PANews reported on June 5th that the General Office of the State Council issued an opinion requiring strengthened supervision of private equity investment funds, risk prevention, and promotion of high-quality development. The document proposes optimizing registration and filing rules, strictly controlling the establishment of new government investment funds (generally, no new funds should be established in counties and districts), and strictly managing the registration of terms such as "private equity fund" in names and business scopes. Regulators will refine risk assessment standards, promote differentiated supervision, and increase inspections of key institutions, institutions operating in other locations, and illegal activities such as nominee shareholding and channeling. Private equity funds will be strictly prohibited from illegal lending and "equity disguised as debt." The opinion also emphasizes increasing the crackdown on illegal fundraising, embezzlement, self-financing, illegal cross-border fund flows, and participation in illegal fundraising. A "whistleblower" system and a blacklist system will be established. Furthermore, by integrating inefficient government and state-owned enterprise investment funds, cultivating patient capital, and providing diversified exit channels, the document aims to guide the standardized development of private equity funds, venture capital funds, and private securities funds, serving technological innovation and residents' wealth management.