政府投资基金要发挥“耐心钱”作用

Core Insights - The National Development and Reform Commission has drafted guidelines for government investment funds, marking a new phase in the precise management of the trillion-yuan scale of these funds in China [1][3] - The venture capital market in China has become the second largest globally, following the U.S., significantly contributing to the funding of small and medium enterprises that cannot access traditional financial systems [1][2] Group 1: Government Investment Funds - The core logic of government-guided funds is to address market failures, particularly in areas with long recovery cycles that are often overlooked by private capital [2][3] - As of June 2024, there are 2,126 government-guided funds in China, managing over 12 trillion yuan, with significant contributions to the semiconductor industry through the National Integrated Circuit Industry Investment Fund [3][4] Group 2: Strategic Importance - The emphasis on "patient capital" reflects a strategic understanding of the need for long-term investment in core technologies, which often require 10-20 years of sustained funding [3][4] - The shift from scale expansion to quality enhancement in government investment funds aims to focus on targeted investments and optimize management mechanisms [4] Group 3: Future Directions - Government investment funds are expected to play a crucial role in the next wave of technological revolution and industrial transformation, supporting high-quality economic development in China [4]