Funds pledged for innovation to boost Yinchuan's industrial growth

Yinchuan, capital of Northwest China's Ningxia Hui autonomous region, recently set up a fund to empower teams and leaders of innovation by placing more financial and material resources at their disposal.

Yinchuan, capital of the Ningxia Hui autonomous region, is speeding up its modernization by implementing a number of strategies. [Photo provided to China Daily]

The fund, which will have market-oriented operation and professional management, will support small and medium-sized tech enterprises by holding their shares from to the seed stage to the growth stage.

A total of 10 million yuan ($1.58 million) financed by the municipal bureau of finance will be directed into tech-driven projects in the first phase. Investments are expected to be beefed up by straightforward bail-out, integration of related funds and attract social capital.

Sponsored by the Yinchuan Bureau of Science and Technology, a special leading team has been established as a gatekeeper of the project library, as well as decision maker on specific procedures of management and operation, including pulling out projects and income distribution.

On the same day, another two funds were also launched to strengthen the technology workforce and back up ecological environmental protection.

"Through the three funds, Yinchuan hopes to further build the city's overall development system with skilled talents, clear eco-environment and technical growth in place," said an official from the Yinchuan Bureau of Finance.