《管理办法》将政府出资基金一般采用的通过预算直接出资、安排资金并委托国有企业出资、注资国有 企业并明确相关资金专项用于对基金出资等三种方式，全部纳入政府投资基金管理范围。同时，明确未 足额保障"三保"、政府债务付息等必保支出或债务风险高的地区，不得安排政府出资新设基金。 政府投资基金聚焦国家和上海市重大战略、重点领域以及市场不能充分发挥作用的薄弱环节，按投资方 向分为产业投资类基金和创业投资类基金两大类。产业投资类基金围绕完善现代化产业体系，重点投资 产业链关键环节和延链补链强链项目，推动提升产业链供应链韧性和安全水平，打造具有国际竞争力的 产业集群。创业投资类基金围绕发展新质生产力，支持科技创新，重点投早、投小、投长期、投硬科 技，提升自主创新能力和关键核心技术攻关能力。 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）》。《管理办法》主要围绕"有效 市场"和"有为政府"两个关键点，突出"四个坚持"：一是坚持强化统筹、分类指导。从全市战略大局出 发，突出政策性功能定位，加强分类管理，合理统筹基金布局，形成市区出资合力，防止同质化竞争和 对社会资本产生挤出效应。二是坚持职责清晰、分级管理。明确政府 ...

2025.09.10 本文字数：1695，阅读时长大约3分钟 作者 |第一财经 陈益刊 近期，一些省份陆续公开了2024年当地预算执行和其他财政收支审计工作报告(下称"审计报告")，在肯 定政府投资基金对经济社会事业发挥引导促进作用的同时，也指出一些政府投资基金去年存在的问题， 其中之一就是资金闲置。 比如，湖北审计报告称，因前期手续不到位等原因，14只基金长期闲置，涉及金额28.85亿元。 河北审计报告指出，当地部分政府投资基金长期闲置，绩效管理仍需加强。3支省级政府投资基金闲置 比例较高，如2019年财政出资5000万元要求设立科技成果转化引导子基金，截至2024年底，该笔资金仍 在相关单位滞留未发挥效益。 福建审计报告称，基金整合效果有待加强，目前已整合的省级政府投资基金尚未开展投资，导致资金闲 置。 粤开证券首席经济学家罗志恒曾告诉第一财经，政府投资基金虽然不以营利为目的，但国有资产属性要 求保值增值，管理人怕出错担责，不敢将资金投入处于种子期、初创期的创新创业领域。部分政府投资 基金实际投资于成熟期等偏后期项目，或直接购买理财产品，甚至直接闲置，没有达到促进创新创业企 业、引导产业结构升级的政策目标 ...

Group 1 - The article discusses the recent implementation opinions issued by the Zhejiang Provincial People's Government Office aimed at promoting the high-quality development of government investment funds [1] - It emphasizes the need for government investment funds to align closely with major strategies, key areas, and weak links where the market cannot fully play its role, actively attracting and mobilizing more social capital [1] - Government investment funds are categorized into industrial investment funds and venture capital funds based on investment direction [1] Group 2 - Industrial investment funds focus on the construction of Zhejiang's "415X" advanced manufacturing clusters, enhancing industrial guidance and increasing investment in major strategic projects [1] - Venture capital funds are centered around the "315" technology innovation system in Zhejiang, targeting future industries such as artificial intelligence, biotechnology, and humanoid robots, with an emphasis on early, small, long-term investments in hard technology, innovation platforms, and innovative talent [1]

Core Viewpoint - The Guangdong Provincial Government has issued the "Guangdong Provincial Government Investment Fund Management Measures" to implement the "Guiding Opinions on Promoting the High-Quality Development of Government Investment Funds" at the provincial level, focusing on industry and entrepreneurship investments [2][3]. Group 1: Fund Structure and Focus - Government investment funds are defined as funds established by various levels of government through budget arrangements, either solely or in partnership with social capital, to support relevant industries and innovation through market-oriented equity investments [2][3]. - The management measures categorize government investment funds into industrial investment funds and entrepreneurial investment funds, focusing on strategic areas and weak links in the market [3][4]. - Industrial investment funds aim to enhance the modern industrial system, support traditional industry upgrades, and foster emerging industries, while entrepreneurial investment funds focus on early-stage companies and technological innovation [3][4]. Group 2: Fund Establishment and Management - The establishment of government investment funds requires approval from provincial financial departments, with restrictions on new fund setups by county-level governments unless necessary [5][6]. - The management measures emphasize a clear timeline for fund establishment and investment, requiring completion within one year after the fund formation plan is confirmed [5][6]. - The measures encourage collaboration between different levels of government to establish funds and prevent duplication in the same industry or field [4][5]. Group 3: Performance Evaluation and Fee Structure - The performance evaluation of government investment funds focuses on achieving policy goals rather than profitability, with no internal benchmark return rate set [7][8]. - Management fees for the funds are determined based on market principles and performance evaluations, with a principle that fees should not be deducted from the principal [9]. - The measures establish a differentiated management approach for entrepreneurial and industrial investment funds, allowing for flexibility in management requirements and decision-making processes [8][9].

Overall Requirements - The Hangzhou Shangcheng District High-Quality Development Industry Fund is established by the district government to support key industry development and innovation through market-oriented operations [3][4] - The fund aims to play a leading role in regional strategy, industrial upgrading, and promoting innovation and entrepreneurship [3] Fund Classification - The fund is categorized into venture capital funds and industrial investment funds, with a minimum scale of 30 billion and 70 billion respectively [4] - Venture capital funds focus on early-stage projects in strategic emerging industries such as information technology and artificial intelligence [4] - Industrial investment funds target mature projects and regional key projects to promote coordinated economic development [4] Management Structure - The fund management structure includes a management committee led by the district mayor and various government departments [5][6] - The committee is responsible for defining investment directions, decision-making on major issues, and overseeing fund operations [6] Investment Management Procedures - The investment management process includes project initiation, due diligence, investment decision-making, and project implementation [7][11] - Projects can be recommended by various departments, and decisions on project initiation are made within five working days [7][11] Investment Models and Contribution Ratios - The fund can adopt a combination of mother funds, sub-funds, and direct investment models, with direct investments not exceeding 40% of the total [12] - Contribution ratios for venture capital and industrial investment funds are capped at 40% and 30% of the sub-fund's subscribed capital respectively [12] Performance Management - A performance evaluation mechanism will be established to assess fund operations and management annually [18][19] - Evaluation criteria will include national asset function, fund operation, financial returns, and post-investment management [19][20][21] Fund Exit - Investment projects must specify exit conditions and methods in their agreements, with options for early exit under certain circumstances [24][25] - The typical duration for venture capital funds is not to exceed 10 years, while industrial investment funds should not exceed 8 years [25] Reporting and Information Disclosure - The fund management company is required to report on investment management and project progress quarterly and annually [30][31] - Any significant issues with invested companies must be reported within seven working days of discovery [30]