Notice of Shanghai Municipal People’s Government on Approving and Forwarding the “Interim Administrative Measures for Shanghai Venture Capital Guiding Fund” Formulated by Municipal Development and Reform Commission and Municipal Finance Bureau

上海市人民政府关于批转市发展改革委市财政局制订的《上海市创业投资引导基金管理暂行办法》的通知

 

Promulgating Institution: Shanghai Municipal People’s Government

Document Number: Hu Fu Fa [2010] No. 37

Promulgating Date: 10/26/2010

Effective Date: 10/26/2010

颁布机关: 上海市人民政府

文      号: 沪府发[2010]37号

颁布时间: 10/26/2010  

实施时间: 10/26/2010

 

To the people's governments of all districts and counties and all commissions, offices and bureaus (Administrations) of the Municipal People's Government:

The Municipal People's Government has approved the "Interim Administrative Measures for Shanghai Venture Capital Guiding Fund" formulated by Municipal Development and Reform Commission and Municipal Finance Bureau. We hereby forward these Measures to you and request you to implement them conscientiously.

Shanghai Municipal People's Government

October 26, 2010

    各区、县人民政府，市政府各委、办、局:

    市政府同意市发展改革委、市财政局制订的《上海市创业投资引导基金管理暂行办法》，现转发给你们，请按照执行。

    上海市人民政府

    二○一○年十月二十六日

Interim Administrative Measures for Shanghai Venture Capital Guiding Fund    上海市创业投资引导基金管理暂行办法

Chapter one General Provisions

    第一章  总则

  Article 1  These Measures are formulated with a view to standardizing the formation and operation of Shanghai Venture Capital Guiding Fund (hereinafter referred to as the "Guiding Fund"), promoting the fast and sound development of Shanghai Venture Capital, making greater efforts to drive independent innovation and industrialization of the new & high technology, and nurturing and developing the strategic emerging industry at an accelerated pace in accordance with the spirit of the Opinions of the State Council on Promoting Shanghai to Speed up its Growth into a Major International Financial and Shipping Center as Developing Modern Service Industry and Advanced Manufacturing Industry (Guo Fa [2009] No. 19), the Notice of the General Office of the State Council on Forwarding the "Guiding Opinions on Standardized Establishment and Operation of Venture Capital Guiding Fund" Formulated by National Development and Reform Commission and Other Departments (Guo Ban Fa [2008] No. 116),Interim Administrative Measures for Venture Capital Enterprises (Order [2005] No. 39 of National Development and Reform Commission), and the Notice of Shanghai Municipal Committee of CPC and Shanghai Municipal People's Government on Printing and Distributing the "Certain Opinions on Further Promoting Scientific and Technological Innovation and Speeding up Industrialization of Hi-tech Industry" (Hu Wei Fa [2009] No. 9).

       第一条  为规范设立和运作上海市创业投资引导基金(以下简称“引导基金”),促进上海创业投资健康快速发展,大力推进自主创新和高新技术产业化,加快培育和发展战略性新兴产业,根据《国务院关于推进上海加快发展现代服务业和先进制造业建设国际金融中心和国际航运中心的意见》(国发〔2009〕19号)、《国务院办公厅转发发展改革委等部门关于创业投资引导基金规范设立与运作指导意见的通知》(国办发〔2008〕116号)、《创业投资企业管理暂行办法》(国家发展改革委2005年第39号令)和《中共上海市委、上海市人民政府印发〈关于进一步推进科技创新加快高新技术产业化的若干意见〉的通知》(沪委发〔2009〕9号)精神,制定本办法。

  Article 2  For the purpose of these Measures, Guiding Fund refers to a policy fund established by the municipal government and operating in a market-oriented manner. The main role that Guiding Fund plays is to give full play to the leverage effect of fiscal funds, guide private capital flow into key industrial field in Shanghai, the strategic emerging industry in particular, and mainly invest into startups at the stage of seed or growth and promote quality venture capitals, projects, technologies and professional talents to cluster in Shanghai.

