The local pioneering fund urgently needs to standardize the national plan to introduce relevant documents

The renminbi fund, once regarded as a patent for local VC companies, is attracting foreign PE and VC vision.　　They want to use the government-directed fund to "FOF" the boom curve to enter. It is understood that since 2005, the National Foreign Exchange Bureau issued "on the domestic residents through special purposes of corporate finance and return investment in foreign exchange management related issues notice" and September 2006 National Six ministerial committee issued "on Foreign investors merger and acquisition of domestic enterprises", overseas fund-raising, domestic investment, overseas exit "two out"　　"Small red chip" mode is increasingly out of sight of foreign PE.　　2005, by the National Development and Reform Commission, the Ministry of Finance and other 10 issued by the "Venture capital Enterprise management interim measures" clear, the state and local governments can set up venture capital Guidance Fund to guide private funds into the venture capital industry. He Xiao, director of the Center for Financial and Industrial development at Peking University, told the first financial daily: "Foreign PE investment in China can enjoy triple benefits, one is to enjoy the growth of RMB appreciation, and the other is to obtain high growth profits of SMEs in developing countries; Third is the profit brought by premium after listing. Under the guidance of the triple benefit, more and more foreign capital hot money is in the Chinese market. In recent years, the government-directed fund has been set up in Jiangsu, Suzhou, Shandong Zibo, Zhongshan, Yunnan, Kunming, Shenyang, Haidian District, Shanghai Pudong, Tianjin Binhai, Xi ' an, Shaanxi province, respectively.　　Part of the joint venture with foreign-funded PE set up a Sino-foreign joint Investment Company, for foreign PE to establish renminbi funds paved the way. Wang, executive vice president of Shenzhen Venture Capital Association, said in an interview bluntly: "At present all over the government is keen to set up a government-led fund, most of the purpose is to attract more money, but some practices are not worthy of advocacy." Han Zhiseng, Deputy secretary general of China Enterprise Investment Association, also said to this newspaper: "The establishment of Sino-foreign joint Investment funds need special approval of the Ministry of Commerce, there are many foreign PE is being declared, but not approved." "He Xiao said:" At present, the State from the policy to restrict the influx of hot money, from the past, the establishment of a foreign funds need to be strictly approved, not to mention the investment company model once the successful approval will operate more than 10 funds. So I think there is no possibility of success in the approval. At present, China's renminbi is also surplus, suggesting that local governments should vigorously attract domestic capital rather than blindly introduce foreign investment. "In this respect, the national Development and Reform Commission related officials told the first financial daily:" At present, the National Development and Reform Commission and the Ministry of Finance are issuing relevant documents, plans to further standardize the government's entrepreneurial Guidance fund. Xuewen, a partner in star Capital, says in fact, many and local governments to cooperate with foreign PE or VC more is the output of brands and teams, and by this additional private funds, they bring a large number of dollars of the possibility is very small, and the current search for civil LP is not very easy things, so he thought, The emergence of many local pioneering funds, the surface lively than the essence of the present.