A government-funded company specializing in the commercialization of research results is expected to begin operations in August, according to a senior official of the Chengdu city government.

The 1 billion yuan ($157 million) company is designed to fund promising technological projects and promote cooperation between researchers and investors.

This is one out of a series of initiatives by local authorities to promote technology transfers, said Ding Xiaobin, deputy director of the government's technology bureau.