To implement the provincial government’s requirements for supporting the high-quality development of venture capital and private equity, fully leverage the advantages of fund-based investment promotion, further expand the investment promotion system, enhance investment promotion capabilities, and promote the high-quality economic development of our city, the following measures are hereby formulated regarding the use of industrial funds to support investment promotion, in accordance with the actual conditions of our city:
I. Attracting and Cultivating Various Types of Funds to Build a Diverse Fund Ecosystem
1. Attract Leading Funds. Actively engage with the provincial “Ten Major Emerging Industries Development Funds” and other specialized funds to encourage relevant products of provincial funds to register in Chuzhou, thereby guiding investment projects and industries to settle in Chuzhou. By engaging with leading funds, we will introduce high-quality projects and specialized capabilities associated with these funds to Chuzhou.For newly established or relocated funds with actual investment projects, the local government may provide fiscal incentives based on a certain percentage of their paid-in registered capital or actual raised funds. We aim to attract 100 funds of various types to the city by the end of 2025, with a total fund management scale reaching 100 billion yuan. (Responsible Units: Office of the City’s Eight Major Industrial Chains; People’s Governments of all counties, cities, and districts; Chuzhou Economic and Technological Development Zone; China-Singapore Suzhou-Chuzhou High-Tech Industrial Development Zone)
2. Cultivate Local Funds. Promote concerted efforts across four channels—fiscal, state-owned assets, banking consortia, and social capital—to expand fund scale, improve fund operation mechanisms, jointly address funding constraints, and strengthen support for attracting major projects. Support leading enterprises in various industries, startup incubators, industrial (technology) innovation centers, universities, and research institutes in partnering with financial institutions to initiate or participate in the establishment of venture capital and private equity firms.Encourage qualified investment and financing platform companies to transition into venture capital and private equity firms. Strive to establish a comprehensive fund support system covering the entire project lifecycle—from “angel investment to VC to PE to M&A”—by the end of 2025. (Responsible Units: Municipal Science and Technology Bureau, Municipal Local Financial Regulatory Bureau, Municipal Urban Investment Group, Municipal Finance Bureau, People’s Governments of all counties, cities, and districts, Chuzhou Economic and Technological Development Zone, and China-Singapore Suzhou-Chuzhou High-Tech Zone)
3. High-Quality Development of Fund Clusters. Encourage and support eligible counties (cities, districts) and industrial parks to establish venture capital and private equity clusters (including parks, districts, fund towns, and venture capital towers) as demonstration zones for venture investment. Formulate specialized support policies and provide comprehensive “one-stop” services to attract venture capital and private equity institutions to settle in these areas. By the end of 2025, each county (city, district) and industrial park should have at least one such cluster.(Responsible Units: People’s Governments of all counties, cities, and districts; Chuzhou Economic and Technological Development Zone; China-Singapore Suzhou-Chuzhou High-Tech Zone)
4. Strengthen statistical analysis of funds. The Municipal Bureau of Local Financial Supervision shall take the lead in establishing and improving a fund reporting system to promptly understand and monitor the investment directions, scales, and current status of government-backed industrial funds, state-owned enterprise-backed industrial funds, and privately-backed industrial funds in Chuzhou. Reports shall be distributed to all counties, cities, districts, and industrial parks monthly and submitted to the municipal government quarterly. Guide investment promotion departments to precisely match various types of funds.(Responsible Units: Municipal Local Financial Regulatory Bureau; People’s Governments of all counties, cities, and districts; Chuzhou Economic and Technological Development Zone; China-Singapore Suzhou-Chuzhou High-Tech Industrial Development Zone)
II. Innovate Fund Attraction Models to Enhance Investment Promotion Outcomes
5. Establish a Fund Investment Promotion Alliance. The Municipal Bureau of Local Financial Supervision and the Municipal Investment Promotion Bureau shall be responsible for establishing a Fund Investment Promotion Alliance to form a city-wide fund investment promotion matrix. Alliance members shall be selected through voluntary applications from equity investment institutions or recommendations from relevant organizations. Applicant institutions must have a high level of recognition within the industry, possess professional capital operation capabilities and extensive experience in industrial integration, and have no history of violations of laws or regulations.Specifically, the Municipal Urban Investment Group will be responsible for making recommendations, which will be confirmed by the Municipal Local Financial Regulatory Bureau and the Municipal Investment Promotion Bureau. The Alliance will provide project and resource matching services to member units. The Alliance will hold quarterly meetings. A secretariat will be established to implement a quarterly statistical analysis and reporting mechanism. (Responsible Units: Municipal Local Financial Regulatory Bureau, Municipal Investment Promotion Bureau, Municipal Urban Investment Group)
