Hubei raises seed fund loss tolerance to 80% in fiscal tech reform

This shifts public capital toward genuinely early-stage risk, where private funds rarely go, by removing the revenue-based scorecards that push state money into later, safer deals. The design matters as much as the headline tolerance: judging funds on projects cultivated rather than returns changes manager behaviour, though it also raises the question of how quality gets measured. Whether other provinces mirror the model, and how the 100% single-project cap is applied in practice, is the open question.