The Chinese financial hub of Shanghai on Saturday announced the establishment of a 10-billion-yuan (US$1.41 billion) 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 September 7 to 10.