政府投资基金征求意见：防止同质化，警惕对社会资本挤出效应

Core Viewpoint - The National Development and Reform Commission (NDRC) is seeking public opinions on guidelines for government investment funds, indicating a shift towards more strategic and regulated investment practices in the venture capital industry, which has been a significant source of funding in China [1][2]. Group 1: Overall Requirements - The guidelines emphasize the importance of aligning government investment funds with national strategies and preventing homogeneous competition, ensuring that funds are used effectively to support key industries and innovation [5][6]. - The focus is on creating a high-quality development framework for government investment funds that is well-structured, efficient, and risk-controlled [5][6]. Group 2: Key Investment Areas - Government investment funds should target industries that align with national development plans and encourage innovation, particularly in emerging sectors such as technology and green energy [7][8]. - National-level funds are encouraged to support major projects and technological advancements, while local funds should focus on regional strengths and support small and medium enterprises [7][8]. Group 3: Investment Direction Control - Investment funds are prohibited from investing in restricted or eliminated industries as outlined in national guidelines, and there is a push to avoid blind following of trends in emerging industries [9][10]. - The guidelines discourage the establishment of multiple funds in the same sector by the same government entity, promoting consolidation and restructuring of existing funds where necessary [9][10]. Group 4: Organizational Support - The approval process for fund establishment will involve assessments by development and reform departments to ensure compliance with the new guidelines [11][12]. - Each province is required to create a list of key investment areas for government funds, which must be approved and submitted to the NDRC by the end of 2025 [11][12]. Group 5: Evaluation and Accountability - The guidelines establish a framework for evaluating the performance of government investment funds, focusing on their alignment with national strategies and effective resource allocation [15][16]. - Funds will be subject to annual evaluations, and those that perform poorly may face restrictions or be required to adjust their investment strategies [21][22].