Core Viewpoint - The "Tianjin Science and Technology Finance Action Plan for the Development of New Quality Productive Forces (2025-2027)" aims to optimize the management of government-owned funds and enhance the role of venture capital funds in driving investment and innovation in the region [1] Group 1: Government Fund Management - The upper limit for single-level fiscal contributions from municipal or district governments can be increased to 70% [1] - The combined upper limit for contributions from both municipal and district levels can be raised to 80% [1] - A reasonable profit-sharing ratio will be established to optimize the management of venture capital government investment funds [1] Group 2: Evaluation and Accountability - A comprehensive evaluation system covering the entire lifecycle of projects will be established, moving beyond simple annual profit and loss assessments [1] - A mechanism for error tolerance centered on compliance responsibilities will be encouraged, with improved standards and processes for exemption recognition [1] - The establishment and management of state-owned venture capital funds will be standardized and unified according to the overall deployment of Tianjin's state-owned industrial development mother fund [1] Group 3: Risk Management and Performance Assessment - A lifecycle assessment mechanism focusing on the functional role of state-owned venture capital funds will be explored [1] - Differential regulatory mechanisms will be implemented, reducing or exempting short-term investment return requirements in the performance assessments of state-owned enterprise leaders [1] - Reasonable investment risk tolerance levels will be set, along with a mechanism for compliance that exempts from accountability [1]

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]