Weng Jieming Suggests Future Industry Investment Fund Performance Assessment Cycle of at Least 10-15 Years
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At the 11th (Autumn) Central Enterprise Investment Development Conference, Weng Jieming, a member of the Standing Committee of the National People's Congress and Vice Chairman of the Financial and Economic Affairs Committee, stated that central state-owned enterprises should become the main force in future industries. However, he noted that current state-owned enterprise systems are not well-suited to the high-risk, long-cycle characteristics of these industries. Weng recommended that future industries, including high-level emerging sectors, be listed separately and that special investment 'zones' be established with scientific cycles, diversified equity, and tolerance for trial and error. Specifically, he suggested that state-owned asset regulators issue special rules requiring the performance evaluation cycle for future industry investment funds to be no less than 10-15 years, and for emerging industries no less than 5-7 years. He also proposed that during the fund's existence, the success or failure of individual projects should not be assessed; instead, the comprehensive return rate of all projects over the fund's full lifecycle should be used to evaluate investment performance.
Source report
财联社9月23日电 在日前举行的第十一届（秋季）央企投资发展大会上，全国人大常委会委员、财政经济委员会副主任委员翁杰明发表主旨演讲时指出，中央企业应成为未来产业发展的主力军，但当前国有企业现有体制机制难以适配未来产业高风险、长周期的发展特征。
翁杰明表示，未来产业具有战略性、颠覆性和高度不确定性。他建议，应将未来产业（包括高水平新兴产业）单列，建立周期科学、股权多元、容错试错的投资“特区”，支持国资国企参与未来产业发展。
具体建议包括：
- 国资监管应出台专项规则，明确未来产业投资基金收益考核周期不低于10至15年，新兴产业不少于5至7年；
- 基金存续期内不考核单个项目成败，以基金全周期全部项目的综合收益率作为投资成效的评价标准。
Source
财联社Eastern
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Chinese Official Proposes 10-15 Year Assessment Cycle for State Future Industry Funds