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| Guiding Opinions of the General Office of the State Council on Promoting the High-Quality Development of Government Investment Funds | | 国务院办公厅关于促进政府投资基金高质量发展的指导意见 |
| (No. 1 [2025] of the General Office of the State Council) | | （国办发〔2025〕1号） |
| The people's governments of all provinces, autonomous regions, and municipalities directly under the Central Government; all ministries and commissions of the State Council; and all institutions directly under the State Council: | | 各省、自治区、直辖市人民政府，国务院各部委、各直属机构： |
| “Government investment funds” means the investment funds arranged by the governments at all levels through their budgets and established by the governments solely or jointly with private capital for the purposes of, in a market-oriented way such as equity investment, directing various private capital to support the development of relevant industries and fields and innovation and entrepreneurship, and having played positive roles in serving national strategies, promoting industrial upgrading, promoting innovation and entrepreneurship, and other aspects. For the purposes of building a more scientific and efficient government investment fund management system and promoting the high-quality development of government investment funds, with the approval of the State Council, the following opinions are hereby offered. | | 政府投资基金是各级政府通过预算安排，单独出资或与社会资本共同出资设立，采用股权投资等市场化方式，引导各类社会资本支持相关产业和领域发展及创新创业的投资基金，在服务国家战略、推动产业升级、促进创新创业等方面发挥了积极作用。为构建更加科学高效的政府投资基金管理体系，促进政府投资基金高质量发展，经国务院同意，现提出如下意见。 |
| I. General requirements | | 一、总体要求 |
| All relevant parties shall adhere to the guidance of Xi Jinping Thought on Socialism with Chinese Characteristics in a New Era, thoroughly implement the spirit of the 20th CPC National Congress and the Second and Third Plenary Sessions of the 20th CPC National Congress, fully and faithfully apply the new development philosophy on all fronts, uphold and strengthen the Party's overall leadership, maximize the decisive role of the market in resource allocation, ensure that governments better fulfill their roles, and promote better interplay between an efficient market and a well-functioning government; highlight government guidance and policy-based positioning, operate government investment funds in a standardized manner under the principle of being market-oriented, law-based, and professional, develop patient capital, and focus on producing actual effects; improve the tiered and category-based management mechanism, coordinate the layout of funds in a reasonable manner, and prevent homogeneous competition and avoid crowding out private capital; improve the responsibility mechanism featuring consistency between powers and responsibilities and compatible incentives and constraints and fully mobilize the enthusiasm of fund managers; and follow the laws of industry development, strengthen policy and system coordination, tighten up financial discipline, effectively prevent risks, and promote the formation of a high-quality government investment fund development paradigm featuring moderate scale, reasonable layout, standardized operation, scientificity and efficiency, and controllable risks. | | 坚持以习近平新时代中国特色社会主义思想为指导，深入贯彻党的二十大和二十届二中、三中全会精神，完整准确全面贯彻新发展理念，坚持和加强党的全面领导，充分发挥市场在资源配置中的决定性作用，更好发挥政府作用，推动有效市场和有为政府更好结合。突出政府引导和政策性定位，按照市场化、法治化、专业化原则规范运作政府投资基金，发展耐心资本，注重发挥实效。完善分级分类管理机制，合理统筹基金布局，防止同质化竞争和对社会资本产生挤出效应。健全权责一致、激励约束相容的责任机制，充分调动基金管理人积极性。遵循行业发展规律，加强政策制度协同，严肃财经纪律，切实防范风险，促进形成规模适度、布局合理、运作规范、科学高效、风险可控的政府投资基金高质量发展格局。 |
| II. Identifying the accurate positioning to better serve China's overall development | | 二、找准定位，更好服务国家发展大局 |
| 1. Clarifying the positioning of funds. Government investment funds shall focus on major strategies, key fields and weak links where the market is unable to maximize its role, attract and drive more private capital, support the construction of a modern industrial system, and accelerate the cultivation and development of new quality productive forces. Based on investment directions, government investment funds are mainly divided into industrial investment funds and venture capital funds. | | （一）明确基金定位。政府投资基金要聚焦重大战略、重点领域和市场不能充分发挥作用的薄弱环节，吸引带动更多社会资本，支持现代化产业体系建设，加快培育发展新质生产力。按照投资方向，政府投资基金主要分为产业投资类基金和创业投资类基金。 |
| 2. Optimizing the functions of industrial investment funds. Industrial investment funds shall play leading and driving roles in industrial development, center on improving the modern industrial system, support the transformation and improvement of traditional industries, the fostering of emerging industries, and the layout for the construction of future industries, primarily invest in key links of industrial chains and the projects of extending, supplementing, and reinforcing the chains, promote the improvement of the resilience and security of the industrial chains and supply chains, and create industrial clusters with international competitiveness. | | （二）优化产业投资类基金功能。产业投资类基金要在产业发展方面发挥引领带动作用，围绕完善现代化产业体系，支持改造提升传统产业、培育壮大新兴产业、布局建设未来产业，重点投资产业链关键环节和延链补链强链项目，推动提升产业链供应链韧性和安全水平，打造具有国际竞争力的产业集群。 |
