The General Office of the State Council recently issued the “Guiding Opinions on Promoting High-Quality Development of Government Investment Funds”. Clarify the hierarchical management requirements for fund establishment. The establishment of funds funded by the government must be fully evaluated and verified, and approval procedures must be carried out in accordance with regulations. The establishment of a national fund funded by the central government shall be submitted to the State Council for approval. The establishment of provincial or municipal funds shall be approved by the government at the same level. County-level governments should strictly control newly established funds. If counties and districts with good financial resources really need to initiate the establishment of funds, they should upgrade to a higher level for approval. Other than the above circumstances, party and government organs and institutions shall not establish new funds with financial allocations or their own income, and those that have already been established shall be managed uniformly and standardized in accordance with government investment fund management requirements.

The General Office of the State Council recently issued the “Guiding Opinions on Promoting High-Quality Development of Government Investment Funds”. Clarify the hierarchical management requirements for fund establishment. The establishment of funds funded by the government must be fully evaluated and verified, and approval procedures must be carried out in accordance with regulations. The establishment of a national fund funded by the central government shall be submitted to the State Council for approval. The establishment of provincial or municipal funds shall be approved by the government at the same level. County-level governments should strictly control newly established funds. If counties and districts with good financial resources really need to initiate the establishment of funds, they should upgrade to a higher level for approval. Other than the above circumstances, party and government organs and institutions shall not establish new funds with financial allocations or their own income, and those that have already been established shall be managed uniformly and standardized in accordance with government investment fund management requirements.