Ren Zhongbao, deputy director of the Department of Innovation and High‑Tech Development at the CHINA STATE PLANNER, said future industries have long incubation cycles and high market risk. The government will leverage the National Venture Capital Guiding Fund as a demonstration vehicle, prioritizing seed, startup and early‑to‑mid stage firms in future industries and providing patient capital to support industrial innovation and to mobilize private capital to invest earlier, in smaller rounds, an

Ren Zhongbao, deputy director of the Department of Innovation and High‑Tech Development at the CHINA STATE PLANNER, said future industries have long incubation cycles and high market risk. The government will leverage the National Venture Capital Guiding Fund as a demonstration vehicle, prioritizing seed, startup and early‑to‑mid stage firms in future industries and providing patient capital to support industrial innovation and to mobilize private capital to invest earlier, in smaller rounds, and for the long term in hard‑tech. CHINA STATE PLANNER also said it will coordinate with relevant bodies to expand financing guarantees and risk‑compensation policies and to develop dedicated technology insurance products to better underwrite the growth of future enterprises.