This aerial photo taken on Sept. 10, 2023 shows a view of Zhangjiang area of the China (Shanghai) Pilot Free Trade Zone in east China's Shanghai. [Photo by Fang Zhe/Xinhua]

The Chinese financial hub of Shanghai on Saturday announced the establishment of a 10-billion-yuan (about 1.41 billion U.S. dollars) fund to nurture future industries.

According to the Science and Technology Commission of Shanghai Municipality, the fund is fully financed by the Shanghai government and has a term of 15 years that can be extended by an additional three years if required.

It aims to boost confidence in early-stage technology investment and accelerate the transformation of cutting-edge innovations into new quality productive forces.

The Shanghai State-owned Capital Investment Co., Ltd. will lead the creation of a market-oriented platform to manage the fund.

This is a key step as Shanghai continues its rapid ascent to becoming a global hub for scientific and technological innovation.

The announcement was made during the opening ceremony of the 2024 Pujiang Innovation Forum, which was co-hosted by China's Ministry of Science and Technology and the Shanghai municipal government. The forum runs from Sept. 7 to 10. 

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