压缩“政策套利”空间！地方招商引资规范发展再提速

Core Viewpoint - The recent emphasis on "strengthening investment attraction information disclosure" by the Central Financial Committee aims to promote a more transparent and fair competitive environment in local investment attraction practices, reducing the space for "policy arbitrage" in fund attraction [1][2]. Group 1: Policy Changes - Over the past year, multiple policies have been introduced to regulate local investment attraction practices, including the prohibition of illegal tax reductions and subsidies [2][3]. - The implementation of the "Fair Competition Review Regulations" in August 2024 and other measures aims to guide local governments away from simplistic investment attraction methods, encouraging a focus on long-term development and improved investment quality [3]. Group 2: Impact on Venture Capital Institutions - The new directive on information disclosure is expected to bring three main benefits to venture capital institutions: easier due diligence, reduced post-investment risks, and the ability to identify "value gaps" in less publicized but promising cities [4]. - Venture capital institutions will need to shift their investment logic to focus more on fundamental aspects such as core technology, business models, team capabilities, and market prospects, rather than relying on short-term government subsidies [4]. Group 3: Adaptation Strategies for Venture Capital - Venture capital institutions should reassess their partnerships with government limited partners (LPs) by understanding local industrial plans and policy execution credibility [6]. - Developing a "national industrial map" investment strategy will help guide resource allocation for invested companies based on regional strengths [6]. - Strengthening the ability to provide strategic, market, and supply chain support will be crucial for helping invested companies succeed in a more equitable market environment [6].