The investment directions of the trillion-level "national team" have been clarified.
The "Work Measures" propose 14 policy measures centered around three aspects of government investment funds: "where to invest, how to invest, and who will manage". This is the first time that the layout and investment directions of government investment funds have been systematically regulated at the national level.
Government investment funds are the "discoverers" and "helpers" for many science and technology innovation enterprises and industrial projects. This time, the state has stepped in to set the direction for the development of trillion - level government investment funds for the first time.
According to CCTV News, on the 12th, the National Development and Reform Commission, the Ministry of Finance, the Ministry of Science and Technology, and the Ministry of Industry and Information Technology jointly issued the "Work Measures for Strengthening the Layout Planning and Investment Guidance of Government Investment Funds (Trial)" (hereinafter referred to as the "Work Measures"). At the same time, the National Development and Reform Commission also issued a notice on the "Administrative Measures for the Evaluation of Government Investment Fund Investment Directions (Trial)" (hereinafter referred to as the "Administrative Measures"). A relevant person in charge of the National Development and Reform Commission said that this is the first time that the layout and investment directions of government investment funds have been systematically regulated at the national level.
The "Work Measures" propose 14 policy measures centered around three aspects of government investment funds: "where to invest, how to invest, and who will manage".
In terms of optimizing the fund layout, funds are required to support major strategies, key areas, and weak links where the market has difficulty in effectively allocating resources. They should promote the in - depth integration of scientific and technological innovation and industrial innovation, focus on cultivating emerging pillar industries, and adhere to investing in early - stage, small - scale, long - term projects and hard - core technologies.
In terms of strengthening investment guidance, the investment directions of funds must comply with major national plans and encouraged industries in the national industrial catalog, and must not invest in restricted, eliminated industries or industries explicitly prohibited by policies.
At the same time, the "Work Measures" further clarify that provincial development and reform departments should take the lead in formulating a list of key investment areas in their regions and optimize the fund layout and investment directions accordingly.
Involving Aviation, AI, and Humanoid Robots
According to Securities China, in terms of indicator setting, the "Administrative Measures" set a total of 3 first - level and 13 second - level indicators. First, the policy compliance indicator (weight 60%), which mainly evaluates the role of funds in supporting the development of new - quality productivity, supporting scientific and technological innovation and promoting the transformation of achievements, promoting the construction of a unified national market, supporting green development, supporting the development of the private economy and promoting private investment, expanding patient capital, driving social capital, and serving social and people's livelihood. It promotes funds to base on their policy - oriented positioning and better serve the overall national development situation.
Second, the indicator for optimizing the productivity layout (weight 30%), which mainly evaluates the implementation of national regional strategies by funds, the fit of key investment areas, and the effective utilization of production capacity. Third, the policy implementation ability indicator (weight 10%), which mainly evaluates the efficiency of funds and the professional level of fund managers, promoting the organic unity of government guidance, market - oriented operation, and professional management.
In terms of supporting the development of new - quality productivity, the "Administrative Measures" point out that it mainly examines whether the investment directions of funds are in line with the support for the development of new - quality productivity. The supported investment areas include:
(1) Cultivating emerging industries and future industries. Emerging industries mainly include new - generation information technology, new energy, new materials, high - end equipment, new - energy vehicles, green environmental protection, civil aviation, and ship and marine engineering equipment. Future industries mainly include the metaverse, brain - computer interfaces, quantum information, humanoid robots, generative artificial intelligence, biological manufacturing, biological breeding, future displays, future networks, and new - type energy storage.
(2) Promoting the transformation and upgrading of traditional industries. This mainly includes the high - quality development of key industrial chains in the manufacturing industry, the reconstruction of industrial foundations and the research on major technological equipment, major technological transformation and upgrading of the manufacturing industry, and supporting enterprises to "go global".
(3) Supporting the development of the digital economy. This mainly includes the "artificial intelligence +" initiative, the wide application of large models, new - generation intelligent terminals such as AI mobile phones and computers and intelligent robots, the large - scale application of 5G, the development of new cultural formats, and the development of the data industry.
The score is calculated based on the ratio of the funds invested in the above - supported areas to the paid - in scale of the fund, with a full score of 10 points.
In addition, in terms of the indicator for optimizing the productivity layout, the "Administrative Measures" propose that the scores for implementing national regional strategies, the fit of key investment areas, and the effective utilization of production capacity are all 10 points.
In terms of implementing national regional strategies, the "Administrative Measures" mention that it mainly examines whether the investment directions of funds support and promote the implementation of major national regional strategies. This includes but is not limited to supporting regional coordinated development strategies such as the large - scale development of the western region, the comprehensive revitalization of the northeast region, the accelerated rise of the central region, and the accelerated modernization of the eastern region; supporting major regional strategies such as the coordinated development of the Beijing - Tianjin - Hebei region, the integrated development of the Yangtze River Delta, the construction of the Guangdong - Hong Kong - Macao Greater Bay Area, the development of the Yangtze River Economic Belt, the ecological protection and high - quality development of the Yellow River Basin, and the comprehensive deepening of reform and opening - up in Hainan; supporting the construction of a maritime power; and deepening industrial cooperation among the eastern, central, western, and northeastern regions. If the investment areas of the fund meet the requirements of the above - mentioned regional strategies, a score of 10 points will be awarded.
The National Development and Reform Commission: Guide the Differentiated Development of Government Investment Funds
According to CCTV News, a relevant person in charge of the National Development and Reform Commission said that in recent years, some government investment funds have encountered problems such as mismatch with local resource endowments and industrial bases, unclear fund positioning, and homogeneous investment directions during their establishment and operation. In response to these situations, the "Work Measures" clearly require the functional positioning and investment priorities of national - level funds and local funds.
The "Work Measures" clarify that national - level funds should base on the overall situation, focus on the fund's positioning, and mainly support the construction of the national modern industrial system and the research on key core technologies, aiming to make up for industrial shortcomings and break through development bottlenecks.
At the same time, local funds are required to choose investment directions based on local industrial bases and development realities, implement the requirements of a unified national market in project investment, mainly support industrial upgrading, improvement of innovation capabilities, and the incubation of small and micro private enterprises and technology - based enterprises, and guide the effective participation of social capital.
In addition, the National Development and Reform Commission has also formulated the "Administrative Measures for the Evaluation of Government Investment Fund Investment Directions". Following the idea of "combining positive guidance with negative constraints", it establishes an investment evaluation system covering the whole process of fund operation and management, combining quantitative and qualitative evaluations, to further strengthen policy orientation and standardized management.
Source | CCTV News, Securities China, China Economic Net
This article is from the WeChat public account "Finance", and is published by 36Kr with authorization.