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Wan LixinOpinion deputy editor of Shanghai Daily
China shows pledge to globalization and free trade by embracing reform and opening-up
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Innovation gets fund of US$30b
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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.
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