A report says China had set up 1,513 government investment funds by end-2025 with combined scale of about 6.56 tln yuan. Beijing–Tianjin–Hebei ranks first by cumulative scale; the Yangtze River Delta has the most funds. New fund formation has slowed but average single-fund size rose to 8.65 bln yuan in 2025, up from about 2–4 bln before 2019. Government funds are increasingly active as LPs and are directing capital mainly into hard tech; reinvestment constraints have been relaxed, exit channels

A report says China had set up 1,513 government investment funds by end-2025 with combined scale of about 6.56 tln yuan. Beijing–Tianjin–Hebei ranks first by cumulative scale; the Yangtze River Delta has the most funds. New fund formation has slowed but average single-fund size rose to 8.65 bln yuan in 2025, up from about 2–4 bln before 2019. Government funds are increasingly active as LPs and are directing capital mainly into hard tech; reinvestment constraints have been relaxed, exit channels diversified, and due-diligence exemption and loss-tolerance mechanisms are being rolled out, easing prior reluctance to invest.