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Several Opinions of the Shanghai Municipal People's Government on Promoting the Sustained, Sound and High-quality Development of Venture Capital in Shanghai [Effective]
上海市人民政府关于促进上海创业投资持续健康高质量发展的若干意见 [现行有效]
【法宝引证码】

Several Opinions of the Shanghai Municipal People's Government on Promoting the Sustained, Sound and High-quality Development of Venture Capital in Shanghai 

上海市人民政府关于促进上海创业投资持续健康高质量发展的若干意见

(Regulation No. 29 [2019] of the Shanghai Municipal People's Government) (沪府规〔2019〕29号)

All district people's governments; and all the commissions, offices and bureaus of the municipal government: 各区人民政府,市政府各委、办、局:
For the purposes of further promoting venture capital in serving the innovation-driven development strategy and providing sustained driving force for science and technology innovation, the following several opinions are hereby offered on promoting the sustained, sound and high-quality development of venture capital in Shanghai, according to the Opinions of the State Council on Promoting the High-Quality Development of Innovation and Entrepreneurship and Creating an Upgraded Version of "Entrepreneurship and Innovation among All the People" (No. 32 [2018], State Council), the Action Plan for the Construction of Shanghai International Financial Center (2018-2020) issued by eight ministries and commissions including the People's Bank of China, and other documents: 为进一步促进创业投资服务创新驱动发展战略,为科技创新提供持续推动力,根据国务院《关于推动创新创业高质量发展打造“双创”升级版的意见》(国发〔2018〕32号)、人民银行等国家八部委印发的《上海国际金融中心建设行动计划(2018-2020年)》等文件,现就促进上海创业投资持续健康高质量发展提出若干意见如下:
I. Further accelerating the development of venture capital in Shanghai, with an eye to the world and the future.   一、面向全球,面向未来,进一步加快上海创业投资发展
The guidance of Xi Jinping Thought on Socialism with Chinese Characteristics in a New Era shall be adhered to, the spirit of the 19th CPC National Congress and the Second and Third Plenary Sessions of the 19th CPC Central Committee shall be fully implemented, the new development concept shall be adhered to, overall coordination shall be deepened, the guiding and driving role of fiscal funds and the decisive role of the market in allocating innovation resources shall be maximized, social capital with good conditions shall be guided into the field of venture capital in an orderly manner, efforts to invest in high-tech fields such as integrated circuits, biomedicine, and artificial intelligence shall be continually increased, the development vitality of state venture capital shall be continually heightened, science and technology innovation investment brands commensurate with Shanghai's orientation to construct an international financial center and a globally influential science and technology innovation center shall be shaped, the framework of the industry development policies shall be continually optimized, a good environment for industry development shall be created, a comprehensive, systematic and specialized investment service ecosystem shall be formed, the organic integration of the innovation chain and the capital chain shall be furthered, the interactive development of the international financial center and the science and technology innovation center shall be facilitated, and a new highland for the clustering and development of venture capital with world-class competitiveness shall be gradually shaped. 坚持以习近平新时代中国特色社会主义思想为指导,全面贯彻党的十九大和十九届二中、三中全会精神,坚持新发展理念,深化统筹协调,充分发挥财政资金的引导带动作用,以及市场在配置创新资源中的决定作用,有序引导有条件的社会资本进入创业投资领域,持续加大对集成电路、生物医药、人工智能等高新领域的投资力度,不断提升国资创业投资发展活力,打造与上海建设国际金融中心、具有全球影响力的科技创新中心定位相适应的科创投资品牌,不断优化行业发展政策体系,营造行业发展良好环境,形成一套综合化、系统化、专业化的投资服务生态体系,促进创新链和资金链有机结合,推动国际金融中心和科技创新中心联动发展,逐步形成具有世界竞争力的创业投资集聚发展新高地。
II. Maximizing the guiding role and ripple effects of various government investment funds   二、充分发挥各类政府投资基金的引导带动作用
1. Strengthening the overall coordination of various government investment funds (一)加强各类政府投资基金的统筹协调
An overall coordination mechanism for the development of government investment funds shall be established, and a management framework of government guidance funds in which the municipality and districts interact with each other and are connected shall be formed. The functional orientation and regional distribution of various funds and major policy issues in industry development shall be coordinated. Appropriate contributors of fiscal funds shall be selected according to the arrangements of the CPC Municipal Committee and the municipal government, based on specific circumstances. The policy coordination and interaction mechanism between the development of the venture capital industry on one side and regional development, industry development, and policy-based regulation on the other side shall be strengthened. Venture capital, angel investment and quasi-financial institutions shall be placed under differentiated management, and more facilitative policies and measures shall be issued in modification of industrial and commercial registration, bank custody, and other aspects. (Responsible entities: the Municipal Development and Reform Commission and the Municipal Finance Bureau in conjunction with all district governments and relevant authorities) 建立本市政府投资基金发展统筹协调机制,形成市、区联动,相互衔接的政府引导基金管理体系。对各类基金的功能定位、区域布局以及行业发展中的重大政策问题进行协调。按照市委、市政府部署,根据具体情况,选择合适的财政资金出资主体。加强创业投资行业发展和区域发展、产业发展、政策监管之间的政策协调联动机制。对创业投资、天使投资与类金融机构实施差异化管理,在工商注册变更、银行托管等方面,出台更便捷的政策措施。(责任单位:市发展改革委、市财政局会同各区政府及有关部门)
