During this year's National People's Congress and Chinese People's Political Consultative Conference, "venture capital" was one of the hot topics. On March 6, the third session of the 14th National People's Congress held a press conference on the theme of economy. Zheng Jiejie, the director of the National Development and Reform Commission, said at the conference that the National Venture Capital Guidance Fund would be set up in the near future, with the aim of becoming better, stronger and larger innovative enterprises. The fund is expected to drive nearly 1 trillion yuan in local funds and social capital, attracting widespread attention from the capital market. In recent years, the venture capital industry has repeatedly welcomed favorable policies. This year's government work report also emphasizes "accelerating the development of venture capital and strengthening patient capital". In the eyes of industry insiders, with the continuous convergence of various positive factors in the development of the venture capital industry, the venture capital market is expected to become more active, which will help more technology companies grow and contribute more venture capital strength to promoting the development of new quality productivity in China. The "aircraft carrier level" fund will enter the conference. Zheng Zhajie said at the conference, "We will better combine the cultivation of new driving forces with the upgrading of traditional driving forces, and strengthen the construction of a modern industrial system. On the one hand, we will cultivate and strengthen emerging industries and future industries. Recently, we will establish the National Venture Capital Guidance Fund, with the aim of optimizing, strengthening, and expanding innovative enterprises. On the other hand, we will transform and enhance traditional industries." From the information revealed at the conference, the National Venture Capital Guidance Fund will drive nearly 1 trillion yuan of local capital and social capital, focus on hard technology, adhere to long cycles, improve fault tolerance, and invest in technology-based enterprises through market-oriented means. This news quickly caused a stir in the venture capital industry. Industry insiders believe that the establishment of this fund is of great significance and will release multiple positive effects. Li Wei, Managing Director of Beijing Qihang Venture Capital Management Co., Ltd., told Securities Daily reporters: "For China's venture capital industry, the establishment of the National Venture Capital Guidance Fund is a significant milestone. On the one hand, it demonstrates the country's firm determination to support the sustainable and healthy development of the venture capital industry. On the other hand, it will effectively inject a large amount of liquidity into the venture capital industry, further stimulate the vitality of the venture capital market, and open a new chapter in the development of China's venture capital." In the view of Xu Junming, General Manager and Director of Xicheng Zhiyuan Private Equity Fund Management (Beijing) Co., Ltd. The entrance will allow the 'group ships' to enter Forming a joint force, indicating the direction of industrial development, and with a relatively long term, it can form an effective matrix with financial and short-term market-oriented funds. The establishment of the National Entrepreneurship Investment Guidance Fund this time is a practical implementation of high-level support for the venture capital industry, and also an important lever to support the development of the venture capital industry. If calculated based on the parent fund's contribution of 30%, a parent fund with a scale of 1 trillion yuan will bring in a group of venture capital sub funds with a scale of 3 trillion to 4 trillion yuan, and its leverage effect is very obvious. From the current scale of existing venture capital funds in the market, this fund will become an important force and even the main force in the venture capital market, as well as an important financial force to support the development of new quality productivity and strategic emerging industries Fang Jianhua, founding partner of Hefei Guoke New Energy Equity Investment Management Partnership Enterprise (Limited Partnership), analyzed to Securities Daily reporters. In recent years, the venture capital industry has received increasing policy support for its development. This year's government work report once again mentions "venture capital". In terms of "promoting high-level technological self-reliance and self-improvement", it mentions "improving the differentiated regulatory system for venture capital funds, strengthening policy based financial support, accelerating the development of venture capital, and strengthening patient capital". Fang Jianhua sighed, "Since December 2023, the policies in the venture capital industry have been blowing warm winds, and at the same time, China is vigorously developing new quality productivity. These factors have gathered together, and the trend of positive development in the venture capital industry is gradually forming. The spring of the venture capital industry has arrived. Venture capital is of great significance in supporting the development of technology-based enterprises. Currently, in the process of its own development, the various links of" fundraising, investment management, and withdrawal "have also undergone some changes. With the implementation of more and more relevant measures, the venture capital industry will usher in better development. Ma Jiantang, a member of the National Committee of the Chinese People's Political Consultative Conference and former Secretary of the Party Group of the Development Research Center of the State Council, stated in an interview with Securities Daily that venture capital is a form of funding that provides financing for start-up and growing enterprises in the high-tech field. Currently, state-owned venture capital funds and government investment funds have become the main force in China's venture capital market. To guide state-owned venture capital to invest early, small, long-term, and in hard technology, changes should be made in the assessment and management mechanism of state-owned venture capital. Short term assessments should not be pursued, and individual investment projects should not be assessed. Instead, life cycle assessments should be strengthened. At the same time, we should also enhance our tolerance for investment failures in projects. By implementing relevant measures, we believe that China's venture capital will have better development, and the venture capital market will become more active, providing funding for the development of small and medium-sized enterprises and startups in China, promoting the growth of more and more enterprises, and ultimately advancing China's science and technology industry Ma Jiantang stated. Venture capital institutions are greatly encouraged. In the eyes of industry insiders, various favorable factors for the development of the venture capital industry are constantly converging, and practitioners are also feeling more warmth from the industry's development. Xu Junming believes that policies such as establishing a national venture capital guidance fund, supporting private equity investment institutions to issue technology innovation bonds, and relaxing technology enterprise merger and acquisition loans can demonstrate the country's genuine support for the development of the science and technology innovation market and technology enterprises. From the perspective of the development of the industry itself, the development of any industry has periodicity. After experiencing the previous low period of development, the venture capital industry may have entered a reversal era. At the same time, the recent development of artificial intelligence has driven related technology companies to gain recognition from Chinese and global capital, which plays an important supporting role in the formation of early, small, long-term, and hard technology ecosystems. We believe that the future secondary market will give more recognition and support to technology stocks Fang Jianhua said. Many practitioners have expressed that they will actively transform their development ideas, enhance their own capabilities, and contribute more venture capital to the development of new quality productivity. Li Wei said, "In recent times, the industry has repeatedly welcomed favorable policies, which can be described as unprecedented and unprecedented. As a venture capital practitioner, I feel excited and responsible, and have become more firm in our confidence in investing in early, small, long-term, and hard technology. We strive to promote the transformation of major technological achievements into real productivity and contribute more to the cultivation and development of new quality productivity. Capital," Fang Jianhua said. (New Society)