The National Development and Reform Commission, China's top economic planning agency, said June 12 that it has teamed up with China Construction Bank Corp. to establish a 300 billion yuan fund to invest in emerging industries.
The fund will seek to lure private capital to invest in industries such as new materials, biotechnology and new-energy vehicles.
The country's latest development plan for 2016-2020, also called the 13th Five-Year Plan, aims to increase the emerging industries' contribution to its economy to 15% by 2020. It was 8% in 2015, the South China Morning Post said June 12.
As of June 12, US$1 was equivalent to 6.40 Chinese yuan.
