政府投资基金激发新动能
Government investment funds stimulate new kinetic energy
党的二十大报告提出，“坚持把发展经济的着力点放在实体经济上，推进新型工业化”。设立政府投资基金，带动社会资本加大投入，是助力现代化产业体系建设的有效方式。
The report of the 20th National Congress of the Communist Party of China put forward that "insist on putting the focus of economic development on the real economy and promoting new industrialization". Setting up government investment funds to drive social capital to increase investment is an effective way to assist the construction of modern industrial system.
政府投资基金，指由政府牵头出资设立，汇集金融机构和社会资本共同参与，扶持特定阶段、行业、区域目标的引导性投资基金，是政府支持重大项目、重点产业和区域发展的创新举措，也是财政资金使用方式的重大改革创新。
Government investment fund refers to a guiding investment fund set up by the government, which brings together financial institutions and social capital to participate in and support specific stage, industry and regional goals. It is an innovative measure taken by the government to support major projects, key industries and regional development, as well as a major reform and innovation in the way financial funds are used.
近年来，“基金矩阵”“基金招商”概念兴起，“基金集群”等纷纷涌现，政府投资基金体量不断扩大，并从国家级、省市级向区县级扩展。
In recent years, the concept of "fund matrix" and "fund investment promotion" has emerged, and "fund clusters" have emerged one after another. The volume of government investment funds has been expanding continuously, and has expanded from national, provincial and municipal levels to district and county levels.
实践中，政府投资基金如何吸引带动更多社会资本？未来如何进一步提高政府资金使用效率？记者进行了采访。
In practice, how can government investment funds attract and drive more social capital? How to further improve the efficiency of government funds in the future? The reporter conducted an interview.
财政资金发挥“乘数效应”，撬动社会资本支持产业成长
Fiscal funds play a "multiplier effect" to leverage social capital to support industrial growth
走进荣昌生物制药（烟台）股份有限公司的生产车间，映入眼帘的是满负荷工作的生产线，用于治疗系统性红斑狼疮的泰它西普和用于治疗胃癌的维迪西妥单抗正加紧生产，这两款新药面市不久即销售放量。
Entering the production workshop of Rongchang Biopharmaceutical (Yantai) Co., Ltd., you can see the production line working at full capacity. Taitaxip, which is used to treat systemic lupus erythematosus, and veditumumab, which is used to treat gastric cancer, are stepping up production. These two new drugs will soon be sold in large quantities.
“两款新药的研发周期超过10年。做生物创新药，前期投入大，周期长、风险高，企业发展一度面临巨大的资金压力。”荣昌生物副总裁温庆凯说，在企业发展的关键时刻，山东省新旧动能转换引导基金多轮投资7000万元，带动数倍的社会资本注入，有力推动了新药研发进度。
"The development cycle of two new drugs exceeds 10 years. To make bio-innovative drugs, the initial investment is large, the cycle is long, and the risk is high. The development of enterprises once faced huge financial pressure." Wen Qingkai, vice president of Rongchang Biology, said that at the critical moment of enterprise development, Shandong Province has invested 70 million yuan in multiple rounds of new and old kinetic energy conversion guidance fund, driving several times of social capital injection and strongly promoting the research and development progress of new drugs.
2018年初，山东获批全国首个新旧动能转换综合试验区。随后，山东省财政厅出资200亿元设立山东省新旧动能转换引导基金，以财政资金做“引子”，吸引优质资本资源。基金设立至今，先后支持海尔卡奥斯、山东天岳等重大创新项目投资落地，助力浪潮云、潍柴动力等企业突破“卡脖子”技术堵点。基金投资的万华化学等40家企业，先后荣获国家和省级科学技术进步奖。截至2023年10月底，山东省新旧动能转换引导基金累计实缴出资204亿元，设立参股基金140只，投资项目1446个，投资金额1809亿元，带动社会投资4996亿元，在促进投资兴业、优化创新生态、保障重大战略等方面发挥了重要作用。
At the beginning of 2018, Shandong was approved as the first comprehensive experimental area for conversion of old and new kinetic energy in China. Subsequently, the Finance Department of Shandong Province invested 20 billion yuan to set up a guiding fund for the conversion of old and new kinetic energy in Shandong Province to attract high-quality capital resources with financial funds as "primers". Since the establishment of the fund, it has successively supported the investment of major innovation projects such as Haier Kaos and Shandong Tianyue, and assisted enterprises such as Inspur Cloud and Weichai Power to break through the technical blocking point of "neck jam". Wanhua Chemical and other 40 enterprises invested by the fund have won national and provincial scientific and technological progress awards successively. By the end of October 2023, Shandong Province has accumulatively paid 20.4 billion yuan of investment from the old and new kinetic energy conversion guiding funds, established 140 equity funds, invested 1446 projects with an investment amount of 180.9 billion yuan, and driven social investment of 499.6 billion yuan, playing an important role in promoting investment and development, optimizing innovation ecology and guaranteeing major strategies.
