China's State Development & Investment Corp. (SDIC) has intensified its support to the development of emerging industries and private firms.
The SDIC has deployed 55 percent of its money to emerging industries, including advanced manufacturing, bioindustry, new energy and sewage treatment, SDIC chairman Wang Huisheng said at the Yabuli China Entrepreneurs Forum.
The company has decreased its investment in traditional industries over the past decade, now only accounting for 45 percent, he said.
The SDIC has managed a total of 160 billion yuan of government guidance funds (about 23.7 billion U.S. dollars), of which over 70 percent went to China's private sector, Wang said.
The SDIC is China's major state-owned investment company with total assets of 584 billion yuan. The company raked in 19.3 billion yuan in profits last year.