Beijing plans to promote Chinese innovation in industry through a state-backed advanced manufacturing fund.
Authorities plan to help China climb up the global value chain through the project, which is backed by the country’s national social security fund.
Officials said funding was completed on Wednesday for the second phase of the advanced manufacturing fund, which invests in Chinese innovation sectors including new energy vehicles, “intelligent” cars, ‘smart’ manufacturing and biotech.
The National Council for Social Security Fund said in a statement that the investment will help guide social capital into Chinese innovation-led companies with key technologies.
- Reuters, with additional editing by George Russell