On December 26, 2025, China formally launched the National Venture Capital Guidance Fund at a ceremony that also introduced three regional investment vehicles. The fund was jointly initiated by the National Development and Reform Commission (NDRC) and the Ministry of Finance, capitalized at 100 billion yuan ($14 billion) from the central government at the national level.
As reported by Xinhua, the three regional funds covered the Beijing-Tianjin-Hebei cluster, the Yangtze River Delta, and the Guangdong-Hong Kong-Macao Greater Bay Area, each expected to exceed 50 billion yuan. At the launch ceremony, the three regional funds signed investment intents with 49 sub-funds and announced 27 direct investment projects spanning quantum technology, integrated circuits, biomedicine, and other strategic sectors.
A Ministry of Finance official said the fund would act as a risk-sharing mechanism, serving as an “angel investor” by absorbing early-stage risks. Sub-funds were required to invest at least 70 percent of their capital in seed-stage and early-stage companies.