Core Viewpoint - The government investment funds will undergo significant reforms aimed at enhancing their role in supporting national strategies, promoting industrial upgrades, and fostering innovation and entrepreneurship [1] Group 1: Guidelines and Objectives - The draft guidelines emphasize that the establishment of government investment funds should align with the national strategy for a unified market and should not focus solely on attracting investments [2] - Investment directions must comply with macro-control requirements for national productivity layout, avoiding investments in industries with structural contradictions and preventing blind following in emerging industries [2] - The guidelines encourage mergers and acquisitions in relevant industries, accelerate technological updates, and promote quality upgrades in industries [1][2] Group 2: Investment Focus Areas - The guidelines outline four key support areas for government investment funds, which should align with national industrial adjustment and foreign investment encouragement directories [2] - National-level funds are encouraged to support modernization of industries, tackle key core technology challenges, and address major cross-regional projects, focusing on critical areas to demonstrate leadership [2] - Local funds should consider regional financial capabilities, industrial resources, and debt risks, selecting investment areas that enhance local advantages and support small and micro enterprises [2] Group 3: Operational Restrictions - Government investment funds are required to increase high-end capacity supply, focusing on industrial technological innovation and addressing critical technology challenges [3] - Investment funds must not engage in practices that increase local government hidden debts, and are restricted from public trading of stocks, derivatives trading, and providing guarantees for entities outside the invested companies [3]

Group 1 - The article discusses the management measures released by the Gansu Provincial People's Government aimed at promoting the high-quality development of government investment funds, emphasizing the need for stronger government guidance [1] - It highlights that local financial departments are responsible for the unified management of government investment funds at their level, with a focus on controlling the establishment of new funds and optimizing existing ones [1] - The measures call for the cultivation of long-term and patient capital, as well as the reasonable determination of the duration of government investment funds [1] Group 2 - The article stresses the importance of adhering to the national strategy for building a unified market and establishing a sound incentive and error-correction system [1] - It indicates that government investment funds should not be established solely for the purpose of attracting investment [1]