2. Establishing and improving a sustained input mechanism for government guidance funds (二)建立健全政府引导基金持续投入机制
Fiscal input to the Municipal Venture Capital Guiding Fund and Angel Capital Guiding Fund shall be gradually increased. The leverage effect of fiscal funds shall be further exerted to drive various social funds to make venture capital investment under the premise of risk controllability. The shaping of a rolling input mechanism with multiple channels including fiscal funds, state capital income, and social funds shall be vigorously explored. (Responsible entities: the Municipal Development and Reform Commission, the Municipal Finance Bureau, and the Municipal State-owned Assets Supervision and Administration Commission in conjunction with relevant authorities) 逐步增加对市创业投资引导基金、天使投资引导基金的财政投入。进一步发挥财政资金的杠杆放大作用,在风险可控的前提下,带动各类社会资金开展创业投资。积极探索形成财政资金、国资收益和社会资金多渠道并举的滚动投入机制。(责任单位:市发展改革委、市财政局、市国资委会同有关部门)
3. Continually optimizing the management and service modes of government investment funds (三)持续优化政府投资基金管理和服务模式
Simplifying procedures and decentralizing powers shall be furthered, government guidance and market leadership shall be strengthened, and the functional role of various investment platforms shall be maximized, so as to form a management framework of government investment funds in which powers and responsibilities are clear and connected. Relying on government investment funds, an integrated technology financial service framework from angel investment to mergers and acquisitions investment, in which investment, loans and security develop interactively shall be formed. The promotion of government guidance funds in becoming more market-oriented, specialized, standardized, and internationalized shall be accelerated. (Responsible entities: the Municipal Development and Reform Commission, the Municipal State-owned Assets Supervision and Administration Commission, and the Municipal Finance Bureau in conjunction with relevant authorities) 进一步简政放权,加强政府引导、市场主导,充分发挥各类投资平台的功能作用,形成权责明晰,相互衔接的政府投资基金管理体系。依托政府投资基金,形成从天使投资到并购投资,投资、贷款、担保联动发展的综合化科技金融服务体系。加快推动政府引导基金向更加市场化、专业化、规范化、国际化方向转变。(责任单位:市发展改革委、市国资委、市财政局会同有关部门)
4. Establishing and improving a market-oriented operation mechanism for state-owned venture capital enterprises (四)建立完善国资创业投资企业市场化运作机制
State assets management and assessment measures in line with the characteristics of the venture capital industry shall be established and improved. The corporate governance structure of state-owned venture capital enterprises shall continue to be improved, and experienced management teams with an international vision shall be retained in a market-oriented manner. The pilot program of market-oriented operation of state-owned venture capital enterprises shall be deepened, state-owned venture capital enterprises shall be encouraged to intrinsically implement an effective restraint and incentive mechanism for their management and link investment returns with the constraints and incentives relating to their management, and co-investment, assessment, and agreed equity exit, and other innovations shall continue to be explored. State-owned venture capital enterprises with good conditions shall be encouraged to launch the pilot program of mixed ownership. The implementation of the error-tolerant innovation mechanism shall be advanced, and if a reform, innovation, or investment in science and technology fails to achieve the expected goal, but is made in accordance with the relevant decisions and provisions issued by the State and the city, diligently, dutifully, without private gains being sought, no negative comment shall be made, and relevant liability shall be waived according to the law. (Responsible entities: the Municipal State-owned Assets Supervision and Administration Commission and the Municipal Development and Reform Commission in conjunction with relevant authorities) 建立健全适应创业投资行业特点的国资管理和考核办法。持续完善国有创业投资企业法人治理结构,市场化选聘具有国际视野、拥有丰富经验的管理团队。深化国有创业投资企业市场化运作试点,鼓励国有创业投资企业内部实施有效的管理人员约束和激励机制,将投资效益与管理人员的约束和激励相结合,持续探索跟投、评估、事前约定股权退出等创新。鼓励具备条件的国有创业投资企业开展混合所有制试点。推进落实创新容错机制,对改革创新与科技投资未能实现预期目标,但依照国家和本市有关决策、规定实施,且勤勉尽责未谋取私利的,不作负面评价,并依法免除相关责任。(责任单位:市国资委、市发展改革委会同有关部门)
III. Promoting the interactive development of venture capital and the multi-level technology financial service framework   三、推动创业投资与多层次科技金融服务体系联动发展
1. Strengthening interaction between venture capital and markets such as the STAR Market (一)加强创业投资与科创板等市场板块的联动
...... 充分发挥科技投资服务平台作用,建立联通科技创新项目、各类基金以及科创板等市场板块的纽带,丰富创业投资企业的投资和退出渠道。加强上海股权托管交易中心与创业投资企业的联动。探索集科技券商、科技贷款、科技担保等为一体的全功能科技投资服务平台。(责任单位:市金融工作局、市发展改革委会同有关部门)
 ......

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