Innovation gets fund of US$30b

Advanced Search

The story appears on

Page A9

August 19, 2016

GET this page in PDF

Free for subscribers

View shopping cart

Innovation gets fund of US$30b

Source: Xinhua | August 19, 2016, Friday |

Print Edition

CHINA launched a 200 billion-yuan (US$30 billion) state-controlled venture capital fund yesterday to support innovation and upgrading in centrally-administered state -owned enterprises.

The fund, approved by the State Council, is financed by China Construction Bank Corporation, China Reform Holdings Corporation Ltd, the Postal Savings Bank of China and Shenzhen Investment Holding Co Ltd, according to a statement of the State-owned Assets Supervision and Administration Commission.

The fund has an initial capital of 100 billion yuan, with 34 billion yuan from wholly state-owned CRHC, the fund’s main sponsor and controlling shareholder.

CRHC was chosen by the government as a pilot state capital operating firm in February amid China’s reforms to improve the efficiency of SOEs and move them up the value chain.

The fund will serve the development of centrally-administered SOEs by investing in technology and upgrades, according to Meng Jianmin, vice chairman of the SASAC.

Business Finance

About Us
|
Terms of Use
|
RSS
|
Privacy Policy
|
Contact Us
|
Shanghai Call Center: 962288
|
Tip-off hotline: 52920043

沪ICP证：沪ICP备05050403号-1
|
互联网新闻信息服务许可证：31120180004
|
网络视听许可证：0909346
|
广播电视节目制作许可证：沪字第354号
|
增值电信业务经营许可证：沪B2-20120012

Innovation gets fund of US$30b

Email this to your friend