Many places have proposed to allow a deficit of 100%, and state-owned venture capital will continue to optimize due diligence and be exempt from liability.

In recent years, state-owned venture capital has become an important participant in the entrepreneurial investment market. It is worth noting that entrepreneurial investment naturally carries high risks, long cycles, and great uncertainties, and in the past, due to restrictions in the assessment mechanism, state-owned venture capital still faced certain constraints in early-stage investments. It has been observed by reporters that since the beginning of this year, due diligence exemption policies in many places have been continuously optimized, bringing a more relaxed policy environment for state-owned venture capital. In particular, the tolerance for losses by government investment funds and state-owned venture capital funds has significantly increased, with many policies explicitly granting high levels of loss tolerance for seed-stage and angel-stage projects, and some regions have even allowed individual projects to incur 100% losses. "The optimization of due diligence exemption systems and the establishment of loss tolerance mechanisms have relieved state-owned venture capital of concerns about their business operations. The increase in loss tolerance may become a new normal in the industry, giving state-owned venture capital supporting deep technology more confidence to act as patient capital," said a manager from a state-owned venture capital fund to reporters.