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Big-ticket fund set up for SOEs in China By Zhong Nan | China Daily | Updated: 2020-12-30 06:56 Technicians check steel products at a subsidiary of China Baowu Steel Group in Maanshan, Anhui province. [Photo by Luo Jisheng/for China Daily]
$30.6b earmarked for mixed-ownership reform, cutting-edge technology
China launched a 200 billion yuan ($30.6 billion) fund in Shanghai on Tuesday to facilitate mixed-ownership reform and cutting-edge technology innovation at its State-owned enterprises, according to the country s top State assets regulator.
The big-ticket fund aims to sharpen the core competitiveness of SOEs and spur high-quality growth. It will have an initial capital of 70.7 billion yuan, which has been raised from 20 shareholders, including 11 centrally administered SOEs, a private company and an institutional investor, such as China Reform Holdings Corp and China COSCO Shipping Corp. China Chengtong Holdings Group Ltd, a State-owned as