一财社论：政府投资基金也应防止“内卷式”竞争

Group 1 - The government investment funds are required to overcome "administrative" tendencies and enhance market-oriented operations, which are crucial for attracting social capital [1][4] - The National Development and Reform Commission has drafted guidelines and management measures for government investment funds, aiming to strengthen planning and guidance while preventing homogeneous competition and crowding out social capital [1][2] - By the end of 2024, the total scale of government investment funds in China is expected to reach 3.35 trillion yuan, with 1,627 funds established [1] Group 2 - The guidelines emphasize the need to clarify the investment directions of government funds to avoid homogeneous competition and "involution" among local governments [2] - National-level funds are encouraged to focus on modernizing industries, tackling key technologies, and supporting major cross-regional projects, while collaborating with local funds to leverage regional resources [2] - A positive and negative investment direction list has been established to guide government investment funds, indicating previous non-compliance issues [2] Group 3 - There are growing concerns about the crowding out of social capital due to the expanding scale of government investment funds, necessitating a strategic withdrawal from fully competitive sectors [3] - Government investment funds should respect the rights of social capital and aim to attract more private investment, creating a leveraging effect [3] Group 4 - The emphasis on a scientific and efficient management system highlights the importance of market-oriented, legal, and professional principles in the operation of government investment funds [4] - A clear definition of responsibilities and benefits between the government and social capital is essential to establish a sound risk-sharing and benefit-sharing mechanism [4] - The mission of government investment funds includes supporting national strategies, promoting industrial upgrades, and fostering innovation while addressing the challenges of homogeneous competition and crowding out effects [4]