The State Council General Office issued guidance to strengthen supervision,
prevent risks and promote high‑quality development of private investment funds.
It directs expanding funding channels for private equity and venture capital,
cultivating patient capital and deepening its integration with technological
innovation, and further smoothing diversified exit channels. The guidance
instructs priority support in registration and filing for PE and VC funds that
invest early, invest small, invest long and target hard‑tech, and for M&A funds
consolidating key core technologies and strategic emerging industries. It
requires better implementation of laws and policies for differentiated
regulation of VC funds and the strengthening of leading VC institutions. The
State Council’s securities regulator and the National Development and Reform
The Commission will further optimize venture‑fund information sharing.
