Shanghai announces USD1.41B fund to promote future industries, innovation

(MENAFN) Shanghai, China's leading financial center, announced the creation of a substantial 10 billion yuan fund (approximately USD1.41 billion) aimed at fostering future industries and supporting technological innovation. The fund, which is fully financed by the Shanghai government, is set to operate for a period of 15 years, with the possibility of a three-year extension if needed. According to the Shanghai Municipal Science and Technology Commission, the fund is designed to bolster confidence in early-stage technology investments and to accelerate the transformation of cutting-edge innovations into high-quality productive forces that can drive economic growth.

State-owned Shanghai Capital Investment Co., Ltd. will spearhead the creation of a market-oriented platform to oversee the management of this ambitious fund. This initiative is a key element in Shanghai's broader strategy to position itself as a global leader in scientific and technological innovation. The fund was unveiled during the opening ceremony of the Pujiang Innovation Forum 2024, an event jointly organized by the Chinese Ministry of Science and Technology and the Shanghai Municipal Government, which is taking place from September 7 to 10. The launch of this fund underscores Shanghai's commitment to becoming a hub for advanced technology and innovation, reinforcing its role as a major player in China's economic development strategy.

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