Helie sub-district in Binhu signs a cooperation agreement with Surrich International Co to establish a QFLP fund. [Photo/WeChataccount:wxbhfb]

Helie sub-district in Binhu district, Wuxi, East China's Jiangsu province signed a cooperation agreement with Surrich International Co in Nov 25 to establish a QFLP fund worth $500 million.

The fund is expected to channel more foreign investment into local industries and promote the district's opening-up efforts.

QFLP, short for Qualified Foreign Limited Partner, is a program that allows foreign investors to invest in China's private equity or venture capital.

The fund established is the first of its kind in Binhu district and also the largest one in Wuxi. It will mainly be used to invest in industries like new energy, new materials, high-end manufacturing, semiconductor and medicine.

The local financial supervision and administration bureau in Binhu has made great efforts to streamline the administrative process and improve its business environment. It took only two weeks to grant the units held by QFLP.