State Office: Venture capital funds should focus on developing new quality productivity to solve the “stuck neck” problem in key key areas

The Zhitong Finance App learned that on January 7, the General Office of the State Council issued guidance on promoting the high-quality development of government investment funds. Among them, it is proposed to encourage the development of venture capital funds. Venture capital funds should focus on developing new types of productivity, supporting scientific and technological innovation, and investing in early, small, long-term, and hard technology, promoting the acceleration of self-reliance and self-improvement in high levels of technology, enhancing independent innovation capabilities and key core technology research capabilities, and solving the “stuck neck” problem in key key areas.

Develop and expand long-term capital and patient capital. Reasonably determine the life span of government investment funds, give full play to the fund's cross-cycle and countercyclical adjustment role as long-term capital and patient capital, and actively guide long-term capital investment such as national social security funds and insurance funds. In fields that require a long-term layout, continuous investment methods can be adopted to ensure investment continuity.

The original text is as follows:

Guiding Opinions of the General Office of the State Council on Promoting High-Quality Development of Government Investment Funds

China Administration Development [2025] No. 1

The people's governments of the provinces, autonomous regions and municipalities directly under the Central Government, all ministries, departments and agencies directly under the State Council:

Government investment funds are investment funds established by governments at all levels through budget arrangements, separate funding or joint funding with social capital. They use market-based methods such as equity investment to guide various types of social capital to support the development and innovation and entrepreneurship of related industries and fields. They have played a positive role in serving national strategies, promoting industrial upgrading, and promoting innovation and entrepreneurship. In order to establish a more scientific and efficient government investment fund management system and promote the high-quality development of government investment funds, the following opinions are put forward with the approval of the State Council.

I. General Requirements

Adhere to Xi Jinping's ideology of socialism with Chinese characteristics in the new era, thoroughly implement the spirit of the 20th National Congress and the Second and Third Plenums of the 20th CPC Central Committee, fully and accurately implement the new development concept, uphold and strengthen the overall leadership of the Party, give full play to the decisive role of the market in resource allocation, give better play to the role of government, and promote a better integration between an effective market and a promising government. Highlight government guidance and policy positioning, standardize the operation of government investment funds in accordance with the principles of marketization, legalization, and specialization, develop patient capital, and focus on effective results. Improve the hierarchical classification management mechanism, rationally coordinate fund layout, and prevent homogenized competition and crowding out effects on social capital. Improve the responsibility mechanism with consistent powers and responsibilities and compatible incentives and restrictions, and fully mobilize the enthusiasm of fund managers. Follow the rules of industry development, strengthen policy and system coordination, take financial regulations seriously, effectively prevent risks, and promote the formation of a high-quality development pattern of government investment funds with moderate scale, reasonable layout, standardized operation, scientific efficiency, and controllable risk.

2. Identify positions to better serve the overall development of the country

(1) Clarify fund positioning. Government investment funds should focus on major strategies, key areas, and weak links where the market cannot fully function, attract and drive more social capital, support the construction of a modern industrial system, and accelerate the cultivation and development of new quality productivity. According to the direction of investment, government investment funds are mainly divided into industrial investment funds and venture capital funds.

(2) Optimizing the functions of industrial investment funds. Industrial investment funds should play a leading and driving role in industrial development, focusing on improving the modern industrial system, supporting the transformation and upgrading of traditional industries, cultivating and expanding emerging industries, laying out and building future industries, focusing on investing in key links in the industrial chain and projects to extend the chain and strengthen the chain, promote the improvement of the level of resilience and safety of the industrial chain supply chain, and build an internationally competitive industrial cluster.

(3) Encourage the development of venture capital funds. Venture capital funds should focus on developing new types of productivity, supporting scientific and technological innovation, and investing in early, small, long-term, and hard technology, promoting the acceleration of self-reliance and self-improvement in high levels of technology, enhancing independent innovation capabilities and key core technology research capabilities, and solving the “stuck neck” problem in key key areas.

(4) Develop and expand long-term capital and patient capital. Reasonably determine the life span of government investment funds, give full play to the fund's cross-cycle and countercyclical adjustment role as long-term capital and patient capital, and actively guide long-term capital investment such as national social security funds and insurance funds. In fields that require a long-term layout, continuous investment methods can be adopted to ensure investment continuity.

