The local government in China’s Guangzhou says it has invested $29 billion (200 billion yuan) on investments to boost computer chips, renewable energy and other hi-tech industries, the South China Morning Post reported, saying the Industry Investment Fund of Funds will put the money toward sub-funds and direct financing, to attract medium to large-size projects to the southern city and gradually expand into a cluster of funds totalling 600 billion yuan, according to the government statement.
The initiative is in line with calls made by the China Communist Party (CCP) to revive the country’s struggling private sector, said the report, as its tech rivalry with the US intensifies.
Read the full report: The South China Morning Post.
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