China's first industry investment fund involving a limit of 6 billion yuan (770 million US dollars) in the first phase was inaugurated in Tianjin, a north China economic center, on Saturday.
The Bohai Industry Investment Fund will reach and be capped at 20 billion yuan within 15 years.
The first phase of 6 billion yuan were jointly invested by six domestic financial institutions and companies including the National Council for Social Security Fund of China, BOC International (China) Limited, TEDA International Holding Co Ltd, Postal Savings Bank of China, China Life Insurance Company and Tianjin-based Jinneng Investment Share-holding Co Ltd.
The six parties each invested 1 billion yuan into the fund.
The Bohai Industry Investment Fund will mainly finance innovative manufacturing enterprises and transportation and energy projects in the areas around the Bohai Bay, which covers Beijing, Tianjin, Shandong and Liaoning provinces and other nearby areas.
The Bohai Industry Investment Fund Management Company was also inaugurated on Saturday.
The National Development and Reform Commission gave a go-ahead to the establishment of the fund in December last year.