China launches $707m investment fund to invest in Shanghai

China launches $707m investment fund to invest in Shanghai

FILE PHOTO: An electronic board shows Shanghai and Shenzhen stock indexes at the Lujiazui financial district in Shanghai, China, Oct. 25, 2022. REUTERS/Aly Song/File Photo

An investment fund backed by China’s National Social Security Fund was launched in Shanghai, with a size of 5.1 billion yuan ($707.24 million) for its first phase, the financial regulatory authority in Shanghai said on Thursday.