、新产业、新领域不仅需要资本的长期投入和支持，也需要投资者的耐心等待和韧性坚守。但是，当前部分投资机构存在着考核机制短期化和容错机制不完善的情况，工作人员迫于压力往往倾向于成熟度高、回报快的企业，尽管这有助于督促工作人员履职尽责、积极工作，却无益于耐心资本的形成和新质生产力的发展。因此，如何培育一批有意愿且有能力进行价值投资、长期投资的投资人员队伍是当前发展新质生产力必须面对的矛盾与难题。

3. Relevant policies and laws and regulations urgently need to be constructed and improved

3.相关政策和法规亟待构建和完善

Patient capital injects stable “financial living water” into the development of new quality productive forces, but the “absence,” “wavering,” or “conflict” of relevant policies can bring difficulties to the operation of patient capital and the development of new quality productive forces.

耐心资本为新质生产力的发展注入稳定的“金融活水”，但是相关政策的“缺失”“摇摆”或者“打架”会给耐心资本运行和新质生产力发展带来困难。

First, imperfect policies affect the market liquidity of patient capital. In recent years, the State Council has successively issued a series of systematic policy documents to promote the high-quality development of venture capital, such as the *Several Opinions on Promoting the Sustained and Healthy Development of Venture Capital*, the *Several Policy Measures for Promoting the High-Quality Development of Venture Capital*, and the *Several Opinions on Strengthening Supervision, Preventing Risks, and Promoting the High-Quality Development of the Capital Market*, providing basic policy support for “actively developing venture capital and expanding patient capital.” [10]10 The State Council is the chief administrative authority of the People’s Republic of China. The three documents cited are key policy statements on venture capital issued in 2016, 2024, and 2024 respectively. However, policies and regulations regarding venture capital market access, fund management, exit channels, taxation, etc., are still imperfect, which will undoubtedly reduce the liquidity of patient capital and increase unnecessary investment risks.

其一，政策的不完善影响耐心资本在市场上的可流动性。近年来，国务院相继出台了《关于促进创业投资持续健康发展的若干意见》《促进创业投资高质量发展的若干政策措施》《关于加强监管防范风险推动资本市场高质量发展的若干意见》等一系列促进创业投资高质量发展的系统性政策文件，为“要积极发展风险投资，壮大耐心资本”提供了基本政策支持。但是，在风险投资市场准入、基金管理、退出渠道、税收等方面的政策法规还不完善，这无疑会降低耐心资本的流动性，增加不必要的投资风险。

Second, policy instability triggers investors’ concerns about the market’s development prospects. The long-term investment of patient capital is based on a stable and transparent policy environment. Adjustments, changes, and discontinuities in relevant policies can trigger investors’ concerns about the market. Especially under the wave of comprehensively deepening reform and opening up, the formulation and implementation of some policies and systems are “crossing the river by feeling the stones,” [11]11 “Crossing the river by feeling the stones” is a famous metaphor associated with Deng Xiaoping, describing a pragmatic, experimental approach to reform and opening up. inevitably requiring adjustments and changes based on the actual situation of market development. This affects investors’ willingness and strategies for long-term investment to a certain extent, which is not conducive to the expansion of patient capital.

其二，政策的不稳定引发投资者对市场发展前景的担忧。耐心资本的长期投资以稳定、透明的政策环境为基础，相关政策的变动调整和不连续会引发投资者对市场的担忧。尤其在全面深化改革的浪潮下，部分政策制度的制定和实行都是在“摸着石头过河”，不免要依据市场发展的实际情况做出调整和变动，这在一定程度上会影响投资者进行长期投资的意愿和策略，不利于耐心资本的壮大。

Third, inconsistency in the enforcement of laws and regulations increases the risk of patient capital investment. Unbalanced and inadequate development is the main aspect of the principal contradiction in Chinese society in the New Era. [12]12 The principal contradiction in Chinese society in the New Era is defined by the 19th National Congress of the CPC (2017) as “the contradiction between unbalanced and inadequate development and the people’s ever-growing needs for a better life.” The economic imbalance is concentratedly manifested in the imbalance between regions and between urban and rural areas. Due to differences in the development status of investment markets in different regions, the applicability and enforcement intensity of the same systems and regulations show inconsistency, which can cause patient capital to incur additional risks in different regional market environments.