清科研究中心统计数据显示，截至2022年年底，我国累计设立2107只政府投资基金，目标规模约12.84万亿元，已认缴规模约6.51万亿元。
Statistics from Qingke Research Center show that by the end of 2022, China has set up 2107 government investment funds accumulatively, with a target scale of about 12.84 trillion yuan and a subscribed scale of about 6.51 trillion yuan.
为推动特色优势产业和新兴产业加快发展，2023年，政府投资基金呈现“提级加速”趋势，多个地方组建百亿级、千亿级产业基金。
In order to accelerate the development of characteristic advantageous industries and emerging industries, in 2023, government investment funds showed a trend of "upgrading and acceleration", and several places set up 10 billion and 100 billion industrial funds.
今年1月，西安市提出建立总规模不低于1000亿元的重点产业链基金集群，将带动先进制造业项目投资规模超过3000亿元；3月，安徽发布《安徽省新兴产业引导基金管理办法》，下设三大基金群16只母基金，形成总规模不低于2000亿元的省新兴产业引导基金体系；5月，浙江启动目标总规模超2000亿元的“4+1”专项基金，其中，四大产业集群基金对标新一代信息技术、高端装备、现代消费与健康、绿色石化与新材料等世界级先进产业集群；6月底，江西宣布筹建总规模为3000亿元的现代产业引导基金，首批规模1500亿元，由省级母基金出资300亿元，撬动市县引导基金、社会资本等1200亿元……
In January this year, Xi'an City proposed to establish a key industrial chain fund cluster with a total scale of no less than 100 billion yuan, which will drive the investment scale of advanced manufacturing projects to exceed 300 billion yuan; In March, Anhui issued the Measures for the Management of Emerging Industry Guidance Funds in Anhui Province, which consists of 16 mother funds of three fund groups, forming a provincial emerging industry guidance fund system with a total scale of no less than 200 billion yuan; In May, Zhejiang launched a "4+1" special fund with a total target scale of more than 200 billion yuan. Among them, the four industrial cluster funds target world-class advanced industrial clusters such as new generation information technology, high-end equipment, modern consumption and health, green petrochemical and new materials. At the end of June, Jiangxi announced the preparation of a modern industry guidance fund with a total scale of 300 billion yuan. The first batch of funds was 150 billion yuan, 30 billion yuan was invested by provincial mother funds, and 120 billion yuan was mobilized from city and county guidance funds and social capital.
“通过设立政府投资基金，财政资金以股权投资的形式支持科技创新，并利用母基金、子基金多级放大，以市场化手段提高财政资金使用效率。”中国财政科学研究院副研究员陈旭表示，这种投资方式，一是有规模优势，“不撒胡椒面”，引导财政和市场资源向重点产业、战略性新兴产业领域集聚；二是由专业投资机构管理运营，财政资金实现精准支持。
"Through the establishment of government investment funds, financial funds support scientific and technological innovation in the form of equity investment, and multi-level amplification of mother funds and sub-funds is used to improve the efficiency of the use of financial funds by market-oriented means." Chen Xu, associate researcher of China Academy of Financial Sciences, said that this investment mode, one is to have scale advantages,"do not sprinkle pepper", guide financial and market resources to focus on key industries, strategic emerging industries; second, by professional investment institutions management operation, financial funds to achieve accurate support.
“与直接发放给企业的奖补资金等传统投入方式比较，财政资金的利用效率和使用效益得到了提升。”陈旭说。
"Compared with traditional investment methods such as bonus and subsidy funds directly distributed to enterprises, the utilization efficiency and benefit of financial funds have been improved." Chen Xu said.
