In an effort to attract more social capital to boost the local economy, a conference about industrial funding in Wuhan Economic and Technological Development Zone (WHDZ) was held on Jan 21, according to local media reports.
Liu Shibao, deputy secretary of the CPC Hannan Committee, presided over the conference. Representatives from five local banks, including the Hubei Branch of Bank of China, as well as six fund companies and securities institutions were invited at the conference. Local government officials and experts in financial institutions exchanged ideas over the possible aspects of collaboration.
Liu noted that finance is the backbone of the modern economy. There are more common grounds and interests to discover, in which a "3+N" modern industrial system will be built up in the WHDZ, with auto vehicles, new energy, and new materials as the three pillar industries. Financial institutions will play an indispensable role in attracting major businesses and investments, developing pillar industries, as well as prompting industrial upgrading.
With the total amount of 3.01 billion yuan ($451.5 million), the WHDZ industrial fund will be used to introduce more social capital. The fund was initially established by the Wuhan government and the WHDZ management committee.
