The provincial government of central China's Hubei will establish the Yangtze River Economic Belt Industry Fund in a bid to attract social capital into industries in the province.
The Hubei government will provide 40 billion yuan as the initial capital of the fund, which is expected to attract around 1 trillion yuan of social capital into the real economy.
The Hubei government will appoint an official as the chairman of the fund, but the management of the fund will be in the charge of specialists, according to Wang Xiaodong, a vice governor of Hubei.
The fund will not be allowed to invest in infrastructure and real estate projects. The fund has received applications from 68 institutions with planned investment of over 800 billion yuan.
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