其三，法规执行的不一致性增加耐心资本投资的风险。发展的不平衡不充分是新时代我国社会主要矛盾的主要方面，其中经济层面的不平衡集中表现为区域、城乡之间发展的不平衡。由于不同区域投资市场发展状况上存在差异，使得相同的制度法规的适用性、执行力度等表现出不一致性，这会导致耐心资本在不同区域市场环境下增加额外风险。

In addition, patient capital empowering new quality productive forces also faces many pressures arising from the immaturity of China’s venture capital market. At present, the development of China’s venture capital market still maintains strong resilience, but the immature current market operation mechanism, obvious regional development differences, the large existence of quantitative trading, investment “bubbles,” illegal fundraising, and other risk hazards can easily harm the cultivation and growth of patient capital. Overall, against the backdrop of the strategic overall situation of the great rejuvenation of the Chinese nation and the world’s changes unseen in a century, [13]13 “Changes unseen in a century” is a key judgment by Xi Jinping about the current period of global transformation and turbulence. patient capital empowering new quality productive forces is a situation where “crises and opportunities coexist, there are opportunities within crises, and crises can be turned into opportunities.” It is necessary to dialectically grasp the development trend of patient capital empowering new quality productive forces, and while continuously enhancing awareness of opportunities and risks, “dare to sail against the wind and be good at turning crises into opportunities,” [14]14 “Dare to sail against the wind and be good at turning crises into opportunities” is a slogan used by Xi Jinping to encourage resilience in the face of economic and geopolitical challenges. striving to achieve the continuous expansion of patient capital and the ongoing development of new quality productive forces.

此外，耐心资本赋能新质生产力也面临着我国创业投资市场不成熟带来的诸多压力。目前我国创业投资市场的发展依然保持较强韧性，但是现行市场运作机制不成熟、地区发展差异明显、量化交易大量存在、投资“泡沫化”以及非法集资等风险隐患容易伤害耐心资本的培育和成长。总体来说，在实现中华民族伟大复兴的战略全局和世界百年未有之大变局的时代背景下，耐心资本赋能新质生产力是“危机并存、危中有机、危可转机”的。必须辩证地把握耐心资本赋能新质生产力的发展大势，在不断增强机遇意识和风险意识中“勇于开顶风船，善于转危为机”，努力实现耐心资本持续壮大和新质生产力不断发展。

IV. Cultivation Paths for Patient Capital to Empower New Quality Productive Forces

四、耐心资本赋能新质生产力的培育路径

Expanding patient capital and developing new quality productive forces is a long-term task and a systemic project. The internal elements interact and influence each other, so systematic and scientific countermeasures and paths must be formulated. To this end, empowering new quality productive forces with patient capital must be advanced as a complex systemic project, scientifically grasping the dialectical relationship between the partial and the whole, and between the immediate and the long-term. Expanding patient capital and developing new quality productive forces requires the coordinated efforts of multiple parties, including investment institutions, the government, and the market.

