21评论丨政府投资基金要发挥“耐心钱”作用

Group 1 - The core viewpoint of the news is the introduction of new guidelines by the National Development and Reform Commission (NDRC) aimed at enhancing the management and direction of government investment funds, marking a new phase in the precise management of the trillion-yuan government investment fund system in China [1][4] - The venture capital market in China has developed into the second largest market globally, following the United States, significantly contributing to the funding of small and medium-sized enterprises that cannot access traditional financial systems [1][2] - The government-guided fund model in China addresses market failures by providing long-term capital for high-risk areas that private capital often overlooks, particularly in foundational research and early-stage technology [2][3] Group 2 - The concept of "patient capital" introduced at the 20th National Congress emphasizes the need for sustained investment over 10-20 years to achieve core technological breakthroughs, contrasting with traditional short-term investment approaches [3][4] - As of June 2024, there are 2,126 government-guided funds in China, with a total management scale exceeding 12 trillion yuan, demonstrating the significant role of these funds in fostering key industries such as integrated circuits [3][4] - The recent guidelines aim to shift the focus of government investment funds from mere scale expansion to quality enhancement, promoting a more targeted and systematic approach to investment that integrates the entire innovation chain from research to commercialization [4]