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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 Partner | Level | Founding Year | Industries | Management Company | |
|---|---|---|---|---|---|---|---|---|
| 1 | Yangtze River Industry Fund | 200 （Top-tier fund-of-funds: 40） | 1000 | Hubei Government | Provincial | 2015 | Information Technology, Advanced Manufacturing, New Materials, Healthcare, Clean Energy | Hubei Yangtze River Indutry Fund Management Company |
| 2 | Shenzhen State-owned Asset Reform and Development Fund | 150 | Shenzhen Government | City | 2016 | Environmental Protection, Advanced Manufacturing | Shenzhen Kunpeng Equity Investment Management Company | |
| 3 | Xinjiang Uyghur Autonomous Region PPP Government Guidance Fund | 100 | Xinjiang Government, China Merchants Bank, Shanghai Pudong Development Bank | Provincial | 2015 | |||
| 4 | Shenzhen Guidance Fund | 100 (Top-tier fund-of-funds: 52) | 249 | Shenzhen Government | City | 2010 | Information Technology, Healthcare, Smart Device, Environmental Protection | Shenzhen Capital Group |
| 5 | Jiangxi Development Upgrade Guidance Fund | 100 (Top-tier fund-of-funds: 20) | 300 | Department of Finance of Jiangxi Province | Provincial | 2017 | Innovative Industry, Emerging Industry, Traditional Industry Upgrade, Services Industry | Jiangxi Caitou Funds |
| 6 | Haihe Indutry Guidance Fund | 100 (Top-tier fund-of-funds: 20) | 500 | Tianjin Government | City | 2015 | Healthcare, New Energy, Culture, Advanced Manufacturing, TMT, Mobile Internet | |
| 7 | Henan Industrial Agglomeration Area Development Investment Fund | 60 | Henan Government | Provincial | 2017 | Advanced Manufacturing, Services Industry | ||
| 8 | National Emerging Industry Investment Guidance Fund | 40 | 200 | National Development and Reform Commission | National | 2016 | CICC Jiacheng Investment Management, SDIC High-tech Investments, Infotech Ventures | |
| 9 | Chengdu Qianhai Indutriy Guidance Fund | 40 | 200 | Chengdu Government, Shenzhen Government | City | 2016 | Infrastructure, Strategic Emerging Industry, Advanced Manufacturing Industry, Innovative Industry, Public Services | Chengdu Financial Holding Group, Qianhai Financial Holdings |
| 10 | Xuzhou Indutry Development Guidance Fund | 39.5 (Top-tier fund-of-funds:10) | 100 | Xuzhou Government | City | 2016 | ||
| 11 | Yangzhong Smart Yangtze River Guidance Fund | 30 | Bote Holdings, Yangzhong Government | City | 2016 | Real Estate, Sports, Culture, Agriculture, Tourism, Transportation, Public Services | ||
| 12 | Beijing Technology Innovation Fund | 20 | 1000 | Beijing Government | City | 2017 | Optoelectronics Technology, Big Data, New Materials, Clean Energy, Artificial Intelligence, Advanced Maufacturing, Big data, Healthcare, Information Technology, Quantum Computing | |
| 13 | Tianjin Indutry Innovation Guidance Fund | 20 | 80 | Tianjin Binhai High-Tech Indutrial Development Zone, Zhongding Commercial Factoring Company, Cast China Fund, Panlin Binhai Healthcare Investments | City | 2015 | Healthcare, New Energy, Culture, Advanced Manufacturing, TMT, Mobile Internet | |
| 14 | Zhongyuan Silk Road Fund | 20 | Henan Civil Development&Investment Co., Ltd, Henan Modern Service Industry Investment Fund, Avic Trust | Provincial | 2017 | Airport Construction, Airport Industry, Logistics, Trade & Financial, Culture & Tourism | ||
| 15 | Guangdong Integrated Circuit Indutrial Investment Fund | 15 | Guangdong Government | Provincial | 2016 | Integrated Circuits, Advanced Manufacturing, Material Device | Technology Financial Group | |