突出高质量发展要求，推动实现产业发展与优化营商环境良性循环
Highlight the requirements of high-quality development, promote the realization of a virtuous circle of industrial development and optimization of business environment
福建省晋江市三伍微电子有限公司是一家专注于WiFi射频前端芯片设计的公司。公司总经理钟林说，2018年公司成立时，芯片领域创业融资还很艰难。当时，他的创业团队接触到晋江政府投资基金，顺利获得其天使轮投资1000万元。去年，晋江政府投资基金再次投资三伍微电子2000多万元，同时也吸引了社会资本4000万元一起投资企业，“政府投资基金呵护我们一路从‘破土萌芽’到成长壮大，现在我们已是排名国内前三的芯片供应商。”钟林说。
Sanwu Microelectronics Co., Ltd., Jinjiang City, Fujian Province, is a company focusing on WiFi RF front-end chip design. Zhong Lin, the company's general manager, said it was still difficult to finance start-ups in the chip sector when the company was founded in 2018. At that time, his entrepreneurial team contacted Jinjiang government investment fund and successfully obtained its angel round investment of 10 million yuan. Last year, Jinjiang government investment fund invested more than 20 million yuan in Sanwu Microelectronics again, and at the same time attracted 40 million yuan of social capital to invest in enterprises together."The government investment fund has protected us all the way from 'breaking ground' to growing and growing. Now we are ranked among the top three chip suppliers in China." Zhong Lin said.
政府投资基金重在引导。业内人士认为，近年来，对于处于种子期、初创期的企业，政府投资基金提供的融资支持能帮助企业快速实现技术创新的商业落地；对于成熟项目，政府投资基金由于具备协调整合多方资源的优势，能够推动资本、技术、人才等各项要素资源向重点领域、重点区域聚集，补强短板产业、发展优势产业，从而实现产业结构升级调整。
Government investment funds focus on guidance. The personage inside course of study thinks, in recent years, for the enterprise in seed period, initial stage, the financing support provided by government investment fund can help the enterprise realize the commercial landing of technological innovation quickly; For mature projects, government investment fund can promote capital, technology, talent and other factor resources to gather in key fields and key areas, strengthen short-board industries and develop advantageous industries, so as to realize the upgrading and adjustment of industrial structure due to its advantages of coordinating and integrating multiple resources.
专家介绍，梳理近年来各地相继设立的政府投资基金，呈现多个突出特点：
Experts introduced and sorted out the government investment funds successively set up in various places in recent years, showing a number of outstanding characteristics:
——突出高质量发展要求。在北京，政府投资基金支持京津冀协同发展类子基金投资京津冀协同发展类项目逾千个，北京市政府和中国移动联合发起设立100亿元的“北京中移数字新经济产业基金”，聚焦数字经济和移动信息现代产业链两大领域进行投资。在广东，产业发展基金始终围绕省重点产业的“智能化”和“绿色化”转型升级两大投资主题，聚焦智能制造、新能源、数字经济等重点领域，目前省产业发展基金在新型显示、智能汽车、5G通信等战略性新兴产业上累计投资278亿元。
_Highlight the requirements for high-quality development. In Beijing, the government investment fund supports the Beijing-Tianjin-Hebei coordinated development sub-fund to invest in more than 1,000 Beijing-Tianjin-Hebei coordinated development projects. The Beijing City Government and China Mobile jointly initiated the establishment of the 10 billion yuan "Beijing China Mobile Digital New Economy Industry Fund" to focus on the digital economy and mobile information modern industry chain for investment. In Guangdong, the Industrial Development Fund has always focused on the two investment themes of "intellectualization" and "greening" transformation and upgrading of key industries in Guangdong Province, focusing on key fields such as intelligent manufacturing, new energy and digital economy. At present, the Provincial Industrial Development Fund has invested 27.8 billion yuan in strategic emerging industries such as new display, intelligent automobile and 5G communication.
——以“母基金群”形态促进产业集群成长。在合肥，政府依托国资平台，联合头部机构共同设立产业基金群，围绕重点产业链的龙头企业，构建几十条特色产业链，直接带动合肥市GDP连续两年超万亿元。四川省宜宾市的政府投资基金深耕锂电产业链，重点围绕龙头企业宁德时代及其上下游扩链成圈、集聚成势，预计2023年全产业链产值突破1200亿元。
- Promote the growth of industrial clusters in the form of "mother fund groups". In Hefei, the government relies on the state-owned assets platform and jointly sets up industrial fund groups with head organizations to build dozens of characteristic industrial chains around leading enterprises in key industrial chains, directly driving the GDP of Hefei City to exceed one trillion yuan for two consecutive years. The government investment fund of Yibin City of Sichuan Province deeply cultivates the lithium battery industry chain, focusing on the leading enterprise Ningde era and its upstream and downstream chain expansion into a circle and gathering into a trend. It is estimated that the output value of the whole industrial chain will exceed RMB 120 billion Yuan in 2023.