6. Organize fund investment activities. Adopt a “1+N” approach to host forum events. The Municipal Local Financial Regulatory Bureau, the Municipal Investment Promotion Bureau, and the Municipal Urban Investment Group shall organize one equity investment forum annually; “N” local fund investment promotion events shall be organized by various localities on an irregular basis, focusing on their future leading industries. Actively carry out activities such as exchanges on industrial development trends and investment experiences, platform promotions, project roadshows, matchmaking sessions, and signing ceremonies.(Responsible Units: Municipal Local Financial Regulatory Bureau, Municipal Investment Promotion Bureau, Municipal Urban Investment Group; People’s Governments of all counties, cities, and districts; Chuzhou Economic and Technological Development Zone; China-Singapore Suzhou-Chuzhou High-Tech Industrial Development Zone)
7. Encourage various funds to introduce investment projects. Encourage various funds to guide the entities they invest in—located outside the municipal area—to invest in Chuzhou. For investments reaching 10 million yuan, where the investee meets certain conditions, a reward of 1% of the enterprise’s newly added paid-in capital (limited to monetary form) will be granted to the fund manager;If the investee enterprise establishes a new subsidiary in Chuzhou with new paid-in capital of no less than 20 million yuan (in cash only) and the subsidiary operates effectively within the city, a reward of 0.5% of the subsidiary’s paid-in capital will be granted to the fund manager. For major provincial or municipal projects, or projects with significant social benefits, rewards for fund managers may be determined on a “case-by-case” basis, with specific details formulated by the investment promotion department.The total annual investment promotion incentive for a single fund manager shall not exceed 10 million yuan. This incentive does not apply to cases where the investee is an affiliate of the fund manager, or to infrastructure and real estate projects. The incentive funds shall be borne by the fiscal authority benefiting from the project. (Responsible Units: People’s Governments of all counties, cities, and districts; Chuzhou Economic and Technological Development Zone; China-Singapore Suzhou-Chuzhou High-Tech Industrial Development Zone)
III. Optimize Fund Onboarding Processes and Enhance Work Efficiency
8. Establish a “1+N” Chuzhou Industrial Investment Fund Cluster.Leverage the investment promotion role of the 3-billion-yuan Eight Major Industrial Chains Parent Fund to conduct specialized and market-oriented investment operations. Through collaboration with counties (cities, districts) and industrial parks, partnerships with leading institutions, and alignment with industrial priorities, participate in investing in N industry-specific parent funds, sub-funds, and specialized sub-funds. Focus efforts on project attraction and industrial cultivation to ultimately form a “1+N” Chuzhou Industrial Fund Cluster with a total scale exceeding 12 billion yuan.The master fund will be operated in a market-oriented manner and evaluated as an independent entity by the State-owned Assets Supervision and Administration Commission (SASAC). (Responsible Units: Municipal Urban Investment Group, Municipal Finance Bureau, People’s Governments of all counties, cities, and districts, Chuzhou Economic and Technological Development Zone, China-Singapore Suzhou-Chuzhou High-Tech Industrial Development Zone)
9. Innovate the establishment model for investment promotion sub-funds. Accelerate the investment deployment of the parent fund; utilize new equity participation models and diverse operational mechanisms to attract social capital on a broad scale; and establish operational mechanisms such as “fund + resources,” “fund + industry,” “fund + industrial park,” and “chain-leading enterprises + industrial funds + flagship projects.” Following the principle of mutual empowerment between funds, strengthen the fund’s ability to attract and direct investments, and leverage more high-quality funds to participate in project attraction.(Responsible Units: Municipal Urban Investment Group; People’s Governments of all counties, cities, and districts; Chuzhou Economic and Technological Development Zone; China-Singapore Suzhou-Chuzhou High-Tech Zone)
10. Establish a Fund Service Platform. Integrate online and offline channels to enhance investment promotion services for funds. Driven by digital reform, the Municipal Local Financial Regulatory Bureau, the Municipal Development and Reform Commission, and the Municipal Finance Bureau shall be responsible for displaying the basic information, investment sectors, and investment cases of various funds on the Municipal Credit and Financial Comprehensive Service Platform.Localities shall publish project information online and express their fund investment needs, while fund management companies shall publish information on projects they intend to invest in online. Offline, based on the city’s overall industrial layout and local leading industries, local authorities shall be recommended to engage in matchmaking with fund management companies. Projects recommended by funds shall be incorporated into the full-process tracking service. (Responsible Units: Municipal Local Financial Regulatory Bureau, Municipal Development and Reform Commission, Municipal Finance Bureau; People’s Governments of all counties, cities, and districts; Chuzhou Economic and Technological Development Zone; China-Singapore Suzhou-Chuzhou High-Tech Industrial Development Zone)
IV. Strengthen Coordination Between Municipal and County Funds to Improve Operational Efficiency
