支持小微融资，政府投资基金优化考核提高风险容忍度

Group 1 - The article discusses the optimization of government investment fund performance evaluation mechanisms to support small and micro enterprises through equity financing [1][2] - It highlights the need to extend evaluation periods and increase risk tolerance to encourage early and small investments in innovative sectors [1][2] - As of 2023, China has established 2,086 government-guided funds with a target scale of approximately 12.19 trillion yuan and a subscribed scale of about 7.13 trillion yuan [1] Group 2 - The State Council has issued guidelines to promote high-quality development of government investment funds, encouraging the development of venture capital funds with relaxed government contribution ratios and extended fund duration [2] - A fault tolerance mechanism is proposed to create an environment that encourages innovation and tolerates failure, focusing on a comprehensive evaluation system rather than just annual profits or losses [2] Group 3 - Local reforms have been initiated, such as in Zhejiang, where venture capital funds can have a government contribution ratio increased and a maximum duration of 20 years to support long-term investments [3] - Shandong has raised the government contribution ratio for angel funds from 25% to 40%, and the combined contribution from provincial, municipal, and county governments from 40% to 60% of the fund size [3] Group 4 - Shandong's guiding funds allow for full profit transfer for investments in seed and early-stage technology projects, and they will not hold decision-making bodies accountable for losses due to uncontrollable factors [4] - Policies in Guangzhou and Shenzhen permit significant losses for individual projects, with Shenzhen establishing a 500 million yuan strategic direct investment fund for early-stage enterprises [4]