Shanghai to launch new marine fund
By Gao Changxin | China Daily | Updated: 2011-02-12 07:38
SHANGHAI - Shanghai has launched a 50 billion yuan ($7.6 billion) fund to invest in its shipping industry, as part of the city's plan to become an international shipping center by 2020, the local government said on Friday.
The fund, which has been in preparation for two years, plans to raise 5 billion yuan in its first phase of fundraising. But an official with the city's publicity office refused to reveal where the capital will be raised or when the fundraising process will stop.
The fund will mainly invest in ports, shipbuilding, modern logistics and modern shipping service industries.
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