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China to launch massive fund for AI, biotech investments


China Reform Holdings Corp, a Chinese state asset manager, is launching a development fund targeted at a minimum of CNY100bn (USD15.6bn) to foster investments in strategic emerging sectors, according to China Business News. With over 20 government entities, provincial governments, and private capital expressing investment intentions, the fund is slated to commence operations within this year. It’s a significant move reflecting Beijing’s strategic push through state-owned enterprises to invest in innovative sectors like artificial intelligence, biotechnology, and new energy materials, following the broader state-owned enterprise reforms. China Reform Holdings, established in 2021, managed assets nearing 860 billion yuan at the close of 2022.

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