As a medium and long-term investment with clear direction, long-term growth, risk aversion and overall returns, patient capital can promote the high-quality development of China's digital economy and benefit from it. The deep integration of the digital economy and the real economy is an important way for patient capital to play a role, and digital industrial clusters are an important platform for patient capital to achieve long-term value creation and risk diversification. In this regard,

​In the first half of 2025, there were some encouraging signs of stabilization and improvement in the Chinese economy, but the economic growth rate remained below potential levels. The Chinese economy is running with "qi stagnation and blood stasis," and the high local debt exceeds the fiscal and tax capacity of local governments. Under the pressure of debt reduction, local governments have increased their efforts and distorted their actions in raising fiscal revenue from enterprises and residen

In this interview, David Daokui Li, a prominent economist and professor at Tsinghua University, discusses the critical economic and financial risks facing China and proposes reforms to address them. He categorizes the risks into short-term “firefighting” risks, such as those in the real estate sector, and long-term systemic risks, including local government debt and economic imbalances. The real estate market’s financial instability, exemplified by declining sales and developer challenges, requi

On March 30, the Global Unicorn Company Conference was convened during the 2025 Zhongguancun Forum Annual Conference. David Daokui Li, director of the Academic Center for Chinese Economic Practice and Thinking (ACCEPT) at Tsinghua University, commented at the conference that the size of China’s market is immense, which therefore makes it easier for new enterprises to grow at a faster pace. Moreover, the scale of the country’s market is still in the process of further expanding, providing a solid

From the perspective of macroeconomic statistics and capital markets, the economy of the United States has maintained robust momentum after the COVID-19 pandemic, with some viewing the country as reclaiming the West's position as the central driving force behind the world economy, forever reversing the trend in the world economy of a rising East and a declining West.

China's economy has substantial potential demand and supply, with enormous long-term growth prospects. However, it is currently facing two fundamental issues: infrastructure financing mismatch and the production-centered economic institutions. These problems have caused actual economic growth to fall below its potential level. To ensure the achievement of basic modernization by 2035, these two issues must be addressed through comprehensive reforms as soon as possible. Infrastructure financing mi

Supply chain security is an interdisciplinary research question, with each discipline giving rise to divergences in its conceptualization, including lacking quantitative research at the national level. This article adopts the perspectives of national security to develop a framework for the conceptualization and quantitative calculation of supply chain security.

The Central Financial Work Conference, held in October 2023, emphasized the need to accelerate the construction of a major financial power, promote high-quality financial development, and provide strong support for comprehensively pushing forward building of a great country and achievement of national rejuvenation through Chinese-style modernization. The conference also proposed to prioritize the development in five key areas: technology finance, green finance, inclusive finance, pension finance