On September 16, “Qiushi” published an article signed by Pan Gongsheng, Governor of the Central Bank, entitled “Deeply Understanding China's Financial Structural Changes to Improve the Adaptability of Financial Services to the Real Economy”. Among them, it is pointed out that current science and technology innovation activities are complex and diverse, and are more compatible with diversified financing structures. Technology-based enterprises generally go through different stages such as seed period, start-up period, growth period, and maturity period. The risk characteristics and financial needs of each stage are very different, and they need to adapt to a rich and diverse financial market and financial ecosystem. In the early stages of growth, technology-based enterprises are mainly engaged in early R&D. The business prospects are uncertain. Private equity and venture capital are very important funding providers. By the mid to late stages, the business model gradually matured, and financing can be carried out through multiple channels such as bank loans, bonds, and equity. The financial market has an advantage in providing financing for innovative industries with cutting-edge technology, high risk and high return, leading to healthy alternatives and diversion of loans. This change will also become the norm, and the strength of financial support for the real economy cannot simply be measured by the rate of credit growth.

On September 16, “Qiushi” published an article signed by Pan Gongsheng, Governor of the Central Bank, entitled “Deeply Understanding China's Financial Structural Changes to Improve the Adaptability of Financial Services to the Real Economy”. Among them, it is pointed out that current science and technology innovation activities are complex and diverse, and are more compatible with diversified financing structures. Technology-based enterprises generally go through different stages such as seed period, start-up period, growth period, and maturity period. The risk characteristics and financial needs of each stage are very different, and they need to adapt to a rich and diverse financial market and financial ecosystem. In the early stages of growth, technology-based enterprises are mainly engaged in early R&D. The business prospects are uncertain. Private equity and venture capital are very important funding providers. By the mid to late stages, the business model gradually matured, and financing can be carried out through multiple channels such as bank loans, bonds, and equity. The financial market has an advantage in providing financing for innovative industries with cutting-edge technology, high risk and high return, leading to healthy alternatives and diversion of loans. This change will also become the norm, and the strength of financial support for the real economy cannot simply be measured by the rate of credit growth.