A Batch of Policies and Measures to Promote the Sustained Recovery of the Economy Will Be Released

Premier Li Qiang chaired on June 16, 2023 the State Council executive meeting, which mulled a batch of policies to promote sustained recovery of the economy, adopted the Action Plan to Support Financing for Technology-based Enterprises and the Regulation on the Supervision and Administration of Private Investment Funds (Draft), and discussed and adopted in principle the Academic Degree Law of the People’s Republic of China (Draft).

Policies mulled at the meeting centered on four aspects, including improving macroeconomic policies, expanding effective demand, strengthening and optimizing the real economy, and preventing and resolving risks in key fields. It urged policies and measures with conditions to be unveiled and implemented promptly. It is noted that the source management should be strengthened for outstanding issues in the private investment fund industry, regulatory bottom lines should be set, and illegal financial activities such as illegal fund-raising in the name of “private investment funds” should be severely cracked down. It also instructed to implement differentiated supervision and administration over different types of private investment funds, especially venture capital funds, and move faster to unveil specific policies to promote the development of venture capital funds.