Funds News
- Tianjin sets up ￥3b venture capital fund
Date: 7-Jun-2007 Sources: (Shenzhen Daily)
THE Tianjin Municipal Government has set up a 3 billion yuan (US$390 million) venture capital fund as part of a drive to turn the northern port city into a powerful economic and financial hub.
Vice Mayor Cui Jindu told a press conference the 'fund of funds?had already invested 1 billion yuan along with China Development Bank, one of the country's three policy lenders.
Tianjin has set up the 20 billion yuan Bohai Industrial Investment Fund to support the transformation of its economy, and Cui said the city would launch other funds to aid local firms.
Tianjin has also won permission from the government to experiment with limited convertibility of the yuan and with universal banking.
Sponsor Results:
