China port city sets up 30-bln-yuan development fund for high-tech firms

A development fund for high-tech firms with an initial government funding of 30 billion yuan ($4.2 billion) has been approved in northern China's port city of Tianjian, according to local authorities.

Set up in the Binhai New Area of Tianjin, the fund is aimed at wooing firms in new and high-tech industries across the globe to invest in Binhai, according to authorities in the 2,270-sq km new area.

The authorities expect the fund will grow to a scale of over 100 billion yuan in five years by attracting private funding.

The fund will focus on supporting strategic emerging industries such as intelligent technology, bio-medicine, new energy and new materials to foster new momentum for development.

It also aims to develop high-end manufacturing in the area by supporting industries such as aerospace, equipment manufacturing, automobiles and petrochemicals.