Historically, the lifespan of Renminbi (RMB) venture capital funds has been relatively brief, typically not surpassing 10 years, with the majority lasting just 7-8 years. This constraint often compelled funds to exit the market prematurely, before enterprises could achieve their full growth potential, thereby hindering the provision of long-term, comprehensive support for technology projects. However, this landscape underwent a significant transformation in 2025. Numerous newly established government-guided funds in regions such as Beijing, Shanghai, Jiangsu, and Guangdong now boast durations exceeding 10 years, with some extending as far as 20 years. Additionally, the rules governing certain existing guiding funds in specific areas have been revised to extend their durations, and the duration of second-phase funds has also been extended compared to their first-phase counterparts. This extension of fund durations offers greater flexibility for the exit of both master funds and sub-funds, thereby rendering the venture capital lifecycle of "fundraising, investment, management, and exit" a more relaxed and strategic process.