       第二条  本办法所称引导基金,是指由市政府设立并按照市场化方式运作的政策性基金。引导基金主要是发挥财政资金的杠杆放大效应,引导民间资金投向上海重点发展的产业领域,特别是战略性新兴产业,并主要投资于处于种子期、成长期等创业早中期的创业企业,促进优质创业资本、项目、技术和人才向上海集聚。

  Article 3  These Measures apply to Venture Capitals Guiding Fund of Shanghai and those venture capital enterprises that have filed with venture capital registration administration authority in accordance with the Interim Administrative Measures for Venture Capital Enterprisesand applied to Guiding Fund for support.

       第三条  本办法适用于本市创业投资引导基金,以及按照《创业投资企业管理暂行办法》规定,在创业投资备案管理部门备案,并申请引导基金扶持的各类创业投资企业。

  Article 4  Venture Capital Guiding Fund of Shanghai (short for VCGFSH) adopts a management system that separates different links such as decision-making, evaluation and daily management. A Council will be established under Venture Capital Guiding Fund of Shanghai (hereinafter referred to as the "Guiding Fund") as a decision-making agency to exercise power of decision-making and management. An executive office is under the Council of Guiding Fund and bases itself in Municipal Development and Reform Commission in charge of daily routine. An independent Expert Evaluation Committee of Guiding Fund will be formed to evaluate the investment and operation plan of Guiding Fund. Guiding Fund is formed as institutional legal person when conditions permit and delegates its daily investment and operation to Shanghai Venture Capital Co., Ltd. temporarily.

       第四条  上海市创业投资引导基金（英文名称为Venture Capital Guiding Fund of Shanghai，英文缩写为VCGFSH），采取决策、评审和日常管理相分离的管理体制。设立上海市创业投资引导基金（以下简称“引导基金”）理事会，为引导基金的决策机制，行使决策管理职责。引导基金理事会下设办公室，设在市发展改革委，负责日常事务。成立独立的引导基金专家评审委员会，对引导基金投资运作方案进行评审。引导基金适时以事业法人形式设立，暂由上海创业投资有限公司作为引导基金受托管理机构，负责日常投资运作。

Chapter Two Size of Guiding Fund and Sources of Capital

    第二章  引导基金的规模和资金来源

  Article 5  Main Sources of Capital of Guiding Fund:

(1) Special fund for major projects of independent innovation and new & high technology industry development;

(2) various proceeds generated from Guiding Fund operation;

(3) unconditional donation from individuals, enterprises or social organizations;

(4) other funds allocated by the governments at various level, and

(5) other sources of capital.

       第五条  引导基金主要资金来源:

    （一）本市自主创新和高新技术产业发展重大项目专项资金;

    （二）引导基金运行的各项收益;

    （三）个人、企业或社会机构无偿捐赠的资金;

    （四）其他各级政府资金;

    （五）其他资金来源。

Chapter Three  Operation Principles and Modes of Guiding Fund

    第三章  引导基金的运作原则与方式

  Article 6  Guiding Fund follows the principle of "guided by government, market-driven operation, scientific decision-making, and risk prevention" to run investment, actively attracts qualified venture capital enterprises and their management team at home and abroad to cluster in Shanghai to expand their development, makes greater efforts to nurture local venture investment management teams, and gives priority support for venture capital enterprises jointly formed by the state and Shanghai. All districts and counties are encouraged to form Venture Capital Guiding Fund in accordance with their actual situations.

