Circular of the National Development and Reform Commission on Issuing the Interim Measures for the Administration of Government-sponsored Industry Investment Funds
Circular of the National Development and Reform Commission on Issuing the Interim Measures for the Administration of Government-sponsored Industry Investment Funds
Circular of the National Development and Reform Commission on Issuing the Interim Measures for the Administration of Government-sponsored Industry Investment Funds
Fa Gai Cai Jin Gui [2016] No.2800
December 30, 2016
All departments and commissions of, and institutions directly under, the Central Government and state organs concerned, development and reform commissions of all provinces, autonomous regions, municipalities directly under the Central Government, and cities specifically designated in the state plan, and the Xinjiang Production and Construction Corps,
We have formulated the Interim Measures for the Administration of Government-sponsored Industry Investment Funds in accordance with the spirit of the Company Law, the Partnership Enterprise Law, the Opinions of the CPC Central Committee and the State Council on Deepening the Reform of the Investment and Financing System (Zhong Fa [2016] No.18), the Several Opinions of the State Council on Promoting the Sustainable and Healthy Development of Venture Capital Investment (Guo Fa [2016] No.53), the Guiding Opinions of the State Council on Innovating the Investment and Financing Mechanisms in Key Areas and Encouraging Social Investment (Guo Fa [2014] No.60), and other laws and regulations and the relevant documents, in order to comprehensively implement the spirit of the 18th National Congress of the Communist Party of China (CPC) and the Third, Fourth, and Fifth Plenary Sessions of the 18th CPC Central Committee, optimize the way of government investment, give play to the guiding role and amplification effect exerted by government funds, improve the utilization efficiency of government funds, and attract the investment of private capital in areas and industries supported by the government. The aforesaid Measures are hereby issued to you for your earnest implementation.
Interim Measures for the Administration of Government-sponsored Industry Investment Funds
Chapter I General Provisions
Article 1 The Interim Measures for the Administration of Government-sponsored Industry Investment Funds (hereinafter referred to as the "Measures") are formulated in accordance with the spirit of the Company Law, the Partnership Enterprise Law, the Opinions of the CPC Central Committee and the State Council on Deepening the Reform of the Investment and Financing System (Zhong Fa [2016] No.18), the Several Opinions of the State Council on Promoting the Sustainable and Healthy Development of Venture Capital Investment (Guo Fa [2016] No.53), the Guiding Opinions of the State Council on Innovating the Investment and Financing Mechanisms in Key Areas and Encouraging Social Investment (Guo Fa [2014] No.60), and other laws and regulations and the relevant documents, in order to promote the sustainable and healthy development of national economy, optimize the way of government investment, give play to the guiding role and amplification effect exerted by government funds, improve the utilization efficiency of government funds, and attract the investment of private capital in areas and industries supported by the government.
Article 2 For the purpose of the Measures, the term "government-sponsored industry investment funds" refers to equity investment funds and venture capital funds which are sponsored by the government and are mainly used to invest in enterprises' non-publicly traded equity.
Article 3 The capital sources of government-sponsored funds shall include investments within the fiscal budget, various special central and local development funds, and other fiscal funds.
Article 4 Government-sponsored industry investment funds may adopt such organizational forms as corporations, partnerships, and contractual joint ventures.
Article 5 The assets of government-sponsored industry investment funds are managed by fund managers and in the custody of fund custodians.
Article 6 Government-sponsored industry investment funds shall adhere to the principles of market-oriented operation and professional management, and government sponsors may not engage in the daily management of the funds.
Article 7 Government-sponsored industry investment funds may, by combining the use of a variety of ways including equity participation in funds, joint investment, financing guarantee, and governments making capital contributions and sharing an appropriate part of the profits, bring into full play the role of the funds in implementing industrial policies, guiding private investment, and stabilizing economic growth.
Article 8 The National Development and Reform Commission ("NDRC") shall, jointly with local development and reform commissions, carry out interim and ex post administration of the business activities of government-sponsored industry investment funds, take the responsibility for advancing the development of an industry credit system for government-sponsored industry investment funds, release industry development reports on a regular basis, and maintain good market order that is conducive to sustainable and healthy industrial development.
Chapter II Raising and Registration Administration of Government-sponsored Industry Investment Funds
Article 9 In sponsoring industry investment funds, the government may make capital contributions entirely on its own or jointly with private capital, or invest in eligible existing industry investment funds, or otherwise.
Article 10 The part of private capital in the government-sponsored industry investment funds shall be raised through private placement, which shall comply with the relevant laws and regulations and the provisions of the relevant departments of the State.
Article 11 Other investors of the funds than the government shall be qualified institutional investors that have certain ability to identify and bear risks.
