New fund created at 2025 ZGC Forum to support strategic emerging industries

A 10-billion-yuan fund has been established at the just-concluded 2025 Zhongguancun Forum (ZGC Forum) Annual Conference in Beijing to support China's emerging sectors of strategic importance.

The special fund, worth nearly 1.38 billion U.S. dollars, was announced at the Core Technology Investment and Development Forum on Sunday, aiming to provide financial support for a number of high-quality tech enterprises and help foster an innovation ecology conducive to the development of new quality productive forces.

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New fund created at 2025 ZGC Forum to support strategic emerging industries

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New fund created at 2025 ZGC Forum to support strategic emerging industries

The fund is established by multiple companies including the Zhongguancun Development Group, New China Life Insurance Company, and the Financial Asset Investment Company, a subsidiary of the Industrial and Commercial Bank of China.

At the forum, projects of nine universities and institutes, including Tsinghua University and Peking University, received investment from the fund, with a total value of nearly 250 million yuan (about 34.45 million U.S. dollars) signed.

"We have built a full-life cycle industrial fund system around different growth stages of enterprises, from Angel investment, venture capital, to mergers and acquisitions, including mother fund, direct investment fund, second-hand share transfer fund, etc. For high-quality core technology projects, we have taken the lead in investing, making heavy and long-term investments. So far, we have cumulatively invested in more than 4,000 science and technology projects, among which over 1,000 national-level high-tech enterprises, nearly 800 enterprises that use specialized and sophisticated technologies to produce novel and unique products, 96 unicorn companies, and 161 listed companies have emerged," said Pan Jinfeng, chairman of Zhongguancun Development Group.

The 2025 Annual Conference of ZGC Forum ran from March 27 to 31 in the Chinese capital under the theme of "New Quality Productive Forces and Global Technology Cooperation," comprising five major sections, including meetings and technology trading.

The event provided new ideas and insights for global innovative development in large AI models, embodied intelligence, quantum technology, biomedicine, 6G, brain-computer interfaces, and other frontier areas in 128 events, highlighting the transformation of Zhongguancun, China's "Silicon Valley," into a global innovation hub, marked by groundbreaking technologies and the convergence of global expertise.

The U.S. dollar weakened in late trading on Wednesday.

The dollar index, which measures the greenback against six major peers, dropped 0.72 percent to 99.142 at 15:00 (1900 GMT).

In late New York trading, the euro increased to 1.1683 dollars from 1.1574 dollars in the previous session, and the British pound was up to 1.3415 dollars from 1.3251 dollars in the previous session.

The U.S. dollar bought 158.51 Japanese yen, lower than 159.73 Japanese yen of the previous session. The U.S. dollar declined to 0.7914 Swiss francs from 0.7988 Swiss francs, and it fell to 1.3849 Canadian dollars from 1.3899 Canadian dollars. The U.S. dollar lost to 9.3069 Swedish kronor from 9.5065 Swedish kronor.