III. Improve the hierarchical classification management mechanism

(5) Clarify 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 (including planned separate cities, Xinjiang Production and Construction Corps, same below) or local and municipal funds shall be submitted to the government at the same level for approval. 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.

(6) Improve differentiated management mechanisms for different types of funds. For venture capital funds, it is possible to appropriately increase the government investment ratio, relax fund life requirements, and extend the fund performance evaluation cycle. For industrial investment funds, management requirements should be reasonably set according to the type, stage, and distribution characteristics of the industry, and support priorities should be highlighted.

(7) Standardize the management of various types of government funding budgets. Government funding mainly includes direct funding through the budget, arranging funds, and entrusting state-owned enterprises to invest. The government establishes funds by injecting capital into state-owned enterprises, and clarifies that where the relevant funds are earmarked to fund the fund, they are managed in accordance with the relevant government funding requirements. When the government invests in the establishment of a fund, the financial department shall reasonably determine the size, ratio and schedule of investment, taking into account the circumstances of fund establishment and financial affordability. Government contributions to funds should be included in budget management in accordance with regulations to strengthen the link between annual budget arrangements and fund contributions. The financial department should rationally arrange investment in line with the fund's investment progress and the balance of funds to prevent funds from being idle.

4. Strengthen coordination, integrate and optimize layout

(8) National funds form joint efforts with local funds. National funds should be based on the overall situation and play a leading role in key areas such as building a modern industrial system and cultivating and developing new quality productivity, supporting research on key core technologies and making up for shortcomings in industrial development. Encourage national funds to strengthen linkages with local funds, combine local resource endowments in cutting-edge science and technology fields and key links in the industrial chain, and form financial synergy through joint establishment of sub-funds or investment in local funds. Strengthen the coordination of financial resources and promote the formation of a linkage mechanism for major national science and technology projects to support front-end research and development, and government investment funds to support the transformation of achievements and industrialization.

(9) Provincial governments strengthen the overall management of funds in the region. Provincial governments should manage regional government investment funds in an integrated manner in line with national development plans, national special plans, and regional plans, comprehensively consider the region's financial resources, industrial resource base, debt risk, etc., identify positions, and strengthen guidance for lower-level governments to establish funds. Provincial governments should adapt to local conditions to support the development of industries with advantages and characteristics, encourage innovation and entrepreneurship, draw up a list of key investment areas for government investment funds, clarify approval or filing requirements for lower-level governments to establish funds, and prevent repeated investment and disorderly competition.

(10) Strengthen fund layout planning and investment guidance. The National Development and Reform Commission, together with industry authorities, should give full play to the role of layout planning and investment guidance, and guide local authorities to actually adjust the layout of government investment funds around local industrial development, taking into account the utilization of production capacity by relevant industries in various regions of the country, so as to prevent overcapacity and repeated construction at a low level.

(11) Promote fund integration and optimization. In principle, the same government does not repeatedly establish government investment funds in the same industry or field, but funds can collectively and continuously support the same projects in accordance with the principle of marketization. Where many similar funds have been established and investment fields clearly intersect, on the premise of protecting the legitimate rights and interests of business entities and maintaining market order, encourage and promote fund integration and restructuring, enhance scale effects, and better serve policy goals. Promote funds with unclear policy effects or slow fund-raising and investment progress due to lack of industrial base, resource endowments, etc., to actively improve efficiency by optimizing investment.

5. Raise the level of specialized market-based operation

(12) Standardize fund operation and management. Improve the governance structure of government investment funds, and establish scientifically standardized operation management and investment decision-making mechanisms. Government departments can promote the compliant operation of funds by supervising investment, tracking investment progress, and appointing observers. Parent funds should strengthen supervision of sub-fund investment, operation, finance, etc., and strengthen due diligence responsibilities. Optimize investment project selection mechanisms to prevent deviations from policy goals and disputes with the public. Government investment funds shall select financial institutions with fund custody business qualifications in China to be managed. The custodian shall perform custodian duties in accordance with law and regularly submit custodian reports to the funders. Government investment funds shall regularly submit information such as operation and management status, financial reports, and important matters to investors and industry authorities.

