Recently, the General Office of the State Council issued the “Guiding Opinions on Promoting the High-Quality Development of Government Investment Funds” (hereinafter referred to as the “Guiding Opinions”). The “Guiding Opinions” proposes 25 measures in 7 aspects, aiming to build a more scientific and efficient government investment fund management system.
The General Office of the State Council has released a set of guidelines to promote the high-quality development of government investment funds. The guidelines include 25 specific measures across seven areas, aiming to build a more scientific and efficient management system for government investment funds.
【Knowledge Points】
Government investment funds are an important policy tool for innovating the use of fiscal funds and supporting industrial development and technological innovation. To give full play to the leading and guiding role of government investment, government investment funds are an important starting point. As an important result of the deepening of investment system reform and fiscal and taxation system reform, in recent years, from the central to local governments, more and more fiscal funds have been transformed from “big investment” to “big leveraging”, in the form of government investment funds. Follow market logic and make good use of market leverage to drive social investment.
Government investment funds have the advantages of being capital-intensive and technology-intensive, and can focus on specific stages, industries, and regional goals. They are an important means for the government to support major projects, key industries, and regional development. In recent years, the central level has mobilized social capital through the National Integrated Circuit Industry Investment Fund, the National Manufacturing Transformation and Upgrading Fund, etc., and has strongly supported the implementation of major national strategies. The government investment fund is “patient capital”. By investing early, small, long-term and hard technology, it has become an important force in supporting strategic emerging industries and future industries, cultivating and developing new productive forces, and shaping new momentum and new advantages for development. Innovation activities have high investment, high risks, and strong uncertainties. Compared with social capital, government investment can provide a more sustainable and stable source of funds, which will help enterprises successfully move from original innovation to achievement transformation from 0 to 1. The journey is crucial. Government investment funds can give full play to the advantages of the market mechanism such as sensitive information, effective incentives, equality and openness, and improve the efficiency of capital allocation. They can also reflect the will of the government and concentrate efforts on major tasks, realizing the integration of the “invisible hand” of the market and the “visible hand” of the government. Work together.
【Important speech】
Since the 18th National Congress of the Communist Party of China, we have actively explored the laws of financial development in the new era, continuously deepened our understanding of the nature of socialist finance with Chinese characteristics, continued to promote financial practical innovation, theoretical innovation, and institutional innovation, accumulated valuable experience, and gradually developed a path of financial development with Chinese characteristics. The road to financial development.
Since the 18th CPC National Congress in 2012, we have actively explored the rules governing the development of finance in the new era, kept deepening our understanding of the defining feature of socialist finance with Chinese characteristics, and persistently promoted practical, theoretical and institutional innovation in the sector. In this process, we have accumulated valuable experience and gradually blazed a distinctively Chinese path to developing finance.
——On January 16, 2024, Xi Jinping delivered an important speech at the opening ceremony of a special seminar for leading cadres at the provincial and ministerial levels to promote high-quality financial development.
【Related vocabulary】
high quality development
high-quality development
Cross-cyclical and counter-cyclical adjustments
cross-cyclical and counter-cyclical adjustments
China Daily English Dianjin Studio (This article was first published on the “Study Powerful Country” learning platform)
[Editor in charge: Chen Danni]
