China has set up a $21 billion national investment fund to promote the transformation and upgrading of the country’s manufacturing industry, the official Shanghai Securities News reported on Wednesday.
The fund, with a registered capital of 147.2 billion yuan ($21 billion), will invest in both growth-stage and mature companies in areas such as new materials, next-generation information technology (IT) and power equipment, the newspaper said.
The new fund will invest throughout the entire manufacturing industry value chain, the article said, citing Zhang Yuzhe, a researcher at the National Development and Reform Commission (NDRC).
The fund was set up by 20 stockholders, with the Ministry of Finance holding a 15.29 percent stake as the biggest shareholder, according to a separate report by the official Xinhua News Agency.
China has previously set up national funds that invest in the country’s advanced manufacturing and integrated circuit sectors.
Reuters | SHANGHAI