[National Development and Reform Commission: Give full play to the demonstration role of the National Venture Capital Guidance Fund to drive social capital to invest in early, small and long-term investment in hard technology] On November 3, the National Development and Reform Commission held a series of press conferences for the “15th Five-Year Plan” to introduce the cultivation and growth of new momentum. Ren Zhongbao, deputy director of the Department of Innovation and High-Tech Development of the National Development and Reform Commission, said that the future industry cultivation cycle is long and the market risks are high. The government needs to increase investment while improving the risk sharing mechanism. We will give full play to the demonstration role of the National Venture Capital Guidance Fund and focus on enterprises in the seed stage, start-up stage, early and mid-term of future industries, use patient capital to accompany corporate industrial innovation, and drive social capital to invest early, small, and long-term in hard technology. At the same time, we will cooperate with relevant parties to increase policy support such as financing guarantees and risk compensation, and develop exclusive products such as technology insurance to better protect future corporate development.