Hubei: Implement the "subsidy first, equity later" reform for provincial fiscal science and technology funds.

Hubei held a press conference on "Deepening Fiscal-Financial Coordination to Empower Technological Innovation and High-Quality Development." The Hubei Provincial Department of Finance introduced that it will improve the comprehensive performance evaluation system for funds and implement profit-sharing concessions on government capital contributions; refine the due diligence and fault-tolerance mechanism, raising the loss tolerance rate for seed funds investing in the "0 to 1" stage from 50% to 80%, with a maximum loss tolerance of 100% for a single project; implement differentiated assessment, so that for seed funds and other early-stage funds, performance is "not judged by revenue alone," with focus on the quantity and quality of incubated seed projects, encouraging funds to "be able to invest, be willing to invest, dare to invest, and be good at investing." This year, a reform of "subsidy first, equity later" for provincial fiscal science and technology funds will be implemented, with support of up to 3 million yuan for a single sci-tech innovation project, adopting a method of first providing free subsidies for cultivation and then converting to equity on a market-oriented basis, linking with seed funds to successively fill the funding gap at the earliest stage of commercialization of scientific and technological achievements.