壮大耐心资本和发展新质生产力是一项长期任务和系统工程，其内部各要素之间相互作用、相互影响，必须制定系统、科学的对策与路径。为此，要把耐心资本赋能新质生产力作为一项复杂的系统工程来推进，科学把握好局部和全局、目前和长远之间的辩证关系，壮大耐心资本和发展新质生产力需要投资机构、政府和市场等多方协同发力。

1. Accelerate the cultivation of high-quality venture capital enterprises

1.加快培育高质量创业投资企业

Expanding patient capital and enabling it to empower new quality productive forces is inseparable from professional venture capital institutions. The cultivation of high-quality venture capital enterprises can be accelerated from the following aspects: First, optimize the performance assessment mechanism, transforming “short-term money” into “long-term money.” Investment institutions should lengthen the assessment cycle, extending the evaluation period to five years or even longer, and better match the long-cycle, high-risk characteristics of sci-tech innovation enterprises and future industrial development in the pursuit of long-term investment. Second, improve the investment fault-tolerance mechanism, giving staff a certain margin for error based on a comprehensive consideration of investment risks and future returns, providing a more relaxed environment for cultivating patient capital. Third, establish an incentive mechanism that rewards patient capital, reducing the cost for staff to invest in patient capital, and encouraging them to actively engage in long-term investment. Fourth, continuously strengthen publicity and education for investors, actively publicize successful cases of long-term investment, let market investors fully understand the characteristics and advantages of patient capital, and guide the venture capital market to establish a long-termist philosophy. Fifth, introduce investors with a higher risk appetite, cultivate a patient capital culture within investment institutions, and guide investors to promote the development of new quality productive forces while investing in emerging fields and future industries. Sixth, establish the correct concept of combining capital preferences with serving national strategies, guiding venture capital to shift towards “investing early, investing small, and investing in hard technology.” [15]15 “Investing early, investing small, and investing in hard technology” is a policy slogan encouraging venture capital to support early-stage, small-scale, and core-technology enterprises. Seventh, innovate investment methods and approaches, enhance comprehensive service capabilities such as equity investment, industrial guidance, and strategic consulting, correctly grasp the laws of equity financing in emerging fields and future industries, provide financial products that adapt to the characteristics of the times, and build a new-type financial service system.

壮大耐心资本并使其赋能新质生产力离不开专业的创业投资机构，可从以下方面加快培育高质量创投企业：第一，要优化绩效考核机制，变“短钱”为“长钱”。投资机构要将考核周期拉长，评价尺度延长到五年甚至更长，在追求长期投资中更好匹配科创企业和未来产业发展壮大的长周期、高风险特征。第二，要完善投资容错机制，在综合考虑投资风险和未来收入的基础上给予工作人员一定的容错空间，为培育耐心资本提供更加宽松的环境。第三，要建立奖励耐心资本的激励机制，降低工作人员投资耐心资本的成本，鼓励其积极进行长期投资。第四，要不断加强对投资者的宣传教育，积极宣传长期投资的成功案例，让市场投资者充分理解耐心资本的特点和优势，引导风险投资市场树立长期主义理念。第五，要引进风险偏好更高的投资者，在投资机构内部培育耐心资本文化，引导投资者在投资新兴领域和未来产业中促进新质生产力的发展。第六，要树立把资本偏好与服务国家战略相结合的正确理念，引导风险投资转向“投早、投小、投硬科技”。第七，要创新投资方式方法，提升股权投资、产业引导、战略咨询等综合服务能力，正确把握新兴领域和未来产业的股权融资规律，提供适应时代发展特点的金融产品，构建新型金融服务体系。

