政府投资基金“投向哪怎么投”，国家首次作出系统规范

Core Viewpoint - The National Development and Reform Commission, along with other ministries, has released a systematic guideline for government investment funds, marking the first national-level regulation on their layout and investment direction [1]. Group 1: Investment Direction and Policy Measures - The guideline outlines 14 policy measures focusing on three main aspects: where to invest, how to invest, and who manages the funds [2]. - It emphasizes supporting major strategies and key areas, particularly in sectors where market resource allocation is weak, promoting deep integration of technological and industrial innovation, and fostering emerging pillar industries [2]. - Investments should align with national major plans and encourage industries listed in the national industrial directory, avoiding restricted or eliminated sectors [2]. Group 2: Fund Management and Local Adaptation - The guideline mandates provincial development and reform departments to create lists of key investment areas tailored to local industrial foundations and development realities [3]. - National-level funds are to focus on supporting the construction of a modern industrial system and addressing critical technological challenges, while local funds should prioritize local industry upgrades and support for small and micro enterprises [3]. - A new evaluation management method for fund direction has been established, combining positive guidance and negative constraints to enhance policy orientation and regulatory management [3].