Recently, the State Council issued the "Opinions on Deepening the Implementation of the 'Artificial Intelligence+' Action" (hereinafter referred to as the "Opinions"). The Opinion proposes to improve the assessment and risk supervision system for state-owned capital investment in the field of artificial intelligence. Intensify financial and fiscal support in the field of artificial intelligence, develop and strengthen long-term capital, patient capital, and strategic capital, improve risk sharing and investment exit mechanisms, and fully leverage the role of fiscal funds, government procurement, and other policies. Since the beginning of this year, governments in Zhejiang, Tianjin, Guangxi, Henan, Anhui and other places have introduced policies to support the ecological development of the artificial intelligence industry, established artificial intelligence industry funds, increased financing support for the field of artificial intelligence, provided funds for AI+"breakthrough", and helped enterprises connect the "last mile" of scene construction. Experts interviewed believe that in order to better leverage the role of AI industry funds, it is necessary to improve the assessment and evaluation system, establish market-oriented risk management and fault tolerance mechanisms, and gradually open up exit channels, in order to better play the guiding and leveraging role of industry funds in empowering various industries with artificial intelligence. Building a financial support system with AI has become a core area of global technological competition, and various regions are accelerating their layout. Among them, supporting the development of local AI industry through industry funds and creating differentiated advantages such as "AI+manufacturing" and "AI+characteristic industries" has become one of the main methods for various regions to compete for the initiative in development. After the release of the "Action Plan for Accelerating the Promotion of 'Artificial Intelligence+' in Anhui Province" in March, on August 21, the Anhui Provincial People's Government publicly released the "Several Policies for Building a High Ground for Innovation and Application of General Artificial Intelligence Industry (2.0 Version)", accelerating the empowerment of various industries with artificial intelligence technologies such as large-scale models. Among them, the policy emphasizes the construction of a financial support system. Including: fully leveraging the guiding role of fiscal funds and mobilizing social capital such as insurance, credit, and funds to invest in the general artificial intelligence industry. Accelerate the operation of a provincial artificial intelligence industry theme fund with a total scale of no less than 20 billion yuan, and support the establishment of general artificial intelligence sub funds by municipal state-owned asset platforms, operating entities, etc. through equity participation to meet the funding needs of enterprises and projects. On August 9th, the People's Government of Henan Province issued the "Several Policy Measures to Support the Ecological Development of Artificial Intelligence Industry in Henan Province", proposing to carry out diversified investment and financing services. Establish an artificial intelligence industry fund with a total scale of 3 billion yuan, strengthen patient capital, explore support mechanisms such as investment subsidy linkage and investment loan linkage, and meet the financing needs of artificial intelligence enterprises at different stages of their lifecycle. Recently, the Guangxi Government Investment Fund Management Office issued the "Several Measures to Empower 'Artificial Intelligence+' with Guangxi Government Investment Funds", planning to establish a Guangxi Artificial Intelligence Industry Fund with a total subscribed capital of no less than 10 billion yuan, and simultaneously promote the establishment of three major functional funds: the Backbone Enterprise Digital Transformation and Upgrading Fund, the Science and Technology Innovation and Industry Investment Fund, and the Special Mergers and Acquisitions Fund. In the eyes of market participants, the establishment of artificial intelligence industry funds by local governments is a key measure to promote regional economic transformation and upgrading, and seize the commanding heights of future industries. The founder of Sino Jia Yi (Beijing) International Business Consulting Co., Ltd., Guoli Bo, stated in an interview with reporters that its core significance is reflected in three levels. Firstly, leverage the role of capital as the "engine" to accelerate industrial agglomeration and development. The establishment of government funds first solves the pain points of "difficult and expensive financing" for early AI companies, providing valuable "patient capital" for technology research and market expansion. Moreover, government funds have strong leverage and guiding significance, which can attract and leverage more social capital to follow up on investment, and stimulate and strengthen the local AI industry ecosystem. Secondly, strengthen the "strategic guidance" function and optimize the regional industrial layout. Government funds guide capital and resources towards AI sub sectors that best suit the local advantages through investment layout, which helps to form differentiated competitive advantages and avoid homogenization and internal competition. Thirdly, act as an "innovation incubator" and create an innovative environment that is tolerant of trial and error. The innovation of AI technology, especially the underlying technology and general large-scale models, has the characteristics of high risk and long cycle, which are often not touched by social capital that pursues short-term