Reporter of the Economic Business: Zhang Wenyu Reporter of the Economic Business: Yang Jun
In the TV series " People in the World ", Zhou Bingyi, who has just arrived in Hayang as mayor, conducted auction land for the development of the Trade City, which is a true portrayal of the "local investment" of local governments in the past.
But with the past of the era when land finance drives urban development, more and more local governments are taking different ways and exploring new paths for urban investment.
Visual China Picture
College of Qinghui Think Tank and economist Song Qinghui believes that the path of investment promotion in various places basically follows the model of drawing an industrial map, analyzing and screening investment promotion information, and special personnel following up on implementation. The ultimate goal is to continuously improve the success rate of investment promotion projects.
Specifically, various places have formed industrial chain agglomeration through industrial park attracting, and promoted the implementation and transformation of projects through government guidance fund , which are all more effective investment promotion models at present. Taking Xi'an as an example, after proposing the use of "investment banking thinking", Xi'an has also continuously improved its local venture capital ecosystem and took an important step in "urban investment banking".
"Western" gravity accelerates
The domestic investment promotion path was first started from attracting foreign investment in the eastern special economic zones. At present, investment promotion has become an important way for various places to promote economic development.
However, compared with eastern cities, for a long time, the central and western cities have weak advantages in logistics costs, talents, financing and other production factors, and the industrial coordination capabilities within urban agglomerations are not outstanding, and the efforts to attract corporate investment are also relatively weak.
After entering a new round of western development, the western region has huge potential for development, and companies around the world will shift their attention to the western region. For example, due to the advantages of resources and energy, the photovoltaic manufacturing industry chain has moved westward.
At the same time, the western region continues to make efforts to optimize the business environment, strengthen division of labor and cooperation between the eastern and western regions, and enhance enterprises' willingness to invest.
Song Qinghui believes that Xi'an, as a strong economic city in the west, has deep endowment resources, industrial advantages of accumulated strength and first-class business environment, and is an important foundation for the high-quality development of the western industry.
Specifically, Xi'an has clarified 19 key industrial chains, including semiconductors and integrated circuits, aviation, biomedicine , etc., aiming to strengthen the manufacturing industry and build a high-level industrial cluster. In the field of life services, in addition to continuously improving the cultural and tourism industry and building the integration of culture, tourism and business, Xi'an has also planned many cities, including , the International Food Capital, , International Exhibition City, and World Event City.
In addition, with the influx of a large number of highly educated talents in recent years, it has also continuously affected the development of local industries.
Specifically, with the advancement of favorable policies such as the new household registration policy, Xixian integrated , and the implementation of plans such as Guanzhong Plain Urban Agglomeration , in recent years, Xi'an has absorbed more population resources. By the end of 2021, the permanent population will reach 12.873 million. From 2013 to 2021, the average annual increase of more than 400,000 people was increased by 3.9%.
The most important point is that Xi'an has also changed its previous investment promotion model and conducts industrial chain investment, industrial park investment, guidance fund investment, etc. Among them, guidance fund is a new investment promotion model that Xi'an and major cities across the country have followed, and is also the focus of Xi'an's efforts.
is eyeing "investment banking business"
Judging from the changes in recent years, the era of using land to drive investment promotion in various places has passed, and more and more local governments have begun to explore new paths of "urban investment banks".
For example, Hefei is named "urban investment bank" by introducing industries based on the thinking of equity investment. Under the above trend, more and more cities are learning the Hefei model. The most common way to treat investment promotion as an investment behavior is to establish a government-guided fund to promote the deep integration of industrial capital .
Song Qinghui believes that the "Hefei model" is simply to respect market rules and industrial development laws, use capital and equity ties as a breakthrough point, and participate in various investment funds through direct investment or formation of , thereby driving social capital to serve the overall situation of local investment promotion and forming a joint force for industrial cultivation.
According to incomplete statistics, 10 billion mother funds have been born in many places such as Beijing-Tianjin-Hebei, Shanxi, Henan, Hubei, Jiangsu, Fujian, Guangdong and other places. For example, Quanzhou Transportation Development Industry Fund, Shanghai 10 billion guidance fund, Xi'an Innovation Investment Fund, etc.
