Beijing launches US$4.6B fund to support sci-tech innovation

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Beijing launched a fund worth 30 billion yuan (about US$4.6 billion) to support high-end science and technological innovation on June 25.

The fund will be invested in not only Beijing-based projects, but also projects from outside Beijing and worldwide to be developed in Beijing, according to Xu Qiang, head of the Beijing Municipal Science & Technology Commission. The fund is expected to expand and include sub-funds which will eventually make it worth 100 billion yuan in the future.

The fund will focus on 14 industries, including photoelectric technology, nanotechnology, new strategic materials, new energy, biomedicine, intelligent manufacturing, modern agriculture, modern transportation, energy conservation and environment protection, brain cognition and brain-inspired intelligence, quantum computing and communication, big data and artificial intelligence.

The fund will be distributed at a 5:3:2 ratio to projects at three stages: original innovation, results application and key industries.

According to Yang Li, general manager of the Beijing Science and Technology Innovation Investment Management Co. Ltd, in the first year the fund will invest 5 billion yuan in 25 to 45 funds whose combined value is expected to equal between 20 billion to 25 billion yuan.

As of June 20, the fund has set up 102 sub-funds and will in the future invest in no less than 100 funds that are worth 100 billon yuan, according to Yang.

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