Core Viewpoint - The Guangdong Provincial Government has issued the "Action Plan for Further Promoting High-Quality Development of Venture Capital" to enhance the venture capital ecosystem through various measures, focusing on the entire investment chain from fundraising to exit [1][5][7] Group 1: Support for Venture Capital Institutions - The Action Plan emphasizes the cultivation of high-quality venture capital institutions, encouraging participation from diverse entities such as state-owned enterprises and research institutions [1][4] - It highlights the importance of professional development for venture capital institutions, urging them to focus on new fields and high-tech sectors [4][6] Group 2: Funding Sources and Financial Support - The plan aims to optimize the operation of government-funded venture capital funds, seeking to attract national-level funds to invest in Guangdong [5][6] - It encourages insurance institutions to invest in venture capital funds, supporting investments in strategic emerging industries [5][6] Group 3: Exit Mechanisms and Market Environment - The Action Plan includes measures to facilitate the exit mechanisms for venture capital, such as promoting technology companies for public financing and mergers [6] - It calls for the establishment of a mechanism to connect venture capital with innovative projects, enhancing the overall investment environment [6][7] Group 4: Government Guidance and Policy Support - The Action Plan outlines the need for a mechanism to evaluate the consistency of macro policies before implementing significant regulations affecting venture capital [6][7] - It aims to create a favorable financial ecosystem that supports technological innovation and venture capital development [6][7]

作为杭州科技创新体系建设的重要参与者和亲历者，周恺秉曾长期负责杭州市创业投资引导基金管理工 作。自20世纪90年代起，他持续呼吁地方财政和企事业单位加大科技投入；2011年提出应关注创业投资 项目的退出管理机制；2015年，他撰文建议杭州构建"硅谷式"的创业生态系统。2025年4月，《21世纪 经济报道》在杭州独家对话周恺秉，听他分享杭州创业投资体系演进的经验与思考。 口述 / 中国投资发展促进会副会长、杭州市创业投资协会轮值会长 周恺秉 采访整理 / 21世纪经济报道记者 赵娜 过去几十年，说起硅谷，人们总会提到它鼓励冒险、宽容失败、以人为本的创业文化。那么，光有这些 就够了吗？ 事实是，世界至今未能复制出第二个硅谷。也许我们的理解还有偏差，或者说，忽略了一些微小但重要 的因素。 我在2020年曾提出一个创新公式：Innovations = F(Culture，System，VC，...) 创新是多个变量叠加形成的函数。第一是敢于冒险、宽容失败的文化；第二是市场经济的体制机制；第 三是活跃推动创新创业的资本。当然，还有创业生态、营商环境、教育医疗等其他条件。 当杭州选定了这个公式，后面的发展就变成了"时间的 ...

据广东省人民政府网站5月16日消息，日前，广东省人民政府办公厅印发《广东省进一步促进创业投资高质量发展行动方案》。 营造支持科技创新的良好金融生态。在依法合规、风险可控前提下，鼓励银行、保险公司、融资租赁公司、担保公司与创业投资机构开展"贷款＋外部直 投""贷款+银行投资子公司+外部直投"等相关联动业务。适当放宽科技创新领域并购贷款适用范围、期限、出资比例，扩大科技创新领域并购贷款投放。用 好知识产权金融试点区政策，鼓励信托公司以知识产权等新型财产权设立服务信托。加大对种子期、初创期科技型企业综合金融支持力度。 图片来源：广东省人民政府网站 《行动方案》提出，支持创业投资机构提升发展水平，重点培育一批优秀创业投资机构。鼓励大型国有企业、行业骨干企业、科研机构、创新创业平台等多 元主体参与创业投资，引导创业投资机构规范运作，提升股权投资、产业引导、战略咨询综合服务能力。支持创业投资机构专业化发展，鼓励聚焦新领域新 赛道、深耕高新技术专业领域、投早投小投硬科技投长期、投资原创性引领性科技创新、投资产业链上下游的"专精特新"企业。发挥横琴、前海、南沙、河 套等粤港澳大湾区重大平台改革先行优势，强化与港澳联动，促进创 ...

Group 1 - The Chinese government has launched a series of policies to accelerate the construction of a technology finance system, aiming to channel more financial resources into technological innovation [1] - Approximately 20% of founders of companies listed on the Sci-Tech Innovation Board have a research background from universities or research institutions, indicating a strong link between academic research and market applications [1] - The Guangdong-Hong Kong-Macao Greater Bay Area is fostering a vibrant entrepreneurial ecosystem, with significant participation from universities, enterprises, and investment institutions [1][2] Group 2 - South China University of Technology invests over 10 million yuan annually to develop innovative entrepreneurship courses and has established a comprehensive incubation platform for student teams [3] - The university has created over 30,000 square meters of incubation space to support more than 500 student entrepreneurial teams with various services [3] - Startups like Qicheng Zhihui are leveraging AI technologies to optimize industrial processes, highlighting the integration of academic research and entrepreneurship [4] Group 3 - The investment landscape is shifting, with venture capital increasingly focusing on projects that demonstrate market potential and technological advantages [6][8] - National and local policies are being implemented to enhance the entrepreneurial investment environment, including the establishment of national venture capital guidance funds [5] - State-owned investment institutions are actively seeking early-stage projects and providing multi-dimensional post-investment services to improve success rates [7][8] Group 4 - The Guangzhou Industrial Control Group is exploring new paths to empower entrepreneurial education through investment and technology transfer [7] - The group evaluates projects based on market demand, technological advantages, and investment value, aiming to create a comprehensive incubation mechanism [8] - Future plans include establishing offices in universities to provide funding channels, mentor resources, and organize project evaluations [8]

Core Viewpoint - Guangdong Province is implementing measures to promote high-quality development in venture capital by creating a supportive financial ecosystem for technological innovation [1] Group 1: Policy Initiatives - The Guangdong Provincial Government is encouraging banks, insurance companies, leasing firms, and guarantee companies to collaborate with venture capital institutions through linked business models such as "loan + external direct investment" and "loan + bank investment subsidiary + external direct investment" [1] - There will be a relaxation of the applicable scope, duration, and investment ratio for merger loans in the technology innovation sector, aimed at increasing the availability of such loans [1] Group 2: Financial Support for Startups - The policy emphasizes the use of intellectual property financial pilot zone policies to encourage trust companies to establish service trusts based on new types of property rights, such as intellectual property [1] - There is an increased focus on providing comprehensive financial support for seed-stage and early-stage technology enterprises [1]

Core Viewpoint - Guangdong Province is actively promoting the high-quality development of venture capital by facilitating access to various financial channels for technology-driven enterprises [1] Group 1: Policy Support - The Guangdong Provincial Government has issued an action plan to further promote the high-quality development of venture capital [1] - The plan includes recommendations for technology-driven enterprises that break through key core technologies to be included in green channels for public financing, bond issuance, and mergers and acquisitions [1] Group 2: Market Access - The action plan aims to leverage the functions of the Shanghai and Shenzhen stock exchanges, the Sci-Tech Innovation Board, the Growth Enterprise Market, the National Equities Exchange and Quotations (NEEQ), and regional equity markets to broaden exit channels for mergers and acquisitions [1] - Support is provided for technology-driven enterprises to conduct overseas listing filings and to facilitate the exit of foreign currency venture capital funds [1] Group 3: Investment Mechanisms - The plan encourages qualified venture capital institutions to apply for pilot programs for physical stock distribution [1] - There is a focus on developing merger funds and secondary market funds for venture capital, while also supporting the transfer of equity investment and venture capital fund shares in Guangdong's regional equity market [1]

Core Viewpoint - The Guangdong Provincial Government has issued an action plan to promote high-quality development of venture capital, focusing on improving exit mechanisms for venture investments [1] Group 1: Policy Initiatives - The plan emphasizes the establishment of a robust exit mechanism for venture capital investments [1] - It encourages the inclusion of technology-driven enterprises that break through key core technologies into green channels for public listing, bond issuance, and mergers and acquisitions [1] - The initiative aims to leverage various stock exchanges, including the main board, Sci-Tech Innovation Board, Growth Enterprise Market, and regional equity markets, to broaden exit channels for mergers and acquisitions [1] Group 2: Support for Overseas Listings - The plan supports technology enterprises in applying for overseas listing records, facilitating foreign currency exit channels for venture capital funds [1] - It promotes the development of merger funds and secondary market funds for venture capital, ensuring compliance with regulations [1] Group 3: Stock Distribution and Market Trials - The action plan supports qualified venture capital institutions in applying for physical stock distribution pilot programs [1] - It encourages the Guangdong regional equity market to conduct trials for equity investment and venture capital fund share transfers [1]

