36b yuan to be invested to upgrade Guangzhou industries

A special fund company has been established in Guangzhou, the capital of Guangdong province, to help transform and upgrade local industries.

Guangzhou Industrial Fund Company, first funded with 1.5 billion yuan ($217.7 million) by the local financial authorities, recently signed strategic cooperative agreements with 12 local financial organizations.

Under the agreements, local financial organizations will provide 36 billion yuan in investment, specially designed to help upgrade local industries.

According to Mao Jie, general manager of Guangzhou Industrial Fund Company, the investment will target innovative areas, including information technology, high-end machinery, robotics, ocean engineering and equipment, advanced transportation equipment, energy-saving and new energies, biomedicines and new materials.

"The fund will also be used to facilitate cooperation between companies and higher educational authorities, research and development institutions and other innovative platforms, helping develop more innovative industrial products," Mao said.