NDRC Director: National Venture Capital Guidance Fund to Be Established to Support Development of New Quality Productivity

On March 6, 2025, the Third Session of the 14th National People’s Congress held an economic-themed press conference. Officials from the National Development and Reform Commission (NDRC), the Ministry of Finance, the Ministry of Commerce, the People’s Bank of China, and the China Securities Regulatory Commission attended the meeting.

Regarding the development of new quality productivity, the Director of the NDRC stated a clear focus on “funding, talent, and ecosystem,” outlining three key areas. In terms of funding, a National Venture Capital Guidance Fund will be established to leverage nearly RMB 1 trillion of local funds and social capital. This fund will focus on hard technology, adhere to long cycles, and increase tolerance for errors, investing in technology-based enterprises through market-oriented methods. Additionally, policies on mergers and acquisitions, share transfers, and other areas will be improved to encourage the development of merger and acquisition funds, facilitating the exit channels of venture capital. This aims to attract more social capital into venture capital, achieving the market-oriented restructuring of the technology chain, industrial chain, and supply chain.