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Workers on a motor vehicle production line at a factory in Qinzhou, Guangxi Zhuang autonomous region. [Photo provided to China Daily] |
The fund, which was authorized by the State Council and initiated by the National Development and Reform Commission; Ministry of Finance; and Ministry of Industry and Information Technology; is a limited partnership and market-oriented institution, officials said at the founding ceremony.
The initial funding was 20 billion yuan ($3.05 billion), including 6 billion yuan from the central treasury. The rest came from investors including the State Development & Investment Corp and the Industrial and Commercial Bank of China.
The fund will invest in the advanced manufacturing industry sector, promote modernization of traditional industry and boost high-end manufacturing.
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