《通知》明确，发展壮大长期和耐心资本。全省各级政府要通过制度创新着力破解投早、投小、投长期的堵点和 卡点问题。省级政府投资基金进一步完善制度体系，优化管理运作模式，合理设置基金存续期，对创业投资类基金适 当提高政府出资比例、放宽基金存续期要求、延长基金绩效评价周期，建立奖励让利、容错免责及"以丰补歉"机制， 提升市场竞争力和吸引力。 记者1月9日从省政府办公厅获悉：该厅日前发布《关于做好政府投资基金高质量发展工作的通知》，明确要突出 政府引导和政策性定位，各级政府投资基金要把准战略重点和主攻方向，聚焦陕西重大战略、重点领域和市场不能充 分发挥作用的薄弱环节，通过科学布局、规范管理、高效运作，充分发挥"有为政府"作用，释放"有效市场"活力，更 好服务陕西经济社会高质量发展。 《通知》要求，产业投资类基金要立足陕西产业基础和优势，围绕现代能源、先进制造、战略性新兴产业、文化 旅游、现代服务业等万亿级产业集群，聚焦重点产业链建设，投资产业链关键环节和延链补链强链项目，助力构建具 有陕西特色的现代化产业体系；创业投资类基金要依托西安区域科技创新中心，聚焦"秦创原"创新驱动平台建设和科 技成果转化"三项改革"，坚持投早 ...

多地加速发行 ● 本报记者熊彦莎 近期，多地发行专项债投向政府投资基金。专家认为，临近年末，将专项债资金投入政府投资基金，是 优化中期财政规划的体现，有助于服务重大发展战略，支持战略性新兴产业发展和科技创新，为经济增 长培育新动能。 从投向来看，各地政府投资基金均结合区域产业特色明确了重点投向。例如，深圳市政府投资引导基金 聚焦深圳"20+8"产业集群及未来产业。西安市政府创新投资基金投向本地优势产业，包括电子信息、航 空航天、光电芯片等。 在投向精准对接产业需求的基础上，专项债资金注入政府投资基金的地域分布同样展现出鲜明的区域差 异化特征。将专项债资金用于政府投资基金的地方多位于东部地区，其中广东、浙江、上海、北京披露 的规模均达到100亿元。刘英介绍，以北上广深为代表的东部地区更加侧重科技创新和战略性新兴产 业，安徽、湖北等中部地区侧重产业转型跟区域协同，陕西等西部地区则聚焦在特色产业和创新生态培 育。 在发行期限方面，注资政府投资基金的专项债发行期限普遍在10年至30年。白彦锋表示："专项债资金 期限较长、资金规模较大，匹配长期股权投资需求。高科技产业竞争激烈、上下游产业链长、资金规模 大、投资风险大， ...

Core Viewpoints - The article discusses two significant policies released by the Liaoning Provincial Government aimed at promoting the high-quality development of private equity investment funds and government investment funds, emphasizing the importance of these funds in fostering innovation, entrepreneurship, and the modernization of the industrial system in Liaoning [2][10]. Group 1: Overall Requirements - The policies are guided by Xi Jinping's thoughts and aim to implement the spirit of the 20th National Congress of the Communist Party of China, focusing on creating a multi-level, diverse, and comprehensive private equity investment fund system by the end of 2027, with a target of raising over 180 billion yuan in subscribed capital [4][12]. - By 2030, the goal is to exceed 250 billion yuan in subscribed capital, significantly contributing to the province's high-quality development [4]. Group 2: Strengthening Investment Institutions - The policies encourage the cultivation of diverse investment entities, promoting investment in original and leading technology innovation enterprises in Liaoning through policy incentives [5]. - The development of regional private equity investment institution clusters in Shenyang and Dalian is prioritized, aiming for a double-digit annual growth in fund subscriptions [5]. - Financial institutions are urged to collaborate with private equity funds to innovate financial services, including loan and direct investment combinations [5]. Group 3: Expanding Fundraising Channels - Government investment funds are to play a guiding role, with plans to expand their scale through various initiatives, including the establishment of provincial venture capital guiding funds [6]. - The policies emphasize attracting national-level funds to set up special funds in Liaoning, enhancing collaboration in due diligence, project research, and post-investment management [6]. - The development of patient capital is encouraged, with support for insurance institutions to invest in venture capital funds targeting strategic emerging industries [6]. Group 4: Fund Management and Operation - The policies aim to standardize the operation of government investment funds, promoting the integration and optimization of existing funds [8]. - A mechanism for investment linkage and profit-sharing is to be established, encouraging market-oriented participation from various levels of government [8]. - The establishment of a risk tolerance and exemption mechanism is proposed to foster a more innovative investment environment [8]. Group 5: Fund Exit Channels - The policies advocate for facilitating the listing and acquisition processes for invested enterprises, aiming to broaden exit channels for private equity investment institutions [9]. - Enhancements to the equity trading market's functionality are planned to improve services related to equity investment exits [9]. - The development of secondary market funds (S funds) is encouraged to expand investment exit options [9]. Group 6: Building a Healthy Ecosystem - A comprehensive management mechanism for promoting the high-quality development of private equity investment funds is to be established, ensuring collaboration among various departments [8][16]. - The policies highlight the importance of utilizing policy tools to support the development of private equity investment funds, including tax incentives for venture capital entities [8][16]. - Strengthening industry supervision and enhancing credit environments for private equity investment institutions are emphasized to ensure healthy industry growth [8][16].

