Wuxi sets up financial fund for Jiangsu's time-honored brands

A financial fund for the development of Jiangsu's time-honored brands was established at Xiaolou Lane Historic and Cultural Block, Liangxi district, Wuxi on March 5.

Sponsored by the Jiangsu Provincial Government Investment Fund, State-owned enterprises of Wuxi and Liangxi district, as well as leading time-honored brands in Jiangsu province, the fund has a total scale of 1 billion yuan ($153.6 million) and is the first government-invested fund oriented to time-honored brands in the province.

Jiangsu province is home to 96 enterprises with the title of China Time-honored Brand recognized by the Ministry of Commerce, accounting for 8.5 percent of the country's total, as well as 272 enterprises with the title of Jiangsu Time-honored Brand.

Enterprises given the title of time-honored brands possess a broad customer base, as well as economic and cultural value. They are important carriers for promoting traditional consumption and cultivating new types of consumption, according to officials.

A three-day event featuring various local time-honored brands was also launched at Xiaolou Lane Historic and Cultural Block, displaying various traditional handcrafts and specialties.

Visitors can not only learn about the history of these brands, but also enjoy and purchase some products of those companies that they are interested in. Many enterprises will also sell their products via online livestreaming activities.