On October 25, the Information Office of Shandong Provincial People’s Government held a press conference to interpret the Measures to Promote the High-quality Development of Venture Capital in Shandong Province (hereinafter referred to as "the Measures").

The Measures state that by 2025, Jinan and Qingdao will become global emerging venture capital and venture capital centers, and will have more than 10 provincial-level venture capital agglomeration areas, more than 50 leading venture capital institutions in Shandong, and more than 30 leading local venture capital enterprises with national influence.

The Measures also put forward a number of supportive policies with significant influences, mainly including: increasing the investment ratio of guiding funds, increasing the maximum contribution ratio of the provincial guiding funds from 30% to 40%, and increasing the maximum ratio of joint contribution by the provincial, municipal, county-level (city-level or district-level) governments from 50% to 60%; transferring the provincial guiding funds at the original amount of contribution if the provincial guiding fund has transferred the equity or shares to social investors within 3 years (inclusive) from the date of industrial and commercial registration of the angel fund; identifying the management headquarters of the qualified venture capital funds as fund-based headquarters enterprises (institutions), etc.