一文看遍私募基金行业2025年度监管法规政策

Core Insights - The private equity fund industry in China is experiencing a year of regulatory enhancement and transformation in 2025, characterized by a dual focus on promoting development and strengthening compliance [1] Regulatory Policies and Guidance 1. Technology Innovation Bonds - The People's Bank of China and the China Securities Regulatory Commission (CSRC) issued an announcement on May 6, 2025, supporting the issuance of technology innovation bonds, allowing private equity and venture capital institutions to issue bonds with flexible terms to better match the funding needs of the technology sector [2] - The China Interbank Market Dealers Association released a notice on May 7, 2025, detailing the support for technology innovation bonds, including broadening the range of issuers and optimizing fundraising purposes [3] - The Shanghai, Shenzhen, and Beijing Stock Exchanges published a notice on May 7, 2025, further supporting private equity institutions in raising funds for private equity investment funds [4] 2. State Council and Related Regulations - The State Council issued guidance on March 2, 2025, emphasizing the need for private equity institutions to enhance investment capabilities and broaden direct financing channels, while also optimizing the fundraising, investment, management, and exit systems [5] - On September 8, 2025, the State Council approved a pilot program for market-oriented allocation of factors in certain regions, supporting the construction of regional equity markets [6] - The State Council's guidance on January 2, 2025, aimed at promoting the high-quality development of government investment funds, included measures for risk prevention and professional operation [7] 3. CSRC Regulations - The CSRC issued implementation opinions on February 7, 2025, guiding private equity funds to invest in early-stage, small, long-term, and hard technology projects, while also promoting a healthy cycle of fundraising, investment, management, and exit [8] - On October 27, 2025, the CSRC released opinions on enhancing the protection of small investors in the capital market, focusing on legal protections against misappropriation of private fund assets [9] - The CSRC revised its regulations on the responsibilities of its dispatched agencies on April 18, 2025, emphasizing risk monitoring and collaboration with local governments [10] 4. Joint and Other Department Regulations - A joint policy issued on May 14, 2025, by multiple departments aimed at constructing a technology finance system to support high-level technological self-reliance, included the establishment of a national venture capital guidance fund [11] - The financial support for boosting and expanding consumption was addressed in a joint opinion released on June 19, 2025, which encouraged private equity and venture capital funds to invest in seed and startup enterprises [12] - The July 29, 2025, guidance on supporting new industrialization emphasized the need for long-term capital and the transformation of technological achievements [13] 5. Industry Self-Regulation - The Asset Management Association of China revised its guidelines for private fund management on October 24, 2025, focusing on management changes and simplifying documentation requirements [15] - The association's dynamic reports on September 30, 2025, highlighted issues such as management's ongoing operational capacity and investor contribution capabilities [18][19] 6. Local Policies - Shanghai's government investment fund management measures, issued on September 25, 2025, outlined the establishment, management, and performance evaluation of government investment funds [28] - The measures to promote the development of specialized and innovative small and medium-sized enterprises in Shanghai, released on April 3, 2025, aimed to attract social capital for direct investments [29] - The action plan for promoting high-growth enterprises in Shanghai, published in 2025, set ambitious targets for nurturing unicorn companies and enhancing equity financing support [30]