CHINA Reform Holdings Corp., a manager of State assets, is planning a development fund worth at least 100 billion yuan (US$13.70 billion) to invest in strategic emerging industries, China Business News reported yesterday.

The fund has already received investment intentions from more than 20 Central Government-owned enterprises as well as local governments and private investors, according to the report.

It is expected to start operating by the end of this year, China Business News said.

China’s State-owned enterprises (SOEs) have been ramping up investment in emerging and strategic industries such as artificial intelligence, new energy, new materials and biotech as part of China’s new round of State-owned enterprise reform.

Xinhua said Saturday that investment by China’s centrally administrated SOEs in strategic emerging industries remained at a high level in 2022.

Citing a report released by the research center of the State-owned Assets Supervision and Administration Commission, Xinhua said the figure accounted for more than 20% of the country’s total and investment in new-energy vehicles, communications and electronics manufacturing maintained double-digit growth last year. (SD-Agencies)