15 June 2024
On 15 June 2024, the General Office of the State Council issued the “Various Measures for Promoting the High-Quality Development of Venture Capital” (“the Measures”). The Measures proposed to revise and improve the “Administrative Regulations of Foreign-Invested Venture Capital Enterprises”, facilitate foreign investors’ venture capital activities within China, support international professional investment institutions and teams in setting up Renminbi denominated funds in China, and leverage their investment experience and comprehensive service. In addition, the Measures aimed to deepen the pilot program for cross-border financing facilitation, further optimize the foreign exchange management under the Foreign Direct Investment (“FDI”) scheme and facilitate the foreign exchange procedures for venture capital firms and other business entities. Meanwhile, the Measures proposed to regulate the pilot mechanism and system framework of the Qualified Foreign Limited Partner (“QFLP”), further expand the pilot scope, and guide overseas venture capital institutions to conduct cross-border investment in a standardized manner.