2. Give full play to the guiding role of the government

2.发挥好政府的引导作用

The empowerment of new quality productive forces by patient capital cannot be separated from the key support of the government as the “visible hand.” The government’s important role should be brought into play from the following aspects: First, the government must coordinate the “overall chessboard” of patient capital empowering the development of new quality productive forces. The Party and the government must strengthen leadership and deployment of all work, adopting a patient capital operation mode that links central and local authorities, government and enterprises, and various market departments, actively attracting all types of capital to participate in the development process of new quality productive forces. Second, the government must actively guide all types of capital to persist in acting as patient capital. Facts have proven that the impetuous mentality of “seeking quick success and instant benefits, fast in and fast out, making quick money” is unsuitable for the development needs of new quality productive forces. The government must actively guide various types of short-term capital in the market to transform into long-term capital, and moreover, in making state-owned capital stronger, better, and larger, transform it into strategic capital, value capital, and responsible capital. Third, the government must strengthen its participation in market venture capital. The government must pay attention to and support start-up enterprises with development potential, actively guide more capital to make long-term investments and continue to grow, promote the development of high-quality enterprises and the tackling of key core technologies, and assist in the development of new quality productive forces. Fourth, the government must strengthen risk prevention and control in the investment market. The circulation and movement of various types of capital in the market will inevitably trigger many risks. As an “effective government,” it must strengthen supervision of market investment activities, organically combining the advance prevention of potential risks with the timely resolution of existing risks, and maintain the long-term stability of the investment market. Fifth, the government must strengthen infrastructure construction. New quality productive forces place new demands on the construction of infrastructure such as intellectual property trading systems, credit information systems, and scientific and technological innovation evaluation standards in the venture capital process. Governments at all levels must promote the development of new quality productive forces by actively establishing and improving relevant facilities.

耐心资本赋能新质生产力离不开政府这只“有形的手”的重点支持，要从如下方面发挥好政府的重要作用：第一，政府要统筹耐心资本赋能新质生产力发展“一盘棋”。党和政府要加强对各项工作的领导和部署，采取中央与地方联动、政府与企业联动以及市场各部门联动的耐心资本运作方式，积极吸引各类资本参与新质生产力的发展过程。第二，政府要积极引导各类资本坚持做耐心资本。事实证明，“急功近利、快进快出、挣快钱”的浮躁心态不适于新质生产力的发展需要，政府要积极引导市场中的各类短期资本转变为长期资本，而且要在做强做优做大国有资本中将其转化为战略资本、价值资本以及责任资本。第三，政府要加强对市场风险投资的参与力度。政府要关注和扶持具有发展潜力的初创企业，积极引导更多资本长期投入和持续壮大，推动优质企业发展和关键核心技术攻关，助力新质生产力的发展。第四，政府要强化投资市场风险防控。各类资本在市场中的流转和运动不免会引发诸多风险，作为“有为政府”要加强对市场投资活动的监管，要把提前预防潜在风险与及时解决现有风险有机结合在一起，维护好投资市场的长期稳定。第五，政府要加强基础设施建设。新质生产力对风险投资过程中的知识产权交易、信用信息系统、科技创新评价标准等基础设施的建设提出了新的要求，各级政府要在积极建立和完善相关设施中促进新质生产力的发展。

3. Further Improve Policy Support and Institutional Support

3.进一步完善政策扶持和制度支持

The empowerment of new quality productive forces by patient capital cannot be separated from policy support and institutional support. On the basis of existing policies and institutions, a more favorable development environment for venture capital should be created from the following aspects: First, improve tax policies for venture capital investment. All departments should, in accordance with the principle of fairness, comprehensively study and formulate tax support policies for venture capital enterprises making long-term investments in technology-based enterprises, establish clear and complete investment tax policies, and at the same time, reduce tax risks while maintaining the long-term stability of tax policies. Second, establish a matching mechanism between venture capital and innovation and entrepreneurship projects. To address the problem of “where to invest money” for venture capital institutions, an information-sharing platform between venture capital institutions and innovation and entrepreneurship projects should be built, providing venture capital institutions with a batch of good projects that have great development potential, high technological content, profound social impact, and can assist in the development of new quality productive forces. Third, continuously improve the investment policies of the National Social Security Fund and pension insurance funds, and actively guide enterprise annuities, personal pensions, etc., to better carry out long-term investment. Fourth, improve the management system related to venture capital. Promote the establishment and improvement of regulations on the supervision and management of private investment funds, strictly supervise various venture capital enterprises in the venture capital market, and while focusing on implementing and improving the management system for state-owned venture capital, also introduce relevant management systems for foreign-invested venture capital enterprises. Fourth, improve the exit mechanism for venture capital. On the one hand, fully leverage the functions of the main boards of the Shanghai and Shenzhen stock exchanges, the STAR Market, the ChiNext Board, the Beijing Stock Exchange, and regional equity markets to smooth the exit channels for venture capital; on the other hand, optimize the exit policies for venture capital funds by solving the problem of exiting equity investments by bank and insurance asset management products, optimizing the transfer business process and pricing mechanism for private fund shares, and promoting pilot programs for in-kind distribution of stocks.

