State Council: People's governments at the provincial and prefecture level should strengthen the overall management of local government investment funds, and in principle, new funds similar to existing ones should not be established.

The General Office of the State Council has issued guidelines on strengthening supervision, preventing risks, and promoting the high-quality development of private equity investment funds. The guidelines mention that the financial departments of the State Council should fulfill the responsibilities of government investment fund contributors, strengthen budget management, performance management, state-owned asset management, and information statistics, and strictly enforce financial discipline. The development and reform departments of the State Council should strengthen the credit construction and credit information registration of government investment funds, and work with industry regulators and enterprise regulators to strengthen guidance and evaluation of fund investment. The competent authorities should take the lead in strengthening monitoring of the operation of government investment funds, prevent deviation from their functional positioning, guide the strengthening of internal control and risk management, and urge strict compliance with private equity fund regulatory rules. The securities regulatory authorities of the State Council further clarify the requirements for registration and filing of government investment funds, and carry out supervision in accordance with laws and regulations. Provincial and centrally administered municipalities' people's governments should strengthen the overall management of local government investment funds, and in principle, new funds of the same type should not be established, promoting the integration of existing funds of the same type. Local governments at the county level and above should, in accordance with the principle of "who initiates, who approves, who is responsible", effectively fulfill their management responsibilities and supervise the standardized operation of government investment funds.