According to recent data from the State owned Assets Supervision and Administration Commission of the State Council, as of now, central enterprises have managed a total of 126 venture capital funds, with a subscribed scale of 52.9 billion yuan and an investment amount of 31.3 billion yuan. They have mainly invested in advanced manufacturing, energy, electronic information and other fields, and have achieved positive results in promoting scientific and technological breakthroughs and increasing scientific research investment. Wang Hailin, Director of the Capital Operation and Income Management Bureau of the State owned Assets Supervision and Administration Commission of the State Council, stated that she will guide central enterprises to make full use of current relevant policies, focus on their main responsibilities, combine their own advantages and conditions, and use venture capital funds to increase investment in industry technology leading enterprises, technology achievement transformation, and small and medium-sized enterprises in the upstream and downstream of the industrial chain. She will encourage early investment, small investment, long-term investment, and hard technology investment, play a long-term patient capital role, support strategic emerging industries and future industries, help cultivate and develop new productive forces, and further promote high-quality development of the real economy. Wu Gangliang, a researcher at the China Enterprise Reform and Development Research Association, told People's Daily that venture capital funds are mainly based on equity capital, which can enrich the capital of central enterprises and reduce their debt ratio; At the same time, venture capital funds mainly focus on technological innovation, providing new fields and tracks for central enterprises. Therefore, venture capital funds can help promote a virtuous cycle of technology, industry, and finance. He believes that venture capital funds established by central enterprises have their own characteristics, such as large capital scale, emphasis on long-term returns, prevention of state-owned asset loss, and consideration of certain social benefits. Therefore, in the process of "raising, investing, managing, and withdrawing", state-owned enterprise venture capital funds should establish a sound management system and exemption mechanism for due diligence and compliance responsibilities that are in line with their own characteristics and development laws, and explore mechanisms for assessment throughout the entire fund lifecycle. According to the reporter's summary, in the past year, China's venture capital industry has frequently welcomed policy "warm winds". In June last year, the State Council executive meeting proposed to prioritize supporting science and technology innovation oriented enterprises and accelerate the formation of a financial service support system mainly based on equity investment and linked with "stock loan debt protection"; We need to strengthen the coordination between supervision and development policies, and implement differentiated supervision on different types of private equity investment funds, especially venture capital funds; We should promptly introduce specific policies to promote the development of venture capital funds. The Central Economic Work Conference held at the end of last year clearly proposed to encourage the development of entrepreneurial investment and equity investment. This year's Government Work Report once again reiterated the encouragement of developing entrepreneurial and equity investments, and optimizing the functions of industrial investment funds. The Central Political Bureau meeting in April this year proposed to actively develop venture capital and strengthen patient capital. At the end of June, the General Office of the State Council issued several policy measures for the high-quality development of entrepreneurial investment. "The State owned Assets Supervision and Administration Commission of the State Council will strengthen communication and coordination with relevant departments based on its own responsibilities, and provide greater support to state-owned enterprise venture capital funds in relaxing scale restrictions, increasing investment ratios, focusing on overall performance and long-term return assessment, and clarifying due diligence, exemption, and fault tolerance conditions." Wang Hailin said that in recent years, central enterprises have orderly carried out fund investment business around enhancing core functions and improving core competitiveness, fully utilizing the advantages and characteristics of fund aggregation of capital, flexible decision-making, and risk diversification, and actively promoting high-quality development of the real economy through effective investment. Some industry insiders have also told reporters that the deepening and upgrading of state-owned enterprise reform requires state-owned capital to focus on industry, focus on main responsibilities, and become strategic capital, long-term capital, and patient capital. Among them, venture capital funds are an important tool for central enterprises to optimize their state-owned capital layout and adjust their industrial structure. But the purpose of central enterprises conducting financial business is to explore the integration of industry and finance, achieve the promotion of industry through finance, and promote better industrial development. State owned and central enterprises should adhere to returning to their roots, focusing on their main business, focusing on strict control of increment, effectively optimizing their stock, and focusing on developing financial businesses that are in line with the characteristics of the enterprise's industry and meet the needs of their main business, in order to increase the proportion of financial businesses serving their main business. (Lai Xin She)