Europe reporters noticed that Xi'an is one of the fastest-executed cities after Hefei.
At the beginning of this year, the Xi'an Innovation Investment Fund was jointly funded by the province and the city, and the municipal government investment fund operated in a market-oriented manner has a first phase of 10 billion yuan, focusing on electronic information, artificial intelligence , optoelectronic chips, aerospace, new materials, new energy, biomedicine, etc.
In addition, Xi'an Innovation Investment Fund has also released many favorable policies, such as the return investment ratio of 1:1; the restrictions on the implementation of sub-fund management institutions were lifted; at the same time, the fund management institutions operate independently and make independent decisions in accordance with the "government-guided and market operation" model.
Specifically, the empowerment of government-guided funds can achieve high investment returns and asset returns, while allowing more social VC/PE funds to enter enterprises in the start-up stage, thereby cultivating a group of start-up stage enterprises with great innovation capabilities and good market prospects to grow rapidly.
To achieve the linkage between industry and capital, it is necessary to further optimize the business environment, create a good atmosphere, and lay the foundation for the linkage between industry and capital; at the same time, the government-guided funds should take funds and projects as the core of business management, and through dual-wheel drive, it will help the high-quality linkage between industry and capital. Song Qinghui further stated.
In addition, through industry guidance funds, investment promotion can also be introduced to local governments, promote local industrial transformation and upgrading, and feed back to local PE/VC. The establishment of the government guidance fund will help reshape the local PE/VC ecology and promote its long-term and healthy development. At present, PE/VC has become an important part of the multi-level capital market, especially in promoting the formation of long-term capital and supporting "double innovation". Song Qinghui told reporters. The financial support behind
Song Qinghui believes that in the future, government-guided funds may be more sub-subdivided, such as industrial-related vertical funds. At the same time, government-guided funds also have some new characteristics, such as diversification of investment strategies and more focus on investment fields.
The more obvious point is that the Xi'an 10 billion innovation fund has leveraged the aggregation of funds in multiple districts and counties.
Specifically, in terms of the investment entities and specific amounts, Xi'an Finance represents Xi'an Finance Bureau and Xixian New District , High-tech Zone and Economic Development Zone each invest 1 billion yuan, and Xi'an Urban Investment and Xi'an Chengfa each invest 500 million yuan. In addition to the guidance funds at the municipal level, Xi'an also has regions in place to deploy industrial guidance funds.
Among them, Xi'an Hi-tech Zone plays the role of government-guided fund leverage amplification, and actively deploys the Hi-tech Zone industry guidance fund around key industrial chains such as optoelectronics, new materials, and new energy, leveraging the total fund size of 10.884 billion yuan.
Xixian New District has launched financial support policies such as Qinchuangyuan Spring Seed Fund and Yuanquan Science and Technology Innovation Fund; Qinchuangyuan’s total fund set up a total fund size of 5.9 billion yuan throughout the year, and jointly established a 2 billion yuan science and technology innovation mother fund with Shaanxi Investment, and is cooperating with Shaanxi Guotou and other "Qin Venture Capital" trust fund , etc.
The explosion of government-guided funds directly affects the direction of fundraising and industrial investment in the private equity field. This has directly led to great progress in Xi'an's venture capital ecosystem and business environment. Most well-known institutions in China have set up offices in Xi'an or carried out investment business.
Since 2018, a large number of top domestic and foreign investment institutions such as Sequoia Capital , IDG, Shenzhen Venture Capital , Junlian Capital and other top domestic investment institutions have successively invested. At present, Xi'an City has 231 equity investment institutions, and more than 300 companies have received private equity investment, with a total financing of more than 38 billion yuan.
At present, the increasingly mature venture capital ecosystem has become an important support for Xi'an's industrial investment. Xi'an will continue to gather the leading forces of venture capital, innovation and industry to attract more high-quality industries and investment institutions to land in Xi'an.
Song Qinghui further stated that in addition to financial support, there are three important factors that successfully implement investment promotion. First, the "people" factor, and talent is the most important core factor in doing a good job in attracting investment; second, a good business environment, which is the confidence and lifeline of a city to attract investment; third, keeping trust and commitment are important prerequisites for doing a good job in attracting investment.
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