On April 14, 2026, at a special press conference on government investment funds in the artificial intelligence sector, Liu Zhiguang, Deputy Director of the Guangzhou Municipal Finance Bureau, announced the official launch of the Guangzhou Artificial Intelligence Industry Investment Fund. With a total size of 20 billion yuan, the fund represents a key initiative for the city to cultivate new productive forces and establish a modern industrial system. The Municipal Finance Bureau is fully committed to implementing the directives of the municipal party committee and government, emphasizing integration of business and finance, scientific planning, precise empowerment, and strict risk control to ensure robust fiscal support and supervision.

To strengthen financial backing, Guangzhou will manage the fund's capital contributions under a unified government investment fund framework. Leveraging zero-based budgeting reforms, the city will reallocate existing funds to amplify the impact of modest fiscal investments by attracting significant private capital. The fund has a total scale of 20 billion yuan, with the municipal fiscal contribution not exceeding 35%, and combined municipal and district contributions capped at 40%. For the initial phase, which involves setting up three sub-funds, the government will enhance fiscal resource coordination and fulfill its capital commitment responsibilities.

In line with the municipal government's 2026 work plan, Guangzhou is accelerating the development of a unified, well-defined, and collaborative management system for government investment funds. By consolidating resources, the city has established two government-backed mother funds—the Guangzhou Science and Technology Innovation Fund and the Guangzhou Industrial Development Fund—which will oversee sector-specific mother funds, sub-funds, and special sub-funds. This structure is designed to maximize the leveraging effect of fiscal capital. The Artificial Intelligence Industry Investment Fund is the first sector-specific mother fund launched under this system.

Additionally, in 2026, the city has allocated budgetary resources at the municipal level specifically for the AI sector, creating a comprehensive support framework where limited fiscal input stimulates substantial private investment, and strict budgetary constraints ensure rapid industrial growth.

To activate the leveraging effect, the fund adopts a government-guided, market-operated approach through a "mother fund + sub-fund" model. This shifts fiscal capital from direct investment to a role of guidance and targeted empowerment. Top-tier management institutions will be selected nationwide to attract private capital collaboration, with focus areas including computing chips, advanced algorithms, large-scale models, and intelligent agents. The goal is to concentrate resources in Guangzhou, serve local development, and support the city's ambition to become a "capital of vertical models."

For performance control, Guangzhou has implemented a full-lifecycle performance management mechanism. Evaluation results will be directly linked to management fee calculations, subsequent capital contributions, and fund expansion eligibility. The principle of "return capital before sharing profits" and "performance before incentives" will be enforced, with an annual hurdle rate of no less than 4%. Excess returns beyond this threshold will be proportionally returned to the government, ensuring that capital is deployed effectively, managed well, recovered, and generates returns.

To mitigate risks, strict requirements for dedicated account management, custodian supervision, and risk isolation are in place. A 15-item negative list for investments prohibits activities such as disguised debt financing, real estate investments, and speculative trading in secondary securities markets. The finance department will participate in performance evaluations throughout the process, strengthening oversight to ensure the fund operates normatively and remains on track.

Liu Zhiguang stated that the Municipal Finance Bureau will continue to enhance fiscal support, optimize management services, and strictly guard against risks. Through these efforts, the bureau aims to contribute to the high-quality development of Guangzhou's AI industry and provide solid support for the construction of a modern industrial system.