China’s Dongguan launches CNY1.5bn fund of funds to boost fintech, cutting edge industry

The Chinese city of Dongguan has launched a CNY1.5bn ($217m) fund of funds vehicle looking to boost investment in the region across areas including fintech, smart manufacturing and mass consumption.

Dongguan is part of the Guangdong-Hong Kong-Macao Greater Bay Area on the south coast of China, development of which has key strategic planning status in the country’s development blueprint.

Yin Hongwei, president of Dongguan Investment Group, said the city used to take a quantity-oriented development path, covering a large land area and consuming huge cheap labor force.

Nowadays, however, he said the city is upgrading and bolstering development in a more quality-oriented way through continuous innovation and cutting-edge technologies.

More than 150 Dongguan-based businesses joined forces to found Dongguan Investment Group in August last year.

Dongguan says it aims to strike a balance between industry and finance, and has already given priority to increasing business in financial services and investment in industries, major projects and equity.

The group will also help inject impetus into enterprises’ endeavor to upgrade themselves by taking their management, sales channels broadening and industrial chain support to new heights for win-win cooperation, it said.

Yin added, “We should cultivate our industries from financial standpoints while delivering financial services in accordance to the holistic industrial pattern.”

Copyright © 2018 FinTech Global

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