China launches social security fund-backed $707 million investment fund in Shanghai By Reuters

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© Reuters. FILE PHOTO: Chinese national flags are seen in front of the financial district Central on the Chinese National Day in Hong Kong, China October 1, 2023. REUTERS/Tyrone Siu

BEIJING (Reuters) – An investment fund backed by China’s National Social Security Fund was launched in Shanghai, with a size of 5.1 billion yuan ($707.24 million) for its first phase, the financial regulatory authority in Shanghai said on Thursday.

The fund, to be managed by investment firm IDG Capital, will focus on supporting innovation in the city of Shanghai alongside the Yangtze River Delta region, the Shanghai authority said.

The fund will invest in strategic areas such as integrated circuits, biopharma and life sciences, artificial intelligence, new energy vehicles, high-end equipment and advanced materials, the authority said.

($1 = 7.2111 renminbi)

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