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2025-07-30 10:46:06
[National Development and Reform Commission: Government investment funds shall not increase local government implicit debt in disguised form through disguised equity and debt] The "Guidelines for the Layout Planning and Investment Direction of Government Investment Funds (Draft for Public Comment)" proposes to stipulate that government investment funds should control the upper limit of the amount or proportion of investment in a single enterprise, and specify it in the establishment plan or relevant legal documents. Government investment funds shall not increase local government implicit debt in disguised form through disguised equity and debt, and shall not engage in publicly traded stock investments except for mergers and acquisitions, targeted share issuances, and strategic placements. They shall not directly or indirectly engage in derivative transactions such as futures, provide guarantees for enterprises or projects other than the invested enterprises, and shall not engage in investments that assume unlimited liability. If the fund regulatory authorities have other provisions, they shall prevail.
