The Shenzhen Special Economic Zone has always been one of the most important Chinese cities for private equity funds. On June 27, 2012, the State Council promulgated the Reply of the State Council on Policies Supporting the Development and Opening-up of the Qianhai Shenzhen-Hong Kong Modern Service Industry Cooperation Zone (《国务院关于支持深圳前海深港现代服务业合作区开发开放有关政策的批复》)(Guo Han [2012] No.58) (the “State Council Reply”). The State Council Reply supports the Qianhai Shenzhen-Hong Kong Modern Service Industry Cooperation Zone's (“Qianhai”) pioneering policies on financial reform and innovation, which makes Qianhai into a so-called “special zone of the special zone” and brings new opportunities for the further development and innovation of private equity funds in Shenzhen.