The General Office of the State Council issued the "Guiding Opinions on Promoting the High-Quality Development of Government Investment Funds." The "Guiding Opinions" propose 25 measures in 7 areas, aiming to establish a more scientific and efficient management system for government investment funds and promote their high-quality development. The "Guiding Opinions" state that, firstly, it is necessary to identify the right positioning to better serve the national development agenda. Focus on major strategies, key areas, and weak links where the market cannot fully play its role, attract more social capital, support the construction of a modern industrial system, and accelerate the cultivation of new quality productivity. The Fund should play a role as long-term and patient capital for cross-cycle and counter-cycle regulation. Secondly, improve the hierarchical and classified management mechanism. Clearly define the hierarchical management requirements for fund establishment, improve differentiated management mechanisms for different types of funds, and standardize the management of government investment budgets. Thirdly, strengthen overall planning and optimize layout. National-level funds and local funds should form a combined force, while provincial governments should enhance the coordinated management of local funds. Fourthly, enhance the level of professional and market-oriented operations. Standardize fund operation management, optimize fund investment methods, and fully leverage the role of fund managers. Establish sound fund performance management, enhance the fault-tolerant mechanism, and optimize a comprehensive evaluation system covering the entire chain and lifecycle, ensuring that assessments are not solely based on the performance of individual projects or annual profits and losses, thereby fostering an environment that encourages innovation and tolerates failure. Optimize the development environment for funds, emphasize positive incentive policy guidance, and boost market investment confidence. Fifthly, optimize exit mechanisms to promote a virtuous cycle of investment. Broaden fund exit channels, encourage the development of private equity secondary market funds, merger funds, etc., improve the multi-level capital market system, and explore simplifying the project exit process. Sixthly, strengthen internal control construction to prevent and mitigate risks. Establish a comprehensive risk prevention and control system and enforce strict financial discipline. Lastly, strengthen organizational support. Uphold and enhance the leadership of the Party, strengthen departmental coordination, and regulate supervisory behavior.