East China’s Jiangsu Province added a new fund in the provincial capital Nanjing to support the development of small and medium-sized enterprises (SMEs) on September 28.

The 4-billion-yuan fund will mainly support SMEs in the fields of next-generation IT, high-end equipment manufacturing, new materials, biotechnology, energy-saving, environmental protection and creative sectors. The priority is to promote innovation, import alternatives, and top-notch specialization, lending a strong support to the province’s strategy of turning into a manufacturing power with competitive industrial chain.

The two SMEs funds established in Jiangsu now boasts a total capital of 8.5 billion yuan. The first fund has committed investment into 140 innovation-driven SMEs since 2016, among which ten local enterprises will go public.

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