《天津市科技金融助力新质生产力发展行动方案(2025-2027年)》公开征求意见。其中提到，优化政府国 资基金管理。发挥创业投资类政府投资基金的带动作用，市或者区单独一级财政出资比例上限可提高至 70%，市、区两级财政合计出资比例上限可提高至80%，合理确定让利比例。优化创业投资类政府投资 基金管理，合理调整政策指标要求，建立全链条、全生命周期考核评价体系，不简单以单个项目或单一 年度盈亏作为考核依据。鼓励建立以尽职合规责任豁免为核心的容错机制，完善免责认定标准和流程； 按照天津市国资产业发展母基金统筹部署，规范设立、统一管理国资创业投资基金。探索建立以功能作 用发挥为重点的国资创业投资基金全生命周期考核机制和差异化监管机制，在国有企业负责人经营业绩 考核中降低或豁免基金短期投资回报要求，合理设置投资风险容忍度，建立尽职合规免予问责机制。 ...

Group 1 - Shenzhen's Futian District has proposed a funding scheme for early to mid-stage projects aligned with industrial development, offering investments of 1 million, 3 million, and 5 million yuan, with a maximum allowable loss of 100% for qualifying projects [1] - This is not the first instance of a 100% loss tolerance policy; similar policies were introduced in Guangzhou and Nanshan District, indicating a trend towards higher risk tolerance in state-owned capital investment [1] - The high loss tolerance aims to address the reluctance of state-owned capital to invest in high-risk innovative projects, which has historically been limited to a loss tolerance of 20%-30% [1] Group 2 - The State Council issued guidelines in January promoting a supportive environment for innovation and a tolerance for failure, encouraging state-owned capital to invest more freely in "hard technology" sectors [2] - Concerns exist regarding the potential for a "lying flat" mentality among state-owned enterprises due to high loss tolerance, but current implementations are limited and conditional [2] - The transition from a fear of mistakes to a willingness to take risks is crucial, with the need for clear guidelines and risk management frameworks to ensure effective implementation of high loss tolerance policies [3] Group 3 - The implementation of a 100% loss tolerance is not an end goal; rather, it is intended to encourage accountability for innovation and risk-taking in investments [3] - There is a call for further refinement of the standards for loss tolerance and clearer definitions of compliance responsibilities to ensure the policies are actionable and effective [3] - The expectation is for state-owned capital to act as a stabilizing force in the market, taking bold steps to explore new opportunities [3]