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China’s government-backed investment funds may be history’s greatest experiment in using state capital to reshape a nation’s economy. Formed as public-private partnerships, these investment vehicles are seeded with state money, then team up with private capital to invest in enterprises the government deems worthy.

China Money Network’s China Government Fund Ranking includes the largest Chinese government guidance funds, which are in fact fund-of-funds, along with what we call government policy funds, a type of government-backed fund that conducts direct investments to support a particular policy initiative. They are ranked according to the size of their target fundraising total, rather than actual capital already committed. As most of the funds are still in the process of being established in phases, it is unclear what their ultimate size will be. At the same time, publicly available information on government funds is incomplete and often vague. The list should be read with these caveats in mind.

Click Here To Our Comprehensive Analysis Of Chinese Government Funds

 Name Fund-of-funds Size (Billion RMB)Overall Cluster Size (Billion RMB)Limited PartnerLevelFounding YearIndustriesManagement Company
1Yangtze River Industry Fund200
(Top-tier fund-of-funds: 40)
1000Hubei GovernmentProvincial2015Information Technology, Advanced Manufacturing,
New Materials, Healthcare, Clean Energy
Hubei Yangtze River Indutry Fund Management Company
2Shenzhen State-owned Asset Reform and Development Fund150Shenzhen GovernmentCity2016Environmental Protection, Advanced ManufacturingShenzhen Kunpeng Equity Investment Management Company
3Xinjiang Uyghur Autonomous Region PPP Government Guidance Fund100Xinjiang Government, China Merchants Bank, Shanghai Pudong Development BankProvincial2015
4Shenzhen Guidance Fund100
(Top-tier fund-of-funds: 52)
249Shenzhen GovernmentCity2010Information Technology, Healthcare,
Smart Device, Environmental Protection
Shenzhen Capital Group
5Jiangxi Development Upgrade Guidance Fund100
(Top-tier fund-of-funds: 20)
300Department of Finance of Jiangxi ProvinceProvincial2017Innovative Industry, Emerging Industry,
Traditional Industry Upgrade, Services Industry
Jiangxi Caitou Funds
6Haihe Indutry Guidance Fund 100
(Top-tier fund-of-funds: 20)
500Tianjin GovernmentCity2015Healthcare, New Energy, Culture,
Advanced Manufacturing, TMT, Mobile Internet
7Henan Industrial Agglomeration Area Development Investment Fund60Henan GovernmentProvincial2017Advanced Manufacturing, Services Industry
8National Emerging Industry Investment Guidance Fund40200National Development and Reform CommissionNational2016CICC Jiacheng Investment Management, SDIC High-tech Investments, Infotech Ventures
9Chengdu Qianhai Indutriy Guidance Fund40200Chengdu Government, Shenzhen GovernmentCity2016Infrastructure, Strategic Emerging Industry,
Advanced Manufacturing Industry, Innovative Industry,
Public Services
Chengdu Financial Holding Group, Qianhai Financial Holdings
10Xuzhou Indutry Development Guidance Fund39.5
(Top-tier fund-of-funds:10)
100Xuzhou GovernmentCity2016
11Yangzhong Smart Yangtze River Guidance Fund30Bote Holdings, Yangzhong GovernmentCity2016Real Estate, Sports, Culture, Agriculture, Tourism,
Transportation, Public Services
12Beijing Technology Innovation Fund201000Beijing GovernmentCity2017Optoelectronics Technology, Big Data,
New Materials, Clean Energy, Artificial Intelligence,
Advanced Maufacturing, Big data, Healthcare,
Information Technology, Quantum Computing
13Tianjin Indutry Innovation Guidance Fund2080Tianjin Binhai High-Tech Indutrial Development Zone, Zhongding Commercial Factoring Company, Cast China Fund, Panlin Binhai Healthcare InvestmentsCity2015Healthcare, New Energy, Culture,
Advanced Manufacturing, TMT, Mobile Internet
14Zhongyuan Silk Road Fund20Henan Civil Development&Investment Co., Ltd, Henan Modern Service Industry Investment Fund, Avic TrustProvincial2017Airport Construction, Airport Industry, Logistics,
Trade & Financial, Culture & Tourism
15Guangdong Integrated Circuit Indutrial Investment Fund15Guangdong GovernmentProvincial2016Integrated Circuits, Advanced Manufacturing,
Material Device
Technology Financial Group
16National Small and Medium-size Enterprises Development Fund1560Ministry of Finance of the People's Republic of ChinaNational2016National Small and Medium-sized Enterprises Development Fund
17Shangdong Private Equity Investment Guidance Fund10300Shandong GovernmentProvincial2014Shandong Finance Investment Group
18Xiamen Indutry Guidance Fund1020-30Jinyuan GroupCity2015Display, Computer & Telecom, Device, Healthcare,
New Material, Tourism & Exhibition, Logistics,
Software, Financial, Culture
Xiamen Venture Capital
19Jilin Government Indutry Investment Guidance Fund1050Department of Finance of Jilin ProvinceProvincial2015Strategic Emerging Industry, Modern Agriculture,
Services Industry
Jilin Province Private Equity
20Shenzhen Futian District Guidance Fund10Tens of billionsShenzhen GovernmentCity2015New Energy, New Material, Aviation, Healthcare,
Information Technology, Consumer Upgrade
Shenzhen Capital Group

