Chinese private equity firm Summitview Capital allied with the city government of Xuzhou in eastern China to raise a new 3 billion-yuan fund, China Money Network reported, citing Chinese newspaper Shanghai Securities News.

The investment vehicle is intended to boost the city's sensors and internet-of-things markets to up to 10 billion yuan by 2020, according to Shanghai Securities News, citing a local government representative.

The fund will also be used to recruit 500 employees in the two industries, according to the report.

As of Oct. 17, US$1 was equivalent to about 6.93 yuan.