万亿级政府投资基金投向负面清单待明，国家发改委征求意见

Core Viewpoint - The government is proposing new regulations for the management and investment direction of government investment funds, aiming to enhance the efficiency of fund utilization and prevent the increase of local government hidden debts [1][2]. Group 1: Regulatory Framework - Two new regulations have been released for public consultation, focusing on the planning and evaluation of government investment fund allocations [1][2]. - The regulations include a negative list of behaviors that government investment funds must avoid, such as using funds for招商引资 (investment attraction) purposes and increasing local government hidden debts [1][3]. Group 2: Current Issues and Challenges - Government investment funds have faced common issues such as unreasonable and repetitive investments, with specific examples of funds being misallocated to real estate and overcapacity industries [2]. - The need for high-quality development of government investment funds has been emphasized, with a focus on aligning fund allocations with local industrial development and avoiding low-level redundant construction [2]. Group 3: Investment Restrictions - The proposed regulations impose several restrictions on government investment funds, including prohibiting investments in restricted or eliminated industries as per the industrial structure adjustment guidance [3]. - Funds are discouraged from being established for the same industry by the same government entity and must not engage in practices that could indirectly increase local government hidden debts [3][4]. Group 4: Evaluation and Accountability - The evaluation framework for government investment funds includes a negative behavior list, where funds exhibiting negative behaviors will not be evaluated for that year and may face corrective measures [3][4]. - Serious breaches of trust or negative public sentiment involving fund managers can also lead to restrictions on fund operations [4].