Dongguan unveils 200 billion yuan high-quality development fund initiative
[Photo provided to chinadaily.com.cn]
The press conference for the 2023 Dongguan Global Investment Promotion Conference took place on November 29.
During the event, Liang Yan, director of the State-owned Assets Supervision and Administration Commission in Dongguan city, highlighted the city’s commitment to the manufacturing sector, emphasizing the strategy of “technological innovation + advanced manufacturing”.
In addition, the city aims to integrate and optimize existing funds, leverage social capital participation, and construct a high-quality development fund system.
The goal is to create a large-scale, multi-tiered, market-oriented industrial fund cluster with a total scale of no less than 200 billion yuan ($28 billion).
Massive funds fuel Dongguan's sci-tech and manufacturing excellence
To date, Dongguan city has established parent funds dedicated to industrial investment development, innovation and entrepreneurship investment and urban development.
These funds focus on major industrial investment and technological innovation, fostering the construction of a city renowned for its strength in science and technology innovation and manufacturing.
Market funds will adopt a market-oriented manner, entrusting professional investment institutions with the management of parent funds and selecting qualified professionals to oversee sub-funds.
State-owned enterprise parent funds will cooperate with distinguished domestic and international investment institutions to establish sub-funds, attracting high-quality talent teams and innovative resources for investment in Dongguan.
Within the sub-fund group, state-owned enterprise parent funds will directly invest in promising projects aligned with Dongguan's industrial advantages, providing support for the growth of strategic industries and technological companies.
Application procedures for the fund to be introduced
The fund managers will release information such as sub-fund selection methods and application guidelines on their official websites or official channels.
Relevant investment institutions can submit the necessary application materials to the fund manager according to the guidelines. The fund manager will initiate the establishment process after conducting selection, review, and public announcement.
In accordance with the comprehensive plan for high-quality funds, the contribution ratio of the parent fund of state-owned enterprises to market-oriented sub-funds will not exceed 30 percent.
Operational rules for significant direct investments will be jointly published by the Municipal Finance Bureau and the Municipal Development and Reform Commission.
Investment institutions, departments, towns, and streets are encouraged to recommend major projects for consideration by the high-quality fund committee office.
For specific sub-funds and major projects that significantly contribute to attracting industries to Dongguan, the high-quality fund can provide comprehensive support, and offer a range of policy incentives in areas such as infrastructure and financial services.