National Development and Reform Commission: The National Entrepreneurship Investment Guidance Fund adheres to operate as a market-oriented fund, and the government does not directly participate in its daily operation and management.

The National Development and Reform Commission held a press conference to introduce the work related to the National Entrepreneurship Investment Guidance Fund. Regarding the positioning of the fund, Bai Jingyu, Director of the Innovation and High-tech Development Department, briefly introduced the "four persistence" at the meeting. Firstly, persist in early-stage funds. Secondly, persist in patient funds. The growth and development of technology innovation enterprises is a long-lasting "marathon" that requires the patient companionship of capital. The guidance fund has a 20-year duration, with a 10-year investment period and a 10-year exit period. Thirdly, persist in market-oriented funds. The establishment of the entrepreneurship investment guidance fund with central funding requires a balance of policy objectives and market principles. To this end, we have established a management model of government policy control and professional team market operation management. The government does not directly participate in daily operations and management, and does not require regional reinvestment; through competition and selection, several management institutions with rich investment experience and operational capabilities are selected at the market level, responsible for the entire process of fund raising, investment, management, and exit, effectively improving the efficiency of fund use, ensuring that each investment is used efficiently. Fourthly, persist in benchmark funds.