       第六条  引导基金按照“政府引导、市场运作、科学决策、防范风险”的原则进行投资运作,积极吸引和集聚海内外优秀创业投资企业及其管理团队来沪发展,大力培养本土创业投资管理团队,优先配套支持国家和本市联合组建的创业投资企业。鼓励各区县根据实际情况,设立创业投资引导基金。

  Article 7  Investment operation of Guiding Fund can take such modes as equity participation in venture capital enterprises and follow-up investment. In accordance with the practical needs, other modes like financing guarantee can also be taken. Specific requirements are as follows:

(1) Guiding Fund can invest in venture capital enterprises in a form of equity participation but can not be the first majority shareholder.

(2) Guiding Fund may follow venture capital enterprise to invest in startups and entrust venture capital enterprises with which it jointly invests with management of its equity generated.

(3) Guiding Fund may provide financing guarantee for eligible venture capital enterprises in an appropriate time in accordance with the relevant provisions on debt financing of venture capital enterprises stipulated by the state.

(4) inflation-proof investment of idled funds (only limited to buy government bonds and bank deposits, and financial products in conformity to the relevant regulations of the state).

(5) other business approved by the Council of Guiding Fund.

       第七条  引导基金投资运作可采用参股创业投资企业和跟进投资等方式。根据实际需要,还可采用融资担保等其他方式。具体要求如下:

    (一)引导基金可参股投资创业投资企业,但不能成为第一大股东。

    (二)引导基金可跟随创业投资企业投资于创业企业,形成的股权委托共同投资的创业投资企业管理。

    (三)引导基金按照国家对创业投资企业债权融资有关规定,在适当的时候为符合条件的创业投资企业提供融资担保支持。

    (四)闲置资金的保值性投资(仅限于购买国债和银行存款及符合国家有关规定的金融产品)。

    (五)经引导基金理事会批准的其他业务。

  Article 8  Where Guiding Fund attracts and pools social capitals to jointly form venture capital enterprises, operational procedures are as follows:

(1) Public Collection. In accordance with annual capital arrangement program of Guiding Fund approved by the Council of Guiding Fund, the executive office of the Council of Guiding Fund announces its guidance for annual funds application publicly. The interested venture capital enterprises or management teams intending to cooperate with Guiding Fund may file applications according to requirements of guidance.

(2) Due Diligence. Entrusted agency of Guiding Fund conducts due diligence on applicants' materials and plans that have passed preliminary screen, submits due diligence report for proposed cooperation projects, and gives investment advice.

(3) Expert Evaluation. Expert Evaluation Committee of Guiding Fund independently evaluates applied cooperation plan submitted by venture capital enterprises and due diligence reports and issues evaluation opinions and suggestions.

(4) Media Announcement. After reviewed by the executive office of the Council of Guiding Fund, proposed plans of venture capital enterprises that have passed evaluation will be announced through the relevant media for ten (10) days. Where no exception exists, the relevant materials will be submitted to the Council of Guiding Fund.

(5) Final Decision. The Council of Guiding Fund shall make a final decision on the use plan of Guiding Fund in accordance with the evaluation result of Expert Evaluation Committee and actual situations.

       第八条  引导基金吸引社会资本共同发起设立创业投资企业,操作程序如下:

    (一)公开征集。按照引导基金理事会批准的引导基金年度资金安排计划,由引导基金理事会办公室向全社会公开发布年度基金申报指南,拟与引导基金合作的创业投资企业或管理团队,根据指南要求进行申报。

    (二)尽职调查。引导基金受托管理机构对经初步筛选的申请人资料和方案进行尽职调查,提出拟合作项目的尽职调查报告,并提出投资建议。

    (三)专家评审。引导基金专家评审委员会对创业投资企业提出的申请合作方案和尽职调查报告进行独立评审,并提出评审意见和建议。

    (四)媒体公示。经引导基金理事会办公室审核,对评审通过的拟扶持创业投资企业方案在有关媒体予以公示10天,对无异议的,将有关材料上报引导基金理事会。

    (五)最终决策。引导基金理事会根据专家评审委员会评审结果和实际情况,对引导基金使用方案进行最终决策。

  Article 9  Where Guiding Fund follows up investment in startup projects at an early stage selected by venture capital enterprises or those projects in need of major support and encouragement by the government, it shall observe the following operation procedures:

(1) Public Collection. In accordance with annual capital arrangement program of Guiding Fund approved by the Council of Guiding Fund, the executive office of the Council of Guiding Fund announces its guidance for annual follow-up investment application publicly. Eligible venture capital enterprises shall submit application plans to entrusted agency of Guiding Fund for support.

