Investment fund to promote Guangzhou firms in Europe

Guangzhou has teamed up with a group of investors to secure a 10 billion yuan ($1.5 billion) fund to help local companies expand overseas, especially Europe, Xinhua reported on July 12.

The China-Europe Belt and Road Fund was established by Huangpu district, Guangzhou Development District, Guangzhou Shixing Investment Co and Silver Mountain Capital Co.

A first-phase 2-billion-yuan fund will be spent on attracting promising European companies to Guangzhou as well as promoting the Guangdong province capital's companies in Europe.

The fund is aimed mainly at high-end industries such as healthcare, medicine, education, and cultural innovation, according to Stefan Matzinger, cofounder and chairman of Silver Mountain.

The investment plan says an "international capital" will be established in Huangpu district and Guangzhou Development District.

The fund will help to introduce "education+training+science & technology incubation", an international-recognised education pattern in China.

At present, a total of 15 Chinese pharmaceutical and biotechnological enterprises have invested $150 million in Europe.