Chen Wei, chairman of Dongfang Fuhai, delivered a keynote speech at the "international innovation and entrepreneurship Festival", saying that the development of the investment industry has witnessed the development of China's economy, and the strong wind of China's economic development has blown the whole industry up. From the end of last century, from 1995 to now, the whole investment industry has developed from a national RMB fund with a scale of 10 billion to more than 4 trillion. Chen Wei pointed out that in the process of China's economic development, the government plays a vital role in the whole venture capital environment. The government can promote and restrict the development of the industry. Overall, the policy has a relatively large impact on the whole industry, and the policy environment directly affects the annual change index of China's PE environment.

 Chen Wei said, "If you compare the situation in the second year after the introduction of the policy, you will find an interesting phenomenon. China's fund-raising index, the number of years and the amount of four years are compared. We find that the environmental index of China's policy is particularly consistent with the fund-raising index chart, that is, if there are policies to stimulate the development of the industry, the fund-raising index will increase in the second year; if there are policies that affect fund-raising The number of fund-raising in the second year will decline when environmental and venture capital environment policies or events occur, but the general trend is that the correlation between the policy environment and the impact of fund-raising and investment is relatively high. " Chen Wei also pointed out that the impact of regulatory authorities on this industry is also very high. If a regulatory concept is unfavorable to the development of this industry, it will affect the healthy development of the whole industry. Capital source, exit, time cost and tax become particularly important. "

Vertically, this industry is developing very fast. I remember that at the earliest time of innovation investment, there were less than 100 institutions, about 70 or 80, with a registered capital of more than 2 million. Now this industry has developed to nearly 17000 registered private equity fund institutions, with 46505 registered private equity funds and 272000 employees." Chen Wei said. Turning to the problems existing in this industry, Chen Wei believes that, first of all, there have been 10 billion private equity fund institutions in China, and the management scale is getting larger and larger, but most of the institutional funds are still too small, which is relatively chaotic compared with the market, and even illegal fund-raising and inadequate supervision. Secondly, China needs angel investment, VC investment and real master fund to enter this industry. Third, the "pain" of Taxation has not been completely solved, so I hope to make this industry have a reasonable tax. At present, if strictly in accordance with the tax law, this industry also has to bear relatively high taxes. Fourth, the exit mechanism. The liquidity of this industry needs to be strengthened. But for the development of the industry prospect, Chen Wei said, "we will see that there are two best PE countries in the world in the future, one is the United States and the other is China. If the policy is warmer, the industry will have better development and will become the most favorable object to promote China's mass entrepreneurship and innovation."