刘健钧：以“十五五”规划建议为指引股权与创投基金迎重要发展机遇

Core Viewpoint - The speech by Liu Jianjun at the "2025 Sci-Tech Investment Conference" highlights significant development opportunities for equity and venture capital funds in China, driven by the "14th Five-Year Plan" recommendations, focusing on two main aspects: investment opportunities in "4+5" industries and creating a favorable investment environment [1][2]. Investment Opportunities - The "4" major industry investment opportunities include optimizing traditional industries, nurturing emerging and future industries, promoting high-quality development in the service sector, and constructing a modern infrastructure system, particularly in new infrastructure [1]. - The "5" special industry investment opportunities focus on emerging sectors such as modern agriculture, health care, green transformation, national security, and military industries. Examples include implementing seed industry revitalization, advancing traditional Chinese medicine, supporting innovative drugs and medical devices, and enhancing national security capabilities in emerging fields like AI and biotechnology [1]. Investment Environment - Liu Jianjun emphasizes the importance of a stable macroeconomic environment, a healthy capital market, and a stable macro tax environment to foster the development of equity and venture capital funds. Key measures include leveraging government investment funds, innovating regulatory approaches, and improving the overseas investment environment for enterprises [2]. - The need for proactive macroeconomic policies, including monetary policy adjustments, is highlighted to address unprecedented global changes and ensure stable growth, employment, and expectations [2]. Policy Environment - The "14th Five-Year Plan" is expected to create a stable macro tax environment through enhancing fiscal sustainability, refining tax policies, and improving income distribution systems. This includes supporting the expansion of the middle-income group and regulating excessive income [3]. - Liu Jianjun suggests that structural tax incentives for venture capital funds should be carefully designed, taking into account China's unique circumstances and learning from international experiences, particularly focusing on promoting long-term investment incentives [3].