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]

国家发改委：严防地方政府通过政府投资基金变相补贴产能过剩领域 防止重复投资和无序竞争 金十数据7月30日讯，《加强政府投资基金投向指导评价管理办法（公开征求意见稿）》拟规定，突出 激励约束，推动优化产业布局、强化产业调控。以引导政府投资基金投向或退出国家鼓励或调控限制的 产业领域，有保有压加强和优化产业调控。严防地方政府通过政府投资基金变相补贴产能过剩领域，防 止重复投资和无序竞争。指导督促各地依据评价结果合理统筹基金布局，规范和完善政府投资基金运营 管理和投资决策机制，将激励约束机制充分传导至各级基金及管理人，更好调动各方积极性。 ...

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].

Core Viewpoint - The Guangdong Provincial Finance Department has issued the "Management Measures for Government Investment Funds," which stipulates that management fees for government investment funds will be determined through market-based negotiations and will be allocated based on the evaluation results of the funds [1] Summary by Relevant Sections - **Management Fee Determination** - Government investment fund management fees will be negotiated based on market principles and will be approved according to the fund's performance evaluation results [1] - **Fee Calculation Basis** - Management fees should generally be based on the actual paid-in capital or actual investment amount, with a reasonable standard for fee calculation [1] - **Payment of Management Fees** - Management fees will be paid from the fund's earnings or interest, and generally, it is not allowed to be deducted from the principal. If the fund has not yet generated earnings or interest, fees may be advanced from the principal, to be reimbursed once earnings or interest are available [1] - **Post-Fund Duration Fee Collection** - No management fees can be collected after the fund's duration has expired [1]

欢迎加入投资界读者群 一级市场之变。 作者 I 周佳丽 报道 I 投资界-解码LP 1、政府投资基金管理费用按照市场化原则协商确定，依据基金考核评价结果情况予以核 定拨付。 2、基金管理费一般应以实缴出资或实际投资金额为计费基础，合理确定计提标准。基金 管理费从基金收益或利息中支付，原则上不允许在本金中列支，如基金暂未产生收益或 利息，可先从本金中预支，待基金产生收益或利息后补回。 3、基金存续期满后不得收取管理费。 短短15 7个字，于创投行业而言沉甸甸。 众所周知，政府投资基金已经成为国内创投行业的重要力量，政府引导基金更是当下一 级市场最大的出资活水，牵一发往往影响着方方面面。 这一纸通知正在VC/PE圈发酵。一位政府引导基金资深从业者分享内部的几点疑问： 一 是该规定只适用于财政出资的母基金，还是要穿透到子基金？按「规定2」字面意思，似 乎连子基金都要；二是如若政府投资基金按此交管理费，那么社会LP还能否按市场化收 管理费？这里可能面临LP利益不一致的问题；三是如果政府母基金按此执行，那么引导 性质的母基金，可能面临更尴尬的境况。 最后，深圳按其他管理办法。 一纸通知，创投圈涌动。 6 月 3 日 ， ...