The hottest smart capital will become the leading

"Smart capital" will become the leading capital of Foshan manufacturing

Abstract: Yao Yudong believes that as a major manufacturing city, the core of Foshan's development of industrial finance lies in the manufacturing industry, especially in the field of intelligent manufacturing. "In the future, Foshan's manufacturing industry must be dominated by 'smart capital'." Yao Yudong said. He also suggested that with the current spring of equity financing in China, Foshan enterprises should "go public as soon as possible" and actively participate in the capital market

"the emergence of 'smart capital' will trigger the fourth industrial revolution. Foshan is standing on the 'cusp' of this industrial revolution and must give full play to its advantages." Recently, Yao Yudong, deputy general manager and chief economist of Dacheng Fund and former director of the Financial Research Institute of the central bank, put forward a new direction of "smart capital" for the financial development of Foshan in an exclusive interview with the south

Yao Yudong believes that as a major manufacturing city, the core of Foshan's development of industrial finance lies in the manufacturing industry, especially in the field of intelligent manufacturing. "In the future, Foshan's manufacturing industry must be dominated by 'smart capital'." Yao Yudong said. He also suggested that with the current spring of equity financing in China, Foshan enterprises should "go public as soon as possible" and actively participate in the capital market

■ introduction to experts

Yao Yudong, former director of the Financial Research Institute of the central bank, is currently the deputy general manager and chief economist of Dacheng Fund Management Co., Ltd. and the director of the Internet equity financing Professional Committee of China Internet Finance Association. He is good at macroeconomic, monetary policy theory and Practice, international economy and finance, shared finance and other fields

1supply chain finance exploration will become an important entry point

South: Foshan is a big manufacturing city. What do you think Foshan should do to develop finance well

Yao Yudong: in my opinion, the level of manufacturing development in Foshan is amazing. Therefore, the financial development path of Foshan should be combined with its manufacturing industry to give full play to its own advantages

the "three chain integration" proposed by Foshan is a good path planning, and the development of manufacturing industry must move towards intelligence. Unlike traditional manufacturing, intelligent manufacturing is a new "smart capital"

one phenomenon is that the manufacturing investment in Foshan has been down in the past few years, but the profit is up. This shows that the investment in traditional manufacturing industry is declining and the marginal income is decreasing, but higher income has been obtained by investing in new "smart capital". The transition from traditional manufacturing to intelligent manufacturing must be a process of rebirth. I believe that in the future, the manufacturing industry in Foshan will no longer be traditional manufacturing, and may be dominated by "intelligent capital"

South: you put forward a new concept "smart capital", how to understand it

Yao Yudong: the so-called "intelligent capital" can be analyzed as follows: at present, many manufacturing industries in Foshan are dominated by robots or artificial intelligence. On the one hand, they can replace labor, on the other hand, they are machines. Should robots be taxed? Some people think it should be collected, because robots have labor characteristics; Some people think it should not be accepted, because robots are only a kind of intelligent equipment

in fact, according to the previous understanding of economics, when we analyze the general productivity equation, it is divided into labor and capital. In 1969, Galbraith, a famous American economist, proposed that "smart capital" can be added as the third element besides labor and capital

the world has experienced three industrial revolutions. The first industrial revolution is the application of steam textile machines, the second is the application of electricity. If the third is represented by computers and interconnection, I think the fourth is the application of "intelligent capital" represented by robots and artificial intelligence

China's manufacturing industry has its unique advantages. At present, it has caught up with the global AI revolution and Robot Revolution, and combined with the manufacturing industry to form intelligent manufacturing. Foshan is an important strategic fulcrum of intelligent manufacturing, so we must give full play to the advantages of intelligent manufacturing

South: since the reform and opening up, private entrepreneurs in Foshan have accumulated a large amount of private capital. How do you think we should make full use of these private capital

yaoyudong: I think we should give full play to our own advantages. According to my observation, most private capital in Foshan is invested in small manufacturing enterprises, or private equity investment and venture capital, but these do not seem to be the characteristics of Foshan. My suggestion is that Foshan entrepreneurs can invest more capital in the field of Intelligent Manufacturing Based on their own understanding of the manufacturing industry

on the other hand, in the process of the development of Foshan's manufacturing industry, large-scale platform enterprises and many smaller manufacturing enterprises form a joint supply chain. The Standard Test Method ASTM e547 ⑵ 000 for rainwater leakage of external windows, skylights, doors and curtain walls under the static pressure difference of the supply chain golden cycle will become an important entry point for the next step of Foshan's financial development

at present, supply chain finance itself is also being explored, which needs the support of big data and a variety of technologies. It is also an opportunity for Foshan