RankingNameFund Size (Billion RMB)Backing EntitiesLevelFounding YearSupporting IndustriesManagement Company
1Silk Road Fund265 (US$40 billion)China's Foreign Exchange Reserves, China Investment Corp, China Development Bank Capital, The Export-Import Bank of ChinaNational2014One Belt, One Road Related Industries And Projects
2China State-Owned Assets Venture Investment Fund200China Reform Holdings Corporation Ltd., Postal Savings Bank of China, China Construction Bank and Shenzhen Investment Holdings Co., LtdNational2016Innovative Technology, Industry UpgradeChina Reform Holdings Corporation Ltd.
3State-owned Enterprises Guochuang Guidance Fund150China Aerospace Science and Technology, CRRC Corp, CNIC Corp, China Insurance Investment Fund, China Merchants Bank, Postal Savings Bank of China, Shanghai Pudong Development Bank, Beijing GovernmentNational2017High-speed Rail, Nuclear Energy, Aerospace, Clean Energy, 3D Printing, New Energy Cars, Robotics, Quantum Network
4National Integrated Circuits Industry Investment Fund139 (first phase)Ministry of Industry and Information TechnologyNational2014Semiconductor Manufacturing, Chip Design, Chip Materials, Chip Testing & Assembly National Integrated Circuits Investment Company
5Shanghai Integrated Circuits Industry Investment Fund50National Integrated Circus Investment Fund, Shanghai Lingang Area Development Administration, Guosheng Group, Bank of NanjingCity2017Semiconductor Manufacturing, Chip Design, Chip Materials, Chip Testing & Assembly
6China Big Data Industry Development Fund20-30Guiyang City Government, China Insurance Investment FundCity2016Big Data Industries In Guiyang City
7National Advanced Manufacturing Investment Fund20 (first phase)National Development and Reform Commission, Minstry of Science and Technology, Minstry of Finance, State Development & Investment Corp, China Merchants BankNational2016"Made in China 2025" Focus Industries: Rail Transportation, High-end Ship And Marine Engineering Equipment, Industrial Robots, New Energy Cars, Modern Agricultural Equipment, Advanced Medical Devices, New MaterialsState Development & Investment Corp
8China Culture Industry Investment Fund20Ministry of Finance, BOC International, China International Television Corp, Shenzhen International Culture Industry Exhibation National2011Culture, Media, Entertainment, Performance Arts, Data
9Beijing Big Data Industry Investment Fund10 (first phase)Beijing Municipal Commission of Development and Reform, Beijing Guofu Big Data Asset Management Center, Haidian District Government Guidance FundCity2016Big Data Transaction Platforms, Sensors, Chips, Data Resources, Data Technology