文章来源：辽宁省人民政府官网 辽宁省省级政府投资基金管理办法 1 扫码文末"投小圈" 加入行业交流群 第一章 总则 第一条 为进一步规范辽宁省省级政府投资基金管理，提升管理市场化、法治化、专业化水平，更好地 发挥财政资金的引领和带动作用，根据《国务院办公厅关于促进政府投资基金高质量发展的指导意见》 （国办发〔2025〕1号）以及《辽宁省人民政府办公厅关于促进政府投资基金高质量发展的实施意见》 （辽政办发〔2025〕18号）等相关政策规定，制定本办法。 第二条 本办法所指省级政府投资基金是由省政府出资设立、按照市场化方式运作的政策性基金，坚 持"政府引导、市场运作、科学决策、防范风险"原则，以母基金模式运营，通过参设子基金、直接股权 投资等开展投资，按投资方向分为产业投资类基金和创业投资类基金。 第三条 省级政府投资基金资金来源为省级财政一般公共预算和政府性基金预算安排的资金，以及基金 收益等。 第四条 本办法所指子基金是由省级政府投资基金参设，由中国证券投资基金业协会备案的私募基金管 理人按照市场化方式管理的私募股权投资基金或创业投资基金，一般以直接股权投资为主要运作方式。 第五条 产业投资类基金投向处于成长 ...

Core Viewpoint - Shanghai has officially released the "Shanghai Municipal Government Investment Fund Management Measures (Trial)" which establishes a comprehensive management system for government investment funds, covering the entire process from fundraising to investment, management, and exit [1][2]. Fund Classification - The management measures define government investment funds as those established by various levels of government through budget arrangements, either solely or in partnership with social capital, using market-oriented methods to guide social capital in supporting relevant industries and innovation [3]. - Government investment funds are primarily classified into two categories: industrial investment funds and venture capital funds, each with specific investment focuses [5]. Fund Establishment - The measures emphasize strict control over the establishment of new funds, preventing the same government from setting up multiple funds in the same industry to avoid homogenization and fragmentation [6][20]. - New government investment funds should generally have a lifespan of no more than 10 years, with exceptions for venture capital funds and those focused on strategic emerging industries [7][14]. Fund Management - Management fees for funds should be based on actual contributions or investments, with differentiated management fees during investment and exit phases [8][28]. - The measures require that government investment funds operate under a market-oriented approach, with government departments respecting the operational rules of the funds and not interfering in daily management [19][26]. Fund Exit - The measures allow for voluntary early exits from funds under certain conditions, such as underperformance or prolonged idle funds, with government contributions able to exit according to agreements [9][10]. - Funds are generally not allowed to engage in circular investments, and any returns should be promptly allocated to investors [30][31]. Overall Impact - The new management measures are a response to the earlier national guidelines aimed at improving the quality and effectiveness of government investment funds, indicating a shift towards a more structured and efficient investment ecosystem in Shanghai [2][12][14].

人民财讯9月30日电，上海市人民政府办公厅印发《上海市政府投资基金管理办法(试行)》。其中提 出，政府投资基金在运作过程中，不得从事以下业务：(一)从事融资担保以外的担保、抵押、委托贷款 等业务；(二)投资二级市场股票(上市公司定向增发、以并购重组为目的等中国证券监督管理委员会允许 的投资方式除外)、期货、房地产、证券投资基金、评级AAA以下的企业债、信托产品、非保本型理财 产品、保险计划及其他金融衍生品；(三)向任何第三方提供赞助、捐赠(经批准的公益性捐赠除外)；(四) 吸收或变相吸收存款，或向第三方提供贷款和资金拆借；(五)进行承担无限连带责任的对外投资；(六) 发行信托或集合理财产品募集资金；(七)其他法律法规禁止从事的业务。 ...

