China has set up a $21 billion national investment fund to promote the transformation and upgrading of the country’s manufacturing industry, said the official Shanghai Securities News on Wednesday, reported Reuters.
The fund, with a registered capital of RMB 147.2 billion ($21 billion), will invest in both growth-stage and mature companies in areas such as new materials, next-generation IT and power equipment.
The fund was set up by 20 stockholders, with the Ministry of Finance holding a 15.29% stake as the biggest shareholder, according to a report by the official Xinhua News Agency.