投中研究院统计显示，2022年新增各级政府引导基金数量均较2021年同期上升，并且新增省级、市级和区县级政府引导基金数量已超2021年水平近1倍。
According to the statistics of the Investment Research Institute, the number of new government-guided funds at all levels in 2022 increased compared with the same period in 2021, and the number of new government-guided funds at provincial, municipal and district and county levels has nearly doubled the level of 2021.
——随着产业投向更加精准和集中，对地方基层开展产业招引、基金招商工作进一步提出市场化、精细化的要求，推动地方新型基础设施等硬环境改善以及营商环境系统建设，实现产业发展与营商环境优化的良性循环。
- With more precise and concentrated industrial investment, market-oriented and refined requirements are further put forward for local grass-roots industrial attraction and fund investment promotion, so as to promote the improvement of hard environment such as local new infrastructure and the construction of business environment system, so as to realize a virtuous circle of industrial development and business environment optimization.
“政府投资基金大多投向特色优势产业和新兴产业，与地方发展规划同频共振。在一些地方，基金投用做到了‘全周期’护航企业成长、‘全链条’塑强产业优势、‘全领域’服务区域发展、‘全方位’保障重大战略，成为推动地方经济高质量发展的重要引擎。”陈旭说。
"Most government investment funds are invested in characteristic advantageous industries and emerging industries, which resonate with local development plans. In some places, fund investment has achieved the goal of "full-cycle" escort enterprise growth,"full-chain" shaping and strengthening industrial advantages,"all-field" service regional development, and "all-round" guarantee major strategies, becoming an important engine for promoting high-quality development of local economy." Chen Xu said.
创新管理，提高财政资金使用效益
Innovate management and improve the efficiency of financial fund use
随着政府投资基金的蓬勃兴起、不断下沉，一些地方的政府投资基金在运作过程中，也出现政策目标重复、资金闲置和碎片化等问题。为促进基金有序运行，2020年2月，财政部印发《关于加强政府投资基金管理提高财政出资效益的通知》，对中央和地方政府直接出资的基金提出加强预算约束、严禁变相举债等六项要求。
With the vigorous rise and continuous sinking of government investment funds, some local government investment funds also have problems such as duplication of policy objectives, idle funds and fragmentation in the process of operation. In order to promote the orderly operation of funds, in February 2020, the Ministry of Finance issued the Notice on Strengthening the Management of Government Investment Funds and Improving the Efficiency of Financial Investment, which put forward six requirements for funds directly funded by the central and local governments, such as strengthening budget constraints and prohibiting borrowing in disguised form.
实践中，各地也创新管理，进一步优化“募、投、管、退”，提高财政资金使用效益，更好服务地方产业升级和高质量发展。
In practice, all localities have also innovated management, further optimized "raising, investing, managing and withdrawing", improved the efficiency of the use of financial funds, and better served the upgrading and high-quality development of local industries.
提高投资决策科学性和精准度，广东省相关部门建立专家辅助决策机制。按投资额度对项目的决策权属进行分级，从全国范围遴选建立百人规模的专家库，参与项目立项前和投资决策前的论证。
To improve the scientificity and accuracy of investment decision-making, relevant departments of Guangdong Province shall establish expert auxiliary decision-making mechanism. Classify the decision-making ownership of the project according to the investment quota, select and establish a 100-person expert database from the whole country, and participate in the demonstration before project approval and investment decision.
为构建起有利于优秀企业不断产生、持续成长的基金生态体系，山东省财政通过将创投基金设立门槛降低为2亿元、出资产业基金比例提高到30%、让渡基金收益等措施，吸引带动私募投资基金快速发展。截至2023年6月底，全省在中基协登记私募基金管理人780家、管理基金4009只，全省近八成的创业板IPO企业和超九成的科创板IPO企业在上市前获得过私募股权、创投基金支持。
In order to construct a fund ecological system conducive to the continuous emergence and continuous growth of excellent enterprises, the finance department of Shandong Province attracts and drives the rapid development of private investment funds by lowering the threshold for establishing venture capital funds to 200 million yuan, increasing the proportion of investment industry funds to 30%, transferring fund income and other measures. By the end of June 2023,780 private fund managers and 4009 management funds were registered in China Foundation Association in Shandong Province. Nearly 80% of GEM IPO enterprises and more than 90% of Kechuang Board IPO enterprises in Shandong Province had obtained private equity and venture capital fund support before listing.
