As the latest effort made by local governments and state-backed companies to promote regional development, two Chinese cities – Zhuzhou and Yangquan – have each seen the launch of a new mega-fund with 3 billion yuan ($426 million) in capital commitments, respectively, for local technological and industrial advancement.
The two mega-funds will contribute to a large pool of China’s government-led investment vehicles, the number of which has reached 1,686 in the first half of 2019, according to statistics from Zero2IPO Group. During the same period, these vehicles have managed an aggregate of 4.13 trillion yuan ($587.42 billion), with targets to raise 10.12 trillion yuan ($1.44 trillion).
