The Fujian branch of the Industrial and Commercial Bank of China (ICBC) has set up a 1 billion yuan ($163 million) fund to further support Pingtan's development.

An inspection group from ICBC - one of China's largest commercial banks - said on August 27 that the establishment of the fund, which will be paid in stages, aims to meet the "practical and long-term" needs of Pingtan, which boasts bright growth prospects.

You Mengjun, vice director of the Pingtan Comprehensive Pilot Zone, said that ICBC has been a generous supporter of Pingtan, and the 1 billion yuan fund is no doubt of great significance to the county - which is in a critical phase of its development.