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Xianning to start 15 billion yuan Xiangcheng Industry Fund
http://English.xianning.gov.cn 16-06-08
 

  XIANNING - Domestic fund investment institutions, such as Yangtze River Economic Belt Industry Fund’s partnership enterprises, on Tuesday signed strategic cooperation agreement with Xianning municipal government and related enterprises to reach fund investment intent of 15.2 billion yuan, with an initial paid-in investment of 3.2 billion yuan.

  Liu Meipin, director of the Finance Office of Hubei Provincial Government, led 23 domestic fund and investment institutions’ managers to cheer for Xiangcheng Industry Fund.

  Ding Xiaoqiang (Deputy Secretary and Mayor) attended the launching ceremony and Wu Hui (Deputy Secretary) presided over it.

  Ding thanked for settling the fund corporation in Xianning. He said that to establish Xiangcheng Industry Fund is an important measure to implement “finance first” development strategy by Xianning municipal Party committee and municipal government, aimed at playing guidance role of government funds, interfacing with Hubei Yangtze River Industry Fund, motivating vitality of social capital investment, promoting industry transformation and upgrading, and achieving green rising in Xianning.

  Ding pointed out that under the new normal of economy, industry guidance fund can realize high integration between “government guidance” and “market operation” to enlarge using effect of social investment fund and boost industrial agglomeration and upgrading; gather social funds and accelerate financial supply-side reform to open up channel for capital supply to enter investment field; realize win-win development among government funds, social capital and industrial capital through all-chain supporting service covering different enterprises; effectively improve and adjust social capital allocation, attracting capitals to flow into green and new industries, such as biological medicine, new energy automobile and new materials, thus building new pattern of investment attraction, new path of industrial upgrading, and new engine of economic development.

  Liu highly affirmed Xianning’s practice on financial innovation, and he wishes all fund corporations can think highly of good soil, air, resources and political and commercial environment in Xianning and introduce excellent capital and management team into Xianning, taking root there to win new growth space.

  According to the Regulations on Xiangcheng Industry Fund and the Regulations on Government’s Contribution for Xiangcheng Industry Fund, Xiangcheng Industry Fund is established on the principle of “government guidance, market operation, scientific decision-making, risk prevention”, highlights “specialization, marketization, and internationalization”, and implements based on general idea of “overall designing, raising funds by stages, surrendering part of the profits by government, and rolling development”.

  Municipal leaders: Wang Hanqiao, Zeng Guoping and He Zhixiong attended the launching ceremony.

  Related links: Xiangcheng Industry Fund adopts “1+N” system: municipal government contributes 2 billion yuan (initial fund of 1 billion yuan) as guidance fund and raises social capital to establish 5 billion yuan Fund of Funds; then initiates some sub-funds, or through direct investment to make fund scale top 15 billion yuan. It mainly supports industries in Xianning, enterprises or projects related to Xianning, enterprises or projects inclined to settle in Xianning, focusing on promoting such emerging industries as new generation IT industry, advanced equipment manufacturing, new material, biological medicine, energy conservation and environmental protection, and new energy, as well as rapid development of modern agriculture and modern service industry. By Xiang Dongning and Pan Xi (www.xnnews.com.cn)


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