China has launched a RMB100 billion (US$15.57 billion) fund to support economic integration and development in the Yangtze River Delta Economic Zone, according to Xinhua News Agency, China’s official state-run press agency.
Launched in Shanghai, the Yangtze River Delta Collaborative Advantage Fund is backed by government, state-owned companies, financial institutions and private companies in the Yangtze River Delta area.
The fund will invest in "hard technologies," with a focus on artificial intelligence, smart logistics and biotech. It will cover more than 20 sectors including cell therapy, antibody drugs, machine vision, microelectromechanical systems, artificial intelligence diagnostics, smart driving, and robotics.
The effort to launch the fund is led by Shanghai International Group (SIG), a large state-owned financial holding group. A subsidiary of SIG will also manage the fund.
A total of RMB10 billion will be made available in the first phase of the fund.
The Yangtze River Delta Economic Zone covers 28 cities in Shanghai municipality and Jiangsu, Anhui and Zhejiang province. It is competing with the Pearl River Delta Zone, which include Guangdong provinces, Hong Kong and Macau.