Notice on the Issuance of the “Shanghai Municipal Government Investment Fund Management Measures (Trial)” by the General Office of the Shanghai Municipal People’s Government
All District People’s Governments, Municipal Government Commissions, Offices, Bureaus, and Relevant Units:
The “Shanghai Municipal Government Investment Fund Management Measures (Trial)” have been approved by the Municipal Government and are hereby issued to you. Please implement them conscientiously.
Shanghai Municipal Government Investment Fund Management Measures (Trial)
Chapter 1: General Provisions
Article 1 These Measures are formulated to establish a more scientific and efficient government investment fund management system, promote the high-quality development of government investment funds, and better leverage their role in serving Shanghai’s economic development. They are based on laws and regulations including the “Budget Law of the People’s Republic of China” and its implementation regulations, as well as documents such as the “Guiding Opinions of the General Office of the State Council on Promoting the High-Quality Development of Government Investment Funds,” and take into account the actual circumstances of this municipality.
Article 2 Government investment funds referred to in these Measures are funds established by governments at all levels in this municipality through budget allocations, either solely or jointly with social capital. They employ market-oriented methods such as equity investment to guide various types of social capital to support the development of related industries and sectors, as well as innovation and entrepreneurship.
Article 3 Government capital contribution refers to funds arranged by the finance department through the general public budget, government fund budget, and state-owned capital operation budget. Regions that have not fully guaranteed essential expenditures such as “ensuring basic living needs, wages, and operational expenses,” government debt interest payments, or those with high debt risks, shall not arrange government capital to establish new funds.
Article 4 Government capital contributions primarily include direct budget contributions and arrangements where funds are entrusted to state-owned enterprises for contribution. Funds established by capitalizing state-owned enterprises, where the relevant funds are explicitly designated for fund contributions, shall be managed as government investment funds.
Article 5 Government investment funds shall adhere to the combination of an effective market and a proactive government, emphasize government guidance and policy-oriented positioning, focus on major national and municipal strategies, key sectors, and areas where the market cannot fully function. They should attract and leverage more social capital, accelerate the cultivation of new productive forces, enhance the capacity for scientific and technological innovation and high-end industry leadership, and provide strong support for accelerating the establishment of a globally influential hub for scientific and technological innovation.
Article 6 Government investment funds are mainly categorized as industrial investment funds and venture capital funds. Industrial investment funds should play a leading and driving role in industrial development, focusing on improving the modern industrial system, investing in key links of the industrial chain, and projects that extend, supplement, and strengthen the chain. They should promote the resilience and security of industrial and supply chains and build internationally competitive industrial clusters. Venture capital funds should focus on developing new productive forces, support scientific and technological innovation, prioritize early-stage, small-scale, and hard technology investments, and enhance independent innovation capabilities and the ability to tackle key core technologies.
Chapter 2: Fund Establishment
Article 7 Governments at all levels should strengthen the overall planning and resource coordination of government investment funds. Fund layout should be appropriately concentrated; in principle, the same government should not repeatedly establish funds in the same industry or sector to avoid homogeneous competition and fragmentation.
Article 8 The municipal development and reform department, in conjunction with the municipal finance department and other competent business departments, shall study and formulate a list of key investment areas for government investment funds based on national and municipal development plans, special plans, and regional plans. This list shall be submitted to the municipal government for approval before issuance and implementation, and shall be adjusted in a timely manner according to changes in the industrial layout to strengthen guidance and evaluation of the investment direction of government investment funds.
Article 9 The municipal finance department, in conjunction with competent business departments, shall strengthen the overall management of the layout of government investment funds in this municipality based on the needs of building a modern industrial system and the list of key investment areas. They shall provide guidance to districts on fund establishment. Districts are encouraged to participate in the establishment of municipal-level funds and actively seek capital contributions from national-level funds to form a synergy in capital contributions.
Article 10 The establishment of funds with government capital contributions shall undergo thorough evaluation and demonstration. Based