Core Viewpoint - The establishment of the "National Venture Capital Guidance Fund" aims to support long-term investment in hard technology and alleviate financing difficulties for technology-based enterprises, potentially attracting nearly 1 trillion yuan in local and social capital [2][3][4]. Group 1: Policy Initiatives - The Ministry of Science and Technology, the People's Bank of China, and other regulatory bodies jointly released 15 policy measures to enhance financial support for technological innovation [3][4]. - The National Venture Capital Guidance Fund will focus on early-stage investments in hard technology sectors such as artificial intelligence, quantum technology, and hydrogen energy storage [4][5]. Group 2: Financial Mechanisms - The fund is expected to have a lifespan of 20 years, which is longer than typical equity investment funds, allowing for sustained support for technology enterprises [4][5]. - The policy measures include expanding the pilot scope of financial asset investment companies to 18 provinces and encouraging insurance funds to participate in venture capital investments [5][6]. Group 3: Market Impact - The National Venture Capital Guidance Fund is anticipated to play a crucial role in alleviating financing challenges for technology firms, particularly those in seed and early stages, by providing long-term capital [7][8]. - The establishment of a "Technology Board" in the bond market is proposed to support technology innovation and facilitate financing for technology-based enterprises [7][8].

Core Viewpoint - The article discusses the recent actions taken by tax authorities against venture capital companies in Hainan Free Trade Port, particularly focusing on the denial of tax incentives based on the lack of proper registration as per the Interim Measures for the Administration of Venture Capital Enterprises [1][2]. Group 1: Tax Incentives and Regulations - The local tax authority has issued a notice stating that a venture capital company registered in Hainan Free Trade Port is not eligible for the 15% corporate income tax rate due to failure to register according to the Interim Measures for the Administration of Venture Capital Enterprises [2][3]. - The criteria for enjoying the 15% tax rate include being registered in Hainan, having the main business income from encouraged industries exceeding 60%, and meeting substantial operational conditions [3][6]. - The tax incentive policy is valid until December 31, 2027, as extended by the Ministry of Finance and the State Taxation Administration [6]. Group 2: Registration and Compliance - The Interim Measures for the Administration of Venture Capital Enterprises stipulate that registration is voluntary and does not constitute a barrier to market entry [8][10]. - Registered venture capital enterprises can receive policy support, including potential funding from government-led venture capital funds [9][10]. - The tax authority's requirement for registration to qualify for tax incentives is not explicitly stated in the tax incentive policy, indicating that unregistered companies may still be eligible if they meet other criteria [6][7]. Group 3: Discrepancies in Policy Interpretation - The Hainan Provincial Development and Reform Commission has issued guidelines that incorrectly link the tax incentive to the registration requirement, which exceeds its authority [13][14]. - The guidelines have created confusion and may hinder the growth of smaller venture capital firms in Hainan, potentially reducing investment in local small and medium enterprises [17][18]. - The article suggests that venture capital firms should proceed with registration to avoid tax disputes and protect their investments, despite the lack of a legal basis for the registration requirement in the tax incentive policy [18].

Core Viewpoint - Sichuan Province is actively promoting policies to support high-quality development of venture capital and private equity, aiming to establish itself as a national hub for entrepreneurial investment [2][4]. Group 1: Policy Measures - Sichuan has introduced 21 detailed measures to enhance the entire venture capital and private equity investment chain, focusing on attracting national VC/PE institutions [2][4]. - The province aims to have 500 private equity and venture capital fund management institutions and manage 2,000 funds with a total management scale of 4,000 billion by the end of 2030 [4]. - The measures include a plan to double the number of entrepreneurial investment entities and provide tax incentives for qualifying institutions and enterprises [4][6]. Group 2: Fundraising and Investment Strategies - The government is implementing a model where government-guided funds benefit social capital, with a focus on attracting social capital participation [4][6]. - The measures allow fund contributions to be independent of the fund's registered location and encourage local industry funds to actively participate in investments [5][6]. - The government aims to alleviate the reluctance of state-owned capital to invest by improving risk tolerance and loss acceptance mechanisms, allowing for a maximum loss tolerance of 60% for government-guided and state-owned funds [6][7]. Group 3: Industry Development and Collaboration - The venture capital sector in Sichuan has been growing since 2015, with the establishment of various provincial and local investment guiding funds to promote industrial transformation [9][10]. - Sichuan has seen significant participation from well-known VC/PE firms and has developed a number of local investment institutions focusing on key industries such as electronic information and biomedicine [10][11]. - The province's industrial landscape is diversifying, with cities like Chengdu, Mianyang, and Yibin developing distinct industrial clusters, contributing to the overall economic growth of Sichuan [11][12]. Group 4: Economic Impact - By 2024, Sichuan's GDP is projected to exceed 6.46 trillion, maintaining its position as the leading province in central and western China [12]. - The province has successfully transformed its industrial strength, leveraging its technological capabilities and a robust educational foundation to achieve significant economic advancements [12].