The National Council for Social Security Fund, Beijing, will set up a special innovation fund with an initial commitment of 5 billion yuan ($713 million) to support science and technology enterprises in Beijing.
The fund term is more than 10 years, which is characteristic of long-term funds, the council said in a statement on Tuesday. The council runs the assets of the National Social Security Fund, which was established by the government and used to fund China's social security needs.
The new fund will invest in early and growth-stage science and technology companies in Zhongguancun, an area within a Beijing district that the government is developing into a technology hub.
A manager will be chosen to execute the investments in a "market-oriented way," the statement said.
NSSF had 5.96 trillion yuan in assets as of Dec. 31, 2021.
