Technology is the foundation of national strength, and innovation is the soul of national progress. The unprecedented changes in the world today are accelerating. To cultivate new opportunities in crisis and open up new opportunities in the changing situation, we must seek answers from technological innovation. Technological innovation has the characteristics of high cost, long cycle, and high risk, which cannot be separated from effective financial support. Patient capital focuses on medium and long-term investments, and vigorously developing patient capital is of great significance for strengthening technological innovation and improving innovation efficiency. The Politburo meeting of the Communist Party of China Central Committee held in April this year proposed to actively develop venture capital and strengthen patient capital. The Decision of the Third Plenum of the 20th Central Committee of the Communist Party of China proposes to encourage and regulate the development of angel investment, venture capital, and private equity investment, better leverage the role of government investment funds, and develop patient capital. Thoroughly implementing the decisions and deployments of the Party Central Committee, vigorously developing patient capital, is conducive to accelerating the realization of high-level technological self-reliance and self-improvement, seizing the high ground of technological competition and future development. Patient capital has three characteristics. One is not to pursue short-term gains as the primary goal, but to place more emphasis on long-term investment. This enables patient capital to have a longer-term outlook on capital returns and a high tolerance for risks, with investment cycles that can last for years or even decades, supporting projects and businesses that require a longer time to generate significant returns. The second is to pay more attention to the long-term value and growth potential of the enterprise, usually not affected by short-term market fluctuations. This enables patient capital to conduct in-depth analysis of factors such as enterprise fundamentals, industry trends, macroeconomic environment, etc. The selected investment targets often have long-term growth potential and stable development expectations. The third is to focus on the positive interaction between finance and economy, and make targeted investments around the strategic goals and key areas of economic and social development. This makes patient capital not only focus on the market returns of investments, but also aim at the needs of national and industrial development, making its own contributions to the overall development of the country. Developing patient capital is an important measure to promote a virtuous cycle of technology, industry, and finance. From a micro perspective, patient capital can provide stable financial support for enterprises and investment projects, helping those with great growth potential and strong innovation capabilities to focus more on long-term technological development, improve the probability of successful technological innovation, and increase the efficiency of application and transformation of achievements. Meanwhile, investors of patient capital typically possess extensive industry experience and professional knowledge, which can provide valuable advice and support to enterprises and promote their innovative development. From this perspective, patient capital often tends to invest in projects with good development prospects and growth potential, such as new infrastructure construction, strategic emerging industries, etc. This will guide finance to better serve the real economy, promote effective integration between "hard technology" and capital, and focus on accelerating technological breakthroughs in key areas. From a macro perspective, the stability and long-term nature of patient capital help maintain the stability of the capital market, reduce market volatility and speculative behavior, improve the overall efficiency of the capital market, better leverage the positive role of capital in promoting social productivity development, and provide a favorable environment for technological innovation. The roles of micro, meso, and macro levels fully demonstrate that developing patient capital can promote a virtuous cycle of technology, industry, and finance. In recent years, with the continuous development of global financial markets and the continuous improvement of regulatory policies, patient capital has received increasing attention. To develop and strengthen patient capital, it is necessary to strengthen policy guidance, create a favorable investment environment, and optimize the business environment. We need to deepen the reform of the financial system, guide the market to establish a long-term investment concept, and attract more long-term funds into the market. Build a policy system that supports' long-term investment 'and improve systems such as assessment and evaluation, taxation, and investment accounts that are conducive to long-term investment behavior. Efforts will be made to enhance the consistency of macroeconomic policy orientation, strengthen the coordination and cooperation of fiscal, monetary, industrial, technological and other policies, and provide a stable macroeconomic environment and market expectations for the development and growth of patient capital. Accelerate the construction of a high-level socialist market economy system, improve the capital market basic system that is suitable for long-term investment, accelerate the improvement of financial institution positioning and governance, and improve the capital market function that coordinates investment and financing. Improve the financial regulatory system to ensure that the investment behavior of long-term capital in the capital market complies with legal, regulatory, and policy requirements. At the same time, strengthen investor protection, further increase the cost of illegal activities in the securities industry, and improve the compensation and relief mechanism for investors during the delisting process. Author: Peng Yuchao (School of Finance, Central University of Finance and Economics); Li Juncheng (Institute of Finance, Chinese Academy of Social Sciences)