The Prime Minister of Japan, Mansuo Shoda, recently delivered a policy speech at the opening of the 211th regular session of the National Congress of Japan. The main part was to further elaborate the general framework and main content of his "new capitalism" concept, which also provided important clues for the next judgment and understanding of the Japanese government's economic policy. First, Shoda further clarified the background and main objectives of the "new capitalism" model in his speech. The main background is that Japan is facing unprecedented pressure in the new round of global economic and even national strength competition. Some of these factors are exogenous, but mainly endogenous. On the other hand, the core issue that "new capitalism" wants to solve is to balance the coordination between the market and the government, and emphasize the cooperation and progress between government guidance and private free investment orientation, so as to help Japan stand out in the new round of global economic competition. Second, give the concept of "new capitalism" more functional attributes. On the one hand, from the economic perspective, "new capitalism" should not only solve the practical difficulties of the continuous decline of competitive advantage caused by the continuous growth of labor costs and production costs, but also solve a number of problems such as ensuring the stable supply of important materials, preventing the "illegal outflow" of important technologies, and building a flexible and strong supply chain system. It can be said that the Shoda government fully integrates the concept of economic security into the framework design of "new capitalism". On the other hand, from a social perspective, "new capitalism" must deal with the challenges posed by the widening gap between the rich and the poor and many global problems represented by climate change, and at the same time, it is necessary to jointly clean up the "persistent diseases" and "ills" that have long plagued Japan's social development. Third, highlight the two major transformations and five main directions of "new capitalism", and build a more detailed framework of the concept. The two major transformations refer to green transformation and digital transformation respectively. Green transformation involves low-carbon, stable energy supply and economic development, but the focus is on the orderly transformation of energy structure. On this issue, the breakthrough point of "new capitalism" is nuclear power generation and the introduction of new energy, that is, under the premise of ensuring the safe operation of existing nuclear energy, the basis and confidence of using nuclear energy are reconstructed through technological improvement and innovation, and at the same time, clean energy such as hydrogen and ammonia are introduced to create a new and stable energy supply structure system with renewable energy as the main support. Correspondingly, digital transformation emphasizes the use of the universal application of digital technology to achieve a new upgrade of social governance model, that is, continuously improve the ways and methods of social governance, and improve the ability and efficiency of social governance. In addition, the preliminary ideas of the five main directions of "new capitalism" are "encouraging technological innovation", "accelerating financial reform", "optimizing fertility policies and social security systems", "revitalizing the local economy" and "coping with various disasters such as COVID-19, earthquake and tsunami". It is particularly important to note here that "encouraging technological innovation" can be regarded as a landmark measure of the Shoda government in industrial policy, and its key objects are mainly implemented in seven fields, including semiconductor, quantum science, artificial intelligence, network communication, biology, universe and ocean. At the same time, this direction is intended to be supported by the basic concept of "disruptive innovation", and guided by the "government