China to set up strategic emerging industry fund
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CHINA Reform Holdings Corp, a state asset manager, is planning a development fund worth at least 100 billion yuan (S$18.7 billion) to invest in strategic emerging industries, China Business News reported, citing the company.
The fund has received investment intentions from more than 20 government-owned enterprises, provincial administrations and social capital, the report indicated. It is expected to start operating within the year, China Business News said.
China’s state-owned enterprises (SOEs) have been ramping up investment in emerging and strategic industries such as artificial intelligence, new energy, new materials and biotech as part of Beijing’s SOE reforms.
China Reform Holdings was set up in 2021 and tasked with deepening SOE reforms. It managed nearly 860 billion yuan of assets at the end of 2022, according to the company’s website. BLOOMBERG, REUTERS
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