returns. Government backed industry funds should also have a higher risk tolerance and focus on investing in early-stage projects and 'hard technologies' with disruptive potential. From the current perspective, state-owned capital is one of the important sources of patient capital in China, shouldering the strategic task of leading the high-quality development of the AI industry. At the same time, state-owned capital also needs to have a certain fault-tolerant mechanism to fully unleash the power and vitality of state-owned capital. The Opinion proposes to improve the assessment and risk supervision system for state-owned capital investment in the field of artificial intelligence. According to the reporter's review, many local governments have previously explored the establishment of differentiated assessment mechanisms and fault-tolerant incentive systems for government funds investing in hard technology enterprises. In the field of artificial intelligence, local governments are also promoting the introduction of relevant regulations. As proposed by Anhui, establish and improve implementation rules for fund management that protect reform, encourage exploration, tolerate mistakes, and correct deviations. Guangxi proposes to establish and improve a full lifecycle evaluation mechanism that is in line with the characteristics of artificial intelligence funds, and not simply based on individual funds, projects, or annual profits and losses as the assessment criteria. In terms of fault tolerance and loss tolerance, under the premise of controllable risks, it is allowed to break through traditional investment assessment standards within a certain range, improve investment risk tolerance, and establish a fault tolerance, error correction, and due diligence exemption (reduction) mechanism that is in line with the characteristics and development laws of the artificial intelligence industry. In the view of National Bo, the key to improving the assessment, evaluation, and risk supervision of state-owned capital in the AI field lies in breaking away from the traditional linear thinking of "preservation and appreciation", and establishing a new management system that adapts to the "high-risk, long-term, high return" scientific and technological innovation investment laws. Suggest starting from three aspects: firstly, establish a "full cycle, diversified" assessment and evaluation system, shifting from "looking at the book" to "looking at the value". Weaken short-term financial indicators, introduce long-term value and strategic value indicators, allow for "filling the gap with abundance", and cover the risk of failure in other projects with high returns from a few successful projects. The second is to establish a "professional and market-oriented" risk management and fault tolerance mechanism. The focus of risk supervision should be on the standardization of due diligence before investment and the compliance of post investment management, rather than holding investors responsible for investment failures after the fact. A clear fault tolerance and exemption list should be established, and external supervision and third-party evaluation should be considered to increase transparency and credibility. The third is to optimize the "incentive compatible" team management mechanism, allowing "professional people" to do "professional things". Including establishing market-oriented compensation and investment follow-up mechanisms; Empowering managers with greater autonomy and reducing unnecessary administrative intervention within the framework of compliance supervision. Expanding exit channels is a challenge faced by all industry funds and venture capital institutions, and it is also a key step in facilitating the circulation of industry funds. The Opinion proposes to improve risk sharing and investment exit mechanisms. At present, the multi-level capital market is the main channel for the exit of state-owned funds such as industrial funds, mainly through IPO, mergers and acquisitions, S transactions, and physical distribution of stocks. An important aspect of improving the exit mechanism is to address the transfer or liquidation of assets such as equity and fund shares formed by fiscal contributions. ”Huang Zhenlei, Deputy General Manager of Beijing Equity Investment Development Management Co., Ltd., told reporters that only a few companies can exit through listing, and most companies will exit through equity transfer, asset package trading, repurchase, liquidation and other methods. Exit usually requires a discount on the book value, and the discount ratio depends on the bargaining power of the buyer and seller. In this process, how to achieve transactions and pricing through various forms in a compliant manner is a problem that needs to be addressed. Guo Guobo stated that currently, "difficulty in exiting" is a common pain point in the industry, and improving risk sharing and exit mechanisms is the "lifeline" to ensure the sustainable development of AI industry funds. It is suggested to establish a "multi-level capital relay" system in risk sharing, with government funds taking the "first baton" and guiding social capital to "relay"; Vigorously cultivate and develop S funds to provide liquidity exports for original shareholders and early investors; Expand the exit path of mergers and acquisitions, encourage and support leading listed companies or large enterprises in the industry chain to acquire AI startups with technology and scenarios but still small in scale through mergers and acquisitions; Explore the flexibility of "agreement transfer" and "management buyback", while proposing standardized and transparent pricing and transaction processes for state-owned assets to prevent their loss. (New Society)