Core Viewpoint - The issuance of local government special bonds directed towards government investment funds has reached a peak, with a total of over 800 billion yuan expected, marking a significant shift in investment direction for these bonds [1][2]. Group 1: Special Bonds Issuance - Guangdong, Sichuan, and Shanghai are set to issue a combined 20 billion yuan in special bonds on November 28, 2023, aimed at government investment funds [1]. - The total scale of special bonds directed towards government investment funds has exceeded 800 billion yuan, including over 600 billion yuan from various regions such as Beijing, Jiangsu, Guangzhou, and Zhejiang [1]. Group 2: Policy Changes - Prior to 2019, local government special bonds had strict investment restrictions, requiring funds to be allocated to specific government projects, but these restrictions were lifted in December 2024 [1]. - The new policy allows special bonds to be used for projects in emerging industries such as information technology, new materials, biomanufacturing, and digital economy, facilitating investment in government and industrial funds [1][2]. Group 3: Financial Context - The shift in special bond investment is driven by local fiscal pressures and national strategic directives, as traditional funding models face challenges due to slowing revenue growth and increasing expenditure pressures [2]. - The traditional focus on infrastructure for special bonds has encountered bottlenecks, necessitating a pivot towards government investment funds to support emerging industries and mitigate risks associated with traditional sectors like real estate [2]. Group 4: Investment Fund Performance - The average DPI (Distributions to Paid-In) for government investment funds is only 0.7, raising concerns about the effectiveness of these funds in generating returns for investors [3]. - Despite the low performance metrics, the safety of special bonds, backed by government credit ratings typically at AA or above, is expected to attract institutional investors such as banks and insurance companies [3][4]. Group 5: Project Selection and Management - Local governments possess a natural advantage in project selection, having access to lists of high-quality enterprises, which allows for effective identification of projects that align with policy and risk requirements [4]. - The success of the investment post-selection is contingent on market conditions and enterprise performance, necessitating robust post-investment management and ongoing policy support [5]. Group 6: Future Outlook - The large-scale issuance of special bonds for government investment funds represents an innovative financing channel independent of traditional fiscal budgets, but the future scale and impact of these bonds remain to be observed [5]. - The success of bond issuance will be influenced by economic conditions, affecting the willingness of financial institutions to allocate resources, although current conditions suggest a low-risk environment for short-term investments [5].

