Cultivate Future Industries, Seize the High Ground of Development

This year’s “Government Work Report” proposed to “establish a future industry investment growth and risk-sharing mechanism, and cultivate the development of future industries such as future energy, quantum technology, biomanufacturing, embodied intelligence, brain-computer interfaces, and 6G.”

Today, a new round of scientific and technological revolution and industrial transformation is accelerating breakthroughs, giving rise to a batch of future industries related to strategic overall development and long-term progress. Future industries are characterized by foresight, strategic importance, and disruptive innovation. Those who can achieve breakthroughs from “0 to 1” first will be able to seize the high ground in the industry.

Developing future industries has unique market advantages: enterprises are closest to demand, and are more responsive and perceptive to technological prospects and user pain points, making them the best “main players” in innovation. However, market mechanisms emphasize efficiency and returns. Relying solely on market self-regulation can lead to capital reluctance, difficulty in attracting talent, and premature failure of emerging technologies.

Especially for frontier industries driven by cutting-edge technologies, the cultivation cycle is long and market risks are high. Industries like quantum technology, biomanufacturing, and brain-computer interfaces often experience rapid technological iteration, have lightweight asset structures, and face high uncertainty about prospects. These pose fundamental challenges to traditional financial service models that rely on historical financial data and fixed asset collateral.

Therefore, developing future industries requires both trusting market forces and government support. It is essential to combine an effective market with proactive government action, expanding space for innovation, strengthening regulatory frameworks, continuously improving governance systems for future industries, and ensuring a balance between “letting go” and “regulating well.”

On one hand, respecting market laws involves strategic planning and policy guidance to “set the direction and build the stage,” ensuring enterprises can “dare to try and innovate” in a fair competitive environment, focusing on technological breakthroughs and value creation. For example, through precise support methods like “enterprise profiling,” supporting industries, fields, and scales, cultivating a large number of specialized, innovative, and growth-oriented enterprises. Meanwhile, strengthening the role of market demand and scenario applications in driving technological R&D, and establishing a batch of professional, market-oriented high-quality proof-of-concept and pilot platforms for future industries to enhance technology maturation, engineering scaling, prototype manufacturing, and commercial validation services.

On the other hand, for foundational research, it is necessary to leverage fiscal funds’ leverage and guiding role by establishing national-level investment funds such as future industry funds to ensure initial innovation investments from “0 to 1.” Social capital should also be supported with “safety nets,” facilitating exit channels for venture capital, improving risk-sharing mechanisms, and exploring the establishment of special funds for risk compensation in future industry investments. Developing technology insurance to reduce market risks for enterprises applying new technologies and products is also vital. Additionally, by improving a precise, efficient, and coordinated policy toolbox for future industries, and establishing a collaborative mechanism among fiscal, financial, talent, and regulatory policies, a comprehensive, multi-dimensional policy support system for future industries can be formed.

Future industries are the high ground in great power competition and a new engine for high-quality development. Cultivating “the future” is a long-distance race that tests strategic resolve. The seeds have been sown; the next step is to base actions on objective conditions, leverage comparative advantages, adhere to steady progress and gradient cultivation, and plan ahead for the development of future industries. Let market vitality flow fully, and policies guide accurately and efficiently. Future industries will inject more dynamic energy into China’s modernization. (Author: Qiao Ruiqing, China Economic Net Columnist)

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