NDRC: Give play to the demonstrative role of the national venture capital guidance fund, and mobilize social capital to invest early, in small businesses, for the long term, and in hard tech.

On November 3, the National Development and Reform Commission (NDRC) held a press conference in its "Striving for the 15th Five-Year Plan" series to brief on efforts to cultivate and strengthen new growth drivers. Ren Zhongbao, Deputy Director of the Department of Innovation and High-Tech Development of the NDRC, said in response to a reporter's question that future industries have long cultivation cycles and high market risks, requiring the government to increase investment while improving risk-sharing mechanisms. He stated that they will give full play to the demonstrative role of the national venture capital guidance fund, focus investment on future-industry enterprises in the seed stage, start-up stage, and early-to-mid stage, use patient capital to accompany enterprise and industrial innovation, and mobilize social capital to invest early, in small businesses, for the long term, and in hard technology. At the same time, they will work with relevant parties to increase policy support such as financing guarantees and risk compensation, develop specialized products such as technology insurance, and better safeguard the development of future enterprises.