First-launch Economy Leadership, Patient Capital Driving and New Quality Productivity Leapfrogging: A Theoretical Study Based on the Triple-nested Mechanism of “Economy-Capital-Productivity”

As a vital driving force for advancing Chinese path to modernization, the development of new quality productivity is inseparable from the long-term support of patient capital and the innovative leadership of the first-launch economy. Based on the theoretical framework of the triple-nested mechanism of “economy-capital-productivity”,this paper constructs an ecological circulation system with“patient capital-first-launch economy-new quality productivity” as the core elements, and clarifies the logical nested relationship among the three elements in their mutual empowerment mechanism. Specifically, patient capital promotes the sustainable growth of the first-launch economy through long-cycle investment in scientific and technological R&D and structural support. Furthermore, the first-launch economy, featured by technological innovation, shapes the core elements of new quality productivity, drives the transformation of economic quality and the leapfrogging of economic efficiency. This paper analyzes the path through which patient capital drives the development of the first-launch economy and its transmission mechanism for the formation of new quality productivity. In light of the specific demands of institutional design, policy innovation and the enhancement of global competitiveness, it puts forward suggestions for constructing a feasible implementation framework.