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On October 24, 2026, at the 2026 Third "Technology Industry and Finance Synergistic Development Forum," Tu Guangshao put forward the judgment that China's tech development does not lack money; what it lacks is tech capital capable of bearing risk, making long-term investments, and empowering industries. He stated that the global economy has entered the "era of tech capital," and that AI development requires sustained, long-term, massive capital investment rather than short-term opportunistic funds; there is a time lag in translating AI technological innovation into commercial returns, creating a gap between long-term investment and investment returns, and insufficient capital matching may lead to weak staying power in tech development. He also mentioned that tech capital suffers from insufficient diversity of participants and relatively single channels, and that it is necessary to integrate diverse entities such as banks, securities firms, insurers, and venture capital to build a full-chain ecosystem. This judgment has currently been reported by outlets including Yicai and East Money.
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Oct 24
Yicai
Tu Guangshao: AI Competition Cannot Rely on "Opportunistic Capital"; Tech Capital Urgently Needs to Fill the Gap
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.
East Money
Tu Guangshao: Opportunistic Capital Cannot Sustain the AI Race; Tech Capital Urgently Needs to Fill the Gap
Tu Guangshao, former member of the Standing Committee of the Shanghai Municipal Party Committee and former executive vice mayor of the Shanghai Municipal Government, said at the 2026 Third "Technology Industry and Finance Coordinated Development Forum" that the global economy has entered the "era of technology capital." China's technological development does not lack money; what it lacks is technology capital capable of bearing risk, investing for the long term, and empowering sci-tech innovation enterprises and industries. He pointed out that AI development requires sustained, long-term, massive capital investment rather than short-term opportunistic funds, and that there is a time lag in translating AI technological innovation into commercial returns; insufficient capital matching may lead to weak staying power in technological development. He also mentioned that technology capital suffers from insufficient diversity of participants and relatively single channels, and that multiple participants such as banks, securities firms, insurers, and venture capital need to be integrated to build a full-chain ecosystem.