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By Zeng Gang The "Decision of the CPC Central Committee on Further Deepening Reform and Promoting Chinese-style Modernization" clearly proposed to build a "firewall" between industrial capital and financial capital. Improve the financial regulatory system and bring all financial activities under supervision according to law. What are the characteristics of the combination of industrial capital and financial capital? What risks may be hidden? How to build a "firewall" that effectively isolates industrial capital and financial capital?

Standardize and optimize the integration of industry and finance

In recent years, some large financial institutions in my country have carried out cross-industry investment and formed financial groups; some non-financial enterprises have invested in and controlled multiple financial institutions of various types, becoming de facto financial holding companies. "Industrial capital and financial capital have a natural need for collaboration. Modern finance is the product of large-scale industrial socialized production, which means that the financial system can provide the necessary funds and resources for industrial development," said Zeng Gang, chief expert, director and director of the Shanghai Finance and Development Laboratory.

Zeng Gang believes that appropriate integration of industry and finance has three characteristics and advantages. First, it optimizes resource allocation. Through the integration of industry and finance, cross-field resource flow can be achieved, so that resources such as capital, technology, and information can be optimally allocated. Second, it enhances competitiveness. The integration of industry and finance can help enterprises obtain more financial support and enhance their competitiveness in the market. It also brings diversified investment opportunities to financial institutions. Third, it has synergistic effects. Through integration, industrial capital can use the risk management and financial instruments of financial institutions, and financial capital can obtain stable long-term returns through industrial capital, achieving a win-win situation.