| 16 | National Small and Medium-size Enterprises Development Fund | 15 | 60 | Ministry of Finance of the People's Republic of China | National | 2016 | National Small and Medium-sized Enterprises Development Fund | |
| 17 | Shangdong Private Equity Investment Guidance Fund | 10 | 300 | Shandong Government | Provincial | 2014 | Shandong Finance Investment Group | |
| 18 | Xiamen Indutry Guidance Fund | 10 | 20-30 | Jinyuan Group | City | 2015 | Display, Computer & Telecom, Device, Healthcare, New Material, Tourism & Exhibition, Logistics, Software, Financial, Culture | Xiamen Venture Capital |
| 19 | Jilin Government Indutry Investment Guidance Fund | 10 | 50 | Department of Finance of Jilin Province | Provincial | 2015 | Strategic Emerging Industry, Modern Agriculture, Services Industry | Jilin Province Private Equity |
| 20 | Shenzhen Futian District Guidance Fund | 10 | Tens of billions | Shenzhen Government | City | 2015 | New Energy, New Material, Aviation, Healthcare, Information Technology, Consumer Upgrade | Shenzhen Capital Group |
| Ranking | Name | Fund Size (Billion RMB) | Backing Entities | Level | Founding Year | Supporting Industries | Management Company |
|---|---|---|---|---|---|---|---|
| 1 | Silk Road Fund | 265 (US$40 billion) | China's Foreign Exchange Reserves, China Investment Corp, China Development Bank Capital, The Export-Import Bank of China | National | 2014 | One Belt, One Road Related Industries And Projects | |
| 2 | China State-Owned Assets Venture Investment Fund | 200 | China Reform Holdings Corporation Ltd., Postal Savings Bank of China, China Construction Bank and Shenzhen Investment Holdings Co., Ltd | National | 2016 | Innovative Technology, Industry Upgrade | China Reform Holdings Corporation Ltd. |
| 3 | State-owned Enterprises Guochuang Guidance Fund | 150 | China 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 Government | National | 2017 | High-speed Rail, Nuclear Energy, Aerospace, Clean Energy, 3D Printing, New Energy Cars, Robotics, Quantum Network | |
| 4 | National Integrated Circuits Industry Investment Fund | 139 (first phase) | Ministry of Industry and Information Technology | National | 2014 | Semiconductor Manufacturing, Chip Design, Chip Materials, Chip Testing & Assembly | National Integrated Circuits Investment Company |
| 5 | Shanghai Integrated Circuits Industry Investment Fund | 50 | National Integrated Circus Investment Fund, Shanghai Lingang Area Development Administration, Guosheng Group, Bank of Nanjing | City | 2017 | Semiconductor Manufacturing, Chip Design, Chip Materials, Chip Testing & Assembly | |
| 6 | China Big Data Industry Development Fund | 20-30 | Guiyang City Government, China Insurance Investment Fund | City | 2016 | Big Data Industries In Guiyang City | |
| 7 | National Advanced Manufacturing Investment Fund | 20 (first phase) | National Development and Reform Commission, Minstry of Science and Technology, Minstry of Finance, State Development & Investment Corp, China Merchants Bank | National | 2016 | "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 Materials | State Development & Investment Corp |
| 8 | China Culture Industry Investment Fund | 20 | Ministry of Finance, BOC International, China International Television Corp, Shenzhen International Culture Industry Exhibation | National | 2011 | Culture, Media, Entertainment, Performance Arts, Data | |
| 9 | Beijing Big Data Industry Investment Fund | 10 (first phase) | Beijing Municipal Commission of Development and Reform, Beijing Guofu Big Data Asset Management Center, Haidian District Government Guidance Fund | City | 2016 | Big Data Transaction Platforms, Sensors, Chips, Data Resources, Data Technology |