(2) Due Diligence. Entrusted agency of Guiding Fund will conduct due diligence on the application plans submitted by eligible venture capital enterprises and issues suggestions on follow-up investment plans of Guiding Fund.

(3) Expert Evaluation. Expert Evaluation Committee of Guiding Fund independently evaluates application plans submitted by venture capital enterprises and due diligence reports prepared by the entrusted agency of Guiding Fund and issues evaluation opinions.

(4) Final Decision. The Council of Guiding Fund shall make a final decision on the use plan of Guiding Fund in accordance with the evaluation result of Expert Evaluation Committee and actual situations.

       第九条  引导基金对创业投资企业选定的创业早期项目,或需要政府重点扶持和鼓励产业领域项目进行跟进投资,操作程序如下:

    (一)公开征集。按照引导基金理事会批准的引导基金年度资金安排计划,由引导基金理事会办公室向全社会公开发布年度跟进投资申报指南。符合条件的创业投资企业根据指南,向引导基金受托管理机构提交申请扶持方案。

    (二)尽职调查。引导基金受托管理机构对符合条件的创业投资企业上报的申请方案进行尽职调查,并提出引导基金跟进投资方案建议。

    (三)专家评审。引导基金专家评审委员会对创业投资企业提出申请方案和引导基金受托管理机构的尽职调查报告进行独立评审,并提出评审意见。

    (四)最终决策。引导基金理事会根据专家评审委员会评审结果和实际情况,对引导基金使用方案进行最终决策。

  Article 10   Guiding Fund can invest in venture capital enterprises in the form of holding preferential stock and convertible preferential stock thereof. Equity investment can exit in the form of IPO, stock transfer, shareholder buy-back and bankruptcy liquidation in accordance with the principle of public finance and the relevant regulations for operation of Guiding Fund.

       第十条  引导基金可以优先股、可转换优先股等方式，对创业投资企业进行投资。投资形成的股权可按照公共财政的原则和引导基金运作有关规定，采取上市退出、股权转让、股东回购及破产清算等方式退出。

Chapter Four   Objects Supported by Guiding Fund

    第四章  引导基金的扶持对象

  Article 11  Venture capital enterprises and their management teams that applied for support in the form of equity participation by Guiding Fund shall meet the following requirements:

(1) the size of management funds of newly-established venture capital enterprises in the form of equity participation is not less than RMB 200 million (the size of management funds of newly-established venture capital enterprises in the form of equity participation that mainly invest in startup at the seed stage is not less RMB 100 million in principle) in principle and all funds shall be contributed fully in three years, of which the down contributions is not less than 30% of total subscribed contributions and all investors shall contribute in cash.

(2) the management team shall have good professional ethics and have achieved investment performance;

(3) venture capital enterprises aided by Guiding Fund shall file with administration authority of venture capital enterprises and be subject to supervision and administration thereof;

(4) mainly invest in startups at the seed, early and middle stages in need of support and encouragement of the government and have its preferred investment fields.

(5) venture capital enterprises that Guiding Fund acts as an equity participant shall give priority to enterprises within Shanghai;

(6) have standardized management and investment operation, strict investment decision-making procedures, risk-control mechanism, and sound financial management system.

