Sichuan and Shandong have rolled out measures easing constraints on provincial government investment funds. Sichuan's 20-point package cancels reinvestment ratio and fund-registration-location requirements for venture funds, establishes a tiered loss-absorption mechanism permitting up to 100% loss on a single project, and extends fund tenors to up to 20 years in a new provincial guideline. Shandong's 16 measures exempt managers who acted diligently but missed expected returns from liability and

Sichuan and Shandong have rolled out measures easing constraints on provincial government investment funds. Sichuan's 20-point package cancels reinvestment ratio and fund-registration-location requirements for venture funds, establishes a tiered loss-absorption mechanism permitting up to 100% loss on a single project, and extends fund tenors to up to 20 years in a new provincial guideline. Shandong's 16 measures exempt managers who acted diligently but missed expected returns from liability and remove single-project or single-year P&L as the sole assessment criterion. Quantitative loss tolerance, looser performance assessment, lower reinvestment ratios and longer fund lifespans are being adopted across regions, reflecting an accelerating policy shift toward patient capital in Chinese government investment funds.