2 equity financing enters the "spring" and Buddhist enterprises "can be listed on the market"

South: the development of manufacturing industry is inseparable from the macroeconomic trend. How do you view the economic trend in 2018 low-density year

Yao Yudong: in the past, economic trends were often analyzed from the perspective of economic cycle or business cycle. Now there is a new formulation called financial cycle

the "four seasons of Dacheng" table developed by Dacheng Fund with collective wisdom is a combination of economic cycle and financial cycle, which is divided into four quadrants. Economic development is good, but financial contraction, we call it spring; While the economic cycle is rising, financial expansion is summer; If the economy shrinks, but finance is expanding, it will be autumn; The economy and finance are contracting at the same time. This is winter

using the methodology of "Dacheng four seasons" can more objectively and comprehensively describe the economic state

from a macro perspective, it can be found that the country's supply side structural reform has achieved very important and phased success, which has made China's economy recover strongly, so the domestic economy is on the rise. At the same time, we should also prevent and resolve financial risks, including the need for enterprise departments to deleverage, and finance will enter the contraction cycle

to sum up, with economic expansion and financial contraction, China's economy just belongs to the spring of the "four seasons of Dacheng", which is also the "spring" of equity financing

South: in the spring stage of "Dacheng four seasons", what suggestions do you have for the development of Foshan enterprises

Yao Yudong: I suggest that Foshan enterprises actively go public and raise funds at this stage, and both the new third board, A-share or gem can achieve better development. With the normalization of IPO, the queuing period of enterprise listing has been shortened from three years to one year and three months. Although the passing rate is different every time, this is a common fault of the testing machine. You must know the process of institutionalized audit and pursue the quality of listed companies

at present, the number of listed companies on the new third board has reached 12000, including the gradual launch of call auction, and the regional equity market is also developing well. Exploration and innovation in equity crowdfunding are also needed in the future

the data shows that there are only 54 listed enterprises in Foshan, which is less than those in Suzhou and Wuxi. I think the number of listed enterprises in Foshan should be more. The market value of Listed Companies in the city determines the future of the city. In the future, it is difficult for invisible champions to exist in China. Therefore, I suggest Foshan enterprises to actively move towards the capital market and go public as soon as possible

3 strengthen the exploration of Internet equity financing

South: however, when we look at the trend of the capital market in 2017, all sectors are basically dominated by leading enterprises. Do you think this trend will continue in the future

Yao Yudong: in the spring stage of "Dacheng four seasons", it is a relatively helpless situation for stocks to lean towards leading enterprises, although the use of springs is very large. As long as it is spring, this trend will continue

however, it should be noted that small, medium-sized and micro enterprises have created 80% of jobs for the country and contributed 60% of taxes. In contrast, their situation is relatively difficult and requires high attention

many small, medium-sized and micro enterprises in Foshan and even China are facing the problems of difficult and expensive financing, which is also a worldwide problem. Therefore, we should create a better environment for small, medium and micro enterprises to help underpin

South: what do you think can be done to solve the financing difficulties of small, medium and micro enterprises? There are many small, medium and micro enterprises in Foshan. How should they take advantage of the capital market

Yao Yudong: from the perspective of the capital market, there are more than 20000 private equity and venture capital institutions in China. This figure seems huge, but China has more than 50 million enterprises and about 5 million enterprises with innovative value. In contrast, the gap between the supply and demand of financial services is relatively large

therefore, we must explore new models to serve these enterprises on a large scale and efficiently. I think equity crowdfunding is a more appropriate way

there is an equity crowdfunding platform called angellist in the United States. One institution can help nearly 2000 enterprises with equity financing, which is very efficient. However, a domestic private equity investment institution can only serve 10 enterprises, with an efficiency difference of about 200 times. Therefore, equity crowdfunding based on Internet is also the direction we need to explore in the next step

as an economist, I also call on the society to make bold exploration and innovation in Internet equity financing, especially equity crowdfunding, to help innovative small, medium-sized and micro enterprises take the channel of equity financing