       第十一条  申请引导基金参股扶持的创业投资企业及其管理团队,应当具备以下条件:

    (一)新参股设立的创业投资企业管理资金规模原则上不少于2亿元人民币(新参股设立的主要投资于种子期的创业投资企业管理资金规模原则上不少于1亿元人民币),且全部出资在3年内到位,其中首期到位资金不低于认缴出资总额的30%,且所有投资者均以货币形式出资;

    (二)管理团队具有良好的职业操守和既有投资业绩;

    (三)获得引导基金扶持设立的创业投资企业在创业投资企业备案管理部门备案并接受监管;

    (四)重点投资于政府扶持和鼓励的产业领域中的种子期和创业早中期企业,且有侧重的专业投资领域;

    (五)引导基金参股的创业投资企业优先投资于上海市范围内的企业;

    (六)管理和投资运作规范,具有严格的投资决策程序和风险控制机制和健全的财务管理制度。

  Article 12  Enterprises that apply for follow-up investment must meet the following requirements except as Items (2), (3) of Article 11 hereof:

(1) object of follow-up investment is only limited to startups at their early and middle stage in need of key support and encouragement of the government in this municipality (the executive office of the Council of Guiding Fund will release guidance for application for annual follow-up investment) whose industrial and commercial registration and taxation registration are handled in this municipality.

(2) Where venture capital enterprises have selected but not yet actually invested in projects in need of follow-up investment of Guiding Fund, the price of follow-up investment shall not be higher than the investment price offered by venture capital enterprises and that the applied follow-up investment amount shall not exceed 50% of paid-in cash contributions; as for investment in startups at the seed stage, the follow-up investment shall not exceed 100% of paid-in cash contributions.

(3) Venture capital enterprises that apply for follow-up investment shall not exit the equity of its invested startups prior to Guiding Fund.

       第十二条  申请跟进投资的企业除满足本办法第十一条第二、三款规定外，还须具备以下条件:

    （一）跟进投资对象仅限本市重点扶持和鼓励的产业领域（由引导基金理事会办公室对外发布年度跟进投资申报指南），且工商登记和税务登记在本市的早中期创业企业。

    （二）创业投资企业对申请引导基金跟进投资的项目已经选定且尚未完成实际投资，跟进投资价格不高于创业投资企业投资价格，且申请跟进投资额不超过其实际现金出资额的50%;对种子期企业，跟进投资额不超过其实际现金出资额的100%。

    （三）申请跟进投资的创业投资企业不先于引导基金退出其在被投资企业的股权。

Chapter Five Decision-Making and Management of Guiding Fund

    第五章  引导基金的决策与管理

  Article 13  The Council of Guiding Fund reports to the municipal government, municipal leaders in charge of Guiding Fund serve as chairman and vice chairman, the leader of the competent authority serve as secretary-general; a leader from Municipal Development and Reform Commission, Municipal Economic and Information Commission, Municipal Commerce Commission, Municipal Science and Technology Commission, Municipal State-owned Asset Supervision and Administration Commission, Municipal Finance Office, or Municipal Finance Bureau is listed as member of the Council. The Council of Guiding Fund will make a decision on proposed investment plans and major matters in accordance with evaluation result given by Expert Evaluation Committee.

       第十三条  引导基金理事会对市政府负责,由分管市领导任理事长、副理事长,并由主管部门领导任秘书长,市发展改革委、市经济信息化委、市商务委、市科委、市国资委、市金融办、市财政局等部门各一名领导任理事。引导基金理事会根据经评审委员会评审通过的评审结果,对引导基金拟投资方案和有关重大事项进行决策。

  Article 14  Main duties of the executive office of the Council of Guiding Fund include:

(1) organize the convention of the council of Guiding Fund;

(2) release guidance for annual application for Guiding Fund;

(3) organize the convention of Expert Evaluation Committee of Guiding Fund;

(4) enforce resolutions of the council of Guiding Fund;

(5) undertake other affairs assigned by the Council.

