SHANGHAI (Reuters) – China’s national social security fund said on Thursday it has invested in a state-backed advanced manufacturing fund to promote innovation and help China climb up the global value chain.
Funding was completed on Wednesday for the second phase of the advanced manufacturing fund, which invests in sectors including new energy vehicles, intelligent cars, smart manufacturing and biotech, the National Council for Social Security Fund (SSF) said in statement.
The investment will help guide social capital into China’s innovative companies with key technologies, the SSF said, without giving financial details.
(Reporting by Samuel Shen and Brenda Goh; editing by Jason Neely)
