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Jin Rong Shi Bao·2026-01-12 09:05

Core Viewpoint - The release of the "Work Method" and "Management Method" by the National Development and Reform Commission, along with other ministries, signifies a shift from extensive management to refined management of government investment funds, aiming to enhance the efficiency of fiscal fund usage and guide social capital in alignment with national strategies [1] Group 1: Policy Orientation of Government Investment Funds - The "Work Method" emphasizes the policy-oriented nature of government investment funds, which are designed to support major strategies and address weak links in areas where the market cannot function effectively [2] - Government investment funds are not aimed at short-term financial returns but are focused on long-term national development strategies, prioritizing industrial development and investment guidance [2] - The investment focus of government funds should align with national macro-control requirements and encourage industries listed in the national industrial structure adjustment guidance [2] Group 2: Investment Restrictions and Risk Management - The "Work Method" prohibits government investment funds from investing in restricted or eliminated industries as per the industrial structure adjustment guidance and other relevant policies [3] - A negative list outlines prohibited investment behaviors, including avoiding increasing local government hidden debts and engaging in speculative trading [4] - These regulations are crucial for preventing financial and local debt risks, ensuring the safe and standardized operation of government investment funds [4] Group 3: Evaluation and Management Framework - The "Management Method" establishes a comprehensive evaluation system consisting of three parts and thirteen specific indicators, combining quantitative and qualitative assessments [5] - The evaluation framework includes policy compliance indicators (60% weight), productivity optimization indicators (30% weight), and policy execution capability indicators (10% weight) [5] - Evaluation results will directly influence future budget arrangements and management team accountability, creating a mechanism that encourages adherence to policy missions [7]

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