       第十四条  引导基金理事会办公室主要职责包括:

    (一)组织召开引导基金理事会会议;

    (二)发布年度引导基金申报指南;

    (三)组织召开引导基金专家评审委员会会议;

    (四)执行引导基金理事会决议;

    (五)承办理事会交办的其他事项。

  Article 15  Expert Evaluation Committee of Guiding Fund independently evaluates proposed investment plans of Guiding Fund so as to ensure a democratic and scientific decision on Guiding Fund. Evaluation Committee consists of experts from the relevant governments, venture capital industry association and society. Among them, experts from industry association and society shall not be less than a half of the members. Staffs of project application units can not serve as members of Evaluation Committee to evaluate the projects of their own units.

       第十五条  引导基金专家评审委员会负责对引导基金拟投资方案进行独立评审,以确保引导基金决策的民主性和科学性。评审委员会由政府有关部门、创业投资行业协会和社会专家共同组成。其中,行业协会和社会专家不少于半数。项目申请单位人员不得作为评审委员会成员,参与对本单位项目的评审。

  Article 16  Entrusted management agency of Guiding Fund is responsible for daily investment operation and its main duties include:

(1) enforce resolutions of the Council of Guiding Fund; 

(2) conduct due diligence on cooperative partners and draft detailed investment plan;

(3) take charge of specific implementation of investment plan approved by the Council of Guiding Fund and subsequent management of the relevant assets like investment-induced equity;

(4) dispatch representatives into venture capital enterprises aided by Guiding Fund in the form of equity participation and participate in the major decision-making and supervise investment direction through such representatives;

(5) undertake other matters.

       第十六条  引导基金受托管理机构负责日常投资运作,其主要职责如下:

    (一)执行引导基金理事会的决议;

    (二)对合作方进行尽职调查并拟定具体投资方案;

    (三)具体实施经引导基金理事会批准的投资方案,并对投资形成的股权等相关资产进行后续管理;

    (四)根据需要,向参股支持的创业投资企业派驻代表,并通过派驻代表参与所支持创业投资企业的重大决策并监督其投资方向;

    (五)承办其他事项。

  Article 17  Guiding Fund pays a proportion of management fees to management agency of Guiding Fund on a yearly basis according to standards set forth in an entrust management agreement and forms incentive measures for management agency in consideration of performance evaluation of Guiding Fund. The Council of Guiding Fund will formulate the detailed measures separately.

       第十七条  引导基金按照委托管理协议确定的标准,每年向引导基金管理机构支付一定的管理费用,并结合引导基金考核情况,建立管理机构激励办法。具体办法,由理事会另行制定。

  Article 18  Investment-induced equity can exit in the form of IPO, stock transfer, enterprise's buy-back and bankruptcy liquidation and the price of exit shall be determined in accordance with the principle of public fiscal and the relevant regulations of operation of Guiding Fund. Equity of venture capital enterprises held by Guiding Fund can exit at any time if there is any interested assignee. Price of assignment can be determined based on the original amount of investment of Guiding Fund plus proceeds of the original amount of investment calculated at the benchmark interest rate of deposits issued by the People's Bank at the moment of assignment if Guiding Fund assigns its equity within four years since investment; if over four years, the price of assignment will be determined through consultation by way of market orientation. Equity generated from follow-up investment can be bought back by venture capital enterprises as trustees by agreement. Price of assignment will be determined through consultation by way of market orientation.

If Guiding Fund transfers equity to investors out of shareholders of venture capital enterprises aided by Guiding Fund, or transfers equity induced from follow-up investment to any investor out of entrusted venture capital enterprises, the exit modes and exit prices shall be determined according to principle of public fiscal and regulations of operation of Guiding Fund. After obtaining content or authorization of the Council of Guiding Fund, the equity can directly be assigned to a specific object according to the market price.

