Guangdong has set a new industrial development fund of 50 billion yuan to grow new momentum. At the signing ceremony for the establishment of the Guangdong Provincial Industrial Development Fund and the signing ceremony for cooperation held on the 22nd, representatives of 12 financial institutions, industry leading companies, and cooperative investment institutions completed the first batch of cooperation projects. Through the first batch of projects, Guangdong has created the world's largest semiconductor display industry park.
Provide strong support for injecting new impetus into industrial restructuring and upgrading of Guangdong Province
The newly established Guangdong Provincial Industrial Development Fund is positioned as a policy-based venture investment fund that promotes the provincial party committee and provincial government's key support for industrial development. This is a major work arrangement for the province to implement the spirit of the Nineteenth Party Congress, deepen the innovation and reform of the industrial investment and financing system, promote the industrial transformation and upgrading of the province, optimize the economic structure, and cultivate new economic growth points. Provincial industrial restructuring and upgrading injected new impetus and provide strong support.
Tu Gaokun, director of the Provincial Economic and Credit Commission, said at the ceremony that the purpose of setting up the fund is to focus on the policy objectives of accelerating industrial transformation and upgrading, promoting industrial structure optimization and revitalizing the real economy, and guiding and stimulating more social capital to firmly grasp the direction of service industry development. Focusing on the construction of Guangdong's modern economic system, it will strive to gather and form more dominant industries on the basis of existing industries to help promote the adjustment of the eastern economic structure and the transformation and upgrading of the industry.
The provincial industrial development fund system has been formed by integrating several funds in the past. Specifically, it includes four policy funds, including the Guangdong Pearl Riverfront Advanced Equipment Manufacturing Industry Development Fund, the Guangdong 21st Century Maritime Silk Road Fund, the Guangdong Medium and Small Enterprise Development Fund, and the IC Industry Development Fund.
The total size of the fund is 50 billion yuan, of which the financial contribution is 10 billion yuan, attracting financial capital, industrial capital and local funds. At present, financial institutions such as Industrial and Commercial Bank of China, Ping An Bank, China Construction Bank, and Bank of China have already implemented capital contributions, and many industrial capitals, insurance fund management agencies and investment institutions have intentions to invest.
The fund will focus on areas such as 4K TV, 5G communications and smart manufacturing that are in line with the direction of industrial restructuring and upgrading in our province, investment in countries along the “One Belt and One Road†and related capacity cooperation, reform and development of state-owned enterprises, integration of military and civilian, foreign investment, and other areas. The new kinetic energy will accelerate the building of a strong manufacturing province and build new advantages for the development of Guangdong.
The principle of "distribution first and then return later" will highlight "fiscal dividends"
The provincial industry development fund is managed by Guangdong Yuecai Fund Management Co., Ltd., a subsidiary of Guangdong Finance Holdings, as the fund manager, and is responsible for fund operations in accordance with the principle of marketization and legalization.
In terms of investment management, the fund will establish a project library to make investment decisions based on a market-based approach with legal compliance procedures. In terms of income distribution, it will adhere to the principle of “same shares with the same rightsâ€, and the fund’s investors’ interests will be shared and the risks will be shared. Capital contribution and social contribution share the same rights, and the fund assumes limited liability for the amount of investment in the project.
The provincial industrial development fund will also highlight "fiscal dividends." According to the principle of “distribution first and then return laterâ€, when the fund investment is withdrawn and the principal is withdrawn, the return of the fund’s vested portion of the financial contribution shall be subject to no less than 50%.
The China Star Optoelectronics project invested by TCL Group is one of the first batch of contracted projects. Through this project, TCL Group plans to create the world's largest semiconductor display industry park. The Provincial Industry Development Fund will participate in the project cooperation and will effectively promote the construction of the entire industrial chain in the display industry in Guangdong, and promote the development and growth of the display industry in the province.
In addition, the Provincial Industry Development Fund also reserves a batch of key projects such as giant wheel robots and Yangjiang Wind Farm, and will cooperate with investment institutions such as Shenzhen Innovation Investment Co., Ltd. to conduct industrial mergers and acquisitions cooperation around advanced manufacturing industries.
The relevant person in charge of Yuecai Holding stated that it will strictly follow the principles of “reserve batches, make batch adjustments, negotiate batches, and settle on one batch†to promote project investment in batches, accelerate the negotiation of investment plans with the project parties, and strive to complete the fund as soon as possible. The first project investment landed.
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