China Reform Holdings, a state asset manager, is planning a development fund worth at least RMB 100 billion ($13.7 billion) to invest in strategic emerging industries, China Business News reported, citing the company, reports Bloomberg.
The fund has received investment intentions from more than 20 government-owned enterprises, provincial administrations and social capital, according to the report. It is expected to start operating within the year, China Business News said.
More investment in strategic emerging industries is one of the major tasks in the new round of China’s state-owned enterprises reform.