Core Insights - The recent audits from various provinces, including Hebei and Hubei, reveal significant issues in the management of government investment funds, such as unclear investment directions, long-term fund idleness, and inadequate performance management [1][3][4]. Group 1: Audit Findings - Hebei's audit highlighted that some government investment funds have unclear investment areas and are poorly managed, with funds remaining idle for extended periods [3]. - Hubei's audit found that 14 funds were long-term idle, involving an amount of 2.885 billion yuan, and noted discrepancies in fund management compliance [4]. - Similar issues were reported in other provinces like Fujian and Jiangxi, where funds were not aligned with their intended investment goals, leading to underperformance [4]. Group 2: Market Reflection - The challenges faced by government investment funds reflect the current state of the primary market, where limited capital is concentrated in similar sectors, making it difficult to find viable investment opportunities [2][4]. - Many investment institutions have expressed concerns about the slow deployment of capital, indicating a mismatch between available funds and suitable projects [4]. Group 3: Government Investment Fund Landscape - As of the end of 2024, there are 2,178 government-guided funds in China, with a total target scale of approximately 12.84 trillion yuan and a subscribed scale of about 7.70 trillion yuan [6]. - Government investment funds play a crucial role in China's venture capital market, with state-owned management entities controlling a significant portion of the funds [6]. Group 4: Policy Responses - The State Council issued guidelines to enhance the quality of government investment funds, emphasizing the need for clear fund positioning and differentiated management [7]. - Recent policy drafts aim to prevent homogenization and ensure that government funds do not crowd out social capital, while also encouraging the integration and restructuring of similar funds [9].

Core Insights - The recent audits in various provinces highlight significant issues in the management of government investment funds, including fund dispersion, long-term idleness of capital, and misalignment of investment directions [1][2][3] Group 1: Audit Findings - Hebei Province's audit report revealed that many government investment funds lack clear investment targets, leading to dispersed investments and prolonged idleness of funds [2] - Hubei Province identified that 14 funds had long-term idleness, amounting to 2.885 billion yuan, and noted discrepancies in supporting local industry development [3] - Similar issues were reported in Jiangxi and Fujian, where funds did not align with their intended investment goals, resulting in insufficient support for key local industries [3] Group 2: Market Conditions - The current market environment reflects challenges faced by investment institutions, with limited opportunities for deploying capital effectively due to a concentration of funds in similar sectors [4] - Government Limited Partners (LPs) are increasingly focused on the efficiency of fund usage, emphasizing the need for timely investments in innovative projects [4] Group 3: Government Investment Fund Landscape - As of the end of 2024, there are 2,178 government-guided funds in China, with a total target scale of approximately 12.84 trillion yuan and a subscribed scale of about 7.70 trillion yuan [5] - Government investment funds play a crucial role in the private equity market, with state-owned management entities controlling a significant portion of the total fund management scale [5] Group 4: Policy Developments - The State Council issued guidelines to promote high-quality development of government investment funds, emphasizing the need for clear fund positioning and differentiated management [6] - Recent proposals aim to strengthen the planning and guidance of government investment funds, preventing homogenization and ensuring effective capital deployment [6][8]

Core Viewpoint - The recent release of guidelines by the National Development and Reform Commission emphasizes the importance of government investment funds in supporting innovation and addressing market failures in China’s economy, particularly in the context of high-quality development and technological self-reliance [1][2]. Group 1: Government Investment Fund Objectives - Government investment funds are designed to address market failures, focusing on major national strategies and key sectors while attracting more social capital through market-oriented approaches [2][3]. - The establishment of local government investment funds has led to a trend where they are used as tools for attracting investment, resulting in homogeneous investment patterns across regions [2][3]. Group 2: Guidelines for Investment Direction - The new guidelines specify that national-level funds should focus on modernizing industries, tackling core technological challenges, and supporting significant cross-regional projects, while local funds should consider regional characteristics and support small and medium-sized enterprises [3][4]. - Investments in restricted or eliminated industries, as outlined in the "Industrial Structure Adjustment Guidance Catalog," are prohibited to prevent local governments from indirectly subsidizing overcapacity sectors [3][4]. Group 3: Market Efficiency and Competition - The guidelines stress the need to prevent local governments from excessively utilizing investment funds for attracting investments and engaging in homogeneous competition, highlighting that market efficiency stems from effective resource allocation and fair competition [4]. - The role of government investment funds is primarily to address temporary strategic capital shortages and to demonstrate leadership in attracting social capital participation [4].