Article 12 The NDRC shall develop a national credit information registration system for government-sponsored industry investment funds and instruct local development and reform departments to develop a local credit information registration sub-system for government-sponsored industry investment funds.
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Fa Gai Cai Jin Gui [2016] No.2800
December 30, 2016
All departments and commissions of, and institutions directly under, the Central Government and state organs concerned, development and reform commissions of all provinces, autonomous regions, municipalities directly under the Central Government, and cities specifically designated in the state plan, and the Xinjiang Production and Construction Corps,
We have formulated the Interim Measures for the Administration of Government-sponsored Industry Investment Funds in accordance with the spirit of the Company Law, the Partnership Enterprise Law, the Opinions of the CPC Central Committee and the State Council on Deepening the Reform of the Investment and Financing System (Zhong Fa [2016] No.18), the Several Opinions of the State Council on Promoting the Sustainable and Healthy Development of Venture Capital Investment (Guo Fa [2016] No.53), the Guiding Opinions of the State Council on Innovating the Investment and Financing Mechanisms in Key Areas and Encouraging Social Investment (Guo Fa [2014] No.60), and other laws and regulations and the relevant documents, in order to comprehensively implement the spirit of the 18th National Congress of the Communist Party of China (CPC) and the Third, Fourth, and Fifth Plenary Sessions of the 18th CPC Central Committee, optimize the way of government investment, give play to the guiding role and amplification effect exerted by government funds, improve the utilization efficiency of government funds, and attract the investment of private capital in areas and industries supported by the government. The aforesaid Measures are hereby issued to you for your earnest implementation.
Interim Measures for the Administration of Government-sponsored Industry Investment Funds
Chapter I General Provisions
Article 1 The Interim Measures for the Administration of Government-sponsored Industry Investment Funds (hereinafter referred to as the "Measures") are formulated in accordance with the spirit of the Company Law, the Partnership Enterprise Law, the Opinions of the CPC Central Committee and the State Council on Deepening the Reform of the Investment and Financing System (Zhong Fa [2016] No.18), the Several Opinions of the State Council on Promoting the Sustainable and Healthy Development of Venture Capital Investment (Guo Fa [2016] No.53), the Guiding Opinions of the State Council on Innovating the Investment and Financing Mechanisms in Key Areas and Encouraging Social Investment (Guo Fa [2014] No.60), and other laws and regulations and the relevant documents, in order to promote the sustainable and healthy development of national economy, optimize the way of government investment, give play to the guiding role and amplification effect exerted by government funds, improve the utilization efficiency of government funds, and attract the investment of private capital in areas and industries supported by the government.
Article 2 For the purpose of the Measures, the term "government-sponsored industry investment funds" refers to equity investment funds and venture capital funds which are sponsored by the government and are mainly used to invest in enterprises' non-publicly traded equity.
Article 3 The capital sources of government-sponsored funds shall include investments within the fiscal budget, various special central and local development funds, and other fiscal funds.
Article 4 Government-sponsored industry investment funds may adopt such organizational forms as corporations, partnerships, and contractual joint ventures.
Article 5 The assets of government-sponsored industry investment funds are managed by fund managers and in the custody of fund custodians.
Article 6 Government-sponsored industry investment funds shall adhere to the principles of market-oriented operation and professional management, and government sponsors may not engage in the daily management of the funds.
Article 7 Government-sponsored industry investment funds may, by combining the use of a variety of ways including equity participation in funds, joint investment, financing guarantee, and governments making capital contributions and sharing an appropriate part of the profits, bring into full play the role of the funds in implementing industrial policies, guiding private investment, and stabilizing economic growth.
Article 8 The National Development and Reform Commission ("NDRC") shall, jointly with local development and reform commissions, carry out interim and ex post administration of the business activities of government-sponsored industry investment funds, take the responsibility for advancing the development of an industry credit system for government-sponsored industry investment funds, release industry development reports on a regular basis, and maintain good market order that is conducive to sustainable and healthy industrial development.
Chapter II Raising and Registration Administration of Government-sponsored Industry Investment Funds
Article 9 In sponsoring industry investment funds, the government may make capital contributions entirely on its own or jointly with private capital, or invest in eligible existing industry investment funds, or otherwise.
Article 10 The part of private capital in the government-sponsored industry investment funds shall be raised through private placement, which shall comply with the relevant laws and regulations and the provisions of the relevant departments of the State.
Article 11 Other investors of the funds than the government shall be qualified institutional investors that have certain ability to identify and bear risks.
Article 12 The NDRC shall develop a national credit information registration system for government-sponsored industry investment funds and instruct local development and reform departments to develop a local credit information registration sub-system for government-sponsored industry investment funds.
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