(13) Optimize fund investment methods. Newly established government investment funds can be invested in the form of parent and child funds or direct investment projects, and venture capital funds are encouraged to adopt the parent and child fund method. In principle, sub-funds invest in direct investment projects to control fund levels and prevent multiple layers of nesting from affecting the achievement of policy goals.

(14) Give full play to the role of fund managers. Rationalize the relationship between government investment funds and managers, and achieve organic unification of government guidance, market-based operation, and specialized management. In principle, fund managers are selected and determined in a market-based manner. They should have professional ability, investment ability and management ability appropriate to fund operation, have equity investment or related fund management experience, and have investment management performance that meets the requirements. Strictly control the establishment of new fund managers by county-level governments. The management fees for newly established government investment funds must be scientifically proven. Generally, actual contributions or actual investment amounts should be used as the billing basis, and calculation standards should be reasonably determined.

(15) Improve fund performance management. Government investment funds should rationally set performance targets, establish a scientific, differentiated and quantifiable performance index system, and focus on the comprehensive achievement of policy goals. The financial department, together with relevant departments, implements full-process performance management for the fund. Measures such as adjusting management fees and distribution of excess income have been comprehensively adopted to strengthen the application of performance evaluation results, reflect incentives and constraints, and effectively play the “baton” role of performance evaluation in fund operation and management.

(16) Establish and improve fault-tolerant mechanisms. Follow the rules of fund investment operation, tolerate normal investment risks, and optimize the full chain and life cycle assessment and evaluation system. It is not simple to use a single project or a single annual profit and loss as the basis for assessment. Create a good atmosphere that encourages innovation and tolerates failure, encourage the establishment of fault-tolerant mechanisms with due diligence exemption as the core, and improve standards and procedures for disclaimer certification.

(17) Optimizing the fund development environment. Implement deployment requirements for building a unified national market, do not set up government investment funds for the purpose of attracting investment, encourage the lifting of restrictions on government investment funds and places of registration of managers, and strengthen credit restrictions according to law and regulations. Optimize the mechanism for adjusting the government's investment ratio, and encourage the reduction or cancellation of the rebate ratio. Highlight positive incentive policy orientation and boost market investment confidence.

6. Optimize exit mechanisms to promote a virtuous investment cycle

(18) Standardize fund withdrawal management. Research and formulate exit policy guidelines for government investment funds, and improve exit policies for different types of funds. The fund manager shall establish a fund withdrawal management system and formulate an exit plan. Government investment funds shall determine the withdrawal period scientifically and reasonably, and specify exit conditions in the statute or partnership agreement. When government funding is withdrawn, it shall be withdrawn in accordance with the conditions agreed in the articles of association or partnership agreement; if there is no agreement, the evaluation shall be carried out according to law and regulations, and the transfer price shall be determined by market-based methods.

(19) Broaden fund exit channels. Promote the interface of regional equity market rules and the unification of standards. Encourage the development of private equity secondary market funds (S funds), M&A funds, etc. Improve the multi-level capital market system, enhance the ability of the New Third Board and regional equity markets to serve equity investment, and broaden exit channels for government investment funds.

(20) Improve the fund withdrawal mechanism. Government investment funds shall fairly protect the interests of all funders in terms of income distribution, loss sharing, etc., and protect the legitimate rights and interests of social capital. Explore simplified project exit processes, optimize government investment fund share transfer business processes and pricing mechanisms, promote the improvement of the government investment fund evaluation system, and establish a smoother exit mechanism.

7. Strengthen internal control construction to prevent and mitigate risks

(21) Improve risk prevention and control systems. Government investment funds should strengthen internal control and management, and protect the rights and interests of investors in accordance with law. Fund managers shall establish and improve related transaction management systems, improve integrity risk prevention and control systems, shall not use fund assets to transfer improper transactions or interests with related parties, and shall not engage in business prohibited by laws, regulations or industry regulations. Strengthen risk prevention in government investment funds. Local governments are strictly prohibited from investing through illegal borrowing and financing, must not add hidden local government debt, and must not require state-owned enterprises or financial institutions to make capital contributions or advance funds.

