最高允许100%亏损，这个省优化国资创投考核机制

Core Viewpoint - The article discusses the recent policy initiatives by the Sichuan Provincial Government aimed at increasing financial support for technological innovation, particularly through a more lenient loss tolerance mechanism for investment funds [2][3]. Group 1: Policy Initiatives - Sichuan's new plan allows for a maximum investment loss tolerance of 60% for government-guided and state-owned funds, which can be increased to 80% for funds investing in seed-stage companies or future industries, and up to 100% for individual projects [2]. - The policy encourages equity investment institutions to increase their investments in technology-driven enterprises and projects that focus on results transformation [2][3]. Group 2: Loss Tolerance Mechanism - The article highlights a growing trend among local state-owned assets to adopt a 100% loss tolerance for individual projects, indicating a significant shift in investment risk acceptance [3]. - This trend is seen as a positive signal for the venture capital landscape, suggesting that local state-owned assets are becoming more open to the idea of total loss in investments [3]. Group 3: Government and State-Owned Fund Management - Recent policies emphasize the need for optimizing the management and accountability mechanisms of government investment funds, including the establishment of a fault tolerance mechanism [4][5]. - The government aims to create a supportive environment for innovation by allowing for a more flexible evaluation system that does not solely rely on the performance of individual projects or annual profits [5]. Group 4: Long-term Investment Strategies - Sichuan's initiatives reflect a commitment to "patient capital," which is characterized by long-term support and a high tolerance for risk and failure, particularly in the context of technological innovation [6][7]. - The province aims to establish a significant number of private equity and venture capital management institutions by 2030, with a target fund management scale of 4 trillion yuan [8]. Group 5: Fund Duration and Investment Conditions - The article notes that many newly established funds have extended durations of 15 to 20 years, with a significant portion of new funds allowing for a longer investment horizon [9]. - Sichuan's policies also propose that the duration for sub-funds can be extended up to 15 years, demonstrating a commitment to long-term capital [10]. Group 6: Investment Return Requirements - There is a noticeable trend towards lowering the return requirements for government investment funds, with average return multiples decreasing significantly over the past six years [11][13]. - The article mentions that many local governments are increasingly flexible regarding return requirements, allowing for lower ratios and broader definitions of what constitutes a return [12]. Group 7: Future Expectations - The article anticipates that more regions will adopt similar policies to enhance the incentive and fault tolerance mechanisms for government and state-owned funds, promoting the development of long-term, patient capital [13].