儘管中國科技公司在債券和股票市場的籌資成本低於美國同行，享有更便宜的資金優勢，但整體融資規模仍遠不及美國。此外，銀行在放貸時仍偏好獲利穩定的成熟企業，而非處於早期研發階段的科技新創，這也是監管機構積極推動資本市場發揮更大作用的原因。
雖然充沛的資金是發展科技的必要條件，但單靠資金並不足以完全彌平中美技術差距，過度集中投資也可能導致產能過剩。然而，中國在人工智慧領域可能具備成本優勢，其模型訓練與 API 價格遠低於全球領導者，未來有望透過大規模商業化和深厚的製造基礎來增強自身競爭力。
The remarkable trading debut of CXMT in Shanghai highlights China's aggressive push to leverage its massive capital markets to support strategic technology sectors like artificial intelligence. This marks a policy shift in Beijing, transitioning from relying on state subsidies to guiding its $26 trillion in household savings into the tech industry to close the funding gap with the US.
Although Chinese technology firms enjoy a competitive advantage with significantly lower borrowing costs in bond and equity markets compared to their US counterparts, their overall fundraising volume remains much smaller. Furthermore, banks still prefer lending to mature, profitable companies rather than early-stage, research-heavy startups, explaining why regulators are actively expanding the role of capital markets.
While abundant capital is necessary for technological advancement, it is not sufficient on its own to close the US-China tech gap, and flooding sectors with money risks creating excess capacity. Nevertheless, China may possess a distinct cost advantage in AI, with significantly lower training and API costs than global leaders, potentially allowing it to compete through large-scale commercialization and its deep manufacturing base.