Notice on the Issuance of “Shanghai Municipal Government Investment Fund Management Measures (Trial)” by the General Office of 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 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, these Measures are formulated in accordance with 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 in consideration of the city’s actual circumstances.
Article 2 Government investment funds referred to in these Measures are funds established by governments at all levels in this city through budget allocations, either solely or jointly with social capital, using market-oriented methods such as equity investments 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 contributions refer to funds arranged by financial departments through general public budgets, government fund budgets, and state-owned capital operation budgets. Regions that have not fully secured essential expenditures such as “basic livelihood guarantees, wage payments, and operational expenses,” government debt interest payments, or those with high debt risks, shall not arrange government capital contributions to establish new funds.
Article 4 Government capital contributions mainly include direct budget contributions and arrangements of funds entrusted to state-owned enterprises for contributions. Funds established by injecting capital into state-owned enterprises, with specified funds dedicated to 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, 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 divided into industrial investment funds and venture capital funds. Industrial investment funds shall play a leading and driving role in industrial development, focusing on improving the modern industrial system, investing in key links of industrial chains and projects that extend, supplement, and strengthen chains, enhancing the resilience and security of industrial and supply chains, and building internationally competitive industrial clusters. Venture capital funds shall 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 key core technology breakthroughs.
Chapter 2: Fund Establishment
Article 7 Governments at all levels shall strengthen the overall planning and resource coordination of government investment funds. Fund layout shall be appropriately concentrated; in principle, the same government shall not repeatedly establish funds in the same industry or sector to avoid homogeneous competition and fragmentation.
Article 8 The municipal development and reform department, together 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 industrial layout to strengthen guidance and evaluation of government investment fund directions.
Article 9 The municipal finance department, together with competent business departments, shall strengthen the overall management of the layout of government investment funds in this city based on the needs of modern industrial system construction and the key investment areas list, and enhance guidance for district-level 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 contributions.
Article 10 The establishment of funds with government capital contributions shall undergo thorough evaluation and demonstration. Based on major decisions and deployments of the municipal party committee and government and the layout needs of government investment funds in this city, competent business departments, together
