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on september 24, the state council information office held a press conference to introduce the relevant situation of financial support for high-quality economic development. according to li yunze, party secretary and director of the financial regulatory bureau, the financial regulatory bureau will optimize the pilot policy of equity investment in financial asset investment companies (aics).

first, the scope of pilot cities will be expanded. the financial regulatory bureau will work with relevant departments to study expanding the pilot scope from shanghai to 18 large and medium-sized cities with active scientific and technological innovation, including beijing.

secondly, restrictions will be relaxed, with the limits on the amount and proportion of equity investments appropriately relaxed, the proportion of institutional on-balance sheet investment increased from the original 4% to 10%, and the proportion of investment in a single private equity fund increased from the original 20% to 30%.

thirdly, we will optimize the assessment, guide relevant institutions to implement the due diligence exemption requirements, and establish and improve long-term differentiated performance assessments.

"in the next step, we will summarize the experience in a timely manner, continue to study the expansion of the scope of pilot cities, and constantly optimize supporting policies to actively promote the implementation of more projects as soon as possible," said li yunze.

beijing's first aic equity investment pilot business landed in xicheng district

in 2021, the former china banking and insurance regulatory commission encouraged financial asset investment companies to conduct equity investment business in technology companies that are not for the purpose of debt-to-equity conversion within the scope of their business in shanghai in accordance with laws and regulations, and to establish a fault-tolerant and incentive and constraint mechanism in the equity investment business that is in line with the investment characteristics of early and mid-stage science and technology enterprises.