National Development and Reform Commission: Use the "visible hand" to guide all types of capital to abandon the impetuous mentality of "making quick money"
A long-term and stable source of funds is extremely important for the healthy development of the venture capital industry. At present, my country's financial scale system is already very large, but the financing structure needs to be improved. The cultivation of patient capital is crucial to promoting the high-quality development of my country's venture capital and achieving high-level scientific and technological self-reliance.
At the regular policy briefing held by the State Council Information Office on the afternoon of June 26, Li Chunlin, deputy director of the National Development and Reform Commission, called Patient Capital a "friend of time" and a close partner in the development of "hard technology."
How should patient capital be nurtured, developed and expanded? Li Chunlin said that in addition to fully respecting market rules, the government's "visible hand" can also play an important role in guiding all types of capital to abandon the impetuous mentality of "quick success, quick in and quick out, and quick money", and insist on long-term investment, strategic investment, value investment, and responsible investment. The recently issued "Several Policy Measures to Promote the High-Quality Development of Venture Capital" also made corresponding policy arrangements for this work.
Regarding insurance funds, they are "long money" in the traditional sense, with a long term and an investment strategy of stable returns. To this end, the "Policy Measures" propose to guide insurance funds to increase support for scientific and technological innovation and further release the potential of long-term funding sources for venture capital funds.
Regarding bank funds, my country is a bank-dominated financial system, with banking assets accounting for more than 90% of the total assets of financial institutions. Under the premise of strictly controlling risks, it can be said that there is still great potential to guide banks to increase their support for technological innovation and venture capital. To this end, the Policy Measures propose to use financial asset investment companies as a platform to expand the scope of equity investment pilots, increase support for technological innovation, actively support asset management institutions to increase investment in venture capital, and issue long-term asset management products that are suitable for the characteristics of venture capital funds.
Regarding state-owned assets and government investment funds, the main thing is to handle the relationship between government funds and market-oriented funds. To this end, the "Policy Measures" proposes to focus on key links of institutional mechanisms such as fund assessment, fault tolerance and exemption mechanism, and performance evaluation system, and take the lead in cultivating state-owned assets and government investment funds into patient capital to play a leading and exemplary role.