耐心资本赋能新质生产力离不开政策的扶持和制度的支持，要在现有政策制度的基础上从以下方面为风险投资创造更加优良的发展环境：第一，完善创业投资税收政策。各部门要按照公平原则统筹研究创投企业长期投资科技型企业的税收支持政策，制定明确且完善的投资税收政策，同时要在保持税收政策长期稳定中降低税收风险。第二，建立创业投资与创新创业项目的对接机制。针对创投机构“钱往哪里投”的问题，要搭建创投机构与创新创业项目之间信息共享平台，为创投机构提供一批发展潜力大、科技含量高、社会影响深远并能够助力新质生产力发展的好项目。第三，要不断完善全国社会保障基金和养老保险基金的投资政策，积极引导企业年金、个人养老金等更好开展长期投资。第四，完善创业投资相关管理制度。推动私募投资基金监督管理条例的建立和完善，严格监管风险投资市场中各类创业投资企业，在重点落实和完善国有创业投资管理制度的同时，也要出台外商创业投资企业的相关管理制度。第四，要完善创业投资退出机制。一方面，要充分发挥好沪深交易所主板、科创板、创业板、北交所以及区域性股权市场功能，畅通创业投资退出渠道；另一方面，也要通过解决银行保险资产管理产品投资企业股权退出问题、优化私募基金份额转让业务流程和定价机制、推进实物分配股票试点等方式来优化创业投资基金退出政策。

4. Optimize the Venture Capital Market Environment

4.优化创业投资市场环境

A fair and stable market environment is an important guarantee for the development of venture capital. In recent years, the State Council has successively issued important documents such as the “Several Opinions on Promoting the Sustained and Healthy Development of Venture Capital” and the “Several Policy Measures for Promoting the High-Quality Development of Venture Capital,” which respectively propose optimizing the venture capital market environment from aspects such as optimizing the supervision environment, the business environment, the credit environment, the intellectual property protection environment, and creating a favorable financial environment. “Actively developing venture capital and expanding patient capital,” as an important measure for developing new quality productive forces according to local conditions, also cannot be separated from the continuous optimization and ongoing improvement of the venture capital market environment. First, optimize the business environment of the venture capital market by deepening the reform of the commercial system, providing convenience for the registration, market access, and development and growth of various venture capital enterprises. Second, by strengthening information disclosure and risk disclosure, actively guide venture capital enterprises to “establish a reasonable investment valuation mechanism oriented towards entity investment, value investment, and long-term investment,” continuously strengthening the capital strength for long-term investment and patient investment. Third, new quality productive forces take innovation as the primary driving force, and protecting intellectual property is protecting innovation. Create a good intellectual property protection environment by improving the legal system, perfecting the mechanism for investigating and punishing intellectual property infringement, and holding responsible entities accountable for infringing intellectual property rights, thereby promoting the transformation of scientific and technological innovation achievements into actual productive forces and stimulating the powerful momentum for the development of new quality productive forces. Fourth, scientific and technological innovation is the core driving force of new quality productive forces. Create a favorable financial ecosystem supporting scientific and technological innovation by supporting banks and venture capital institutions to jointly carry out businesses such as “loans + external direct investment,” providing patient capital support for achieving breakthroughs in major science and technology. For example, the new “Nine National Regulations” [16]16 The “New Nine National Regulations” (新“国九条”) refers to the “Several Opinions of the State Council on Strengthening Supervision, Preventing Risks, and Promoting the High-Quality Development of the Capital Market,” issued in April 2024, which outlines nine key areas for capital market reform. for the capital market issued by the State Council in April 2024 proposed the important decision to “establish a market ecosystem for cultivating long-term investment” and indicated the need to continuously expand the strength of long-term investment by vigorously developing equity public funds.