为提高财政资金使用效益，吉林省推动省级预算执行沉淀资金向基金注资，对现有基金同类合并、同质重组实现资金与资源的适度集中，增强财政资金合力。
In order to improve the efficiency of the use of financial funds, Jilin Province promotes the provincial budget to implement precipitation funds to inject capital into the fund, to merge and reorganize the existing funds of the same kind to realize appropriate concentration of funds and resources, and to enhance the resultant force of financial funds.
为确保基金稳健运营，南京市财政部门对投资进度慢、返投不高的基金，采用“停、缓、退”等方式及时降低出资；对符合退出条件的子基金和直跟投项目，采取资产评估、公开挂牌的方式退出，逐步构建科创基金自体循环机制。截至2022年末，子基金平均投资账面回报倍数达到1.55倍，12个直跟投项目完全退出，投资收益率57.4%。
In order to ensure the stable operation of the fund, the financial department of Nanjing City adopts the methods of "suspension, delay and withdrawal" to timely reduce the investment for the funds with slow investment progress and low return investment; for the sub-funds and direct follow-up investment projects meeting the withdrawal conditions, it adopts the method of asset evaluation and public listing to withdraw, and gradually constructs the self-circulation mechanism of Kechuang Fund. By the end of 2022, the average book return multiple of sub-fund investment reached 1.55 times, 12 direct investment projects were completely withdrawn, and the investment return rate was 57.4%.
“在当前财政紧平衡和经济恢复态势下，应按照‘政府引导、市场运作、科学决策’的原则，加强风险防范，提高政府投资基金效能。”中国社会科学院大学教授吉富星认为，在遵循区域产业发展规律基础上，既要量力而行，又要积极有为，做好政府投资基金的顶层设计，支持基金布局适度集中、分层分类发展。
"Under the current tight fiscal balance and economic recovery situation, we should strengthen risk prevention and improve the efficiency of government investment funds in accordance with the principle of 'government guidance, market operation and scientific decision-making'." Ji Fuxing, a professor at the University of the Chinese Academy of Social Sciences, believes that on the basis of following the rules of regional industrial development, we should not only do what we can, but also actively do something, do a good job in the top-level design of government investment funds, and support the fund layout to be moderately concentrated and layered and classified.
“产业基金总体上投资周期为7—8年，普遍是4—5年投资期和2—3年退出期。目前上一轮投资黄金期的资金正面临退出和寻找新项目、新领域。”陈旭表示，相关的退出机制还需继续完善，比如扩大私募股权和创业投资份额转让平台试点。
"Industrial funds generally have an investment cycle of 7-8 years, generally 4-5 years and 2-3 years. At present, the funds of the last round of investment golden period are facing withdrawal and looking for new projects and new fields." Chen Xu said that relevant exit mechanisms need to continue to be improved, such as expanding private equity and venture capital share transfer platform pilots.
“此外，政府投资基金作为引导基金，应秉持‘投小’‘投早’和‘投科技’‘投长期’定位，有效弥补市场失灵。”陈旭说，这一阶段风险较大，社会资本有顾虑，政府资金可以挑大梁。而后期PE阶段的投资机会，应更多让给社会资本。为了与投资定位相匹配，要把对传统财政资金使用和政府投资基金投资的绩效考评区分开来，提高对政府投资基金投资收益的容忍度。
"In addition, government investment funds, as guiding funds, should adhere to the positioning of 'investing in small',' investing in early','investing in technology',' investing in long-term 'to effectively compensate for market failures." Chen Xu said that this stage is risky, social capital has concerns, and government funds can take the lead. The investment opportunities in the later PE stage should be given more to social capital. In order to match the investment orientation, it is necessary to distinguish the performance evaluation of traditional financial fund use from government investment fund investment, and improve the tolerance of government investment fund investment income.
“最近，国家对创投引导连续释放重要信号，多次强调支持民间资本发展创业投资，支持风投等创投基金更好发展。在国家利好信号的引导下，政府投资基金及整个股权投资行业，正在向着一个更长期、更稳健、更可持续发展的状态回归。”上海高金金融研究院资深研究员朱克江说。
"Recently, the state has continuously released important signals for venture capital guidance, repeatedly emphasizing support for private capital development venture capital, and supporting venture capital and other venture capital funds to develop better." Under the guidance of positive signals from the state, government investment funds and the entire equity investment industry are returning to a longer-term, more stable and sustainable state of development." Shanghai Gaojin Financial Research Institute senior researcher Zhu Kejiang said.
