Recently, Zheng Shanjie, Director of China’s National Development and Reform Commission (NDRC), announced at the economic-themed press conference during the Two Sessions that China is advancing the establishment of an "aircraft carrier-class" National Venture Capital Guidance Fund. What major initiatives lie behind this groundbreaking fund? How will it accelerate the incubation of more unicorns and gazelle enterprises?
■ What is the fund’s primary role?
China National Venture Capital Guidance Fund(NVGCF) aims to direct financial capital toward early-stage investments, mall and micro enterprises, long-term commitments, and hard-tech sectors.
■ How large is this "aircraft carrier-class" fund?
It is projected that the fund will attract and mobilize nearly 1 trillion yuan in local government and private capital.
■ Which innovative enterprises will benefit?
The fund will prioritize cutting-edge fields such as hydrogen energy storage, AI, and quantum technology. Leveraging market-driven mechanisms, it will invest in seed-stage and start-up companies, while moderately supporting early-to-mid-stage SMEs. The fund will underpin original and disruptive technological innovations, advance breakthroughs in core technologies, and cultivate strategic emerging industries and future-oriented sectors.
■ How long will it support innovators?
The fund duration is 20 years, longer than most equity investment funds.
NDRC officials emphasized that the fund will:
- Resolve chronic funding shortages for scientific and technological innovation enterprises in their infancy.
- Enhance venture capital’s role in driving technological innovation.
- Accelerate the commercialization of major scientific achievements.
- Strengthen high-level self-reliance in science and technology.
- Foster the development of new quality productive forces.
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