BEIJING, July 30 (Xinhua) -- East China’s Zhejiang province established on July 18 a development fund to promote the reform of state-owned enterprises.
The fund, with an initial scale of 10 billion yuan, was led by Zhejiang State-owned Capital Operation Co. and jointly initiated by China Chengtong Holding Group, CNIC Corporation limited, Industrial and Commercial Bank of China, China Construction Bank and Zhejiang United Investment Group.
The fund will adopt market-oriented investment decisions and incentive mechanisms, and focus on investment in asset securitization projects, mixed-ownership reform projects, listed companies’ M&A projects, and the province’s eight major industries each with assets of over one trillion yuan.
(Edited by Yang Yifan, yangyifan@xinhua.org)
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