| 3. Encouraging the development of venture capital funds. Venture capital funds shall, by centering on developing new quality productive forces, support scientific and technological innovation, primarily invest in projects at the early stages, in small enterprises, over long-time horizons, and in advanced and core technologies, promote the accelerated realization of greater self-reliance and strength in science and technology, enhance independent innovation capabilities and the capabilities of research on key core technologies, and break through the bottlenecks in key fields. | | （三）鼓励发展创业投资类基金。创业投资类基金要围绕发展新质生产力，支持科技创新，着力投早、投小、投长期、投硬科技，推动加快实现高水平科技自立自强，提升自主创新能力和关键核心技术攻关能力，解决重点关键领域“卡脖子”难题。 |
| 4. Developing and expanding long-term capital and patient capital. The duration of government investment funds shall be determined in a reasonable manner, the roles of cross- and counter-cyclical adjustment roles of funds as long-term capital and patient capital shall be maximized, and the contribution of long-term capital such as national social security funds and insurance funds, among others, shall be proactively guided. In fields that require long-term layout, follow-up investment methods may be adopted to ensure the continuity of investments. | | （四）发展壮大长期资本、耐心资本。合理确定政府投资基金存续期，发挥基金作为长期资本、耐心资本的跨周期和逆周期调节作用，积极引导全国社会保障基金、保险资金等长期资本出资。在需要长期布局的领域，可采取接续投资方式，确保投资延续性。 |
| III. Improving the tiered and category-based management mechanism | | 三、完善分级分类管理机制 |
| 5. Clarifying the requirements for the tiered and category-based management of fund establishment. The fund establishment funded by governments shall be fully assessed and demonstrated and perform the approval procedures as required. The national fund establishment funded by the central finance shall reported to the State Council for approval. The establishment of the funds at the level of provinces (including cities under separate state planning and Xinjiang Production and Construction Corps, here and below) or at the prefecture or city level shall be reported to the governments at the same level for approval. The governments at the county level shall strictly control the establishment of new funds. Where a county or district with good financial resources and resource endowments needs to initiate the establishment of a fund, it shall be elevated to the government at a higher level for approval. Except under the above circumstances, Party and government organs and public institutions shall not establish new funds with fiscal appropriations or their own income. Those that have already been established shall be managed in a unified and standardized manner according to the requirements for the management of government investment funds. | | （五）明确对基金设立的分级管理要求。政府出资设立基金要充分评估论证并按规定履行审批程序。中央财政出资设立国家级基金应报国务院批准。设立省级（含计划单列市、新疆生产建设兵团，下同）或地市级基金应报同级政府批准。县级政府应严格控制新设基金，财力较好、具备资源禀赋的县区如确需发起设立基金，应提级报上级政府审批。除上述情形外，党政机关、事业单位不得以财政拨款或自有收入新设基金，已经设立的要按照政府投资基金管理要求统一规范管理。 |
| 6. Improving the differentiated management mechanism for different types of funds. As for venture capital funds, ratios of funds contributed by governments may be appropriately increased, fund duration requirements may be relaxed, and fund performance evaluation cycles may be extended. As for industrial investment funds, management requirements shall be set in a reasonable manner according to industry types, stages, and distribution characteristics, among others, and the priorities of support shall be highlighted. | | （六）完善不同类型基金差异化管理机制。对创业投资类基金，可适当提高政府出资比例、放宽基金存续期要求、延长基金绩效评价周期。对产业投资类基金，应根据产业类型、阶段、分布特点合理设置管理要求，突出支持重点。 |
| 7. Standardizing the budget management of various capital contributions by governments. “Capital contributions by governments” mainly include making direct capital contributions through budgets and arranging funds and authorizing state-owned enterprises to make capital contributions, among others. If a government establishes a fund by means of injecting capital into a state-owned enterprise and specifies that the relevant funds are specifically used for contributing capital to the fund, it shall be managed in accordance with the relevant requirements for capital contributions by government in principle. Where a government makes capital contribution to the establishment of a fund, the finance department shall determine in a reasonable manner the scale, proportion and time arrangement of capital contribution based on fund establishment and financial affordability. A government's capital contribution to a fund shall be incorporated into fiscal budget management as required, and the connection between annual budget arrangements and capital contribution to the fund shall be strengthened. Finance departments shall, make reasonable arrangements for capital contributions based on the progress of fund investment and surplus funds to prevent funds from sitting idle. | | （七）规范各类政府出资预算管理。政府出资主要包括通过预算直接出资、安排资金并委托国有企业出资等方式。政府采取注资国有企业方式设立基金，明确相关资金专项用于对基金出资的，原则上按照政府出资有关要求管理。政府出资设立基金，应由财政部门结合基金设立情况和财政承受能力，合理确定出资规模、比例和时间安排。政府对基金的出资应按规定纳入财政预算管理，加强年度预算安排与基金出资的衔接。财政部门要结合基金投资进展和结余资金情况合理安排出资，防止资金闲置。 |
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