2019 marks the 70th anniversary of the founding of PRC, and it is also the critical year to build a well-off society in an all-round way. The external environment and internal conditions are becoming more complex, and the difficulties and challenges are obviously increasing. The global economy has experienced the "synchronous recovery" in 2018 to "synchronous deceleration". The monetary policies of major economies have changed from "raising interest rates", "shrinking the balance sheet" to "reducing interest rates" and "expanding the balance sheet" (QE). China-US trade disputes, Brexit and geopolitical issues have brought greater risks and challenges to the global economy. Domestically, the Chinese government has stepped up counter-cyclical adjustment and actively implemented the "six stability" policy. In 2019, China's GDP increased by 6.1% YoY, and the growth rate slowed down by 0.5 percentage points compared with the whole year of 2018. The national economy remained in a reasonable range, but the economic growth rate decreased quarter by quarter, showing the mounting downward pressure.

In the first quarter of 2020, affected by the COVID-19 epidemic, the financial market became turbulent, and the global economic prosperity declined significantly after March. The global stock market is in great turmoil, the liquidity crisis of the US dollar broke out, assets were sold off, and the prices of risky assets and safe-haven assets plunged one after another. The VIX index rose more than the financial crisis in 2008. In the latest World Economic Outlook Report released by the International Monetary Fund, the world economic growth is facing the most serious blow since the Great Depression in the 1930s: for the first time, the world is facing the simultaneous recession of both developed and emerging economies. The IMF predicts that the global GDP growth will shrink by 3% in 2020, and the global economy will recover to the 5.8% YoY growth level in 2021. The COVID-19 epidemic will cause losses of about US$9 trillion worldwide in the next two years, exceeding the total GDP of Japan and Germany. If the epidemic continues until 2021, global GDP may shrink by 2.2% next year.

In the first quarter of 2020, affected by the COVID-19 epidemic, the financial market became turbulent, and the global economic prosperity declined significantly after March. The global stock market is in great turmoil, the liquidity crisis of the US dollar broke out, assets were sold off, and the prices of risky assets and safe-haven assets plunged one after another. The VIX index rose more than the financial crisis in 2008. In the latest World Economic Outlook Report released by the International Monetary Fund, the world economic growth is facing the most serious blow since the Great Depression in the 1930s: for the first time, the world is facing the simultaneous recession of both developed and emerging economies. The IMF predicts that the global GDP growth will shrink by 3% in 2020, and the global economy will recover to the 5.8% YoY growth level in 2021. The COVID-19 epidemic will cause losses of about US$9 trillion worldwide in the next two years, exceeding the total GDP of Japan and Germany. If the epidemic continues until 2021, global GDP may shrink by 2.2% next year.

The "registration-based system" was first proposed in 2013 but has not been implemented over the past six years. In November 2013, the third plenary session of the 18th CPC Central Committee reviewed and issued the Decision of the Central Committee of the Communist Party of China on Some Major Issues Concerning Comprehensively Deepening the Reform, pointing out that it is necessary to "improve the multi-layer capital market system and promote reform toward a registration-based stock-issuing system”, which is also the first time that the Chinese government explicitly proposed to promote the reform toward a registration-based stock-issuing system. Since then, China has entered the period of exploring the registration-based system but does not make smooth progress. In the first instance of the draft amendment to the Securities Law in 2015, it was mentioned that the registration-based system implemented by the Issuance Appraisal Committee should be canceled; in the second draft of the Securities Law in 2017, the registration-based system was also not mentioned; In February 2018, the Standing Committee of the National People's Congress decided to extend the authorization of registration-based system reform for two years. Due to such reasons as the mismatch between the delisting system of listed companies and the registration-based system and the incompleteness of investor protection mechanism, the registration-based system in China's capital market sees its implementation slowed down again and again.

清科研究中心以KKR、黑石、凯雷三大国际私募巨头为主要对象，对全球另类投资机构发展战略与公司治理进行深度研究，就可能适合中国大型私募股权投资机构的公司治理机制进行了探讨，提出建议，最终形成本篇研究报告。

On July 16, 2020, the National Bureau of Statistics released the national economic indicators for the first half of the year. The GDP in the first half decreased by 1.6% YoY, and the economic growth in the second quarter turned from negative to positive.

2020年第二季度，因各国央行的流动性支持以及部分地区疫情得到有效控制，全球金融市场从新冠疫情的负面冲击中逐渐恢复。全球股市整体回升，但尚未达到 2020年2月疫情全球蔓延之前的水平。

根据清科旗下私募通数据显示，2020年第二季度PE机构共新募集475支可投资于中国大陆的基金，同比下降10.4%，共募得1,744.46亿元，同比下降42.5%，平均募资规模为3.7亿元，同比下降35.4%；投资方面，2020年第二季度PE投资市场随经济复苏温和回暖，市场活跃度及市场规模环比有一定回升，共发生655起投资案例，同比下降23.3%，但环比上升9.7%，其中披露金额的共有553起投资事件，涉及披露金额为1,236.98亿元人民币，同比上升6.5%，环比上升48.5%；资金向优质项目聚拢趋势明显，平均投资额为2.2亿元人民币，同比上升30.6%。退出方面，本季度PE市场共完成353笔退出，同比下降3.3%，环比上升20.5%；IPO退出仍是市场主流，共完成275笔IPO退出，占比77.9%，同比上升74.05%；其中82笔IPO退出事件涉及的企业在科创板挂牌。

2020年第二季度，因各国央行的流动性支持以及部分地区疫情得到有效控制，全球金融市场从新冠疫情的负面冲击中逐渐恢复。全球股市整体回升，但尚未达到 2020年2月疫情全球蔓延之前的水平。美元指数平均值较一季度有所回升，日元欧元稳定，多数新兴经济体货币明显贬值。伴随美联储推出开放式QE并通过大规模回购等工具向市场注入流动性，各类资产价格走势恢复正常模式，6月30日，VIX指数为30.43%，较3月份明显下降。在国际货币基金组织发布的最新一期《世界经济展望报告》中，新冠疫情对经济影响比预期更为严重，预计复苏将比之前更为缓慢：2020年全球GDP增长率预计为–4.9%，比4月的预测低1.9个百分点。IMF预计所有地区（发达经济体、新兴市场和发展中经济体）2020年都将经历负增长，多数经济体的消费增长预测下调。2021年全球增长率预计为5.4%，比4月预测低0.4个百分点，消费明年将逐步加强，投资也将企稳回升但，仍将疲软。

equity investment funds can also play an important role in the merger and reorganization of state-owned enterprises. In September 2018, the Guideline on Strengthening Assets Liability Constraints of State-owned Enterprises issued by the General Office of the CPC Central Committee and the General Office of the State Council clearly stated that "state-owned enterprises should be guided to raise equity funds through private equity investment funds and expand the scale of equity financing” and "all types of investors are encouraged to participate in the merger and reorganization of state-owned enterprises through equity investment funds, venture capital funds, and industrial investment funds."