- agency
- National Development and Reform Commission (NDRC) and Ministry of Finance
- amount
- CNY 100 billion (about USD 14.3 billion) of government capital intended to attract social capital to reach a total scale of CNY 1 trillion (~USD 138 billion); first batch of three regional funds each more than CNY 50 billion (~USD 7 billion).
- country
- China
- deadline or recurrence
- Launched and began operating December 26, 2025; 20-year lifespan with extended investment and exit periods. Regional vehicles cover Beijing-Tianjin-Hebei, the Yangtze River Delta, and the Guangdong-Hong Kong-Macao Greater Bay Area.
- eligibility
- Targets seed-stage and early-stage 'hard technology' enterprises in frontier fields: integrated circuits, quantum technology, biomedicine, brain-computer interfaces, aerospace, artificial intelligence, and future energy. At least 70% of capital directed to seed/early-stage enterprises, under the principle of 'investing early, investing small, investing long-term, investing in hard technology.'