China sets up 147.2b yuan fund to upgrade manufacturing: Shanghai Sec News
Add BT as a preferred source
DeeperDive is a beta AI feature. Refer to full articles for the facts.
[SHANGHAI] China has set up a 147.2 billion yuan 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 (S$28.6 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 per cent stake as the biggest shareholder, according to a separate report by the official Xinhua News Agency.
CRRC Corp, China's state-owned railway equipment maker, said in a statement on Monday that it plans to invest an initial 25 million yuan in the fund.
China has previously set up national funds that invest in the country's advanced manufacturing and integrated circuit sectors.
Navigate Asia in
a new global order
Get the insights delivered to your inbox.
REUTERS
Share with us your feedback on BT's products and services
TRENDING NOW
Shelving S$5 billion office redevelopment plan proved ‘wise’ as geopolitical risks mount: OCBC chairman
Eurokars Group introduces rental car franchises Enterprise Rent-A-Car, National Car Rental, and Alamo to Singapore
20 photos that show how dramatically Singapore has changed in two decades
Singapore’s key exports up 15.3% in March from electronics surge, exceeding forecasts
