Tu Guangshao: AI Competition Cannot Rely on "Opportunistic Capital"; Tech Capital Urgently Needs to Fill the Gap
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Speaking at the 2026 Third "Science and Technology Industry and Finance Coordinated Development Forum," Tu Guangshao said the global economy has entered the "era of tech capital," and that China's technological development does not lack money; what it lacks is tech capital capable of bearing risk, investing for the long term, and empowering industry. He pointed out that AI development requires sustained, long-term, massive capital investment rather than short-term opportunistic capital, and that there is a time lag in translating AI technological innovation into commercial returns, creating a gap between long-term investment and investment returns; insufficient capital matching may lead to weak staying power in technological development.
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科技创新到底缺什么？10月23日，在2026第三届“科技产业金融协同发展论坛”上，上海市委原常委、市政府原常务副市长屠光绍给出答案：缺“科技资本”。
会上屠光绍表示，全球经济已正式进入“科技资本时代”，中国的科技发展不缺钱，缺的是科技资本。与简单资金供给不同，科技资本需具备三个特征：必须能够承担风险、能够长期投入、还要赋能科创企业和产业。
以人工智能领域为例，屠光绍分析称，全球AI创新竞争的背后，其实也是科技金融和资本实力的竞争。当前AI发展面临两方面挑战：一是需要持续、长期的巨额资本投入，而非短期的机会性资金；二是AI技术创新转化为商业回报存在时滞，长期投入与投资收益之间形成裂口。如果资本匹配不足，科技发展可能出现后劲乏力。
谈及发展短板，屠光绍提到，近年来，科技资本发展取得进展，但仍存在主体多元性不足、渠道较为单一的“短板”，需要从科技创新的战略高度出发，针对资本形成、流动、退出等关键环节补齐“短板”，构建全链条、多层次的科技资本生态。
屠光绍还提到，科技金融不能“单兵突进”，只有形成生态才能实现可持续。这需要整合银行、证券、保险、创投等多元主体，搭建多层次、全覆盖的协同网络，实现各方资源高效互通。
屠光绍强调，科技与金融的融合不是简单拼接，而要打破行业壁垒，形成“科技赋能金融、金融反哺科技”的双向循环。