Wuxi establishes 5b yuan fund to boost digital education

Binhu district of Wuxi and Shenzhen Haixia Asset Management Co Ltd signed an agreement to establish a digital education industry guidance fund at the Wuxi National Digital Film Industrial Park, also called Wuxi Studios, on Jan 23.

The fund, which is named Jiangsu Digital Culture Education Fund, is the first of its kind around the country. With a total scale of 5 billion yuan ($773.7 million), the fund will mainly invest in industries including digital education, digital culture, and digital smart technology.

Shenzhen Haixia Asset Management Co Ltd will cooperate with leading investment institutions like Hillhouse Capital Group, Tencent Investment, Temasek Holdings, and Zhongzhi Enterprise Group to work on the development of digital culture and education, as well as to introduce enterprises in the digital, cultural, and education fields to Wuxi, according to the agreement.

Wuxi Party Secretary Huang Qin attended the signing ceremony and urged both sides to deepen cooperation to attract more high-quality funds, projects, and talents to Wuxi. Local government departments will also try their best to serve these funds, said Huang.

Mo Dewang, chairman of China Reform Holdings Co Ltd, spoke highly of Wuxi for its rapid economic and cultural development in recent years.

Mo expressed optimism about the development of Wuxi, as well as its digital culture and education industries. The company will also optimize the financial environment and strengthen the financial industry in Wuxi.