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China Construction Bank, state planner to set up 300B yuan fund

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.