Core Insights - Local governments are increasingly issuing bonds to fund local government investment funds, with Shenzhen planning to issue 6.52 billion yuan in special bonds on November 24, aimed at the Shenzhen government investment guidance fund [1] - A total of 52 billion yuan in special bonds have been issued this year by various regions including Beijing, Jiangsu, Guangzhou, and others, directed towards local government investment funds [1] - The issuance of special bonds for government investment funds marks a new approach, as previous regulations prohibited such funding sources [1][2] Group 1 - The recent issuance of special bonds is a response to declining local economic growth and fiscal pressures, necessitating the expansion of funding sources for government investment funds [3] - Special bonds provide advantages over other funding sources like insurance and banks, including lower financing costs and a focus on achieving policy objectives [3] - The maturity of special bonds directed towards government investment funds typically ranges from 10 to 20 years, with local government fund income providing a strong backing for these bonds [3] Group 2 - The State Council's recent policy changes have allowed special bonds to be directed towards government investment funds, as they are not included in the negative list of funding sources [2] - The guidelines emphasize the importance of developing long-term capital and risk prevention measures for government investment funds, prohibiting illegal debt financing by local governments [2]

Core Insights - Local governments in China have issued a total of 52 billion yuan in special bonds this year, aimed at funding local government investment funds [1] - The issuance of special bonds for government investment funds marks a new approach in local financing strategies [1][3] - Recent policy changes have allowed special bonds to be directed towards government investment funds, which were previously restricted [2] Group 1: Special Bonds Issuance - A total of 52 billion yuan in special bonds has been issued by various provinces including Beijing, Jiangsu, and Guangdong, targeting local government investment funds [1] - Shenzhen plans to issue 6.52 billion yuan in 10-year special bonds on November 24, specifically for its government investment guidance fund [1] - The issuance of special bonds is seen as a response to declining local fiscal revenues and increasing expenditure pressures [3] Group 2: Policy Changes - In 2019, regulations prohibited the use of special bonds for government investment funds, but recent guidelines have expanded the scope of special bond usage [2] - The State Council's recent opinions have allowed special bonds to be used for government investment funds, as they are not included in the negative list of funding sources [2] - The focus on developing long-term capital and patient capital is emphasized in the government's recent guidance, aiming to enhance the role of government investment funds [2] Group 3: Financial Implications - Special bonds provide a lower financing cost compared to other funding sources like insurance and banks, making them attractive for government investment funds [3] - The typical maturity for special bonds directed towards government investment funds ranges from 10 to 20 years, aligning with long-term investment needs [3] - Local governments have included these special bonds in their budget management, ensuring a stable source of repayment, which has led to high credit ratings for these bonds [3]

Core Viewpoint - The article discusses the innovative approach of local governments in China to utilize special bonds for raising funds for government investment guidance funds, marking a significant shift in funding strategies and enhancing investment efficiency [2][3][4]. Group 1: Government Investment Funds - The Beijing government plans to issue 100 billion yuan in special bonds for the "Beijing Government Investment Guidance Fund," which is the first instance of such funding in the country [2]. - Various local governments have followed suit, issuing special bonds to support government investment funds, indicating a trend towards innovative fundraising methods [3][4]. - The issuance of special bonds for government investment funds is seen as a replicable model that other cities may adopt in the future [7]. Group 2: Policy Changes and Implications - Recent policy changes have allowed special bonds to be used for government investment funds, breaking down previous barriers that kept these funding sources separate [6]. - The 2024 guidelines expanded the scope of special bonds, allowing them to be used for project capital in emerging industries, which includes government investment funds [5]. - Local governments must demonstrate strong financial capabilities and mature fund management systems to ensure the effectiveness of these investments [7]. Group 3: Market Reactions and Future Outlook - The bond market has seen significant interest from venture capital and private equity firms, with over 200 billion yuan in technology innovation bonds issued recently [3]. - Institutional investors, including banks and insurance companies, are likely to continue supporting these bonds due to the strong government credit backing, even if initial investment returns are not as expected [7]. - The future scale of special bond issuance and its impact on the development of government investment guidance funds remains to be observed [7].

