The General Office of the State Council has released a set of guidelines to promote the high-quality development of government investment funds, covering an appropriate scale, a reasonable layout, sound operations and risk control measures.

The guidelines include 25 specific measures across seven areas, aiming to build a more scientific and efficient management system for government investment funds.

Fund operations should be market-oriented, professional and based on the rule of law. The country will also coordinate the layout of funds to prevent homogeneous competition and avoid crowding out non-governmental capital.

The funds will focus on major strategies, key areas and weak links where the market cannot function fully, attracting more social capital and supporting the construction of a modern industrial system.

According to the guidelines, China will fully leverage the funds as long-term and patient capital for countercyclical and cross-cyclical adjustments.

It will also improve the funds' level of professional and market-oriented operations by standardizing the management of fund operations, optimizing fund investment methods and fully leveraging the role of fund managers.

The fund withdrawal system will be optimized through measures such as expanding exit channels, encouraging the development of private equity secondary market funds, and promoting merger and acquisition funds.

The risk prevention and control system will be strengthened, and regulatory behaviors will be improved throughout the fund development process, per the guidelines.