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[according to the statistics of zero2ipo research center, as of 2023, my country has established a total of 2,086 government-guided funds, with a target scale of about 12.19 trillion yuan and a subscribed scale of about 7.13 trillion yuan.]

in order to give full play to fiscal funds to promote industrial transformation and upgrading, the scale of china's government investment funds has increased year by year in recent years and has exceeded 7 trillion yuan. whether this fund can be used in a standardized and efficient manner has become a focus of social attention.

recently, some provinces have successively released the 2023 local budget implementation and other fiscal revenue and expenditure audit reports (hereinafter referred to as "audit reports"). while affirming the guiding and promoting role of government investment funds in economic and social undertakings, they also pointed out some problems existing in government investment funds.

these problems include the fact that some government investment funds have difficulty in raising social capital, and some funds have low fundraising rates; some government investment funds are not invested in compliance with regulations, and do not support key industries or high-tech projects. instead, some are invested in real estate projects and some are used to repay debts; some funds are invested slowly, and there are idle funds or even illegal borrowing, resulting in hidden debts; some government investment funds have low management levels, imperfect relevant systems, and it is difficult to withdraw investment funds from matured projects.

luo zhiheng, chief economist of guangdong securities, told caixin that the core problem of government investment funds is the unclear boundaries between the government and the market. the biggest contradiction is that they have both policy target constraints and market returns. this makes government investment funds face many problems in actual operation, such as difficulty in fundraising, many regulatory constraints, insufficient marketization, lack of professional talents, lack of biddable items, and poor exit channels. the key to the government's solution to the above problems lies in clarifying the boundaries between the government and the market, returning to the guiding and service-oriented government role, and leaving market problems in fund operations to the market.