The National Development and Reform Commission held a press conference to introduce the work of the National Venture Capital Guidance Fund. Bai Jingyu, director of the Department of Innovation and High-tech Development, gave a brief introduction to the fund's position at the conference. Summarizing it up, it was the “Four Persistences.” The first is to insist on being an early-stage fund. The second is to insist on being a patience fund. The growth and growth of science and innovation enterprises is a protracted “marathon” that requires the patient support of capital. Guide the fund to set a 20-year lifetime, including a 10-year investment period and a 10-year exit period. The third is to insist on being a market-based fund. The central government invests in setting up venture capital guidance funds, which requires an integrated balance between policy goals and market-based principles. To this end, we have established a management model where the government manages policies, controls investment, and entrusts professional teams to operate market-based operations. The government level does not directly participate in daily operation management, and there are no requirements for geographical rebates; the market level selects a number of management agencies with rich investment experience and operational capabilities through competition and merit to be responsible for the whole process of fund “fundraising and management withdrawal”, effectively improving the efficiency of the use of funds and ensuring that every investment is used on a “blade”. Fourth, insist on being a benchmark fund.

The National Development and Reform Commission held a press conference to introduce the work of the National Venture Capital Guidance Fund. Bai Jingyu, director of the Department of Innovation and High-tech Development, gave a brief introduction to the fund's position at the conference. Summarizing it up, it was the “Four Persistences.” The first is to insist on being an early-stage fund. The second is to insist on being a patience fund. The growth and growth of science and innovation enterprises is a protracted “marathon” that requires the patient support of capital. Guide the fund to set a 20-year lifetime, including a 10-year investment period and a 10-year exit period. The third is to insist on being a market-based fund. The central government invests in setting up venture capital guidance funds, which requires an integrated balance between policy goals and market-based principles. To this end, we have established a management model where the government manages policies, controls investment, and entrusts professional teams to operate market-based operations. The government level does not directly participate in daily operation management, and there are no requirements for geographical rebates; the market level selects a number of management agencies with rich investment experience and operational capabilities through competition and merit to be responsible for the whole process of fund “fundraising and management withdrawal”, effectively improving the efficiency of the use of funds and ensuring that every investment is used on a “blade”. Fourth, insist on being a benchmark fund.