The General Office of the Guangdong Provincial Government has unveiled the "Action Plan for Advancing High-Quality Development of Venture Capital in Guangdong Province," which is designed to streamline the operations of publicly funded venture capital funds and bolster their leadership role. The plan outlines a strategy where the government will back strategic emerging industries and future-oriented sectors through a "master fund + sub-fund + direct investment" framework. Under this model, the master fund will identify top-tier professional investment institutions to establish specialized sub-funds, thereby drawing more social capital into venture capital endeavors. The publicly funded component may judiciously redistribute profits, prioritizing capital preservation and modest gains, to facilitate the mobilization of social capital. Furthermore, the plan calls for refining the governance of publicly funded venture capital funds and enhancing the fund evaluation and fault-tolerance exemption mechanisms.