落实国办1号文，上海打响规范政府投资基金运作“首枪”

Core Viewpoint - The article discusses the rapid growth of government-led investment funds in technology innovation projects in China, particularly in the context of the "AI+" wave, while highlighting the risks associated with this trend due to the overwhelming enthusiasm of state-owned funds [2][3]. Summary by Sections Government Investment Fund Regulations - Shanghai has introduced new regulations to strictly control government investment funds, establishing a comprehensive management system for the entire process of fundraising, investment, management, and exit [2][4]. - The regulations prohibit the same government from establishing multiple funds in the same industry or sector, aiming to prevent redundancy and ensure effective operation and risk management [2][5]. Response to National Guidelines - The new regulations are a response to the State Council's Guiding Opinions on Promoting the High-Quality Development of Government Investment Funds issued in January 2023, which aims to create a more scientific and efficient management system for these funds [3][4]. - The national guidelines emphasize the need for a reasonable scale, proper layout, standardized operations, and risk control in government investment funds [4][5]. Fund Structure and Management - The Shanghai management approach categorizes government investment funds into industrial investment funds and venture capital funds, clarifying their investment focuses [5][6]. - The regulations require district-level governments to optimize existing funds and strictly control the establishment of new funds to avoid disorderly competition [6][7]. Ecosystem Development - Local governments have taken a leading role in industrial investment, establishing large-scale funds that often exceed billions, with a focus on creating a sustainable ecosystem involving funds, industrial parks, and market-oriented investment institutions [7][8]. - As of mid-2025, state-owned management firms account for 34.5% of the registered private equity fund managers, controlling 70% of the total fund management scale in the market [7][8]. Challenges and Future Outlook - The management regulations address challenges such as fund positioning, returns, exits, and the potential for government overreach in fund management [8][9]. - The new regulations are expected to enhance the efficiency of fiscal fund usage, promote orderly fund operations, and serve as a model for other local governments, contributing to a healthier and more efficient venture capital ecosystem in China [9].