Fintech

China’s Social Security Fund to Spur Industrial Innovation

 

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

 

 

READ MORE:

Shenzhen Pushes Innovative Fintech Apps – Global Times

Huawei Banks on Chip Packaging Innovation – SCMP

China Approves Three Sci-tech Innovation IPOs – Xinhua

 

George Russell

George Russell is a freelance writer and editor based in Hong Kong who has lived in Asia since 1996. His work has been published in the Financial Times, The Wall Street Journal, Bloomberg, New York Post, Variety, Forbes and the South China Morning Post.

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