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Guizhou launches $4.33 billion foundation for SOE development

Author:gzstcj  From:CHINA DAILY Time:2018-10-23 Browse:  Size: Big Middle Small

Southwest China's Guizhou province launched a 30 billion yuan ($4.33 billion) foundation on Oct 15 to support State-owned enterprises (SOEs) in Guizhou.

Authorized by the People's Government of Guizhou Province, the Green Development Foundation for Guizhou Provincial Industries and SOEs will run under government instruction and follow its polices to avoid any market risk.

The funds for this project came from Guizhou's provincial finance, SOEs and public offerings, with Qiansheng Guozi Co being a key investor and representative.

With proper government guidance, the Green Development Foundation will leverage funds from multiple parties to forge a flexible and profitable means of investment. Related government bodies will make sure the funds are used in the right way.

The foundation manager will investigate any recommended investment projects from banks and financial institutions to seek out eligible projects capable of generating growth in the real economy.

Guizhou currently has 456 investment projects worth of 130.09 billion yuan. These projects come from 411 enterprises engaged in 13 sectors, including electronic information, medicine, equipment and new materials.

Two large-scale projects in particular are important focal points for investment: the "Reform of Thousands of Enterprises" and the "Development of Industries Worth Hundreds of Billions".

The foundation will support both traditional and emerging industries, including energy, smart manufacturing, new materials and medicine. The incubation of small and medium-sized enterprises is another goal of the foundation.

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