刚刚， VC/PE迎来退出利好。 3月6日证监会主席吴清在十四届全国人大四次会议经济主题记者会上表示，将围绕深化投融资 综合改革，进一步完善资本市场基础制度，积极发展多元股权融资， 拓展私募股权和创投基金 多重退出渠道 ，更加精准有效服务新质生产力发展。 吴清表示，在创业板改革中，将科创板改革的有益经验复制推广到创业板，重点是：在创业板 推出对符合条件的优质创新企业， 特别是在关键核心技术上有突破的企业实施IPO预先审阅 ，允许符合条件的在审企业面向老股东增资扩股，优化新股发行定价等。深化创业板改革，将 拓展制度包容性、覆盖面， 准备增设一套更加精准、更为包容的上市标准， 加力支持新产 业、新业态、新技术企业的发展，也支持新型消费现代服务业等优质创新创业企业在创业板发 行上市。他表示，创业板改革方案基本成型，将在进一步完善以后择机发布。 国家发展和改革委员会主任郑栅洁 3月6日在十四届全国人大四次会议经济主题记者会上表 示， 今年将会同财政部、人民银行等部门设立国家级并购基金 ， 进一步畅通创业投资退出渠 道，提高创业资本周转效率，预计会引导撬动各类资金规模超过 1万亿元。 母基金研究中心认为， 证监会和发改 ...

Core Viewpoint - The article emphasizes the importance of private equity and venture capital funds in supporting innovation and the need for a more inclusive and adaptable capital market system in China [2][3]. Group 1: Support for Private Equity and Venture Capital - The article highlights the Chinese Securities Regulatory Commission's (CSRC) recognition of the significant role of private equity and venture capital funds, indicating a favorable signal for the entire fundraising, investment, management, and exit chain [2]. - CSRC Chairman Wu Qing has stressed the necessity for larger and more patient capital investments to support new industries and business models, which aligns with the characteristics of private equity and venture capital [2][3]. - The focus on "patient capital" is crucial, as it refers to capital that can provide long-term support and is tolerant of risks and failures, which is essential for the long cycles and uncertainties associated with technological innovation [3][4]. Group 2: Development of Patient Capital - The article discusses the need to cultivate and expand patient and long-term capital, addressing the bottlenecks in the fundraising, investment, management, and exit processes of private equity funds [3]. - It mentions that the current investment return logic does not align with the typical five to two-year fund duration, necessitating a shift towards longer-term investment strategies [4]. - The role of state-owned limited partners (LPs) is highlighted as a key player in building patient and long-term capital in China [4]. Group 3: Policy Environment and Support - Since 2024, the policy environment for the venture capital industry has seen significant improvements, with the government increasingly supporting the sector through various measures [6]. - The article references multiple government initiatives aimed at promoting venture capital, including the "17 Measures for Promoting High-Quality Development of Venture Capital" and the emphasis on developing patient capital in the Central Economic Work Conference [6][8]. - The establishment of a national venture capital guidance fund is expected to mobilize nearly 1 trillion yuan in local and social capital, further enhancing the venture capital landscape [11].

Core Viewpoint - The article discusses the importance of venture capital (VC) in transforming scientific research into tangible economic value, highlighting recent policies in Shaanxi Province aimed at promoting high-quality development of VC [1][4]. Group 1: Venture Capital Overview - Venture capital refers to equity investment activities conducted by specialized firms and angel investors, primarily targeting early-stage technology-oriented small and medium-sized enterprises (SMEs) [2]. - The growth of venture capital supports a healthy cycle between technology, industry, and finance, fostering the development of new productive forces [2]. Group 2: Current Status of Venture Capital in Shaanxi - Shaanxi's venture capital sector has shown significant growth, with 179 registered equity VC fund managers and 702 funds by the end of 2024, totaling a fund size of 1,122 billion [3]. - The effectiveness of these funds is evident, with 2,844 existing investment projects and a total investment amount of 1,531 billion, over 80% of which are in technology-oriented enterprises [3]. - The policy environment for venture capital is improving, with various initiatives aimed at optimizing the industry ecosystem and establishing project matching platforms [3]. Group 3: New Policies and Measures - The newly released "Work Measures" aim to implement the province's innovation-driven development strategy, focusing on nurturing new productive forces and enhancing the policy environment for venture capital [4]. - Key initiatives include expanding funding sources, establishing a mother fund for industrial innovation clusters, and improving the management of government-funded VC [4][6]. - The measures also emphasize the importance of exit channels for venture capital investments and the establishment of a robust evaluation and accountability system for government-funded funds [4][6]. Group 4: Government Investment Fund Initiatives - Since 2019, Shaanxi has established a government investment guidance fund, which has set up 42 sub-funds and invested in 306 projects, amounting to 12.114 billion, leveraging an additional 61.024 billion from other capital [5]. - The provincial finance department is enhancing the management of government investment funds to improve market-oriented operations and competitiveness [6]. Group 5: Regulatory Support for Venture Capital - The Shaanxi Securities Regulatory Bureau highlights the significant role of private equity and venture capital in facilitating the listing of companies, particularly technology-oriented firms [7]. - Recent policies from central authorities aim to broaden funding sources and streamline exit channels for venture capital, promoting a healthy cycle of fundraising, investment, management, and exit [7]. - The expansion of the Financial Asset Investment Company (AIC) equity investment pilot program in Shaanxi is expected to further enhance the capital landscape for venture capital [8].