On June 30, the reporter learned from the press conference held by the Information Office of Anhui Provincial Government that the "Formation Plan of Guidance Fund for the Anhui Emerging Industries" ("Fund Formation Plan") was recently introduced.
"Starting from 2022, (the related departments) use five years to set up a provincial guidance fund with a scale of not less than 50 billion yuan (about 7.47 billion U.S. dollars). The parent-fund can establish sub-funds through equity participation or initiation, etc, to form a guidance fund system with a total scale of not less than 200 billion yuan." Cheng Gang, deputy director of the Provincial Local Financial Supervision Administration, said.
With the rapid development of the private equity investment market in China, more and more local governments have established the government-investment-funds by integrating fiscal funds, giving full play to financial leverage to boost the development of local industries.
The Fund Formation Plan specifies that the Anhui Provincial Department of Finance will contribute to the establishment of the guidance fund. Under the guidance fund, set up three fund groups with 16 parent funds: the theme fund group, the functional fund group, and the angel fund group. By leveraging socialized capital, form a guidance fund system with a total scale of not less than 200 billion yuan.
Among them, the theme fund group focuses on ten major emerging industries, including new-generation information technology, new energy vehicles and intelligent connected vehicles, high-end equipment manufacturing, new materials, smart home appliances, artificial intelligence, life and health, new energy and energy conservation, digital creativity, and green food. It will provide capital support to these industries with the model of "one industry, one fund".
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