Chinese Yuan coins and banknotes are seen in this illustrated photo taken on February 24, 2022.Reuters/Florence Lo/Illustration/File Photo Obtaining license rights
SHANGHAI, Sept 24 (Reuters) – China Reform Holdings, a state-owned asset management company, plans to raise at least 100 billion yuan ($13.7 billion) for a fund that will invest in emerging industries, China Business News said. reported on Sunday.
According to the newspaper, the fund has already received investment interest from more than 20 central government companies, local governments and private investors, and is expected to be operational by the end of this year.
China’s state-owned enterprises (SOEs) are stepping up investment in emerging strategic industries such as artificial intelligence, new energy, new materials, and biotechnology as part of state-owned enterprise reform.
China Reform Holdings was established in 2021 with the mission of deepening state-owned enterprise reform. According to the company’s website, it had assets under management of approximately 860 billion yuan as of the end of 2022.
(1 dollar = 7.2980 Chinese Yuan)
Reported by Shanghai Newsroom.Editing: Jamie Freed
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