Group 1 - The core viewpoint of the articles emphasizes the importance of government investment funds in supporting innovation and addressing market failures in China’s economy, particularly in the context of high-quality development and technological self-reliance [1][2][4] - Government investment funds are intended to complement private investment by targeting key strategic areas and industries that may not attract sufficient market capital, particularly in long-cycle hard technology sectors [1][2] - The recent guidelines specify that national-level funds should focus on modernizing industries, addressing core technological challenges, and supporting significant cross-regional projects, while local funds should consider regional characteristics and support small and medium enterprises [3][4] Group 2 - The guidelines prohibit government investment funds from investing in restricted or eliminated industries as per the industrial adjustment directory, aiming to prevent local governments from using these funds to subsidize overcapacity sectors [3] - There is a need to avoid homogenization in investment strategies among local governments, which can lead to resource waste and ineffective competition, thus necessitating improved management of government investment funds [2][4] - The role of government investment funds is to act as patient capital, addressing temporary strategic capital shortages and fostering an ecosystem that encourages innovation and entrepreneurship, while ensuring that market mechanisms remain effective [4]

Core Viewpoint - The National Development and Reform Commission (NDRC) aims to prevent local governments from using government investment funds to indirectly subsidize industries with excess capacity, thereby avoiding redundant investments and disorderly competition [1] Group 1: Policy Guidelines - The proposed "Measures for Strengthening the Guidance and Evaluation Management of Government Investment Fund" emphasizes incentive constraints to optimize industrial layout and strengthen industrial regulation [1] - The guidelines will direct government investment funds towards or away from industries that are either encouraged or restricted by the state, ensuring a balance of support and pressure in industrial regulation [1] Group 2: Implementation and Management - Local governments are urged to reasonably coordinate fund allocation based on evaluation results, aiming to standardize and improve the operation management and investment decision-making mechanisms of government investment funds [1] - The incentive and constraint mechanisms will be effectively transmitted to all levels of funds and managers, enhancing the motivation of all parties involved [1]

明确基金设立规范 在政府投资基金的设立和退出方面，《办法》就组建方案、管理审批、权责关系和退出机制等提出相应 要求。 日前，广东省财政厅印发《广东省政府投资基金管理办法》（以下简称《办法》）。《办法》共四十 条，其中重点提及"政府投资基金设立规范""基金管理费收取条件"等方面内容，引发社会关注。 据了解，该《办法》自印发之日起实施，原有的《广东省政府投资基金管理实施办法（试行）》（粤财 预〔2016〕178号）同时废止。 所有权、管理权、托管权分立 管理费原则上不在本金中列支 在本次颁布的《办法》中，所占篇幅最大的是"基金管理"章节，共计十一条内容。同时，许多社会关注 的热点，也来自这一部分。 其中，《办法》提到将对不同定位和类型的政府投资基金，从准入遴选、决策机制、过程管理、绩效考 核、容错机制等方面施行差异化管理。 例如，对于创业投资类基金，《办法》提出，要鼓励适当提高政府出资比例、风险容忍度、让利比例、 延长存续期限和绩效评价周期；而对于产业投资类基金，《办法》则指出，应根据产业类型、发展阶 段、区域分布特点合理设置管理要求和决策机制，优化基金功能，突出支持重点产业、产业链关键环节 和重点项目，强化政策 ...

Core Viewpoint - The Guangdong Provincial Finance Department has issued the "Guangdong Provincial Government Investment Fund Management Measures," which outlines the investment strategies and performance evaluation criteria for government investment funds [1]. Group 1: Investment Strategies - Government investment funds can invest through either a mother-fund and sub-fund structure or direct project investments [1]. - Sub-funds are primarily expected to invest in direct projects, including single-project special funds, to control fund levels and prevent excessive layering that could hinder policy objectives [1]. Group 2: Performance Evaluation - The performance evaluation of the funds will focus on the comprehensive achievement of policy objectives rather than profit maximization [1]. - There will be no internal benchmark return rate set, and evaluations will not be based on the profit or loss of individual projects or single fiscal years [1]. - Generally, there will be no penetration assessment of individual investment projects within sub-funds [1]. Group 3: Management Fees - Management fees for government investment funds will be determined through market-based negotiations and will be allocated based on the results of fund evaluations [1]. - Management fees should generally be calculated based on the actual contributions or investment amounts, with reasonable standards for fee determination [1]. - Fees will be paid from fund earnings or interest, and it is generally not allowed to charge fees against the principal; however, if the fund has not yet generated earnings or interest, fees may be advanced from the principal and later reimbursed once earnings are available [1].