China Aerospace Science and Technology Corporation (CASC) has formed a fund of 150 billion yuan (21.8 billion U.S. dollars) with a group of centrally administered state-owned enterprises (SOEs) to invest in emerging strategic industries.
The fund, with an initial pledge of 113.9 billion yuan, will target the 3D printing, aerospace, biological medicine, clean energy, high-speed rail, IT, nuclear energy, power grid, quantum communication, robotics, and shipping industries, among others.
The investment fund was established to improve the SOEs' innovative ability to make breakthroughs in core technology, boost emerging industries and foster new driving forces for growth, and increase cooperation between the SOEs, said CASC chairman Lei Fanpei at the fund's establishment ceremony.
The sponsors include rolling-stock maker CRRC, Industrial and Commercial Bank of China, Postal Saving Bank of China, Shanghai Pudong Development Bank and Beijing municipal government.
