China will create a $14 billion fund to support emerging industries
Chinese state-owned asset manager China Reform Holdings Corp plans to raise at least 100 billion yuan ($13.70 billion) for a fund that will invest in emerging industries.
About this writes Reuters.
It is noted that the fund has already received investment intentions from more than 20 enterprises owned by the central government, as well as local authorities and private investors, and will start operating by the end of this year, the newspaper reported.
“China’s state-owned enterprises are increasing investments in new and strategic industries, such as artificial intelligence, new energy, new materials and biotechnology, as part of Beijing’s SOE reform,” the report said.
China Reform Holdings was established in 2021 to deepen reforms of state-owned enterprises. By the end of 2022, China Reform managed assets worth almost 860 billion yuan.
We will remind:
President of the European Commission Ursula von der Leyen stated about the need to investigate China’s support for electric cars due to the massive subsidies it provides to the industry.
