Zhangjiagang City, Jiangsu Province launched a fund worth 14.8 billion yuan ($2.31 billion) to support the real economy in the city on June 11, with the fund’s first investment project signed on the same day.
The Zhangjiagang Fund is established to foster new business types for industrial capital and financial capital and boost the growth of the real economy.
The fund consists of three parts. The 10-billion-yuan Zhangjiagang Government Industrial Investment Fund will allocate 4 billion yuan in the first round to promote the transformation and upgrading of local traditional industries and speed up the development of strategic emerging industries. The 4.5-billion-yuan Zhangjiagang Industrial Capital Development FOFs will focus on partnership with leading domestic funds to invest in emerging industries such as intelligent manufacturing, new energy, new material, semi-conductor (integrated circuit) and biomedical technology. The third part, Zhangjiagang New Industry Investment Guidance Fund, will invest 300 million yuan per year to support the rapid development of local strategic emerging industries.
（Source: english.jschina.com.cn)