(22) Serious financial regulations. Strengthen the education, training and management of laws, regulations and professional ethics for government investment fund practitioners. Standardize financial performance management, truthfully and accurately reflect the financial status of the fund, and strictly prevent financial fraud. The China Securities Regulatory Commission and the Ministry of Finance should work with relevant departments to study and introduce relevant measures to strengthen the management of senior management of government investment funds. Fund employees who neglect their duties, abuse their authority, favor personal misconduct, or use the convenience of their position to solicit or accept other people's property shall be dealt with and punished in accordance with the regulations, discipline, and law; if it constitutes a crime, criminal liability shall be prosecuted according to law.

8. Strengthen organizational guarantees

(23) Uphold and strengthen the Party's leadership. Thoroughly implement the decisions and arrangements of the Party Central Committee, implement Party leadership throughout all aspects of regulating the management of government investment funds, provide solid political guarantees for the high-quality development of government investment funds, and promote the implementation of the national strategy.

(24) Strengthen departmental collaboration. The financial department performs the duties of a government funder and is responsible for budget management, performance management, state-owned assets management, and information statistics for government investment funds. The development and reform department is responsible for government investment fund credit construction and credit information registration, and works with industry authorities to strengthen guidance and evaluation of government investment fund investment. Securities regulatory agencies organize and carry out registration and filing of government investment funds and related supervision work in accordance with their responsibilities. According to the division of responsibilities, relevant departments have formulated and issued supporting rules such as government investment fund budgets and state-owned assets management, performance evaluation, information statistics, credit construction, registration and filing, etc., to establish a “1+N” system. It is necessary to strengthen information sharing, communication and coordination, and form joint efforts to promote solutions to problems in the development of government investment funds.

(25) Regulate supervisory practices. Government departments should fully respect the development rules and project investment characteristics of government investment funds, perform supervisory duties in accordance with the law, and not use administrative means to interfere with the daily management affairs of funds and specific project investment decisions. In carrying out the optimization and adjustment of stock government investment funds, governments at all levels should adhere to the principles of marketization and rule of law, grasp the pace and methods, not engage in “one-size-fits-all”, must not affect the normal investment and operation of funds, continue to do a good job of making actual payments in stock government investment funds, and protect the legitimate rights and interests of social capital.

All regions and relevant departments should raise awareness, strengthen organizational leadership, consolidate responsibilities at various levels, do a good job of coordination, improve the level of management services, and give better play to the role of government investment in supporting high-quality economic and social development.

General Office of the State Council

January 2, 2025    

Relevant Ministry of Finance officials answered questions from reporters on the “Guiding Opinions of the General Office of the State Council on Promoting High-Quality Development of Government Investment Funds”

In order to establish a more scientific and efficient government investment fund management system and promote the high-quality development of government investment funds, the General Office of the State Council recently issued the “Guiding Opinions on Promoting the High-Quality Development of Government Investment Funds” (hereinafter referred to as the “Guiding Opinions”). Relevant officials in charge of the Ministry of Finance answered questions from reporters on the “Guiding Opinions”.

1. The “Guiding Opinions” are the first important documents issued at the national level to promote the development of government investment funds. What is the background and main content of the publication?

A: Government investment funds are an important policy tool for innovating how financial resources are used and supporting industrial development and scientific and technological innovation. The Party Central Committee and the State Council attach great importance to the management of government investment funds. The Third Plenary Session of the 20th CPC Central Committee proposed encouraging and regulating the development of angel investment, venture capital, and private equity investment, giving better play to the role of government investment funds, and developing patient capital. In order to promote the high-quality development of government investment funds and make better use of the role of funds, the Ministry of Finance thoroughly investigated and understood the situation, listened to opinions and suggestions from various parties, adhered to problem orientation and goal orientation, and studied and drafted the “Guiding Opinions”.

The “Guiding Opinions” cover the entire process of fund establishment, fundraising, operation and withdrawal, and propose 25 specific measures in eight parts. The first is a general requirement to promote the formation of a high-quality development pattern of government investment funds with moderate scale, reasonable layout, standardized operation, scientific efficiency, and controllable risk. The second is to identify positions to better serve the overall development of the country. Clarify fund positioning, optimize the functions of industrial investment funds, encourage the development of venture capital funds, and develop and expand long-term capital and patient capital. The third is to improve the hierarchical classification management mechanism. Clarify hierarchical management requirements for fund establishment, and improve differentiated management mechanisms for different types of funds. Fourth, strengthen coordination, integrate and optimize layout. Clarify that national funds form joint efforts with local funds, and that provincial governments strengthen overall fund management in the region, and strengthen fund layout planning and investment guidance. The fifth is to raise the level of specialized market-based operations. Standardize fund operation and management, optimize fund investment methods, give full play to the role of fund managers, improve fund performance management, establish and improve fault-tolerant mechanisms, and optimize the fund development environment. The sixth is to optimize the exit mechanism to promote a virtuous cycle of investment. Standardize fund exit management, broaden fund exit channels, and improve fund exit mechanisms. The seventh is to strengthen internal control construction to prevent and mitigate risks. Improve risk prevention and control systems, and take financial regulations seriously. Eighth is to strengthen organizational guarantees.

