Kanpur Stock：Industrial development fund for Pudong pioneer area set up

Shanghai, a well-established destination for investment from home and abroad, is confident to ride the waves of a rising city to attract more quality investment with better policies and services.

An industrial development fund of Pudong as a pioneer area for socialist modernization in Shanghai was established on Wednesday. It will focus on the four functions of scientific and technological innovation, industrial development, functional platform and investment promotion.

The Pudong New Area contributed 5 billion yuan (US$740.38 million) in the first phase of the fund to establish a complete system covering "raising, investment, management and withdrawal" of funds and is expected to leverage 100 billion yuan in social capital for the construction of the pioneer area.

Zhang Hong, director of the Pudong New Area Financial Regulatory Bureau, said that the establishment of the Pudong Pioneer Area Industrial Development Fund aims to guide the accumulation of high-quality capital, projects, technology and talent, support social capital to participate in the construction of the pioneer area, realize the high-level circulation of "science and technology industry finance," and build new advantages in industrial development.

Major financial institutions, central government-owned enterprises, local state-owned firms, foreign-funded enterprises and private companies actively participated in the preparatory process. And more than 100 billion yuan of social funds will be used in the construction of the pioneer area.

The industrial development fund of the pioneer area will combine investment projects and investment funds.

On the one hand, the government will play a guiding role and fully fund major functional projects.

On the other, the fund will follow market rules and rely on professional teams to invest in market-oriented projects and sub-fundsKanpur Stock. The fund will not only pay attention to the whole industrial chain and full life-cycle investment, but also pay attention to early investment and small-scale investment, so as to promote the development of industrial agglomeration.

The fund will adhere to the principle of "government guidance, market leadership, professionalism and efficiency," establish a joint meeting system internally, strengthen standardized management, and improve investment efficiency. Externally, it will adopt the "rewards system" and the "horse racing mechanism" to select professional and market-oriented managers.

It will utilize private equity and venture capital share transfer platforms and funds to further expand exit channels and realize the recycling of government funds.

Officials at the launch of an industrial development fund of Pudong as a pioneer area for socialist modernization on Wednesday.Agra Investment

New Delhi Investment