1月12日，国家发展改革委会同财政部、科技部、工业和信息化部联合发布了《关于加强政府投资基金布局规划和投向指导的工作办法》（以下 简称《工作办法》），国家发展改革委还同步出台了《政府投资基金投向评价管理办法》（以下简称《管理办法》）。中国宏观经济研究院经济 所研究员 刘国艳对此进行了解读： 一、政策出台背景与总体导向 近年来，政府投资基金作为财政支出方式的重要创新，在撬动社会资本、支持创新创业、培育新兴产业、推动产业升级等方面发挥了积极作用。 为构建更加科学高效的政府投资基金管理体系，2025年1月，国务院办公厅发布了《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，简称1号文件），提出政府投资基金管理要"突出政府引导和政策性定位，按照市场化、法治化、专业化原则规范运作"，要"完善 分级分类管理机制，合理统筹基金布局，防止同质化竞争和对社会资本产生挤出效应"。 为落实好1号文件精神，国家发展改革委会同有关部门出台了《工作办法》和《管理办法》两份文件，旨在构建"规划先行、投向明确、评价科 学、管理规范"的全链条管理体系。两项文件的总体导向是：强化战略统筹、聚焦政策目标、健全评价机制、提升运 ...

Core Viewpoint - The implementation of the "Implementation Opinions on Promoting the High-Quality Development of Government Investment Funds" by the Zhejiang Provincial Government aims to enhance the management system of government investment funds to better support the construction of a modern industrial system in the province [1][2]. Group 1: Key Aspects of the Implementation Opinions - The implementation opinions focus on five main areas: supporting the transformation and upgrading of traditional industries, nurturing emerging industries, and planning for future industries to create a high-quality development pattern for government investment funds that is appropriately scaled, reasonably laid out, standardized, scientifically efficient, and risk-controlled [1]. - Government investment funds are required to align closely with Zhejiang's major strategies, key areas, and weak links where the market cannot fully play its role, actively attracting and leveraging more social capital [1][2]. - Industry investment funds will focus on the construction of the "415X" advanced manufacturing cluster in Zhejiang, with a typical duration not exceeding 15 years; venture capital funds will focus on the "315" technology innovation system, with a possible increase in government funding proportion and a typical duration not exceeding 20 years [1]. Group 2: Management and Operational Mechanisms - The implementation opinions propose clear hierarchical management requirements to control fund levels and prevent multi-layer nesting; a mechanism for provincial and municipal linkage in investing in major strategic projects is to be established, promoting collaboration between government investment funds and state-owned enterprise funds [2]. - To enhance decision-making and supporting mechanisms, the opinions call for standardized fund management operations, establishing a scientific and standardized fund operation management and investment decision-making mechanism [2]. - A performance evaluation mechanism will be improved, allowing for normal investment risks, with differentiated evaluations for major strategic projects; an incentive and constraint mechanism will be established, providing liability protection for compliant due diligence [2].