The last round of global economic growth, driven by globalization and global trade, has reached a rough boundary, and its marginal utility is weakening. Against this backdrop, global attention is focused on the expectation of scientific and technological breakthroughs. Science, technology and innovation can drive the global economy, including bringing new potential growth drivers to national economies, and is the focus of international cooperation and competition today.
The session “Cooperation on Innovation - Capital Stimulates Science, Technology and Innovation” was moderated by Yang Yanqing, Managing Director of YICAI Research Institute and Esko Aho, Chairman of the Board Cinia Oy and Adven Group, and Former Prime Minister of Finland delivered the keynote speech. Zhou Xiaochuan, Vice Chairman of the Boao Forum for Asia, Vice Chairman of the 12th National Committee of the Chinese People’s Political Consultative Conference, Former Governor of the People’s Bank of China; Huang Qifan, Academic Advisor of the China Finance 40 Forum, Distinguished Professor of the Fudan University, Former Mayor of Chongqing; Shamshad AKHTAR, Policy Sherpa of the Boao Forum for Asia Academy, Former Executive Director of the UN ESCAP; Li Ruogu, Former Chairman and President of the Export-Import Bank of China; Pedro Lopes, Secretary of State for Innovation & TVET, Government of Cabo Verd; Wuando Castro de Andrade, Minister of the Presidency of the Council of Ministers.
Social Communication and New Technologies, Government of S?o Tomé and Príncipe; Zhang Xiaohui, Dean of Tsinghua University PBC School of Finance; Doranda Doo, Senior Vice President of iFLYTEK, The president of Guangdong Intelligent Innovation Association, who are as the panelists, started a high-level dialogue full of wisdom and vision on capital stimulates science, technology and innovation.
Esko Aho talked about the pneumonia epidemic, climate change, global aging and other issues, all systematically reflecting the urgent need for innovation and science and technology. He put forward the viewpoints of science and technology innovation in both horizontal and vertical dimensions, that large economies such as the European Union, China, and the United States should mainly shoulder an important role in vertical innovation, and that they should strengthen co-operation and work well in the application of basic research in spite of competition; and that small countries can carry out horizontal inventions through the results of vertically oriented research more often.
In the discussion session, Zhou Xiaochuan analyzed the internal and external financing channels for science and technology innovation, talents as well as capital market support. In terms of external financing, equity financing is encouraged more than bond financing, and he believed that if the social view is more short-term and impatient, it will affect the willingness of venture capital to invest in science and technology innovation. For the government's public expenditure on science, technology and innovation, it is suggested to focus on education, as well as investing in inclusive directions such as knowledge and data sharing.
Huang Qifan suggested that the government increase support for core, high-tech, 0-1 fundamental R & D, and focus on the market application of scientific research results into productivity. In addition, Shamshad AKHTAR, Li Ruogu, and Zhang Xiaohui made in-depth analyses of capital-stimulated scientific and technological innovation from the aspects of stock market, banking system, venture capital fund, enterprise venture capital, focus of national support funds, tax policy, innovation and risk prevention, and so on. Pedro Lopes and Wuando Castro de Andrade shared important acts of which the two countries are actively cultivating professionals, attracting investment cooperation and other important initiatives to help science and technology innovation. From the perspective of a technology enterprise, Doranda Doo shared the entrepreneurial journey and development strategy of iFLYTEK in terms of independent technology research and development as well as capital assistance.
