The General Office of the State Council recently issued the "Guiding Opinions on Promoting the High-Quality Development of Government Investment Funds." Fully utilize the role of fund managers. Clarify the relationship between government investment funds and managers, achieving the organic unity of government guidance, market-oriented operation, and specialized management. Fund managers should, in principle, be selected through market-oriented methods, and must possess professional capabilities, investment capabilities, and management capabilities that match the operation of the fund, have experience in Private Equity or related fund management, and possess investment management performance that meets the requirements. Strictly control the establishment of new fund managers by county-level governments. The management fees for newly established government investment funds must be scientifically justified and generally should be based on the paid-in capital or the actual investment amount to determine reasonable accrual standards.