       第十八条  引导基金投资形成的股权可采取上市、股权转让、企业回购及破产清算等方式退出，退出价格按照公共财政的原则和引导基金运作的有关要求确定。引导基金参股创业投资企业形成的股权，在有受让人的情况下可随时退出。自引导基金投入后4年内转让的，转让价格可按照引导基金原始投资额与股权转让时人民银行公布同期的存款基准利率计算的收益之和确定;超过4年的，转让价格以市场化方式协商确定。引导基金跟进投资形成的股权，可由作为受托人的创业投资企业约定回购，转让价格以市场化方式协商确定。

    向引导基金扶持的创业投资企业股东以外的投资人转让股权，或向受托创业投资企业以外的投资者转让被跟进投资企业股权的，按照公共财政的原则和引导基金运作要求，确定退出方式和退出价格，经引导基金理事会同意或授权，可按照市场价格直接向特定对象转让。

Chapter Six  Risk Control of Guiding Fund

    第六章  引导基金的风险控制

  Article 19  Guiding Fund shall choose a commercial bank with the relevant experience in charge of detailed work such as appropriation, liquidation and daily monitoring of capital of Guiding Fund. Entrusted bank shall regularly report on capitals.

       第十九条  引导基金应当选择具有相关经验的商业银行进行托管,具体负责引导基金资金拨付、清算和日常监控。托管银行应当定期报告资金情况。

  Article 20  Guiding Fund can not be used as loan or expenditures of sponsorship or donation or invest in stock, future, real estate, and financial derivatives. Idled funds can only be deposited in banks or purchase government bonds or financial products in conformity with the relevant regulations of the state.

       第二十条  引导基金不得用于贷款、股票、期货、房地产、金融衍生品等投资,不得用于赞助、捐赠等支出,闲置资金只能用于存放银行或购买国债等符合国家有关规定的金融产品。

  Article 21  An internal control and risk prevention mechanism for Guiding Fund shall be established and improved to safeguard safe operation of Guiding Fund.

       第二十一条  建立健全引导基金内部控制和风险防范机制,保障引导基金运行安全。

  Article 22  When Guiding Fund forms a venture capital enterprise through investment, it can neither bear unlimited liability as a general partner nor intervene daily operation of the venture capital enterprise it supports, but it can exercise veto power over any act of the enterprise in violation of law and regulation or deviation from policy orientation.

       第二十二条  引导基金出资设立创业投资企业时，不得作为普通合伙人承担无限责任，不得干预所扶持创业投资企业的日常运作，但对所扶持企业违法、违规和偏离政策导向的情况下，可按照合同约定，行使一票否决权。

Chapter Seven  Supervision and Performance Evaluation of Guiding Fund

    第七章  引导基金的监督和绩效考核

  Article 23  The Council of Guiding Fund is responsible for supervision and instruction on Guiding Fund. Entrusted agency of Guiding Fund shall regularly report investment operation of Guiding Fund to the Council of Guiding Fund.

       第二十三条  引导基金理事会负责对引导基金进行监管和指导。引导基金受托管理机构应当定期将引导基金投资运作情况报告理事会。

  Article 24  The Council of Guiding Fund supervises the performance of duties of the management agency and investment-induced assets of Guiding Fund and evaluates performance. The audit department audits Guiding Fund.

       第二十四条  引导基金理事会按照公共财政的原则，对引导基金管理机构履行职责情况和引导基金投资形成的资产进行监督和绩效考核，并由审计部门对引导基金进行审计。

Chapter Eight  Supplementary Provisions

    第八章  附则

  Article 25  Municipal Development and Reform Commission and Municipal Finance Bureau are responsible for interpretation of these Measures.

       第二十五条  本办法由市发展改革委、市财政局会同有关部门负责解释。

  Article 26  These Measures came into force on the date of printing and distribution.

       第二十六条  本办法自印发之日起施行。

Shanghai Municipal Development and Reform Commission

Shanghai Finance Bureau

October 15, 2010

    上海市发展和改革委员会

    上海市财政局

    二○一○年十月十五日