Fund set to boost emerging sectors

China Aerospace Science and Technology Corp and several other State-owned enterprises jointly set up a 150-billion-yuan ($21.8 billion) fund on Tuesday, to bolster China's new emerging industries, which will play a key role in the nation's upgrading efforts.

The innovation-focused fund, led by Beijing-based CASTC, will target an array of high-tech sectors, including aerospace, nuclear energy, shipping, high-speed rail, quantum communications, 3-D printing and robotics, CASTC General Manager Wu Yansheng said at the launch ceremony.

Other partners include rolling-stock maker CRRC Corp Ltd, Industrial and Commercial Bank of China, Postal Savings Bank of China, Shanghai Pudong Development Bank and the Beijing municipal government.