Guangzhou announced that it will accept 100% losses on individual projects, turning subsidies to scientific and technological innovation enterprises into investments.

On January 15th, the "Guangzhou Municipality Pilot Work Measures for Supplementing and Amending Investment in the Transformation of Scientific and Technological Achievements" was released. At the press conference, Sun Xiang, a member of the Party Group of the Guangzhou Science and Technology Bureau and Deputy Director of the City Committee's Science and Technology Office, introduced that the "work measures" focused on the most difficult and high-risk "first kilometer" in the transformation of scientific and technological achievements, filling in the weak links where the market cannot fully play its role, and striving to create the "Guangzhou Model" for the transformation of scientific and technological achievements. In terms of specific proportions, the "work measures" clearly stipulate that financial funds should follow the laws of investment operations, tolerate normal investment risks, not use the profit and loss of a single project or single year as an evaluation basis, and allow a single project to incur a 100% loss. For financial funds with overall investment losses below 80%, no one will be held accountable, and for losses above the tolerance limit, the exoneration procedure will be initiated.