11. Categorize, streamline, and consolidate existing government-backed industrial funds. Implement categorized management of existing industrial funds. For funds with similar investment objectives established within the same industry sector, promote consolidation and adjustment of investment focus while respecting the wishes of investors; where government (or state-owned enterprise) capital has been disbursed to a fund account for over one year without the fund having conducted any investment activities, early withdrawal may be permitted in accordance with relevant articles of association (or agreements);Funds that have not conducted actual investment activities for over two years shall be liquidated, and funds recovered in accordance with relevant procedures and agreements; for funds with poor operational performance, the fund manager or management team shall be replaced, or the fund shall be directly liquidated and exited, in accordance with relevant procedures and agreements. (Responsible Units: Municipal Bureau of Local Financial Supervision, Municipal Urban Investment Group, People’s Governments of all counties, cities, and districts, Chuzhou Economic and Technological Development Zone, China-Singapore Suzhou-Chuzhou High-Tech Zone)
12. Strengthen coordination on investment promotion projects between the municipal and county levels. Enhance collaboration and synergy between the Fund Alliance and counties (cities, districts), and industrial parks in areas such as fund establishment, investment promotion, project investment, industrial mergers and acquisitions, and talent development to form a cohesive investment force. When major projects in counties (cities, districts), and industrial parks require fund participation, they shall report to the Secretariat of the Municipal Fund Investment Promotion Alliance. The Alliance shall immediately convene consultations to assess the situation, propose recommendations, and provide feedback while simultaneously reporting to the Municipal Government.(Responsible Units: Municipal Bureau of Local Financial Supervision, Municipal Investment Promotion Bureau, People’s Governments of all counties, cities, and districts, Chuzhou Economic and Technological Development Zone, and China-Singapore Suzhou-Chuzhou High-Tech Industrial Development Zone)
13. Establish a coordinated mechanism among the municipal, provincial, and county levels. For major projects identified for fund investment, the Office of the Industrial Chain Leader shall be responsible for securing support and participation from national and provincial funds. A quarterly statistical analysis and reporting mechanism shall be established. For projects involving municipal fund investment, the municipal fund and the industrial funds of each county (city, district), and industrial park shall, in principle, invest on a 1:1 matching basis.All localities shall optimize processing procedures, accelerate and enhance the efficiency of business registration services, and promote the implementation of “contactless processing,” “one-stop” services, and reward application services. (Responsible Units: Municipal Office of the Eight Major Industrial Chains, Municipal Urban Investment Group, People’s Governments of all counties, cities, and districts, Chuzhou Economic and Technological Development Zone, and China-Singapore Suzhou-Chuzhou High-Tech Zone)
V. Establish and Improve Support Mechanisms to Create Synergistic Policy Effects
14. Strengthen Coordination and Synergy. Building upon the Fund Alliance, establish and improve a joint conference system for the coordinated management of fund investments. Enhance interdepartmental collaboration and policy synergy among finance, development and reform, industry and information technology, science and technology, investment promotion, commerce, finance, and tax authorities, and continuously refine the supporting policy framework and management service system for projects introduced through industrial funds. The joint conference shall be convened by the Municipal Local Financial Regulatory Bureau and the Municipal Investment Promotion Bureau.
15. Improve the fund investment performance evaluation system. The Municipal Finance Bureau shall take the lead in researching and establishing a state-owned asset operation supervision and evaluation mechanism that differs from that of general state-owned enterprises and complies with the market-oriented investment and operation regulations for funds. Adhering to policy objectives and following market principles, the performance evaluation system shall be refined. The evaluation shall focus on the following areas: the implementation of major projects determined by the Municipal Party Committee and Municipal Government supported by the parent fund; major capital investment attraction by leading enterprises in the industry; and the transformation, upgrading, and development of emerging industries as well as advantageous and distinctive industries.The Municipal Local Financial Regulatory Bureau and the Municipal Investment Promotion Bureau shall take the lead in establishing a database of performance evaluation indicators for industrial funds. The evaluation shall incorporate the fund’s scale; the quantity and quality of projects attracted and invested in; the degree of coordination with industrial funds at the national, provincial, county (city, district), and industrial park levels; the investment status of projects introduced by the eight major industrial chain task forces; and the number of recommended investment projects that have been successfully attracted. The application of evaluation results shall be strengthened, with performance evaluation outcomes serving as a key basis for determining the fund’s continuation and the accrual of management fees.
16. Build a Professional Investment Team. Intensify efforts to develop talent for fund investment and operations management. Actively explore the professional manager system. Through in-house training, collaborative training, market recruitment, and open selection, attract a group of professional fund investment talents. Accelerate the development of an international, professional, and market-oriented fund investment team with expertise in economics, industry, and investment, and establish a scientific and efficient independent compensation system.(Responsible Units: Municipal Urban Investment Group; People’s Governments of all counties, cities, and districts; Chuzhou Economic and Technological Development Zone; China-Singapore Suzhou-Chuzhou High-Tech Industrial Development Zone)
These measures shall take effect upon issuance.