2. The “Guiding Opinions” suggest “highlighting government guidance and policy positioning”. How can I grasp the relationship between the government and the market?

Answer: The Third Plenary Session of the 20th CPC Central Committee proposed focusing on building a high-level socialist market economy system, giving full play to the decisive role of the market in resource allocation, and giving better play to the role of government.

The “Guiding Opinions” emphasize promoting a better integration between an effective market and a promising government. Funds should focus on major strategies, key areas and weak links where the market cannot fully function, attract and drive more social capital, use market-based methods to support innovation, entrepreneurship and related industry development, and raise the level of specialized market-based operation of funds. The first is to standardize fund operation and management, optimize investment project selection mechanisms, and prevent deviations from policy goals and disputes with the public. Second, in principle, a market-based approach is used to select and determine fund managers, give full play to the role of managers, and motivate managers. The third is to optimize the fund development environment, encourage the lifting of restrictions on the place of registration of funds and managers, and encourage the reduction or cancellation of the rebate ratio. Fourth, standardize supervisory practices. Government departments should fully respect fund development rules and project investment characteristics, and not use administrative means to interfere with fund daily management affairs and specific project investment decisions.

3. The Politburo meeting of the Central Committee and the executive meeting of the State Council all mentioned “patient capital.” What specific measures does the “Guiding Opinions” take to increase patient capital?

A: Patience capital is a form of capital that focuses on long-term investment. Projects or investment activities that do not pursue short-term returns as the primary goal, but rather focus on long-term returns. They are generally not affected by short-term market fluctuations. It is capital that has a long-term outlook on return on capital and is highly resistant to risk. Recently, the Central Economic Work Conference proposed improving the multi-level financial service system, increasing patient capital, making greater efforts to attract social capital to participate in venture capital, and cultivate innovative enterprises in a gradient.

To develop and expand patient capital, we must fully respect the laws of the market and give better play to the guiding and driving role of government investment funds. The “Guiding Opinions” clearly state that it is necessary to develop and expand long-term capital and patient capital. Specifically, the first is to reasonably determine the life period of government investment funds and give full play to the cross-cyclical and countercyclical adjustment role of funds as long-term capital and patient capital. The second is to actively guide long-term capital investment such as national social security funds and insurance funds to expand patient capital. Third, in areas that require a long-term layout, government investment funds can adopt a continuous investment method to ensure the continuity of investment. Fourth, optimize the mechanism for adjusting the government's investment ratio to boost market investment confidence. For venture capital funds, the government investment ratio can be appropriately increased.

4. We have noticed that some places have introduced fault-tolerant exemption mechanisms. Fault tolerance is also the focus of market attention. What specific measures does the “Guiding Opinions” have in encouraging innovation and tolerating failure?

A: General Secretary Xi Jinping stressed that the whole society should actively create a good atmosphere that encourages bold innovation, innovation courage, and tolerance for innovation. It is necessary not only to focus on success, but also to tolerate failure. In the research process of drafting the “Guiding Opinions”, some fund managers reported that the fund lacked a fault-tolerant exemption mechanism, making it difficult to fully stimulate investment vitality.

In order to solve problems such as fund managers' reluctance to invest, fear of withdrawal, and fear of responsibility, the “Guiding Opinions” clearly establish and improve fault-tolerant mechanisms, “unbind” funds and management institutions at the top level of the system, encourage the government to invest in funds to play a better role and improve investment efficiency. Specifically, it includes: First, following the rules of fund investment operation, tolerating normal investment risks, and optimizing the full chain and life cycle assessment and evaluation system. It is not simple to use a single project or a single annual profit and loss as the basis for assessment. The second is to rationally set performance targets, establish a scientific, differentiated, and quantifiable performance index system, and focus on the comprehensive achievement of policy goals. The third is to create a good atmosphere that encourages innovation and tolerates failure, encourage the establishment of fault-tolerant mechanisms centered on exemption from due diligence compliance liability, and improve standards and procedures for exemption certification.

