22b yuan boost for Pudong science and technology firms

Pudong Innovation Investment has announced a nearly 22-billion-yuan (US$3.1billion) package of investments in the field of science and technology over the next three years.

With registered capital of 10 billion yuan put up by the Pudong State-owned Assets Supervision and Administration Commission, the newly established firm was put into operation on Thursday.

At the opening ceremony, the firm announced a three-year plan to invest 2 billion yuan in 150 early-stage startups and another 20 billion yuan in major players and platforms in strategic industries such as integrated circuits, biomedicine and artificial intelligence.

Li Yumin, director of the commission's planning and development section, said it will help accelerate science and technology transfer, and give a fillip to the market.

"We hope to create a better innovation ecosystem in Pudong," he added.

According to the firm, it will integrate resources, from funds, experts to database, to push good innovation projects to land in Pudong.