Recently, Zheng Shanjie, Director of China’s National Development and Reform Commission (NDRC), announced at the economic-themed press conference during the Two Sessions that China is advancing the establishment of an "aircraft carrier-class" National Venture Capital Guidance Fund. What major initiatives lie behind this groundbreaking fund? How will it accelerate the incubation of more unicorns and gazelle enterprises?  

■ What is the fund’s primary role?

China National Venture Capital Guidance Fund(NVGCF) aims to direct financial capital toward early-stage investments, mall and micro enterprises, long-term commitments, and hard-tech sectors.  

■ How large is this "aircraft carrier-class" fund?

It is projected that the fund will attract and mobilize nearly 1 trillion yuan in local government and private capital.

■ Which innovative enterprises will benefit?

The fund will prioritize cutting-edge fields such as hydrogen energy storage, AI, and quantum technology. Leveraging market-driven mechanisms, it will invest in seed-stage and start-up companies, while moderately supporting early-to-mid-stage SMEs. The fund will underpin original and disruptive technological innovations, advance breakthroughs in core technologies, and cultivate strategic emerging industries and future-oriented sectors.  

■ How long will it support innovators?  

The fund duration is 20 years, longer than most equity investment funds.

NDRC officials emphasized that the fund will:  

- Resolve chronic funding shortages for scientific and technological innovation enterprises in their infancy.

- Enhance venture capital’s role in driving technological innovation. 

- Accelerate the commercialization of major scientific achievements.

- Strengthen high-level self-reliance in science and technology.

- Foster the development of new quality productive forces.