公平稳定的市场环境是发展风险投资的重要保障。近年来，国务院相继印发了《关于促进创业投资持续健康发展的若干意见》《促进创业投资高质量发展的若干政策措施》等重要文件，分别提出要从优化监督环境、商事环境、信用环境、知识产权保护环境以及营造良好金融环境等方面优化创业投资市场环境。“积极发展风险投资，壮大耐心资本”作为因地制宜发展新质生产力的重要举措，也离不开对创业投资市场环境的持续优化与不断改进。第一，要通过深化商事制度改革来优化创业投资市场的商事环境，为各类创业投资企业登记注册、市场准入以及发展壮大提供便利。第二，要通过加强信息披露和风险揭示，积极引导创投企业“建立以实体投资、价值投资和长期投资为导向的合理的投资估值机制”，不断增强长期投资、耐心投资的资本力量。第三，新质生产力以创新为第一动力，而保护知识产权就是保护创新。要通过完善法律制度、健全知识产权侵权查处机制以及惩戒侵犯知识产权的责任主体等措施来营造良好的知识产权保护环境，进而推动科技创新成果向现实生产力转化，激发新质生产力发展的强大动能。第四，科技创新是新质生产力的核心驱动力，要通过支持银行和创业机构联合开展“贷款+外部直投”等业务来营造支持科技创新的良好金融生态，为实现重大科学技术的突破提供耐心资本的支持。例如，国务院于2024年4月发布的资本市场新“国九条”就提出“建立培育长期投资的市场生态”的重要决定，并指明要在大力发展权益类公募基金中持续壮大长期投资力量。

V. Conclusion

五、结语

Capital is an important factor of production under the conditions of the socialist market economy. The basic national condition of “still being and will long remain in the primary stage of socialism” determines that using capital to continuously unleash and develop social productive forces remains the focus of the work of the Party and the state. In the new historical juncture, new quality productive forces, as a concrete manifestation of the modernization of productive forces, still need to rely on the positive role of capital in “being conducive to the development of productive forces.” “Actively developing venture capital and expanding patient capital” has become an important measure for “developing new quality productive forces according to local conditions.” To this end, it is necessary to continue deepening theoretical research on patient capital empowering new quality productive forces, not only to concretely grasp the rich connotations and related attributes of patient capital but also to scientifically understand the important significance of patient capital in promoting the development of new quality productive forces by organizing various factors of production. At the same time, it is also necessary to deeply recognize that the empowerment of new quality productive forces by patient capital is not smooth sailing but faces a series of risks and challenges. How to continuously expand patient capital amidst opportunities and challenges and persistently promote the development of new quality productive forces is both a major practical issue and a major theoretical issue.

资本是社会主义市场经济条件下的重要生产要素，“仍处于并将长期处于社会主义初级阶段”的基本国情决定了借助资本持续解放和发展社会生产力依旧是党和国家的工作重心。新的历史方位，新质生产力作为生产力现代化的具体体现，依旧需要借助资本“有利于生产力的发展”的积极作用，“积极发展风险投资，壮大耐心资本”则成为“因地制宜发展新质生产力”的重要举措。为此，必须继续深化耐心资本赋能新质生产力的相关理论研究，不仅要具体把握耐心资本的丰富内涵和相关属性，而且要科学认识耐心资本通过组织各种生产要素推动新质生产力发展的重要意义。与此同时，也要深刻认识到耐心资本赋能新质生产力并不是一帆风顺的，而是面临着一系列风险挑战。如何在机遇与挑战中不断壮大耐心资本，持续推动新质生产力发展既是一个重大实践问题，也是一个重大理论问题。

Online Editor: Paul

网络编辑：保罗