The State Council decided to set up a 40 billion emerging industry venture capital guiding fund

According to the Chinese government network news, Premier Li Keqiang presided over the State Council executive meeting on January 14 and decided to set up a national emerging industry venture capital guiding fund to help entrepreneurial innovation and industrial upgrading; deploy to accelerate the development of service trade, and optimize the development space with structural optimization.

The meeting held that the establishment of the National Emerging Industry Venture Capital Guidance Fund will focus on supporting innovative enterprises in the initial stage of “蹒跚”, promoting technology and market integration, innovation and industrial docking, incubating and nurturing emerging industries facing the future, and promoting economic development. The high-end level is of great significance. The meeting confirmed that the first is to combine the special funds for the development of the central financial strategic emerging industries and the central infrastructure investment funds, to revitalize the stock, to leverage the government's funds, and to attract powerful enterprises, large financial institutions and other social and private capital to participate. A new industry venture capital guiding fund with a total scale of 40 billion yuan. Second, the fund implements market-oriented operation and professional management. The public bidding selection determines that several fund management companies are responsible for operation and independent investment decisions. Third, in order to highlight the investment focus, the emerging industry venture capital fund can participate in fund-raising cooperation with local or industry-leading fund-related funds, mainly in the early, mid-term and early-stage innovation enterprises of emerging industries. Fourth, the income distribution of emerging industry venture capital funds will be paid first and then dividends, and social investors will be given priority dividends. The state-funded income can be appropriately transferred, and the recovered funds are given priority for the fund to be used.

The meeting pointed out that vigorously developing service trade is an important focus for expanding opening up and expanding development space. The meeting identified the following main tasks. One has to be large. Focus on cultivating trade in services such as transportation, communication, R&D and design, energy conservation and environmental protection. Second, we must optimize the structure. Increase the proportion of high-tech, high value-added services trade. Third, we must innovate. Utilize new technologies such as big data and Internet of Things to create a new network platform for service trade. Fourth, we must expand our openness. We will liberalize the fields of finance, education, culture, and medical services in an orderly manner, promote the two-way reciprocal opening of the service industry, and accelerate the liberalization of service trade between the mainland and Hong Kong and Macao. Support service industry enterprises to carry out investment cooperation abroad through new establishments, mergers and acquisitions.

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