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China sets up $28.3 bn PPP fund

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Chinese President Xi Jinping (R) meets with Iranian President Hassan Rouhani in Jakarta, capital of Indonesia, April 23, 2015.

China sets up $28.3 billion public-private-partnership (PPP) fund….reports Asian Lite News

Chinese President Xi Jinping (R) meets with Iranian President Hassan Rouhani in Jakarta, capital of Indonesia, April 23, 2015.
Chinese President Xi Jinping (R) meets with Iranian President Hassan Rouhani in Jakarta, capital of Indonesia, April 23, 2015.

China announced a fund worth 180 billion yuan ($28.3 billion) that would support public-private-partnership (PPP) projects.

The fund was created together with 10 Chinese financial institutions, including the China Construction Bank, the Agricultural Bank of China, the Bank of China, the Bank of Communications, CITIC Group, and China Life Insurance (Group) Co, Xinhua news agency reported.

The fund will be mainly used to support public service projects, the Chinese ministry of finance (MOF) said.

The MOF said the fund was outlined in a guideline on PPP programs released in May by the state council, China’s cabinet.

On Wednesday, the MOF also unveiled 206 PPP projects worth 659 billion yuan, including a new expressway in Beijing.