A fund to offer financial support and to promote industrial transformation of high-tech industries was set up in the Xi’an High-tech Industrial Development Zone on Nov 2.

According to Wang Bin, deputy secretary of the Party Working Committee of the high-tech zone, the initial fund consists of 15 billion yuan ($2.18 billion), 3 billion of which was sponsored by Xi’an High-tech Industry Venture Capital Co., Xi'an High-tech Share-holding Co. and Xi’an Capitech Corporation, with each company contributing about one billion yuan.

The remaining 12 billion yuan will be raised from social capital.

The fund will be mainly invested in hard science and local high-quality listed technology companies and other leading enterprises that contribute to the promotion of superior industries in the Zone, Wang said.

He added that the zone will provide financial support to high-quality enterprises for industrial structure optimization, cost reduction and industrial transformation and upgrading.

A fund to offer financial support and to promote industrial transformation of high-tech industries is initiated by the Xi’an High-tech Industrial Development Zone on Nov 2. [Photo provided to chinadaily.com.cn]