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By Sun Fei, Research Team on “ The Proper Role of Government Investment Funds in Promoting Transformation and Upgrading in China’s Economy”, Financial Research Institute, DRC

Research Report, Special Issue, No.63, 2019 (Total 1691) 2019-8-16

Abstract: To accelerate the long-term and sustainable development of China’s governmental investment fund in realizing industrial development and other policy targets, we need to pay attention to the following points. First, governmental investment funds are a policy tool and government should play its role properly. Work needs to be done to keep the balance between policy targets and the sustainable development of the fund apart from avoiding excessive administrative intervention. A trial-and-error space should be allowed for the development of governmental investment fund, and an overall coordination mechanism needs to be established among various departments and policies. Besides, the infrastructure construction is also needed, which includes building statistics database for the fund and investment project library and so on. Second, differentiated fund development plans should be designed in expanding the channels of fund-raising and making better decision in selecting sub-funds and projects in accordance to the actual needs. The post-investment management needs to be strengthened and exit approaches need to be innovated to enhance the efficiency of fund operation from four aspects including fund-raising, investment, management and exit. Third, the performance assessment and real-time supervision needs to be improved so as to provide institutional guarantee for the normalized development of the fund. Last, a financial ecosystem for the common benefits of both the people and the state needs to be established through properly expanding the sources of fund-raising and giving play to the role of private forces in venture capital investment.

Key words: governmental investment fund, economic transformation and upgrading, “fund-raising, investment, management and exit”