5. Currently, the problem of withdrawing from China's private equity investment market is becoming more and more prominent. What measures does the “Guiding Opinions” suggest in response to the difficulties of withdrawing government investment funds?

A: The withdrawal of government investment funds is of great significance in achieving capital recycling, optimizing resource allocation, and promoting industrial upgrading. Failure to withdraw a fund when it expires will affect the virtuous cycle of “investment-exit-reinvest”.

In response to the difficulties and blockages that currently exist in the withdrawal process of government investment funds, such as “limited exit channels and inadequate exit mechanisms,” the “Guiding Opinions” suggest three measures: the first is to standardize fund withdrawal management. Improve exit policies for different types of funds. The fund manager shall establish a fund withdrawal management system and formulate an exit plan. Government investment funds shall determine the withdrawal period scientifically and reasonably, and specify exit conditions in the statute or partnership agreement. The second is to broaden the fund's exit channels. Promote the interface of regional equity market rules and the unification of standards. Encourage the development of private equity secondary market funds (S funds), M&A funds, etc. Improve the multi-level capital market system, enhance the ability of the New Third Board and regional equity markets to serve equity investment, and broaden exit channels for government investment funds. The third is to improve the fund withdrawal mechanism. Explore simplified project exit processes, optimize government investment fund share transfer business processes and pricing mechanisms, promote the improvement of the government investment fund evaluation system, and establish a smoother exit mechanism.

6. Over a period of time, some government investment funds have built up popular tracks, “homogenized” the field of investment, and some counties and districts have set up a large number of government investment funds. What specific measures are proposed in the “Guiding Opinions” in relation to the above situation?

A: In recent years, the number and scale of government investment funds has been growing steadily, and they have played a positive role in serving national strategies, promoting industrial upgrading, and promoting innovation and entrepreneurship. At the same time, there are also problems such as homogenization of investment in some government investment funds and blindly setting up funds in individual regions.

In order to better play the role of government investment funds and improve the efficiency of fund investment, the “Guiding Opinions” make it clear that funds should be positioned correctly, rationally coordinate fund layout, and prevent homogenized competition and crowding out effects on social capital. The first is to support the construction of a modern industrial system and optimize the functions of industrial investment funds. Encourage the development of venture capital funds, and focus on investing early, small, long-term, and hard technology. The second is to strengthen coordination and integrate and optimize fund layout. Encourage national funds to strengthen linkages with local funds, combine local resource endowments in cutting-edge science and technology fields and key links in the industrial chain, and form financial synergy through joint establishment of sub-funds or investment in local funds. Clarify that provincial governments will strengthen the overall management of funds in the region and strengthen guidance for lower level governments to set up funds. The third is to clarify the hierarchical management requirements for fund establishment. 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.

7. Next, how can the Ministry of Finance promote the implementation of the “Guiding Opinions”?

A: In the next step, the Ministry of Finance will work with relevant departments to implement the “Guiding Opinions” from three aspects. The first is to strengthen departmental collaboration. The “Guiding Opinions” clarify the division of responsibilities among departments such as finance departments, development and reform departments, industry authorities, and securities regulatory agencies. All departments should strengthen information sharing, communication and coordination to form joint efforts. The second is to formulate supporting policies. The Ministry of Finance will work with relevant departments to formulate and issue supporting rules on government investment fund budgets and state-owned assets management, performance evaluation, information statistics, credit construction, registration and filing, etc., to establish a “1+N” system for government investment funds. The third is to do a good job of coordination and guide local financial departments to strengthen the implementation of the “Guiding Opinions”. We will not carry out “one-size-fits-all” work on the optimization and adjustment of existing government investment funds, etc., and continue to do a good job of making actual contributions to existing government investment funds, protect the legitimate rights and interests of social capital, and give better play to the role of government investment in supporting high-quality economic and social development.

This article was selected from the official websites of the “State Council” and “Ministry of Finance”. Zhitong Finance Editor: Li Fu.