Abstract:It is one of the key tasks of science and technology in China to adjust the investment structure of basic research funds and accelerate the construction of multiple investment pattern. The National Natural Science Foundation of China (NSFC) plays an important role in leveraging diversified investment in basic research. At present, the joint funds are the main way for NSFC to guide diversified investment in basic research in China. It is a successful exploration for NSFC to meet national needs, guide diversified investment, promote resource sharing and multilateral cooperation. Nevertheless, on the one hand, the cooperation of the joint funds is limited to state-owned organizations, institutions, and enterprises, but has not been extended to private sectors. On the other hand, the management system and operation mode cannot fully reflect the inherent property of the cooperative investment of the joint funds. Thus, it is suggested that the joint funds break through the boundary between public and private sectors in terms of management philosophy to realize the transformation to the public-private partnership (PPP) cooperation model of R&D; set up a relatively independent "Joint Funds Management Center" to improve the governance system and mechanism; establish and improve the evaluation criteria and mechanism for the utilization of results that are in line with the characteristics of the joint funds. In the new stage of development, it is necessary to solve the long-standing problem that NSFC has been unable to receive donations from society. Based on the analysis that the NSFC's acceptance of social donations is a "public trust" behavior, this study figures out that NSFC should first be given the qualification and identity to accept social donations legally and in compliance. It is suggested to set up a "China Science Fund Public Trust Center" to break through the existing institutional barriers and promote the NSFC to accept social donations.