State Council: Increase channels to broaden the sources of funds for private equity and venture capital funds, cultivate and develop patient capital in multiple dimensions.

The General Office of the State Council issued guidance on strengthening supervision, preventing risks, and promoting the high-quality development of private equity funds. The guidance points out the need to diversify the sources of funds for private equity and venture capital funds, cultivate and develop patient capital from multiple dimensions, and promote the deep integration of patient capital and technological innovation. It also calls for further opening up of multiple exit channels. In the process of private equity fund registration and filing, emphasis will be placed on supporting early, small, long-term, and hard-technology private equity and venture capital funds, as well as mergers and acquisitions funds that integrate key core technologies and strategic emerging industries. Efforts will be made to better implement the differentiated regulation of venture capital funds required by relevant laws and policies, and strengthen leading venture capital institutions. The securities regulatory authority under the State Council will further optimize the sharing of information on venture capital funds with the development and reform departments of the State Council.