A special fund focusing on investing in strategic emerging industries by central State-owned enterprises was launched in Beijing on Wednesday. It was initiated by the State-owned Assets Supervision and Administration Commission and entrusted to China Reform Holdings Corporation Ltd, a State-owned investment firm for establishment and management.

The fund has met investment conditions and will help accelerate the development of strategic emerging industries, according to information released at the launch.

The fund's first-phase size stands at 51 billion yuan ($7 billion), with China Reform Holdings planning to contribute around 15 billion yuan. The investment period is five years, and the management and exiting period is eight years. The investment period may be extended by up to two years, meaning the overall duration could be as long as 15 years.

As a special fund to promote the accelerated development of strategic emerging industries among central State-owned enterprises, it will support efforts to address weak links in industrial chains, advance frontier innovation, strengthen core functions, and enhance core competitiveness.

Priority support will go to artificial intelligence, aerospace, high-end equipment, and quantum technology, as well as key areas of future industries including future energy, future information, and future manufacturing.