--- title: "Key points! This is what the Government Work Report says about venture capital!" type: "Topics" locale: "en" url: "https://longbridge.com/en/topics/39079372.md" description: "On March 5th, the fourth session of the 14th National People's Congress opened. Premier Li Qiang of the State Council delivered the Government Work Report. In the section on "Government Work Tasks for 2026", the report proposed to efficiently utilize the National Venture Capital Guiding Fund, vigorously develop venture capital and angel investment. Government investment funds should take the lead in being patient capital, promoting more startups to accelerate their growth into technology-leading enterprises. Strengthen financial services throughout the entire chain and lifecycle of technological innovation. For technology-based enterprises in key core technology fields, implement a "green channel" mechanism for listing, financing, mergers, and acquisitions on a regular basis..." datetime: "2026-03-05T09:38:34.000Z" locales: - [en](https://longbridge.com/en/topics/39079372.md) - [zh-CN](https://longbridge.com/zh-CN/topics/39079372.md) - [zh-HK](https://longbridge.com/zh-HK/topics/39079372.md) author: "[烯牛数据](https://longbridge.com/en/profiles/26448364.md)" --- # Key points! This is what the Government Work Report says about venture capital! On March 5, the fourth session of the 14th National People's Congress opened. **Premier Li Qiang** of the State Council delivered the Government Work Report. In the section on "Government Work Tasks for 2026," the Government Work Report proposes to efficiently utilize the **National Venture Capital Guidance Fund**, vigorously develop **venture capital and angel investment**. Government investment funds should take the lead in **acting as patient capital** to accelerate the growth of more startups into leading technology enterprises. Strengthen financial services throughout the entire chain and lifecycle of technological innovation. For technology-based enterprises in key core technology fields, **regularly implement the "green channel" mechanism for IPO financing, M&A, and restructuring**, supporting innovation and creation with technology finance. Continuously deepen the comprehensive reform of investment and financing in the capital market, further improve the mechanism for medium- and long-term funds to enter the market, enhance the investor protection system, **expand exit channels for private equity and venture capital funds**, and increase the proportion of direct financing and equity financing. The report also mentioned the need to promote the **deep integration of technological innovation and industrial innovation**. Build **international science and technology innovation centers in Beijing (Jing-Jin-Ji), Shanghai (Yangtze River Delta), and the Guangdong-Hong Kong-Macao Greater Bay Area**, creating world-class sources for scientific and technological innovation. Strengthen the role of enterprises as the main body of innovation, support leading technology enterprises in spearheading the formation of innovation consortia, and increase their proportion in undertaking major national science and technology projects. Enhance the construction of pilot testing and verification platforms, improve the intellectual property protection system in emerging fields, and accelerate the efficient transformation and application of major scientific and technological achievements. **Efficiently Utilize the National Venture Capital Guidance Fund** The **National Venture Capital Guidance Fund** is a venture capital guidance fund established by the National Development and Reform Commission. The fund initiated its establishment procedures on March 6, 2025, was officially established on July 21, 2025, with a registered capital of 100 billion yuan, 100% held by the Ministry of Finance. The National Venture Capital Guidance Fund has a **20-year lifespan**, including a 10-year investment period and a 10-year exit period, focusing on supporting cutting-edge fields such as artificial intelligence, quantum technology, and hydrogen energy storage. The National Venture Capital Guidance Fund adheres to being a market-oriented fund. The government does not directly participate in daily operation and management, and there are no regional re-investment requirements. Regional funds adopt the "sub-fund + direct investment project" model for investment, with sub-fund investments accounting for no less than 80%. Sub-funds operate according to market-oriented models, with investments in seed-stage and startup-stage enterprises accounting for no less than 70% of the fund size. **"Yangtze River Delta Fund"** (Yangtze River Delta Venture Capital Guidance Fund Partnership (Limited Partnership)), **"Greater Bay Area Fund"** (Guangdong-Hong Kong-Macao Greater Bay Area Venture Capital Guidance Fund Partnership (Limited Partnership)), and **"Jing-Jin-Ji Fund"** (Jing-Jin-Ji Venture Capital Guidance Fund Partnership (Limited Partnership)) are the first three regional funds of the National Venture Capital Guidance Fund. They correspond to the **international science and technology innovation centers in Beijing (Jing-Jin-Ji), Shanghai (Yangtze River Delta), and the Guangdong-Hong Kong-Macao Greater Bay Area** mentioned in the Government Work Report. Xin Niu Data noted that the **Yangtze River Delta Fund and the Greater Bay Area Fund** completed capital increases and filed for record in February, with registered capital of 55.1 billion and 50.45 billion yuan respectively. On February 28, the **Jing-Jin-Ji Fund** also completed a capital increase, from 29.646 billion yuan at its establishment at the end of 2025 to 50 billion yuan. With the full implementation of the three major regional funds, the National Venture Capital Guidance Fund has entered the stage of substantive operation.