Core Viewpoint - The establishment of the Zhejiang Social Security Science and Technology Innovation Fund, with an initial scale of 50 billion yuan, represents a significant capital investment aimed at fostering innovation and industrial development in Zhejiang province, aligning with national strategies for high-quality growth [1][8]. Group 1: Fund Overview - The Zhejiang Social Security Science and Technology Innovation Fund has completed its business registration in Hangzhou and is a collaboration between the National Social Security Fund Council, Zhejiang Province, and Agricultural Bank of China [1]. - The fund's first phase is set at 50 billion yuan, with the Zhejiang Provincial Innovation Investment Group acting as the manager [1][4]. Group 2: Historical Context and Development - Zhejiang has a long-standing commitment to venture capital, having established a provincial-level venture capital guiding fund as early as 2009, which has evolved into a comprehensive investment ecosystem [2]. - By mid-2025, Zhejiang will have 147 government investment funds with a total scale exceeding 320 billion yuan, leveraging social capital to create a vast innovation capital network [2][3]. Group 3: Investment Strategy and Impact - The Zhejiang Provincial Innovation Investment Group has supported over 1,600 projects and facilitated the successful listing of more than 100 companies, demonstrating its effectiveness in nurturing local enterprises [3]. - The fund emphasizes the integration of industry, academia, and research, focusing on early-stage technology projects and fostering collaboration with institutions like Zhejiang University [3][5]. Group 4: Future Prospects - The Zhejiang Social Security Science and Technology Innovation Fund aims to create a multi-layered fund system covering the entire lifecycle of technology enterprises, with a focus on artificial intelligence and life sciences [8]. - The fund will operate under a "mother fund + direct investment" model, combining national strategic advantages with local market insights to provide stable long-term capital for high-risk innovative sectors [8][9].

Core Viewpoint - Guangzhou plans to allocate 2 billion yuan from newly issued special bonds to government investment funds, marking a trend among various cities to utilize special bonds for this purpose, which could enhance funding sources for local industrial development [1][2][3] Group 1: Special Bonds Allocation - The Guangdong Provincial Finance Department has allocated a total of 376.7 billion yuan in new local government bond quotas to Guangzhou, with 72.5 billion yuan designated for city-level special bonds [2] - The 72.5 billion yuan in special bonds will support major projects in education, housing, and healthcare, with 2 billion yuan specifically directed towards government investment funds [2][3] Group 2: Policy Changes and Implications - Recent policy changes have allowed local governments to use special bonds for investment funds, which was previously restricted, thus expanding the investment scope of these bonds [3][4] - The new guidelines from the State Council enable special bonds to be used for emerging industries, aligning with the investment timelines of government funds, potentially addressing the funding gap for early-stage technology companies [3][4] Group 3: Challenges and Considerations - The effectiveness of using special bonds for government investment funds remains to be seen, as local governments face fiscal pressures and the need for strong financial management capabilities [4][5] - Analysts suggest that the success of this funding model will depend on the local government's financial strength, fund management capabilities, and the potential for high-growth industry investments [4][5]

Core Viewpoint - The injection of special bonds into government investment funds may become a new norm for local fiscal policies, aimed at leveraging social capital to support strategic emerging industries and urban renewal projects [1][2][3]. Group 1: Special Bonds Allocation - Guangzhou's fiscal plan includes an allocation of 72.5 billion yuan in special bonds, with 20 billion yuan specifically directed towards government investment funds [2]. - The total new local government bond quota for Guangzhou is set at 376.7 billion yuan, with 72.5 billion yuan earmarked for city-level special bonds [2]. - Other allocations from the special bonds include 6.6 billion yuan for education and sports facilities, 0.9 billion yuan for affordable housing, and 8.1 billion yuan for hospital construction [2]. Group 2: Policy Changes and Implications - Recent policy adjustments have shifted from a strict prohibition of using special bonds for government investment funds to a more innovative integration approach [1][3]. - The introduction of a "negative list" management model allows for greater flexibility in funding allocation, enabling special bonds to be used for projects not explicitly banned [3][4]. - This change aims to address structural contradictions in the investment of special bonds, which previously favored high-yield projects, leading to a scarcity of suitable investment opportunities [3][4]. Group 3: Expert Insights - Experts suggest that using special bonds to fund government investment funds can alleviate the impact of fiscal constraints on project investments, thereby amplifying available capital and diversifying risks [5][6]. - The government investment funds are seen as "patient capital" that can support industry upgrades and innovation, despite the inherent risks of potential losses [6]. - Recommendations for risk management include setting quantitative project criteria, monitoring government funds closely, and establishing a profit-sharing structure that prioritizes recovery of investments [6].