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China launches 100B yuan fund to support Yangtze River Delta development

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China launches 100B yuan fund to support Yangtze River Delta development

China has introduced a 100 billion yuan fund to integrate and coordinate development in the Yangtze River Delta region, which includes Shanghai, Reuters reported June 4, citing Chinese state-owned Xinhua News Agency.

The Yangtze River Delta Collaborative Advantage Fund is backed by central government-owned enterprises, financial institutions and regional state-owned and private firms, Xinhua reported June 2. Under the first phase, 10 billion yuan will be made available for "hard technology" projects.

Years of fast-paced growth have led to overcapacity and caused pollution and congestion in big cities in the Yangtze River Delta region, which includes Jiangsu, Zhejiang and Anhui provinces. Meanwhile, Shanghai's population has grown from 13 million in 1990 to 24 million in 2017.

There are 11 cities in the region competing to become car production bases, while another 12 are focusing on electronic communications and eight on petrochemicals, which could lead to more overcapacity and "irrational competition" in the sectors, the report said.

As of June 1, US$1 was equivalent to 6.42 Chinese yuan.