China Launches New Fund

China has launched a new fund of 50 billion yuan (about 7.73 billion U.S. dollars) in China’s northern port city of Tianjin to boost the coordinated development of Beijing-Tianjin-Heibei region, reported Tianjin Daily on Friday.

According to the city’s economic planner, the fund launched on Thursday had an initial capital of 10 billion yuan, fully underwritten by the local governments of Beijing, Tianjin and Hebei, as well as China Development Bank (CDB).

The fund is part of efforts to boost the coordinated development of Beijing-Tianjin-Heibei region, relieving Beijing of functions non-essential to its role as the national capital.

Responding to the national strategy of regional coordinated development, the new fund would support relocation of enterprises, education and medical institutes from Beijing to Xiongan in Hebei Province.

An official with Tianjin’s development and reform commission said that the fund would also support major projects in manufacturing, infrastructure construction, transportation and industrial upgrading.