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on september 18, a high-level meeting studied measures to promote the development of venture capital. the meeting pointed out that venture capital is related to technological innovation, industrial upgrading and high-quality development. it is necessary to clear the bottlenecks in the "raising, investing, managing and exiting" links as soon as possible, support qualified technology-based enterprises to go public at home and abroad, vigorously develop equity transfer and merger and acquisition markets, promote the pilot of physical distribution of stocks, encourage social capital to establish market-oriented merger and acquisition mother funds or venture capital secondary market funds, and promote a virtuous cycle in the venture capital industry. it is necessary to promote state-owned capital investment to become more responsible long-term capital and patient capital, and improve relevant policies and measures on state-owned capital investment, assessment, fault tolerance and exit. it is necessary to consolidate the institutional foundation for the healthy development of venture capital, implement key measures for capital market reform, improve the functions of the capital market, and further stimulate the vitality of the venture capital market.

industry insiders said that currently, unblocking exit channels is the top priority for the venture capital industry. at this stage, the venture capital industry's reliance on ipo exit models is blocked, and mergers and acquisitions, s funds and other methods are developing into a "new blue ocean market" for venture capital institutions' exit channels. however, these two methods, which have matured in overseas markets, are still "new explorations" in my country. in the future, further optimization measures are needed to increase the enthusiasm of state-owned capital participation. (china securities journal)