China Will Modernize its Industry with $ 21 Billion

On Monday, the government announced the creation of a national fund to promote the transformation and modernization of industry. The registered capital is 147.2 billion yuan ($ 21.02 billion), according to a message from CRRC Corporation Ltd., one of the fund's shareholders. It has a total of 20 companies and the Ministry of Finance is the largest shareholder with 15.29%.

The Fund will invest mainly in the development of new materials, new generation information technology and electronic equipment.

In October, a similar fund was set up in China for integrated circuit manufacturers, whose capital is 204.2 billion yuan. The government also announced a series of measures to accelerate the modernization of industrial production and promote high-quality growth of the national economy. One of the main goals of these measures is to achieve deeper integration between industry and advanced services.