Government officials and more than 60 financiers attend a meeting in Wuxi, Jiangsu province. [Photo/WeChat account: wxbhfb]

Twelve financial institutions signed agreements with governments in Wuxi, East China's Jiangsu province on Feb 11 to establish QFLP (Qualified Foreign Limited Partner) funds. The move is expected to draw more capital to the city's industrial sectors.

QFLP is a program that allows foreign investors to partake in China's private equity or venture capital.

One of the funds that is established by Hong Kong-based Surrich International Co has $500 million in investment, the highest among all funds. This fund will mainly be used to invest in industries like new energy, new materials, high-end manufacturing, semiconductor and medicine in Wuxi's Binhu district.

Another fund set up in Binhu district will be operated by Japanese listed company Asian Star. This $100-million fund will sponsor Sino-Japanese healthcare, technology, and consumer goods businesses and help with production, research and development.

Binhu district has 90 percent of Wuxi's research institutes and six well-developed strategic emerging industries including IC design, life sciences and healthcare, as well as new generation information technology, said Sun Haidong, Party chief of the district. Binhu is also planning to support such sectors as metaverse, new energy and artificial intelligence, Sun added.

The signing ceremony is part of a meeting that featured more than 60 financiers and government officials. Executives from JP Morgan, Temasek, Morgan Stanley, Citibank, and Silicon Valley Bank attended the meeting.