On July 9, 2023, the State Council of the People's Republic of China[1] promulgated the Regulations on Supervision and Administration of Private Investment Funds ("Regulations"), which will take effect from September 1st, 2023. According to the Q&A regarding the Regulations published by the China Securities Regulatory Commission ("CSRC") and the Ministry of Justice ("Q&A"), the Regulations are primarily intended to ensure financial security through controlling risk sources and to enhance the functioning of private funds to support the real economy. In addition, the Regulations aim to define the bottom line of regulatory supervision, strengthen interim and ex post supervision, and adopt a differentiated regulatory approach for regulating various types of private funds, especially venture capital funds.