A panoramic view of Liangjiang Digital Economy Industrial Park. [Photo/liangjiang.gov.cn]

The State-owned enterprises based in Liangjiang New Area, Southwest China's Chongqing municipality, have decided to establish a 20-billion-yuan ($1.45 billion) fund of funds (FoF) to facilitate the high-quality development of local industrial investments, and inject new momentum into key sci-tech innovation projects, according to local news reports on March 13.

The FoF is expected to attract about 40 billion yuan in social capital, and altogether form a 60-billion yuan industrial fund cluster.

The FoF will also seek to form a full-life-cycle corporate investment system by focusing on Liangjiang's pillar industry sectors, including new energy vehicles, electronic information, high-end equipment, aviation and aerospace, digital economy, biomedicine and modern services.

Remarkable results have already been seen over the past three years. During this period, Liangjiang reported that investment projects have grown in worth and now total 262.7 billion yuan, a year-on-year increase of 32 percent. These projects have also generated 13 billion yuan in tax revenue, with their annual tax growth rate reaching 33 percent.