National Development and Reform Commission: Government investment funds must not indirectly increase local government hidden debt through measures such as issuing shares and converting them into bonds.

The National Development and Reform Commission is openly soliciting opinions from the public on the "Government Investment Fund Layout Plan and Investment Guidelines" and the "Measures for Strengthening the Management of Government Investment Fund Investment Guidance and Evaluation". The "Government Investment Fund Layout Plan and Investment Guidelines" mention that government investment funds should control the amount or proportion of investment in individual enterprises, and this should be clearly stated in the establishment plan or relevant legal documents. Government investment funds are not allowed to increase local government implicit debt through means such as issuing stocks or bonds, and are not allowed to engage in public trading of stocks other than mergers and acquisitions, directed issues, or strategic placements. They are not allowed to directly or indirectly engage in derivative transactions such as futures, provide guarantees for entities or projects outside of the invested enterprise, or undertake investments with unlimited liabilities. Additional regulations may apply from the fund regulatory authorities.