NDRC to Strengthen Layout Planning for Government Investment Funds and Their Investment Direction Guidance and Evaluation

Recently, the National Development and Reform Commission (NDRC) has drafted the Guidelines for the Layout Planning and Investment Direction of Government Investment Funds (Draft for Public Comment) (the "Draft") and the Administrative Measures for Strengthening the Directional Guidance and Evaluation of Government Investment Funds (Draft for Public Comment), which are now open for public comments until August 28, 2025.

The Draft specifies that government investment funds should focus on increasing high-end capacity supply, concentrating on industrial technological innovation and breakthroughs in key core technologies, and accelerating the achievement of high-level scientific and technological self-reliance and strength. At the same time, government investment funds are required to set clear limits on the investment amounts or shareholding ratios in individual enterprises, which must be clearly defined in the fund establishment plans or related legal documents. The use of disguised forms of debt, such as equity disguised as debt, to covertly increase implicit debts of local governments is strictly prohibited. Except for mergers and acquisitions, private placements, and strategic allocations, government investment funds are prohibited from engaging in publicly traded stock investments, directly or indirectly trading futures and other derivatives, providing guarantees for enterprises or projects other than invested enterprises, or making investments with unlimited liability.



(Source: https://yyglxxbsgw.ndrc.gov.cn/htmls/article/article.html?articleId=2c97d16c-9324f814-0198-58e7f958-007e#iframeHeight=805)

Note: The link to the Chinese official website of the document is for your reference.