完善政府投资基金管理，避免地方同质化竞争

Group 1 - The core viewpoint of the articles emphasizes the importance of government investment funds in supporting innovation and addressing market failures in China’s economy, particularly in the context of high-quality development and technological self-reliance [1][2][4] - Government investment funds are intended to complement private investment by targeting key strategic areas and industries that may not attract sufficient market capital, particularly in long-cycle hard technology sectors [1][2] - The recent guidelines specify that national-level funds should focus on modernizing industries, addressing core technological challenges, and supporting significant cross-regional projects, while local funds should consider regional characteristics and support small and medium enterprises [3][4] Group 2 - The guidelines prohibit government investment funds from investing in restricted or eliminated industries as per the industrial adjustment directory, aiming to prevent local governments from using these funds to subsidize overcapacity sectors [3] - There is a need to avoid homogenization in investment strategies among local governments, which can lead to resource waste and ineffective competition, thus necessitating improved management of government investment funds [2][4] - The role of government investment funds is to act as patient capital, addressing temporary strategic capital shortages and fostering an ecosystem that encourages innovation and entrepreneurship, while ensuring that market mechanisms remain effective [4]