National commission, bank to promote emerging industry development

China's National Development and Reform Commission and China Construction Bank Corp will jointly set up a fund to promote development of national-level strategic emerging industries.

With a target value of about 300 billion yuan ($47 billion), the fund will be invested in a number of strategic emerging industries, such as next generation information technologies, high-end equipment, new material, biology, new energy vehicles, the energy conservation and environmental protection industry, and the digital creative industry, the National Development and Reform Commission said in a press release posted on its website on Tuesday.

To achieve this goal, the commission will establish a strategic partnership with China Construction Bank, the country's second largest State-owned commercial lender by assets. Both parties have recently signed a memorandum of understanding to jointly initiate the establishment of a development fund for strategic emerging industries. They also are looking forward to attracting social capital for investments in these industries by setting up subsidiary funds, according to the commission.