China's NDRC, CCB co-establish RMB 300 bln fund to boost strategic, emerging industries.

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Jun 13, 2018 (China Knowledge) - China's National Development and Reform Commission (NDRC) and China Construction Bank (CCB) have signed a memorandum to set up a strategic emerging industry development fund, according to a statement from NDRC website.

Both parties will cooperate to support the development and expansion of strategic emerging industries and ultimately aim to build a new pillar of the industrial system. The fund's target size is about RMB 300 billion and the two parties intend to establish a sub-fund in order to further attract social funds.

The fund will focus its investment in “new strategic” industries such as modern information technology, high-end equipment manufacturing, new materials, biology, new energy vehicles, new energy vehicle, energy conservation, environmental protection, and digital creativity.

In line with the country's 13th Five-Year Plan, the fund will boost the construction of a new pillar of the industrial system that integrates developments of the real economy, scientific and technological...