Tianjin Gets OK for Shipbuilding Industrial Fund

China's National Development and Reform Commission has recently approved Tianjin, a municipality in the north of the country, to prepare for establishment of a CNY 20 billion shipbuilding industrial investment fund.
It is the second industrial investment fund the city sets up after Bohai Industrial Investment Fund was launched. So far, Tianjin is the pilot city with the most industrial investment funds the authority permitted nationwide.
Since the CNY 20 billion Bohai Industrial Investment Fund debuted at the end of 2006, various funds have been mushroomed. There have been more than 100 equity and VC investment funds there.
The shipbuilding industrial investment fund will directly fund purchase of large-sized ships and special vessels, strengthen the country's shipbuilding capacity and create a financing system for shipbuilding and operating.

Source: Trading Markets