Shanghai launches 10-billion-yuan fund to foster future industries
Wire desk byline Sourced from Xinhua, Dawn, Arab News, Anadolu and Minute Mirror. Translated and abridged by the GSRRA Desk.
The Chinese financial hub of Shanghai on Saturday announced the establishment of a 10-billion yuan (about 1.41 billion U.S. dollars) fund to nurture future industries.
According to the Science and Technology Commission of Shanghai Municipality, the fund is fully financed by the Shanghai government and has a term of 15 years that can be extended by an additional three years if required.
It aims to boost confidence in early-stage technology investment and accelerate the transformation of cutting-edge innovations into new quality productive forces.
The Shanghai State-owned Capital Investment Co., Ltd. will lead the creation of a market-oriented platform to manage the fund.
This is a key step as Shanghai continues its rapid ascent to becoming a global hub for scientific and technological innovation.
The announcement was made during the opening ceremony of the 2024 Pujiang Innovation Forum, which was co-hosted by China’s Ministry of Science and Technology and the Shanghai municipal government. The forum runs from Sept. 7 to 10.
Reference Link:- https://english.news.cn/20240907/6c52161b6f614fb5b1a2cf3dd5782dfb/c.html
Zamir Ahmed Awan is the founder and Chair of the Global Silk Route Research Alliance, a think tank in Islamabad. He studied engineering at Shanghai University in the 1980s, and years later he went back to China as Pakistan's science counsellor in Beijing, from 2010 until 2016, working on science and higher education cooperation between the two countries.…
